CLSA initiates Ather Energy at 'Outperform', sees 57% upside to Rs 1,450 target
CLSA started coverage on Ather Energy with a Rs 1,450 price target, flagging a shift from subsidy-led to product-led EV two-wheeler growth. It expects 40% EV 2W CAGR over FY26-FY30, Ather hitting 22% market share by FY28, and 90%+ software attach rate driving 13-14% non-vehicle revenue.
CLSA initiated 'Outperform' on Ather Energy with Rs 1,450 target (57% upside), citing premium positioning, Ather Stack software ecosystem, EL platform cost cuts, and a shift from subsidy-led to product-led EV two-wheeler growth in India.
Why this matters
The bullish coverage follows Ather's premium post-IPO positioning, its sidestep of EV price wars, and narrowed Q1 FY26 losses amid a 'Middle India' Tier II-III expansion push.
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