PESB research view: BuyStock
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PESB recommendation · Stock
₹1,795▲ 20.40 (+1.15%) todayNSE · as of 3 Nov 2026, 5:30 am
Recommended on 6 Jul 2026 by Anupama Bhootra
Our recommendation read against today's market data.
Ather Energy is an Indian electric two-wheeler manufacturer headquartered in Bengaluru. Founded in 2013, the company designs, engineers, and manufactures smart electric scooters, including its performance-focused Ather 450 series and family-oriented Ather Rizta. Ather sets itself apart through in-house hardware and software integration via its AtherStack platform, offering features like over-the-air updates, touchscreen navigation, and vehicle diagnostics. Beyond manufacturing, the company oper
Management remains highly optimistic on demand, citing a 108% YoY increase in pre-orders (1.8 lakh), 60% YoY growth in registrations (92.6k) and unrealised demand of 18–20k units per month over current production of 33k. AURIC Phase I trial production starts in Q3FY27, with capex complete by Q4FY27, lifting annual capacity from 4.2 lakh to 9.2 lakh units; approved Hosur (+6k/month) and AURIC (+12k/month) expansions take it to 11.4 lakh by Q2FY28, with Phase II (16.4 lakh) to follow. Despite a 9.4 pt commodity hit versus Q4 FY26, adjusted gross margin held at 24.0%, cushioned by 5.3 pts of structural gains and 2.7 pts of SKU management, as average ex-showroom price rose ~₹14,000 to ₹1.64 lakh; no further hikes are planned. Konarc’s ramp (long-term gross margin 6–7% above Rizta), 15% non-vehicle revenue and dealer expansion from Q4 are expected to sustain volume growth and profitability. At CMP ₹1,785, the stock is trading at EV/Sales multiple of 3.66x FY29E
Research by Pune E-Stock Broking Ltd., SEBI Research Analyst Reg. No. INH000018197. Investments in the securities market are subject to market risks; read all related documents carefully before investing. Past performance is not indicative of future returns.
Market data from Accord; delayed, for information only.
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