CLSA initiates Ather Energy at 'Outperform', sees 57% upside on product-led growth
CLSA sets a Rs 1,450 target on Ather Energy, citing premium positioning, the Ather Stack software ecosystem, and EL platform cost efficiencies. It projects a 40% volume CAGR over FY26-FY30, 22% market share by FY28, and 90% paid software adoption driving 13%-14% non-vehicle revenue.
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 ecosystem, and EL platform cost efficiencies driving projected fourfold volume growth by FY30.
Why this matters
The bullish initiation follows a ~200% share rally over the past year, with FY26 volumes up 69% to 262,942 units and a retail network nearing 700 Experience Centres.
Retail-brand signals steady at 2,250 over the past 90 days.