HDFC Securities' Buy call on Ather Energy resurfaces, June note flagged 31% upside amid lock-in and supply-chain watch
HDFC Securities had initiated coverage of Ather Energy back in June 2025 with a Buy rating and 31% expected upside, a call now resurfacing. Attention at the time was also on post-IPO lock-in expiries, while China’s rare-earth export restrictions remained a supply-chain risk for Indian EV makers.
HDFC Securities initiated Ather Energy with a Buy rating and 31% expected upside. The page also flagged upcoming lock-in expiry shares, Ather’s IPO listing coverage, and risks to Indian EV makers from China’s rare-earth export restrictions.
Why this matters
The resurfaced call follows signals on HDFC Securities' 31% upside initiation, a nearing 6% share lock-in expiry, and Ather Energy's Day 2 IPO update, when the retail quota was fully booked.
Retail-company signals are accelerating, up 309225% QoQ.