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Ather Energy CEO, MD, chairman, board of directors and AGM

NSE: ATHERENERGBSE: 544397AutomobilesSmall Cap

Last close ₹1,380.00down ₹45.30 (3.18%)BSE ₹1,383.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,425.30.

52-week range of traded prices to 23 Oct 2026
₹582.05Low, 6 Nov 2025₹1,744.00High, 1 Sep 2026
Market cap
₹54,731 Cr260th largest listed
P/E
Lossover the last 12 months
P/B
21.3
Dividend yield
Nonein the last 12 months
ROE
−25.4%
ROCE
−15.3%
Debt to equity
0.20
Volume, NSE
34,50,14642.4% delivered

Ather Energy board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • ChairpersonNeelam Dhawan
  • Chief executiveMehta Tarun Sanjay
  • Company Secretary and Compliance OfficerPuja Aggarwal

8 directors3 independent2 executive3 non-executive

  • Neelam Dhawan · ChairpersonIndependent · joined Aug 2024 · reappointed Aug 2024 · 22 months as independent · 6 listed boards · 6 as independent · 6 committee seats, 3 as chair
  • Mehta Tarun Sanjay · Chief executiveExecutive · joined Oct 2013 · reappointed May 2024 · 1 listed board · 1 committee seat
  • Swapnil Babanlal JainExecutive · joined Oct 2013 · reappointed May 2024 · 1 listed board
  • Pankaj SoodNon-executive · joined Nov 2022 · reappointed Sep 2025 · 3 listed boards · 1 committee seat
  • K RamNon-executive · joined Jan 2023 · 1 listed board · 1 committee seat
  • Kaushik DuttaIndependent · joined May 2024 · reappointed May 2024 · 25 months as independent · 3 listed boards · 3 as independent · 6 committee seats, 3 as chair
  • Sanjay NayakIndependent · joined Aug 2024 · reappointed Aug 2024 · 22 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Vivek AnandNon-executive · joined Nov 2025 · 1 listed board · 1 committee seat, 1 as chair

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

2 directors who left
  • Nilesh Shrivastava, left 27 May 2025: Others
  • Niranjan Kumar Gupta, left 6 May 2025: Others

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 12 Jun 20267 of 8 present3 independent · 6 days in between
    • 5 Jun 20268 of 8 present3 independent · 31 days in between
    • 4 May 20268 of 8 present3 independent · 10 days in between
    • 23 Apr 20268 of 8 present3 independent · 43 days in between
    2 earlier meetings
    • 10 Mar 20268 of 8 present3 independent · 35 days in between
    • 2 Feb 20268 of 8 present3 independent

  • Audit Committee

    Chair Kaushik Dutta

    Neelam Dhawan, K Ram

    • 4 May 20263 of 3 present2 independent · 41 days in between
    • 23 Mar 20263 of 3 present2 independent · 48 days in between
    • 2 Feb 20263 of 3 present2 independent

  • Nomination and remuneration committee

    Chair Sanjay Nayak

    Neelam Dhawan, Pankaj Sood

    • 23 Jun 20263 of 3 present2 independent · 76 days in between
    • 7 Apr 20263 of 3 present2 independent · 27 days in between
    • 10 Mar 20263 of 3 present2 independent · 35 days in between
    • 2 Feb 20263 of 3 present2 independent

  • Stakeholders Relationship Committee

    Chair Neelam Dhawan

    Sanjay Nayak, Mehta Tarun Sanjay

    • 2 Feb 20263 of 3 present2 independent

  • Risk Management Committee

    Chair Kaushik Dutta

    Swapnil Babanlal Jain, K Ram

    • 23 Mar 20263 of 3 present1 independent · 48 days in between

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Jun 2026.

  • Deloitte Haskins & SellsPeer-review certificate valid to Apr 2028

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Ather Energy AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Ather Energy share news and announcements

Annual general meeting, 19 Aug 2026

2,79,609 shareholders on the register on 12 Aug 2026; present: 2 promoters and 64 others; votes counted by Biswajit Ghosh / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.13%

    Turnout: all 73.15% · promoters 100.00% · institutions 72.69% · other public 0.19%

  2. To appoint a director in place of Mr. Ram Kuppuswamy (DIN: 09817635), who retires by rotation and being eligible, offers himself for re-appointment.
    Ordinary
    98.91% for1.09% against

    Against: promoters 0.00% · institutions 2.38% · other public 0.41%

    Turnout: all 73.15% · promoters 100.00% · institutions 72.69% · other public 0.19%

  3. Re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants, as Statutory Auditors of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.40%

    Turnout: all 73.15% · promoters 100.00% · institutions 72.69% · other public 0.19%

  4. Extension of the benefits of ‘Amended and Restated Ather Energy ESOP Plan 2025’ to the employees of subsidiary companies.
    Special
    86.46% for13.54% against

    Against: promoters 0.00% · institutions 29.50% · other public 0.69%

    Turnout: all 73.15% · promoters 100.00% · institutions 72.69% · other public 0.19%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 14 Aug 2026, 1 resolution

2,75,568 shareholders on the register on 7 Aug 2026; present: 2 promoters and 58 others; votes counted by Biswajit Ghosh / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. To approve the issuance of equity shares and convertible warrants by way of preferential issue
    SpecialPromoters have an interest in it
    97.72% for2.28% against

    Against: promoters 0.00% · institutions 4.58% · other public 0.13%

    Turnout: all 79.29% · promoters 100.00% · institutions 85.32% · other public 1.86%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 14 Jul 2026, 1 resolution

2,27,256 shareholders on the register on 5 Jun 2026; votes counted by Biswajit Ghosh / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. RAISING OF FUNDS BY ISSUE OF EQUITY SHARES THROUGH QUALIFIED INSTITUTIONS PLACEMENT, IN ONE OR MORE TRANCHES, FOR AN AGGREGATE AMOUNT OF UP TO INR 1,500 CRORES
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.57%

    Turnout: all 80.68% · promoters 100.00% · institutions 87.56% · other public 2.15%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 21 Jan 2026, 1 resolution

1,75,856 shareholders on the register on 19 Dec 2025; votes counted by Biswajit Ghosh / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. Appointment of Mr. Vivek Anand (DIN: 06891864) as a Non-Executive Non-Independent Director of the Company
    Ordinary
    99.84% for0.16% against

    Against: promoters 0.00% · institutions 0.31% · other public 1.93%

    Turnout: all 81.12% · promoters 100.00% · institutions 87.73% · other public 2.09%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 17 Sep 2025, 3 resolutions

1,34,236 shareholders on the register on 10 Sep 2025; present: 2 promoters and 49 others; votes counted by Pramod S M / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. To consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 89.42% · promoters 100.00% · institutions 91.51% · other public 41.63%

  2. To appoint a Director in place of Mr. Pankaj Sood (DIN: 05185378), who retires by rotation and being eligible, offers himself for re-appointment
    Ordinary
    99.83% for0.17% against

    Against: promoters 0.00% · institutions 0.35% · other public 0.00%

    Turnout: all 89.42% · promoters 100.00% · institutions 91.51% · other public 41.63%

  3. To appoint Secretarial Auditors of the Company
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 89.42% · promoters 100.00% · institutions 91.51% · other public 41.63%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 17 Aug 2025, 2 resolutions

1,33,648 shareholders on the register on 17 Jul 2025; votes counted by Pramod S M / BMP & Co. LLP.The company's voting result (opens in a new tab)

  1. Approve Reclassification of Authorised Share Capital by classifying the compulsorily convertible preference shares into a resultant number of equity shares and consequent alteration to the Capital Clause of the Memorandum of Association of the Company.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.02%

    Turnout: all 91.18% · promoters 100.00% · institutions 92.05% · other public 47.78%

  2. Approval and Ratification of ‘Amended and Restated Ather Energy ESOP Plan 2025’
    Special
    87.64% for12.36% against

    Against: promoters 0.00% · institutions 25.29% · other public 0.05%

    Turnout: all 91.18% · promoters 100.00% · institutions 92.05% · other public 47.79%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

How mutual funds voted

Fund houses must disclose how they vote at every meeting of a company they hold.Funds that hold it

Mutual fund votes, meeting of 19 Aug 2026, 15 fund houses so far (houses' deadline to file 15 Oct 2026)

  • To consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon.
    15 for0 against
  • To appoint a director in place of Mr. Ram Kuppuswamy (DIN: 09817635), who retires by rotation and being eligible, offers himself for re-appointment.
    15 for0 against
  • Re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants, as Statutory Auditors of the Company.
    15 for0 against
  • Extension of the benefits of ‘Amended and Restated Ather Energy ESOP Plan 2025’ to the employees of subsidiary companies.
    Against Angel One Mutual Fund, DSP Mutual Fund, Edelweiss Mutual Fund, Jio BlackRock Mutual Fund, LIC Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundInadequate disclosure of Exercise Price/ Pricing Formula; disclosures do not align with the intended purpose of law. Absolute Discretion to Nomination & Remuneration Committee to determine Exercise Price; Governance & Transparency concern: Excessive potential benefit to a single employee.
    • DSP Mutual Fund, Jio BlackRock Mutual FundThe amended scheme provides the Nomination and Remuneration Committee (NRC) with the flexibility to determine the exercise price and vesting criteria. In the absence of adequate disclosures, we are unable to assess whether the scheme contours are aligned with shareholder interests. We do not favour schemes where there is no clarity on the exercise price, or where the exercise price may be set at a significant discount (greater than 20%) to the prevailing market price, unless the scheme incorporates performance-based vesting conditions with clearly defined metrics, weightages, and targets. While we support the extension of the ESOP scheme to employees of unlisted subsidiaries, our view on this resolution is linked to our assessment of the underlying ESOP scheme. Accordingly, we do not support the resolution.
    • Edelweiss Mutual Fund, Navi Mutual FundNo concern identified with regard to extension of benefits to employees of subsidiary company(ies) ESOP 2025. The Scheme is NonCompliant with SEBI SBEB & SE Regulations 2021: Inadequate disclosure of Exercise Price/ Pricing Formula; disclosures do not align with the intended purpose of law. Absolute Discretion to NRC to determine Exercise Price; Governance & Transparency concern: Excessive potential benefit to a single employee.
    • LIC Mutual FundThe Scheme is NonCompliant with SEBI SBEB & SE Regulations 2021: Inadequate disclosure of Exercise Price/ Pricing Formula; disclosures do not align with the intended purpose of law. Absolute Discretion to NRC to determine Exercise Price; Governance & Transparency concern: Excessive potential benefit to a single employee.
    9 for6 against

Mutual fund votes, meeting of 14 Aug 2026, 15 fund houses so far (houses' deadline to file 15 Oct 2026)

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • To approve the issuance of equity shares and convertible warrants by way of preferential issue
    1 for0 against
3 proposals not matched to one resolution
  • 1) Approve preferential issue of ~1.6 mn equity shares at Rs 1,230.0 per share to raise ~Rs 2.0 bn from India Japan Fund (non-promoter), and ~7.9 mn warrants at Rs 1,260.0 per warrant to raise an aggregate of Rs. 10.0 bnMoreLess
    1 for0 against
  • Approve preferential issue of ~1.6 mn equity shares at Rs 1,230.0 per share to raise ~Rs 2.0 bn from India Japan Fund (non-promoter), and ~7.9 mn warrants at Rs 1,260.0 per warrant to raise an aggregate of Rs. 10.0 bnMoreLess
    2 for0 against
  • To create, issue, offer and allot by way of preferential issue on a private placement basis, up to 16,26,016 fully paid-up Equity Shares of the Company, (Equity Subscription Shares) having face value of INR 1 each, at a price of INR 1,230 (including a premium of INR 1,229 per Equity Share, for cash consideration, aggregating up to INR 1,99,99,99,680, which is not less than the floor price determined in accordance with Chapter V of the SEBI ICDR Regulations (Floor Price).MoreLess
    Against Angel One Mutual Fund, Navi Mutual Fund
    • Angel One Mutual FundGovernance and Transparency concern: The Company has not adequately disclosed the specific objective or urgency of the proposed fund raise, thereby limiting shareholders’ ability to assess the necessity of the transaction. Further, the warrants are proposed to be issued at the floor price determined under Chapter V of the SEBI (ICDR) Regulations, 2018 with a nominal premium which does not appears adequate. Additionally, the Company has not provided sufficient justification for issuance of warrants to the promoters, resulting in a lack of clarity on the overall rationale of the proposed issuance.
    • Navi Mutual FundCompliant with law. Governance and Transparency concern: The Company has not adequately disclosed the specific objective or urgency of the proposed fund raise, thereby limiting shareholders’ ability to assess the necessity of the transaction. Further, the warrants are proposed to be issued at the floor price determined under Chapter V of the SEBI (ICDR) Regulations, 2018 with a nominal premium which does not appears adequate. Additionally, the Company has not provided sufficient justification for issuance of warrants to the promoters, resulting in a lack of clarity on the overall rationale of the proposed issuance.
    9 for2 against
4 earlier meetings

Mutual fund votes, meeting of 14 Jul 2026, 13 fund houses so far (houses' deadline to file 15 Oct 2026)

Each resolution counts the houses whose vote was matched to it; the rest are listed last.

  • RAISING OF FUNDS BY ISSUE OF EQUITY SHARES THROUGH QUALIFIED INSTITUTIONS PLACEMENT, IN ONE OR MORE TRANCHES, FOR AN AGGREGATE AMOUNT OF UP TO INR 1,500 CRORES
    12 for0 against
1 proposal not matched to one resolution
  • Approve Issuance of Equity or Equity-Linked Securities without Preemptive Rights
    1 for0 against

Mutual fund votes, meeting of 21 Jan 2026, 23 fund houses

  • Appointment of Mr. Vivek Anand (DIN: 06891864) as a Non-Executive Non-Independent Director of the Company
    23 for0 against

Mutual fund votes, meeting of 17 Sep 2025, 12 fund houses

  • To consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2025, together with the Reports of the Board of Directors and the Auditors thereon
    12 for0 against
  • To appoint a Director in place of Mr. Pankaj Sood (DIN: 05185378), who retires by rotation and being eligible, offers himself for re-appointment
    Against Edelweiss Mutual Fund, Groww Mutual Fund
    • Edelweiss Mutual Fund, Groww Mutual FundCompliant with law. Transparency concern: Full time positions in 2 companies & no clarity whether substantial stake exists between the two companies.
    10 for2 against
  • To appoint Secretarial Auditors of the Company
    12 for0 against

Mutual fund votes, meeting of 17 Aug 2025, 8 fund houses

  • Approve Reclassification of Authorised Share Capital by classifying the compulsorily convertible preference shares into a resultant number of equity shares and consequent alteration to the Capital Clause of the Memorandum of Association of the Company.MoreLess
    8 for0 against
  • Approval and Ratification of ‘Amended and Restated Ather Energy ESOP Plan 2025’
    Against Edelweiss Mutual Fund, Groww Mutual Fund, Invesco Mutual Fund
    • Edelweiss Mutual Fund, Groww Mutual FundNon-Compliant under SEBI (SBEB & SE) Regulations: Non-Disclosure of Exercise Price / Pricing Formula; Absolute Discretion to NRC to determine Exercise Price Governance concern: Excessive potential benefit to a single employee.
    • Invesco Mutual FundThe company seeks shareholders’ approval to ratify the Ather Energy ESOP Plan 2025. The company proposes to amend the ESOP plan to align it with SEBI SBEB regulations. The proposed amendments also include increasing the pool size to 26,656,428 options (6.7% dilution on the expanded capital base) and changes to the definition of exercise price and vesting period. The amended scheme does not provide clarity with respect to exercise price and vesting criteria – it allows the NRC the flexibility to decide. In the absence of clarity, we are unable to evaluate if the scheme countours align with investor interest. We do not favour schemes where there is no clarity on exercise price, or the exercise price is at a significant discount (>20%) to market price, unless the scheme has performance-based vesting conditions with clearly defined parameters and targets. Given these reasons, we do not support the resolution
    5 for3 against

Each fund house counted once, from its own disclosure; the reasons are its own words.

Tax disputes and stakes in unlisted companies

Reported in the filing for the quarter to Jun 2026.

  • Unlisted stake boughtAther Insurance LimitedSince 27 May 2026

    100.00% bought in the quarter; holding 100.00%, from 0.00%

  • Tax disputeAssistant Commissioner (OT) Office of principal commissioner of customs - PreventiveSince 5 Mar 2020
    Order dated 24.04.2026 received, sanctioning partial refund. Company does not intend on contesting the balance amount
    At the filing before: Appeal filed before Commissioner (Appeals)
  • Tax disputeAssistant Commissioner (ST) Commercial taxes departmentSince 16 May 2023
    Proceesings dropped and favourable order dated 12.05.2026 issued
    At the filing before: Response to SCN filed before assistant commissioner

In the company's own words, from its latest governance filing.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

At most 2 complaints open, quarter to Jun 2025.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
Yes
The chair is related to the managing director
No
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
Yes
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026.

RaisedAmount raisedForSet asideSpentSpent elsewhere
Public IssuesMay 2025, checked by CARE RATINGS LIMITED2,626.00Capital expenditure to be incurred by Company for establishment of an E2W factory in Maharashtra, India927.20292.36No
Public IssuesMay 2025, checked by CARE RATINGS LIMITED2,626.00Repayment/ pre-payment, in full or part, of certain borrowings availed by the company40.0040.00No
Public IssuesMay 2025, checked by CARE RATINGS LIMITED2,626.00Investment in research and development750.00285.24No
Public IssuesMay 2025, checked by CARE RATINGS LIMITED2,626.00Expenditure towards marketing initiatives300.00126.24No
Public IssuesMay 2025, checked by CARE RATINGS LIMITED2,626.00General corporate purposes498.80358.50No
Public IssuesMay 2025, checked by CARE RATINGS LIMITED2,626.00Issue Expenses110.00107.94No
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.