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Electric two-wheelers Historical case study · data as of 23 Jul 2026 · published 26 Oct 2026 (95 days later)

Ather Energy — 100-point case study

How Ather Energy looked on 50 technical and 50 fundamental measures on 23 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: ATHERENERG
Close on 23 Jul 2026	₹1,233.20
Market cap then	₹48,923 crore
Valuation	P/E -94.6× · P/B 19.02×
Momentum	RSI (14) 60 · 1-year return +267.6%
Next 3 months	+11.9% vs Nifty 50 -5.3% (to 23 Oct 2026)

Scorecard

Technical — 50 points

26 bullish · 20 neutral · 0 caution · 3 bearish — the picture leaned positive.

Fundamental — 50 points

8 bullish · 32 neutral · 4 caution · 5 bearish — the picture was mixed.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Ather Energy listed on 6 May 2025, so it has a shorter price history than most stocks here. Financials are from Screener's standalone page because the consolidated page had only three quarters; the overlapping numbers match. The company was loss-making, so P/E is not meaningful.

Technical analysis — 50 points

Calculated by code from daily prices up to 23 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +1.02%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 1.02% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +36.2%	Bullish	The 100-session trend line was up (+0.59%/day) and the stock was +36.2% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +267.6%	Bullish	Compared with a year earlier the price was +267.6%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 1,075.18 / 30W 864.15	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,069.00→1,345.00; lows 873.60→950.35	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	57.4	Bullish	ADX at 57.4 shows a strong trend in force. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 32.1 / –DI 12.1	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	1,192.76 (+3.4%)	Bullish	Close of 1,233.20 was 3.4% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	1,059.36 (+16.4%)	Bullish	Close of 1,233.20 was 16.4% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	803.21 (+53.5%)	Bullish	Close of 1,233.20 was 53.5% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 1,248.88 / 21E 1,190.60	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 12 Mar 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bullish	The 50-day average was 31.9% above the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+12.0% in 20 sessions	Bullish	The 50-day average rose 12.0% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	1,193 / 1,059 / 933 / 803	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	1,232.90 (+0.0%)	Bullish	Anchored to the start of July, the volume-weighted average price was 1,232.90; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	60.3	Bullish	RSI at 60.3 showed positive momentum without being overbought. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 66.29 / signal 66.73	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	11.18 → -0.43	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	66.29	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 64.1 / %D 71.6	Bearish	Slow stochastic at 64.1 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-49.4	Neutral	%R of -49.4 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	50	Neutral	CCI at 50 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+1.2%	Neutral	Price changed +1.2% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.63 (bands 1,031.64–1,353.88)	Neutral	%B of 0.63 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 27.0% (71st pct of 6M)	Neutral	Band width was at the 71st percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹56.47 (4.6% of price)	Neutral	A typical day's range was about ₹56.47, or 4.6% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	46.6% vs 1Y 49.3%	Neutral	Annualised 30-day volatility was 46.6%, close to the one-year level of 49.3%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	1,079.01–1,311.52	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.65	Neutral	A beta of 0.65 means the stock tended to move less than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.48× / 5-day 0.68×	Neutral	The final session traded 0.48× its 20-day average volume and the last five sessions averaged 0.68× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.58	Bullish	Average volume on up days was 1.58× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.21	Bullish	CMF at +0.21 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	68.1	Bullish	MFI, a volume-weighted RSI, was 68.1. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹660 cr/day	Neutral	About ₹660 crore changed hands per day on average over 20 sessions — highly liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	1,158.00 / 950.35 / 927.60	Neutral	Nearest support (prior swing lows) sat at 1,158.00, 6.5% below the close, then 950.35, 927.60. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	1,345.00	Neutral	Nearest resistance (prior swing highs) sat at 1,345.00, 9.1% above the close. How to read: Information only.
40	Monthly pivot points (for next month)	P 1,231.47 \| R1 1,346.73 \| S1 1,117.93	Neutral	Classic pivots from July's high/low/close gave a pivot of 1,231.47; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 1,167 \| 38.2% 1,056 \| 50.0% 967 \| 61.8% 878	Neutral	Measuring the 6-month rise from 589.00 to 1,345.00, the close was nearest the 23.6% retracement at 1,166.58. How to read: Information only.
42	52-week high / low	H 1,345.00 / L 329.20	Neutral	The close was 8.3% below the 52-week high and 274.6% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-up 15 Jul at 1,207.90	Neutral	There were 2 unfilled gap(s). The latest, a gap-up on 15 Jul 2026, left an open level at 1,207.90 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	rising channel	Bullish	Rule-based pattern scan: rising channel — successive higher highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 981.00–1,345.00	Neutral	The close was inside the prior 20-day range of 981.00–1,345.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 23 Jul the candle opened 1,268.20, ranged 1,221.20–1,271.50 and closed 1,233.20: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 904.67–996.15; Tenkan 1,251.50 / Kijun 1,147.67	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +22.3% / 3M +38.3%	Bullish	The stock outperformed the Nifty 50 by 38.3 points over three months and outperformed by 22.3 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +97.7%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 97.7 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	26 bullish · 3 bearish · 20 neutral · 0 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 1,158.00, resistance 1,345.00. This is a description of the chart on 23 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 23 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 23 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	-94.6×	Neutral	At ₹1,233.20 the market valued the company at about ₹48,923 crore, or -94.6× the ₹-517 crore profit of the four quarters to Mar 2026. That is a low multiple in absolute terms. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	19.02×	Neutral	Market cap was 19.02× the Mar 2026 book value (equity + reserves) of ₹2,572 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	13.32×	Neutral	The company was valued at 13.32× its trailing-12-month sales of ₹3,673 crore. How to read: Information only.
4	EV / EBITDA (approx.)	-121.5×	Neutral	Enterprise value (market cap + ₹664 cr borrowings; cash not netted) was -121.5× trailing operating profit of ₹-408 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	-1.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹-1.1 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was not available. Note: revenue jumped more than 40% in Mar 2023, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹48,923 cr	Neutral	At about ₹0.49 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	n/m	Neutral	Not meaningful with negative earnings or book value. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+62.8%	Bullish	Revenue for FY26 was ₹3,672 crore, +62.8% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+73.8%	Bullish	The Jan–Mar 2026 quarter brought ₹1,175 crore of revenue, +73.8% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	n/a	Neutral	FY26 net profit was ₹-517 crore, n/a on FY25's ₹-812 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	n/a	Neutral	Quarterly profit was ₹-100 crore versus ₹-234 crore a year earlier (n/a). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	27.3%	Caution	Revenue compounded at 27.3% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	n/a	Neutral	Not available. Note: revenue jumped more than 40% in Mar 2023, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	115.0%	Caution	Over five years (FY21–FY26) revenue compounded at 115.0% a year. Note: revenue jumped more than 40% in Mar 2023, Mar 2026, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	n/a	Neutral	Not available. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	-11%	Neutral	Operating profit (EBITDA) was -11% of sales in FY26 versus -26% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	-21% → -15% → -8% → -6%	Bullish	Quarterly margins moved from -21% to -6% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	-14.1%	Neutral	₹-14.1 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	-33.7%	Bearish	FY26 profit was -33.7% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	-20%	Bearish	Return on capital employed (debt + equity) was -20% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	-10.95%	Neutral	Net profit was -10.95% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	0%	Neutral	The company paid about 0% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	-28%	Neutral	Non-operating 'other income' of ₹146 crore made up -28% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.26	Bullish	Borrowings of ₹664 crore were 0.26× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	-1.63×	Bullish	Debt equalled -1.63 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	-5.3×	Bearish	Earnings before interest and tax covered interest cost -5.3 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+421.7%	Bullish	Shareholders' equity grew +421.7% from ₹493 crore to ₹2,572 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹340 cr (54% of fixed assets)	Neutral	Projects under construction (CWIP) were 54% of fixed assets — a big expansion pipeline not yet earning. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	60 days	Neutral	Working capital tied up equalled 60 days of sales (FY25: -69). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-68 days	Neutral	It took -68 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	1 (FY25 2)	Neutral	Customers took 1 days on average to pay, versus 2 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹32 cr	Bullish	The business generated ₹32 crore of operating cash in FY26 versus ₹-721 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	-0.06×	Caution	Operating cash flow was -0.06× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+31.0%	Caution	Paid-up equity capital changed +31.0% (₹29 cr → ₹38 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	40.72% (-1.37 pts YoY)	Bearish	Promoters owned 40.72% at Jun 2026 versus 42.09% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	16.23% (-7.84 pts YoY)	Bearish	FIIs held 16.23% at Jun 2026, down from 24.07% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	29.28% (+5.27 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 29.28%, up from 24.01%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.3 lakh (+62.6% YoY)	Neutral	The shareholder count moved from 1.4 lakh to 2.3 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	5/8	Neutral	Passed: positive operating cash flow, CFO > net profit, leverage fell, operating margin improved, ROA improved. Failed: positive profit, asset turnover improved, no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 4 weakness(es)	Neutral	Strengths: Company is expected to give good quarter; Promoter holding has increased by 1.61% over last quarter. Weaknesses: Stock is trading at 20.5 times its book value; Company has low interest coverage ratio; Company has a low return on equity of -84.0% over last 3 years; Working capital days have increased from -43.8 days to 60.1 days. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	8 bullish · 5 bearish · 32 neutral · 4 caution	Neutral	On the numbers published by 23 Jul 2026 the fundamental picture was mixed. Valuation: P/E -94.6×, P/B 19.02×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 23 Apr 2026 – 23 Jul 2026 that an investor could have known on the snapshot date.

04 May 2026 Ather Energy Q4 loss narrows on strong volume growth, revenue rises sharply — Q4 FY26 net loss fell ~57% YoY to Rs 100 cr and revenue rose ~74% to Rs 1,175 cr; FY26 loss narrowed to Rs 517 cr on operating revenue of Rs 3,672 cr. source
05 May 2026 Ather Energy jumps 5% to hit 52-week high; analysts see up to 14% upside — Shares hit a 52-week high the day after Q4 results as analysts flagged further upside. source
11 May 2026 Ather Energy soars 8% on huge volumes; stock up 64% from February low — Stock rallied 8% intraday on heavy volumes, extending a 64% rise from its February low. source
13 Jun 2026 Ather Energy in talks for post-IPO Rs 2,500 crore fundraise: Report — Report said Ather was in talks to raise about Rs 2,500 crore in its first post-IPO fundraise. source
30 Jun 2026 Delhi EV Policy impact: Auto stocks skid; Eicher dips 7%, Ather at new high — Delhi's new EV policy hit conventional auto stocks while Ather hit a new high. source
14 Jul 2026 TVS, Bajaj, Hero and Ather corner 96% of H1 e2W growth as Ola loses ground — Registration data showed TVS, Bajaj, Hero and Ather captured almost all electric two-wheeler growth in H1 2026 as Ola lost share. source
15 Jul 2026 Ather Energy surges 9%, market-cap crosses Rs 50,000 crore; here's why — Shares hit a record ahead of a board meeting on fundraising, after Hero MotoCorp's board approved investing up to Rs 1,000 crore in Ather on 14 July. source

What happened next (23 Jul 2026 → 23 Oct 2026)

Price went from ₹1,233.20 to ₹1,380.00 by 23 Oct 2026 (+11.9%) while the Nifty 50 moved -5.3% — outperforming by 17.2 points.
Highest ₹1,744.00 on 01 Sep 2026; lowest ₹1,188.10 on 24 Jul 2026.
S1 1,158.00: held on a closing basis.
S2 950.35: held on a closing basis.
R1 1,345.00: cleared on a closing basis on 04 Aug 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 03 Aug 2026): revenue ₹1,217 crore (+88.7% YoY), net profit ₹-51 crore (n/m — loss or no profit a year earlier YoY), operating margin -3% vs -21% a year earlier (Screener consolidated figures).

Later news

03 Aug 2026 Ather Energy Q1FY27 result: Net loss narrows to Rs 51 crore, sales jump 81% — Q1 FY27 net loss fell ~71% YoY to Rs 51 cr, operating revenue rose ~89% to Rs 1,217 cr, EBITDA turned positive (~Rs 9 cr) and scooter deliveries rose 81% to 83,173 units. source
04 Aug 2026 Ather Energy jumps 18% to new peak on lower Q1 loss; Nomura sees 35% upside — Stock surged to a record intraday (high Rs 1,500) after Q1 results; Nomura saw 35% upside. source
04 Aug 2026 Ather Energy to enter Rs 1-1.25 lakh e2W space with new EL platform — Ather plans to enter the mass-market Rs 1-1.25 lakh electric scooter segment with its new EL platform. source
28 Aug 2026 Block deal: Ather Energy shares jump 7% as Hero MotoCorp ups stake — Hero MotoCorp raised its stake in Ather to 32.8% (from 29.88%) via a block deal, a day after announcing it would buy up to Rs 1,758 crore of additional shares. source
25 Sep 2026 Ather Energy plans aggressive push into overseas markets: CBO Phokela — Chief business officer said Ather plans an aggressive overseas expansion and to restart dealership expansion in Nov-Dec. source

Educational summary. On 23 Jul 2026 the technical picture leaned positive and the fundamental picture was mixed. Over the next three months the stock moved +11.9% against -5.3% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Ather Energy today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 26 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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