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Investing.com - Nomura/Instinet initiated coverage on Ather Energy Ltd (ATHERENE:IN) with a Buy rating and a price target of INR458.00 on Wednesday.
The electric vehicle manufacturer ranks fourth by volume in India’s electric two-wheeler segment according to Vahan data. Ather has established a premium market position through its technology and innovation leadership.
The company operates India’s largest charging network with 4,850 chargers, according to company data. Both gross margins and market share have shown steady improvement despite increased competition and the absence of production-linked incentives.
Nomura projects Ather’s electric scooter market share will increase from 11.4% in FY25 to 17% by FY28. This would represent approximately 5% of India’s total scooter market, including both electric and internal combustion engine vehicles.
The research firm expects Ather Energy to maintain strong growth momentum beyond FY28 as electric vehicle adoption continues in the Indian market.
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