Ather Energy Shares Rise 3.5% as Nomura Raises Target Price to ₹1,926

Ather Energy shares gained 3.5% to around ₹1,635 during early trade on Thursday after Nomura revised its target price for the stock to ₹1,926 a share. 

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The brokerage has kept its ‘buy’ call on Ather. The revised target comes after the launch of the company's Konarc scooter, along with expectations that electric two-wheele₹will see quicker adoption. 

The stock was among the stronger performers on the BSE 500 and NSE 500 indices during early trading and saw heavy activity on both exchanges. At that price, Ather's market value was around ₹64,300 crore. 

The revised Nomura’s target is roughly 22% higher than Ather's previous close. The stock is up about 121% in 2026 so far. In comparison, the Nifty 50 has slipped around 10.3% over the same period. 

The brokerage has raised its expectations for Ather's revenue growth as well. It now sees growth of 54% in FY27, 100% in FY28 and 31% in FY29. 

Nomura expects Ather to trade at a valuation of 5-7 times enterprise value to sales, based on the company's growth outlook. 

Konarc launch expands product reach 

Ather unveiled the Konarc at its annual Community Day on August 29. The electric scooter has a starting price of ₹99,999 and marks the company's move into the mass-market segment. 

The launch expands Ather's presence beyond the premium end of India's electric two-wheeler market. 

Production of the Konarc is expected to begin at Ather's Hosur facility, with deliveries scheduled to start in September 2026. 

Ather's manufacturing plans also include its AURIC facility. The plant is expected to ramp up from either the December or March quarter and reach full scale in the first half of FY28. At full ramp-up, the facility is expected to add capacity of 42,000 units a month. 

The company has also indicated plans for an additional 6,000-10,000 units of monthly capacity at its Hosur facility. 

Hero MotoCorp increases stake 

Investor interest in Ather has also received support from Hero MotoCorp's higher exposure to the company. 

Hero MotoCorp recently bought 1.18 crore Ather Energy shares from the Government of Singapore for ₹1,758 crore. The transaction increased Hero MotoCorp's stake in Ather to around 32.8%. 

The rise in Ather shares comes as the company prepares to scale its product range and manufacturing capacity, while Nomura's revised estimates factor in the Konarc launch and a faster pace of EV adoption.