Ather Energy - Public Comps and Valuation Multiples

Ather Energy Overview

About Ather Energy

Ather Energy Ltd is engaged in the Indian electric two-wheeler (E2W) market. It is a EV company that sells E2Ws and the associated product ecosystem, comprised of software, charging infrastructure and smart accessories, all of which conceptualized and designed. Its model include Ather 450S, Ather 450X, Ather 450 Apex, Ather Rizta Z, etc.

Founded

2013

HQ

Employees

1.6K+

Website

atherenergy.com

Sectors

Electric Vehicles

Financials

LTM Revenue $304M

LTM EBITDA -$63.5M

EV

$2.5B

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Ather Energy Financials

As of August 2025, Ather Energy reported last 12-month revenue of $304M and EBITDA of -$63.5M.

In the same period, Ather Energy generated $56.5M in LTM gross profit and -$88.6M in net income.

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Ather Energy P&L

In the most recent fiscal year, Ather Energy reported revenue of $199M and EBITDA of -$93.8M.

Ather Energy expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$304M	XXX	$199M	XXX	XXX	XXX
Gross Profit	$56.5M	XXX	$9.5M	XXX	XXX	XXX
Gross Margin	19%	XXX	5%	XXX	XXX	XXX
EBITDA	-$63.5M	XXX	-$93.8M	XXX	XXX	XXX
EBITDA Margin	-21%	XXX	-47%	XXX	XXX	XXX
EBIT	-$84.8M	XXX	-$93.6M	XXX	XXX	XXX
EBIT Margin	-28%	XXX	-47%	XXX	XXX	XXX
Net Profit	-$88.6M	XXX	-$120M	XXX	XXX	XXX
Net Margin	-29%	XXX	-61%	XXX	XXX	XXX
Net Debt	XXX	XXX	$9.9M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Ather Energy including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $304M. EBITDA for the last twelve months was -$63.5M. In the most recent fiscal year, Ather Energy achieved $199M in revenue and -$93.8M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$304M	Analyst estimates available to subscribers	$199M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$56.5M	Analyst estimates available to subscribers	$9.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	18.6% gross margin	Analyst estimates available to subscribers	4.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$63.5M	Analyst estimates available to subscribers	-$93.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-20.9% EBITDA margin	Analyst estimates available to subscribers	-47.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$84.8M	Analyst estimates available to subscribers	-$93.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-27.9% EBIT margin	Analyst estimates available to subscribers	-47.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$88.6M	Analyst estimates available to subscribers	-$120M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-29.2% net profit margin	Analyst estimates available to subscribers	-60.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$9.9M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Ather Energy

This financial data table provides comprehensive performance metrics for Ather Energy, a company based in India. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Ather Energy generated $304M in revenue over the last twelve months.
The company achieved -$63.5M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $56.5M.
Net income over the last twelve months reached -$88.6M.

Fiscal Year Performance

In the most recent fiscal year, Ather Energy reported $199M in total revenue.
Fiscal year EBITDA was -$93.8M.
The company maintained a gross profit margin of 4.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was -47.2%.
Net profit margin reached -60.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Ather Energy. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Ather Energy Stock Performance

Ather Energy has current market cap of INR 211B (or $2.4B), and EV of INR 219B (or $2.5B).

Market Cap Evolution

Ather Energy Stock Data

As of September 17, 2025, Ather Energy's stock price is INR 556 (or $6).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.5B	$2.4B	XXX	XXX	XXX	XXX	$-0.26

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Ather Energy Valuation Multiples

Ather Energy's trades at 12.4x EV/Revenue multiple, and -27.6x EV/EBITDA.

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Ather Energy Financial Valuation Multiples

As of September 17, 2025, Ather Energy has market cap of $2.4B and EV of $2.5B.

Equity research analysts estimate Ather Energy's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Ather Energy has a P/E ratio of -27.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.4B	XXX	$2.4B	XXX	XXX	XXX
EV (current)	$2.5B	XXX	$2.5B	XXX	XXX	XXX
EV/Revenue	8.2x	XXX	12.4x	XXX	XXX	XXX
EV/EBITDA	-39.0x	XXX	-27.6x	XXX	XXX	XXX
EV/EBIT	-29.3x	XXX	-26.6x	XXX	XXX	XXX
EV/Gross Profit	43.9x	XXX	n/a	XXX	XXX	XXX
P/E	-27.0x	XXX	-20.9x	XXX	XXX	XXX
EV/FCF	-23.3x	XXX	-40.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Ather Energy Margins & Growth Rates

Ather Energy's last 12 month revenue growth is 41%

Ather Energy's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.1M for the same period.

Ather Energy's rule of 40 is -4% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Ather Energy's rule of X is 82% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Ather Energy Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	41%	XXX	54%	XXX	XXX	XXX
EBITDA Margin	-21%	XXX	-45%	XXX	XXX	XXX
EBITDA Growth	-24%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-4%	XXX	-4%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	82%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	6%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	52%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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