Nomura’s revised target implies an upside of around 22% for Ather Energy from Wednesday’s closing price of ₹1,580.
The brokerage expects the Konarc launch to drive further upside for Ather and said faster electric-vehicle adoption strengthens the company’s outlook.
Ather Energy’s financial year 2028 and 2029 volume estimates have been raised by Nomura to 7.94 lakh units and 10.16 lakh units respectively from their earlier projections of 6.99 lakh and 8.96 lakh units.
This translates into a 104% year-on-year increase in FY28 volumes, followed by 28% growth in FY29, according to Nomura.
The brokerage now expects Ather’s revenue to grow 54% in FY27, 100% in FY28 and 31% in FY29, compared with its earlier estimates of 54%, 80% and 31%, respectively. This represents an increase of around 10% – 11% in its revenue growth expectations for the forecast period.
Nomura believes Ather’s premium valuation of around 5x to 7x Enterprise Value-to-Sales, can be sustained, supported by the company’s growth outlook and faster EV adoption.Last month, the company’s shareholders approved a preferential issue of ₹1,200 crore. Along with Ather Energy’s recently completed ₹1,300 crore Qualified Institutional Placement (QIP), the company has raised funds totalling up to ₹2,500 crore.
Analyst consensus and stock movement
Despite the sharp surge seen by the stock, Ather Energy shares remain a “consensus buy” among all 14 analysts who cover the stock. The consensus estimates of price targets amounts to ₹1,740.2 per share.
Shares of Ather Energy are trading 3.5% higher on Thursday at ₹1,634.2. The stock has risen 120% so far in 2026, and over the last 12 months, the stock has risen 206%. Barring January, the stock has risen every single month this year, but is down around 5% so far this month.
