Nomura raises Ather Energy target to Rs 1,926 as it bets on faster EV two-wheeler adoption

Nomura lifted its target price for Ather Energy from Rs 1,714 to Rs 1,926, citing the Konarc launch, scalable EL platform and stronger electric two-wheeler adoption. The brokerage now expects EV two-wheeler penetration to reach 22% by FY30, with electric scooters at 45%.

— Source publishedThu, 10 Sept, 2026, 09:55 IST·First seen Thu, 10 Sept, 2026, 10:29 IST·Source Business Today · Latest

What happened

Nomura raised Ather Energy’s target price to Rs 1,926, citing stronger EV adoption, the Konarc launch and scalable EL platform. It forecasts 22% electric

Key facts

  • Shares rose 4% to Rs 1,646.45
  • Target price raised to Rs 1,926 from Rs 1,714
  • EV two-wheeler penetration forecast: 22% by FY30, versus 19.6% previously
  • Scooter EV penetration forecast: 45%
  • Long-term margin potential: 15-20%
  • Valuation: 5.5x FY29 estimated EV/sales
  • FY28-29 volume estimate: 794,000, up 104% YoY
  • Revenue growth forecasts: 54% in FY27, 100% in FY28, 31% in FY29

Why this matters

The projected rise in electric-scooter penetration to 45% by FY30 strengthens the strategic case for partnerships, charging infrastructure, and component-scale investments around Ather’s platform.

What to watch

  • Monthly Ather registrations, market-share movement and model-wise booking trends after the Konarc launch.
  • Electric two-wheeler penetration versus the 22% FY30 forecast, especially electric-scooter adoption trajectory.
  • Gross-margin, EBITDA-loss and cash-burn trends as volumes scale.
  • Dealer additions, service turnaround times and customer satisfaction metrics.
  • Competitive pricing and launches from Ola Electric, TVS, Bajaj, Hero MotoCorp and other incumbents.
  • Battery-cell pricing, localization progress, financing availability and any change in EV subsidy or tax policy.
  • Accelerate dealership and service-network additions in high-density urban and tier-2 markets.
  • Use the scalable EL platform to shorten model-development cycles and address additional price segments.
  • Increase financing, exchange and fleet partnerships to lower upfront-cost barriers for buyers.
  • Competitors are likely to respond with price cuts, refreshed scooters, extended warranties and financing incentives.
  • Battery, motor, electronics and charging partners could see stronger order visibility if Ather's volume outlook is validated.