Nomura sees 22% upside in Ather Energy. Here's why it's the brokerage's top EV pick

Nomura has reiterated its Buy rating on Ather Energy and raised its target price to ₹1,470 from ₹1,120, implying an upside of around 22.5% from the previous close of ₹1,200, calling it its top electric two-wheeler pick. The brokerage expects India's EV two-wheeler penetration to rise from about 6.5% in FY26 to nearly 19% by FY30, a volume CAGR of around 40%, with Ather's revenue projected to grow 54%, 57% and 36% in FY27, FY28 and FY29 respectively. EBITDA margins are seen improving from negative 6% in FY27 to 5.1% in FY29, with PAT breakeven expected in FY29 and long-term margin potential in the 15-20% range.