CLSA initiates Ather Energy at 'Outperform', sees 57% upside on product-led growth cycle
CLSA starts coverage with a Rs 1,450 target price, citing Ather's premium positioning, new EL platform, and Ather Stack software adoption. Expects 22% scooter market share by FY28, 40% CAGR through FY30, and 14.5% EBITDA margins by FY32 as non-vehicle revenue scales.
CLSA initiates 'Outperform' on Ather Energy with Rs 1,450 target (57% upside), citing product-led EV two-wheeler growth, premium positioning, Ather Stack software adoption, and new EL platform driving 22% scooter market share by FY28.