HDFC Securities initiates Ather Energy with Buy call, sees 31% upside
Ather Energy’s April–June news flow includes HDFC Securities initiating Buy coverage, post-lock-in share releases and concerns that China’s rare-earth export curbs could disrupt Indian EV production.
What happened
Ather Energy news roundup covers HDFC Securities initiating Buy coverage with 31% expected upside, lock-in share releases, Helios Fund additions, and risks to
Key facts
- 31% expected upside
- nearly 6% of Ather Energy and Borana Weaves shares released after lock-in expiry
- June 10, 2025
- May 29, 2025
- April 2025
- May 23, 2025
Why this matters
Ather’s supply-chain exposure highlights the value of partnerships or investments that secure rare-earth inputs, diversify sourcing and protect production continuity.
What to watch
- Management disclosure of rare-earth inventory cover, alternate sourcing plans or production guidance changes.
- Monthly registration growth materially above or below the broader electric two-wheeler market.
- A sustained stock move after lock-in expiry indicating either absorbed supply or continued investor exits.
- New model launches, pricing actions or financing offers that alter showroom conversion rates.
- Government action on critical-mineral sourcing, domestic magnet manufacturing or EV supply-chain incentives.
- Quarterly evidence of improving gross margin and lower cash burn alongside rising deliveries.
- Track Ather’s monthly VAHAN registrations, market-share movement and geographic performance versus Ola Electric, TVS, Bajaj and Hero MotoCorp.
- Assess whether the company increases component inventory, qualifies alternate suppliers or comments on motor and magnet sourcing exposure.
- Watch post-lock-in trading volumes, institutional ownership changes and the pace of any promoter or early-investor stake sales.
- Monitor additions to experience centres, dealer outlets and service capacity, as retail reach will determine whether sentiment converts into unit sales.
- Compare quarterly gross margin, cash burn and working-capital trends against the assumptions embedded in the Buy call.