Resurfacing a May 2025 move: HDFC Securities initiated Ather Energy at Buy, saw 31% upside
Ather Energy's post-IPO coverage resurfaces, including its May 2025 listing at Rs 323.55, a subsequent lock-in share release and a May 2025 Buy initiation from HDFC Securities, which cited the electric two-wheeler maker's market potential.
What happened
Ather Energy coverage tracks its May 2025 IPO listing, subsequent lock-in share release and investor sentiment, alongside HDFC Securities’ Buy initiation citing
Key facts
- 31% expected upside
- Nearly 6% of Ather Energy and Borana Weaves shares to become tradable after lock-in expiry
- Ather Energy listed at Rs 323.55 on May 6, 2025
Why this matters
Ather’s stronger capital-markets profile could enhance its flexibility for partnerships, capacity investments and strategic expansion in India’s electric-mobility market.
What to watch
- Ather's monthly electric two-wheeler registrations versus Ola Electric, TVS, Bajaj and Hero.
- Quarterly revenue growth, vehicle gross margin, EBITDA losses, working-capital needs and cash burn.
- Management guidance on retail footprint, charging points, service capacity, deliveries and new products.
- Reported promoter, pre-IPO investor or institutional share sales after lock-in expiry.
- Changes to EV subsidies, battery policy, financing availability, import duties or state-level incentives.
- Whether other brokerages initiate coverage, revise targets or flag valuation and profitability risks.
- Track monthly VAHAN registrations, market-share changes and Ather's ranking in key urban EV markets.
- Accelerate retail experience-centre and service-network rollout in cities where charging access and premium scooter demand are strongest.
- Use improved capital-markets visibility to reinforce investor communication around unit economics, gross margin progression and the path to profitability.
- Prioritize new-model launches, software features and charging-network reliability to defend premium positioning without broad discounting.
- Monitor post-lock-in shareholder transactions and consider whether market volatility affects timing or terms of future capital raises.