Ampere Vehicles Sees Revenue Growth in FY25

Electric vehicle manufacturer Ampere Vehicles has demonstrated recovery signs, posting single-digit revenue growth in FY25. This comes after a significant 46% revenue drop in FY24. The firm successfully reduced its losses during the same timeframe. Ampere’s operating revenue increased by 8% to Rs 659 crore in FY25, up from Rs 612 crore the previous fiscal year, as per its financial records obtained from the Registrar of Companies (RoC).

Ampere, a subsidiary of Greaves Electric Mobility, specialises in producing electric scooters and three-wheeled vehicles, which remain the sole revenue source for the company. Including other income of Rs 16 crore, Ampere’s total income rose to Rs 675 crore in FY25, compared to Rs 641 crore in the preceding year.

Spending and Expenses Overview

On the expenditure front, the cost of materials represented 64% of total expenses, escalating by 12% to Rs 589 crore in FY25 from Rs 527 crore in FY24. Employee benefit expenses saw a 22% decline, amounting to Rs 79 crore, while advertising and promotional expenditures surged by 30% to Rs 43 crore throughout the year.

Depreciation expenses rose by 41% to Rs 45 crore in FY25, up from Rs 32 crore in FY24. Additional overheads, including warranty claims, finance costs, and miscellaneous expenses, contributed another Rs 205 crore in FY25. Overall, total expenses increased by 7% to Rs 918 crore in FY25 from Rs 857 crore in FY24.

Losses and Financial Ratios

Ampere managed to reduce its losses by 65%, reporting Rs 240 crore in FY25, down from Rs 691.5 crore in FY24. The Return on Capital Employed (ROCE) and EBITDA margin also showcased improvement, reaching -85.27% and -30.50% respectively.

Per unit, Ampere spent Rs 1.39 to generate every rupee of operating revenue during the fiscal year, slightly better than the Rs 1.40 from FY24. By March 2025, the company disclosed cash and bank balances totalling Rs 25 crore, with current assets amounting to Rs 263 crore.

Market Position and Sales Performance

Regarding Electric Two-Wheeler (E2W) sales for December, Greaves Electric Mobility maintained its sixth position, selling 4,335 units and capturing a market share of 4.66%. In comparison, the leading segment player, TVS, sold 24,317 units, securing a market share of 26.14%.

In December 2024, Ampere’s parent company, Greaves Electric, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The IPO aims to raise funds through a fresh issue of equity shares amounting up to Rs 1,000 crore (approximately $119 million) and an offer for sale (OFS) of 18.94 crore equity shares. The company also received final approval from SEBI for the upcoming IPO.