CLSA initiates Ather Energy at 'Outperform', sees 57% upside on product-led growth cycle
CLSA sets Rs 1,450 target on Ather Energy, betting on India's shift from subsidy-led to product-led EV two-wheeler adoption. Brokerage projects 40% CAGR over FY26-FY30, 20-21% penetration by FY30, and 22% market share by FY28, with software ecosystem driving 13-14% non-vehicle revenue.
CLSA initiates 'Outperform' on Ather Energy with Rs 1,450 target (57% upside), citing India's electric two-wheeler shift from subsidy-led to product-led growth, Ather's premium positioning, software ecosystem and expanding portfolio driving fourfold volume growth.