Ather Energy shares rose more than 3 percent on Thursday after Nomura reiterated its ‘buy’ rating on the electric two-wheeler maker and raised its target price to Rs 1,926 per share, citing the launch of the mass-market Konarc scooter and accelerating electric vehicle adoption.
The Ather Energy stock climbed 3.5 percent to around Rs 1,635 in early trade, emerging among the top gainers on the BSE 500 and NSE 500 and among the most actively traded stocks on both exchanges. At the current price, the company commands a market capitalisation of around Rs 64,300 crore.
Nomura's revised target price implies an upside of about 22 percent from Ather Energy's previous closing price. Ather Energy shares have more than doubled in 2026, surging about 121 percent year-to-date. That compares with a decline of around 10.3 percent in the Nifty 50 over the same period.
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The brokerage said the launch of the Ather Konarc, coupled with faster EV adoption, has strengthened the company's growth outlook. Nomura raised its revenue growth estimates to 54 percent for FY27, 100 percent for FY28 and 31 percent for FY29. Nomura also expects Ather Energy to sustain a premium valuation of 5-7 times enterprise value to sales (EV/sales), supported by its growth prospects.