HDFC Securities initiates Ather Energy with Buy rating, sees 31% upside
HDFC Securities has initiated coverage of Ather Energy with a Buy rating and an estimated 31% upside. The company’s market narrative also includes a tepid 2025 listing, an upcoming lock-in expiry and potential EV supply-chain risks from China’s rare-earth export curbs.
HDFC Securities initiated Ather Energy with a Buy rating and projected 31% upside. The news page also cites Ather’s tepid 2025 listing, upcoming lock-in share expiry, Helios Fund’s investment, and risks to Indian EV production from China’s rare-earth export curbs.
Why this matters
The Buy initiation follows signals of improving operations: Ather reported Q1 EBITDA positivity, 89% revenue growth and bookings exceeding supply. It also follows the April 2025 IPO retail tranche, which reached 63% subscription on Day 1.
Retail-company signals are accelerating, up +200114% QoQ.