Resurfacing Ather Energy’s June 2025 coverage: 31% upside call paired with lock-in and supply-risk flags
Resurfacing Financial Express coverage from April–June 2025, which cited an HDFC Securities Buy call implying 31% upside, while nearly 6% of Ather Energy shares were due to enter the market after a May lock-in expiry. China’s rare-earth curbs were also flagged at the time as a potential risk for Indian EV production.
What happened
Ather Energy coverage included an HDFC Securities Buy rating with 31% upside, IPO listing analysis and a May lock-in expiry affecting nearly 6% of shares.
Key facts
- 31% projected upside
- Nearly 6% of Ather Energy and Borana Weaves shares entering the market after lock-in expiry
- April 2025
- May 23, 2025
- May 29, 2025
- June 10, 2025
Why this matters
Strategic partners should view Ather’s positive valuation narrative alongside an opportunity to strengthen domestic sourcing and supply-chain resilience.
What to watch
- Post-lock-in block deals, insider disclosures, promoter pledges or unusually high delivery volumes in the shares.
- Monthly electric-scooter registrations, Ather's market share versus Ola Electric, TVS, Bajaj and Hero MotoCorp, and dealer-network expansion.
- Management updates on production capacity, delivery wait times, motor-component inventories and gross-margin trajectory.
- Chinese rare-earth export-license decisions, Indian import data, supplier force-majeure notices and magnet-price inflation.
- Any reduction in EV subsidies, financing-cost changes or price cuts by larger two-wheeler competitors.
- Track delivery growth, dealer additions, market-share movement and gross-margin commentary against the assumptions behind the Buy call.
- Assess the identity of shares becoming eligible after lock-in expiry, promoter and pre-IPO investor intentions, block-trade activity and daily delivery-volume trends.
- Accelerate supplier diversification for rare-earth-dependent motor components, including domestic sourcing, alternate motor designs and inventory buffers.
- Use any sector-wide supply disruption to emphasize software, charging-network reliability and premium ownership experience rather than competing solely on price.
- Prepare investor communication separating temporary lock-in-related trading pressure from operating performance and liquidity runway.