Whalesbook
Ather Energy: Record High par, par profit ka sawal?
Ather Energy ke investors ke liye aaj ka din zabardast raha. Share price ne ₹986.80 ka naya record banaya, jo ki pichhle din se 7.6% zyada hai, aur yeh tab hua jab Sensex bhi gir raha tha. Pichhle saal se toh stock 229% upar hai, aur IPO price ₹321 se ab tak 207% se bhi zyada bhaga hai. Company ki market value bhi lagbhag ₹350.17 billion ho gayi hai.
Numbers kya bol rahe hain?
Q4 FY26 ke results ne market ko impress kiya. Revenue mein 74% ka zabardast jump aaya, jo ₹1,175 crore tak pahunch gaya. Network expansion aur naye customers ki wajah se FY mein revenue 63% badha. Sales volume bhi 76% badh kar 83,418 units ho gaya. Ather Energy ne Q4 FY26 tak apna market share 8% se badha kar 18.6% kar liya hai. EBITDA losses bhi kam huye hain, jo pehle 23% the ab sirf -2% reh gaye hain. Net loss bhi kam ho kar ₹100.2 crore ho gaya hai, jo pichhle saal ₹234.3 crore tha.
Fir bhi Chinta kyun?
Itni acchi growth ke bawajood, kuch bade challenges hain. Sabse pehla hai valuation; company ka Enterprise Value to Sales ratio 9.29x aur Price-to-Book 13.54x hai, jo kaafi high hai. Price-to-Earnings ratio toh negative -51.8 hai, matlab abhi profit mein nahi hai. Competition bhi bahut tagda hai. TVS Motor Company 24.36% aur Bajaj Auto 20.64% market share ke saath aage hain, Ather 17.06% ke saath teesre number pe hai. Aur yeh lithium ka rate dekh rahe ho? 50% se zyada badh gaya hai, jo battery banane ka main component hai. Isse company ke margins par pressure aa raha hai. Company ka naya 'Factory 3.0' expansion bhi schedule se peeche chal raha hai.
Analysts aur Future ka kya plan?
Analysts thoda mix reviews de rahe hain. Equirus Securities ne 'ADD' rating di hai aur target ₹1,010 rakha hai, unka kehna hai ki abhi zyada upside nahi hai. HSBC aur Nomura ne 'Buy' rating aur ₹1,050 aur ₹1,120 ka target diya hai, jo company ke long term potential par focus kar rahe hain. Government subsidies aur EV policies mein bhi changes aa rahe hain, jo future mein impact kar sakte hain.