CLSA initiates Ather Energy at 'Outperform', Rs 1,450 target implies 57% upside
CLSA starts coverage on Ather Energy citing India's shift to product-led e2W growth. Bull case rests on Ather's premium EL platform, Ather Stack software, projected 40% revenue CAGR FY26-FY30, market-share gains to 22% by FY28, and EBITDA margin expansion to 14.5% by FY32.
CLSA initiates 'Outperform' on Ather Energy with Rs 1,450 target (57% upside), citing India's shift to product-led e2W growth, Ather's premium EL platform, Ather Stack software, and projected margin expansion and market-share gains.