CLSA initiates Ather Energy at 'Outperform', sees 57% upside on product-led EV growth
CLSA starts coverage on Ather Energy with a Rs 1,450 target (57% upside), flagging India's shift from subsidy-led to product-led EV two-wheeler demand. It projects 40% EV 2W CAGR through FY30, penetration rising to 20-21%, and Ather's premium positioning plus 90% paid software adoption driving 13-14% non-vehicle revenue.
CLSA initiates coverage on Ather Energy with 'Outperform' and Rs 1,450 target (57% upside), citing India's shift from subsidy-led to product-led EV two-wheeler growth, Ather's premium positioning, software ecosystem and rising penetration toward 20-21% by FY30.
Why this matters
The initiation follows Ather Energy's stock more than doubling in a year as FY26 sales jumped 69% to 262,942 units on record volumes and retail expansion.
Retail-company signals accelerating, up 559400% QoQ.