Ather Energy shares surged nearly 4% to INR 358.05 after HSBC initiated coverage with a ‘Buy’ rating, assigning a target price of INR 450.

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HSBC highlighted Ather’s superior product quality and technological edge, projecting a 30% upside from its current market price.

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A strategic MoU between DPIIT and Ather aims to strengthen EV manufacturing and clean mobility, focusing on infrastructure, talent, and innovation.

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Ather’s market cap touched INR 12,695.29 Cr, with over 20 lakh shares traded, showcasing rising investor interest post-IPO.

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Despite a 1.3% dip in share value at mid-day trading, Ather remains the fourth-largest electric two-wheeler maker in India with a 14% market share.

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Ather’s upcoming EL production platform targeting the economy scooter segment is expected to boost market share in the coming months.

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The company achieved a 19% adjusted gross margin in FY25 even without PLI subsidy and aims for EBITDA breakeven by Q4 FY27.

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HSBC projects a revenue CAGR of 47% from FY25–FY28 and expects Ather to hit 45,000 monthly unit sales by FY28, driven by its Maharashtra plant expansion.

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