Ather Energy shares rally 270% in one year, but Nomura sees 22% more upside. Here’s why

Nomura named Ather Energy its top pick in the two-wheeler EV segment, with a target price implying 22.5% upside from the previous close of about Rs 1,200 on NSE. The brokerage raised its volume estimates to 399k/622k units for FY27/FY28 (up from 399k/510k earlier) and introduced an FY29 estimate of 824k units, projecting revenue growth of 54%/57%/36% over FY27F/28F/29F and EBITDA improving from negative 6% in FY27 to 5.1% in FY29. Ather held 18% market share in FY26 and remains supply constrained, with a new affordable EL platform scooter slated for Q3 FY27 to address the Rs 100-125k segment, which accounts for 45% of the industry; the stock has rallied about 270% in one year to a market cap of nearly Rs 46,480 crore.