Ather Energy Hits Fresh 52-Week High, Gains 40% In A Month But Retail Sentiment Remains Bearish

Shares of electric two-wheeler manufacturer Ather Energy gained 2% in a weak market on Monday. The company has clocked in over 40% gains in the past month, driven by strong fundamentals, aggressive dealership expansion plans and bullish commentary from brokerages. 

It hit a fresh 52-week high of ₹614 on September 22. 

Last week, HDFC Securities noted that Ather Energy is in a strong volume growth phase and is accelerating its efforts towards profitability as it looked to reach 700 stores by the end of FY26, from 351 stores as of FY25-end. It is their top pick in this space with a target price of ₹748. 

They anticipate a new growth phase starting in late FY27 or FY28, driven by an expanded portfolio including lower-priced models built on the new EL platform. This platform features key changes such as replacing some aluminum with steel and reducing frame parts, which will enable faster assembly and quicker servicing turnaround times. The first model using the EL platform is expected to launch during the festive season of 2026.

Ather has seen its market share expand across non-South markets on the back of its affordable scooter, Ritza, as well as focused network expansion in these markets.

Additionally, HDFC Securities noted that Ather's transition to using the light rare earth magnets from heavy rare earth magnets, avoids any meaningful production impact, unlike their competition.

What Is The Retail Mood?

However, data on Stocktwits shows that retail sentiment has been 'bearish' since early September on this counter. 

Ather Energy was listed on the Indian stock exchanges (BSE and NSE) on Tuesday, May 6. The stock has surged 94% since then. 

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