Ather Energy Limited: Comprehensive Stock Analysis Report | Scrolls
- Editor
- Sep 19
- 3 min read
by KarNivesh | 19 September, 2025
When we talk about the future of travel in India, electric vehicles (EVs) are at the heart of the story. One company making big moves in this space is Ather Energy Limited. Founded in 2013 in Bangalore, Ather has become a leading name in premium electric scooters and has captured the imagination of young urban riders. Let’s break down their journey, performance, and what the future looks like – in a simple way.
The IPO and Market Buzz
Ather Energy made headlines in May 2025 with its stock market debut. The IPO raised nearly Rs 2,981 crores, and investors quickly jumped in. The shares were priced between Rs 304–321, and within months the stock climbed over 75%, touching Rs 562.50. That kind of rise shows the excitement around Ather and India’s growing EV story.
Business and Products
Ather is focused only on electric scooters and related services – no petrol vehicles. Its flagship models are the Ather 450X and Ather 450 Plus, along with the newer Ather Rizta, which is designed for families. What makes Ather stand out is its focus on design, technology, and customer experience.
The company isn’t just about scooters. It’s building a complete ecosystem with:
Ather Grid (charging stations across India).
Battery-as-a-Service – letting people pay for batteries monthly instead of upfront.
Smart software features like AutoHold and traction control.
This mix makes Ather more like a tech-driven mobility company than just a vehicle maker.
Financial Performance
Like most young tech companies, Ather is still not profitable, but things are improving.
Revenue FY25: Rs 2,305 crores (up 28.8% from last year).
Loss FY25: Rs 812 crores (better than Rs 1,059 crores loss in FY24).
Gross margins: Doubled to 19% thanks to better cost control.
Yes, the company is still losing money, but the losses are shrinking while sales are growing – a positive sign.
Market Share & Competition
In India’s EV two-wheeler space, Ather holds a 17.3% market share (August 2025). That puts it in third place behind TVS and Bajaj, but very close to rival Ola Electric. In fact, Ather and Ola are neck-and-neck in a race for the number two spot. The competition is tough, but Ather’s focus on quality and premium positioning gives it an edge.
Growth Plans
Ather isn’t slowing down. It’s building a massive new factory in Maharashtra (Factory 3.0) that will eventually produce 1 million scooters a year. The company is also expanding its reach from 351 centers to 700 centers by FY26, aiming to tap into markets outside South India.
Future plans include entering the electric motorcycle space and improving battery technology with global partners.
Risks to Watch
Losses are still high, and profitability may take time.
Heavy dependence on government subsidies could affect sales if policies change.
Competition from giants like Bajaj, TVS, and Hero is intense.
Final Word
Ather Energy is a bold, ambitious company leading India’s EV revolution. While it comes with risks, especially around profitability, its technology, brand, and growing market share make it a promising long-term story. For investors who believe in the EV future, Ather is definitely a stock worth keeping an eye on.
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