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Geojit Financial Services, Ather Energy Ltd

Ather Energy Ltd (AEL), incorporated in 2013, is a pioneer in the Indian electric two-wheeler (“E2W”) market. It is a pure-play EV company that sells E2Ws and the associated product ecosystem, comprised of software, charging infrastructure and smart accessories, all of which are conceptualised and designed by the company in India. Other than battery packs, which are manufactured in-house, and portable chargers and motors, which are designed and manufactured by suppliers, other key E2W components, such as motor controllers, transmissions, vehicle control units, dashboards, DC-DC converters, harnesses, and chassis, are designed in-house and outsourced to suppliers for manufacturing.

Valuation and Outlook

At the upper price band of ₹321, Ather’s EV/Sales ratio of 7.1x (FY24) appears expensive. However, as a pioneer in the E2W segment, the company is in a strong growth phase with robust R&D and new technological platforms. Despite current profitability challenges and valuation concerns, we recommend a "Subscribe" rating for high-risk investors with a long-term outlook.

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