Overview

• HSBC initiated coverage with a buy rating and set a target price of ₹450 on July 30.
• Nomura simultaneously began coverage with a buy rating and assigned a ₹458 target.
• Ather Energy shares jumped over 3% in response to the brokerage initiations.
• Analysts predict a FY25–28 revenue CAGR of about 47% and an EBITDA breakeven by Q4 FY27 or mid-FY28.
• Risk factors include aggressive competition from Honda, low EV adoption and potential EL product setbacks.