Nomura reiterates Buy on Ather Energy, lifts target to ₹1,470 for 22.5% upside as top EV pick
Nomura raised its Ather Energy target to ₹1,470 from ₹1,120, citing India's two-wheeler EV inflection (penetration seen rising from 6.5% in FY26 to 19% by FY30), an upcoming affordable EL-platform scooter, and expected PAT breakeven by FY29. Ather is projected to hold 18% market share in FY26 with FY27 volumes near 3.99 lakh units.
What happened
Nomura reiterated Buy on electric two-wheeler maker Ather Energy, raising target to ₹1,470 (22.5% upside), naming it top EV pick on India's two-wheeler EV
Key facts
- target ₹1,470 from ₹1,120
- 22.5% upside
- 18% market share FY26
- EV penetration 6.5% FY26 to 19% FY30
- FY27 volume 3.99 lakh units
- market cap ₹46,480 crore
Why this matters
The rising EV penetration curve and new affordable platform strengthen Ather's positioning for supply-chain partnerships, capacity financing, or strategic tie-ups ahead of the FY29 profitability milestone.
What to watch
- Ather quarterly volumes vs ~3.99 lakh FY27 run-rate implied
- Gross margin trajectory and cash burn toward FY29 PAT breakeven
- FAME/state EV subsidy policy changes affecting demand
- EL-platform scooter launch date and reception
- Two-wheeler EV penetration data confirming or missing 6.5%→19% path
- Monitor peer analyst reactions—watch for corroborating upgrades or dissenting downgrades from domestic brokerages
- Track monthly EV two-wheeler registration data (Vahan) for Ather share vs Ola/TVS/Bajaj
- Assess Ather's commentary on affordable EL-platform scooter timeline and pricing at next earnings/product event
- Watch competitor pricing/subsidy responses that could pressure Ather's ASP and breakeven glidepath