Ather Energy climbs as brokerage reiterates buy, sees strong growth ahead
The brokerage said the launch of Ather's mass-market Konarc scooter, coupled with faster electric vehicle adoption, has strengthened the company's growth outlook. It raised its revenue growth estimates to 54% for FY27, 100% for FY28 and 31% for FY29.
The brokerage expects Ather Energy to sustain a premium valuation of 5-7 times enterprise value to sales (EV/sales), supported by the company's growth prospects.
Ather unveiled the Konarc at its annual Community Day on 29 August 2026. Priced from Rs 99,999, the electric scooter marks the company's entry into the mass-market segment as it seeks to expand beyond the premium end of India's electric two-wheeler market.
According to reports, production of the Konarc is expected to begin at Ather's Hosur facility, with deliveries scheduled to start in September 2026.
Investor interest in Ather has also been supported by Hero MotoCorp's increased exposure to the electric two-wheeler maker. Hero MotoCorp recently acquired 1.18 crore Ather Energy shares for Rs 1,758 crore from the Government of Singapore, taking its stake in Ather to around 32.8% from 29.88% earlier.
Ather Energy, founded in 2013, designs and manufactures electric scooters. Its portfolio includes the performance-focused Ather 450 series and the family-oriented Rizta. The company also operates the Ather Grid fast-charging network and has a strong focus on R&D and innovation. As of 30 June 2026, Ather held 323 registered trademarks, 270 registered designs and 52 registered patents globally.
On a consolidated basis, Ather's net loss narrowed to Rs 51.09 crore in Q1 FY27 from Rs 178.23 crore in Q1 FY26 and Rs 100.23 crore in Q4 FY26. Revenue from operations surged 88.8% YoY and 3.6% QoQ to Rs 1,216.92 crore in the quarter ended 30 June 2026.
Adjusted gross margin stood at Rs 282 crore, up 82.3% YoY, although the adjusted gross margin percentage moderated to 22% from 23% a year ago. The company reported positive EBITDA of Rs 9.45 crore in Q1 FY27 against an EBITDA loss of Rs 105.97 crore in Q1 FY26. EBITDA margin improved to 1% from a negative 16% last year.
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