Ather Energy IPO to Open on Monday, April 28: A Closer Look at Key Financials

The Ather Energy IPO will be available for subscription from April 28, 2025, until April 30, 2025. The allotment is anticipated to be finalised by Friday, May 2, 2025. The company’s shares are expected to be listed on both BSE and NSE with the tentative listing date set for Tuesday, May 6, 2025. Ather Energy IPO price band has been fixed between ₹304 and ₹321 per share, and the minimum lot size for an application is 46 shares. Retail investors must invest a minimum amount of ₹13,984. 

Financial Performance Overview 

Revenue Breakdown 

Ather Energy generates revenue through: 

1. Sale of finished goods, mainly electric two-wheelers (E2Ws). 
2. Sale of stock-in-trade, which includes EV-related accessories, spare parts, and merchandise. 
3. Sale of services. 

In the nine months ending December 31, 2024, and in FY 2024, 98% of their revenue came from operations. This trend has remained consistent over the past few years, with the percentage slightly higher in FY 2023 and 2022. 

E2W Sales Growth 

Ather’s sales volume of E2Ws grew significantly, reaching 107,983 units and 109,577 units in the nine months ending December 31, 2024, and FY 2024, respectively. This is a notable increase from 74,333 units in the nine months ending December 31, 2023, and 23,402 units in FY 2022. This represents a 45% growth from FY 2023 to FY 2024 and an impressive 368% increase from FY 2022 to FY 2024. 

Current Assets and Borrowings 

As of March 31, 2022, Ather’s total current assets were ₹2,925 million. This increased by 347% to ₹13,083 million as of March 31, 2023, and then decreased by 6% to ₹12,294 million as of March 31, 2024. As of December 31, 2024, it rose again by 3% to ₹12,670 million. The significant growth in 2023 was driven by higher inventories, investments, and financial assets, especially due to an increase in EV subsidy receivables resulting from higher E2W sales volumes. 

Also Read: Ather Energy IPO Set to Open on April 28: Price Band Fixed at ₹304 to ₹321 Per Share 

As of December 31, 2024, Ather had total borrowings of ₹11,216 million, including both non-current and current borrowings, with ₹6,000 million from Series G CCPS expected to convert into equity shares. These funds have mainly been allocated to research and development, working capital, and capital expenditure. Further details regarding the company’s outstanding debt agreements can be found in the IPO documents. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in securities market are subject to market risks, read all the related documents carefully before investing.