Faster EV adoption strengthens Ather Energy's stock outlook: Nomura

Nomura has maintained a bullish view on Ather Energy as it has maintained a 'Buy' rating and raised the target price to ₹1,926.

Ather Energy share price target: Nomura has maintained a bullish view on electric two-wheeler maker Ather Energy, saying faster EV adoption strengthens the outlook, and added that the launch of the electric scooter Konarc further reinforces its tech leadership, which will drive more upside in the stock.

 

The brokerage has retained its 'Buy' rating on the stock and raised its target price to ₹1,926 from ₹1,714.

 

The new target price implies an upside of nearly 22 per cent from the previous close of ₹1,583.

 

Meanwhile, on the bourses, Ather Energy shares jumped 3.5 per cent to trade at ₹1,637.45 on the BSE around 11:15 AM. EV penetration progressing faster Nomura noted that the 2W industry’s EV penetration is progressing faster than expected, growing 10.7 per cent for 2Ws in August 2026 versus 7.7 per cent in the same month a year ago.

 

 

Analysts believe that even this is under-represented by around 20 per cent due to lack of supply. Improving product offerings, higher consumer acceptance and supportive policy, and favourable total cost of ownership are key enablers for the inflection in EV penetration. The ongoing shift towards scooterisation should further aid in EV adoption. 

 

It has, therefore, raised the EV 2W penetration forecast to around 22 per cent by FY30F vs 19.6 per cent earlier. EL platform to double TAM Also, the newly launched EL platform has the potential to double the Total Addressable Market (TAM) for Ather, with its scalable architecture. The platform would enable the company to offer products at more competitive price points while retaining its tech-led differentiation. 

 

"The success of the new motorcycle platform in the future can provide further upside to estimates," the brokerage said. Ather: PAT breakeven by FY28F Nomura has raised its revenue growth forecast to 54 per cent/100 per cent/31 per cent over FY27F/28F/29F and sees an improvement in Ebitda margins to +7.6 per cent by FY29F from -6.2 per cent in FY27F. The company should achieve PAT breakeven in FY28F.

 

For the June quarter of FY2027 (Q1FY27), Ather Energy had reported a narrowing of consolidated net loss to ₹51.09 crore from ₹178.23 crore in the year-ago period. Its wholesale figure grew by 81 per cent Y-o-Y to 83,173 units in the quarter.

 

Ather Energy shares have more than doubled investors’ money in 2026 so far, surging 121 per cent, even as the benchmark Nifty 50 has declined 10.3 per cent. In one year, the stock has skyrocketed 202 per cent. 

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