HDFC Securities' June call initiating Ather Energy coverage with Buy rating, 31% upside, resurfaces
HDFC Securities initiated coverage of Ather Energy back in June 2025 with a Buy rating and projected 31% upside, a move now resurfacing. Related market updates flagged post-IPO lock-in share releases, Helios Fund buying activity and potential EV supply-chain risks from China’s rare-earth export curbs.
What happened
HDFC Securities initiated Ather Energy coverage with a Buy rating and projected 31% upside. The page also covered Ather’s post-IPO lock-in share release, Helios
Key facts
- 31% projected upside
- nearly 6% of Ather Energy and Borana Weaves shares due to exit lock-in
Why this matters
Ather’s positive analyst coverage may strengthen its strategic currency for partnerships and capital discussions, while reinforcing the case to diversify critical-material sourcing beyond China.
What to watch
- Lock-in expiry dates and subsequent promoter, pre-IPO investor or institutional stake-sale disclosures.
- Quarterly revenue, EBITDA loss, gross margin, free-cash-flow and guidance versus analyst estimates.
- Monthly VAHAN registration data for electric scooters and Ather’s share in key urban markets.
- Evidence of rare-earth shortages, supplier price increases, import delays or alternative-sourcing announcements.
- Competitive discounting or incentive escalation by Ola Electric, TVS, Bajaj, Hero MotoCorp and other two-wheeler rivals.
- Track Ather’s quarterly scooter deliveries, market-share trend and dealer-network additions against Ola Electric, TVS and Bajaj.
- Monitor post-lock-in shareholding disclosures, block deals and changes in institutional ownership, including Helios Fund activity.
- Assess gross-margin progression, battery and motor sourcing exposure, inventory levels and operating cash burn.
- Watch for price changes, new model launches, charging-network expansion and financing offers that could affect demand or unit economics.