CLSA initiates Ather Energy at 'Outperform', sees 57% upside on product-led EV growth
CLSA sets a Rs 1,450 target on Ather Energy, flagging India's shift from subsidy-led to product-led EV two-wheeler demand. Thesis rests on Ather's premium positioning, software ecosystem and expanding portfolio, with EV penetration seen hitting 20-21% by FY30 and Ather's market share reaching 22% by FY28.
CLSA initiates 'Outperform' on Ather Energy with 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 expanding product portfolio.
Why this matters
Follows Ather Energy's ~200% stock surge over the past year, record FY26 sales of Rs 3,823 crore and a doubled retail network of 700 centres, with analysts retaining 'Buy'.
Retail-brand signals steady at 2,450 over the last 90 days.