Ather Energy IPO Review & Recommendations

Ather Energy IPO Peer Comparison

Ather Energy Limited peer comparison with similar listed entities. (As on March 31, 2024)

Notes:

(1) Basic EPS is calculated as loss for the year attributable to owners of our Company divided by the weighted average number of Equity Shares outstanding during the year. Diluted EPS is calculated as loss for the year attributable to owners of our Company divided by the weighted average number of Equity Shares outstanding during the year adjusted for the effects of all dilutive potential Equity Shares. Basic/Diluted EPS of Peer group refers to the Basic/Diluted EPS sourced from the financial statements of the respective peer group companies for the Fiscal March 31, 2024.

(2) Net Asset Value per Equity Share (in ₹) is computed as Net Worth at the end of the year divided by weighted average number of Equity Shares outstanding during the year.

(3) P/E ratio for the peer group has been computed based on the closing market price of equity shares on NSE as on March 28, 2025 divided by the Diluted EPS for the Fiscal March 31, 2024.

(4) Net-worth means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off as per the restated financial information, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation.