Ather Energy shares gained nearly 5% on Tuesday, taking the value of Kamath Associates' 1.54% stake up by ₹26,68,81,348.75 in a single day. According to the latest shareholding pattern for March 2026, Kamath Associates, the investment entity owned and founded by billionaire brothers Nithin Kamath and Nikhil Kamath, co-founders of Zerodha, held 58,84,925 equity shares, representing a 1.54% stake in Ather Energy. With Ather Energy's share price rising by ₹45.35 during Tuesday's session, the value of Kamath Associates' holding increased by approximately ₹26.69 crore. The benchmark equity indices, Nifty50 and Sensex, witnessed sharp declines with the Nifty50 declining 1.27% to 23,797.45, but Ather Energy outperformed significantly.
Nikhil Kamath, co-founder of Zerodha Broking Ltd., has identified energy transition stocks as a key investment theme for India. During a recent Bloomberg Television interview, Kamath explained that energy transition has become a key investment theme, currently, with electric vehicle and battery makers, transmission companies and grids becoming potent ideas to follow. As geopolitical tensions in the Middle East reshape global energy markets, he highlighted that the US-Iran war has reinforced the sector's importance and created opportunities across its value chain. Ather Energy, with its comprehensive EV ecosystem including electric scooters, battery packs, charging infrastructure and software platforms, exemplifies this investment theme as one of India's leading electric two-wheeler manufacturers.
Despite broader market challenges, Kamath views the information technology sector as a contrarian investment opportunity. During his Bloomberg interview, he stated that "some really well-run IT services companies in India are cheap today and they look attractive." This represents a strategic shift as the IT sector has been among the worst performers in India's $5 trillion equity market this year. Kamath is hopeful that the falling global oil prices and a weaker rupee could support the stock market, especially as many Indian stocks have become cheaper after lagging for a long time.
Recent market conditions have created favorable valuation opportunities for Indian equities. According to The Hindu BusinessLine, cooling global oil prices and overall weakness in the rupee have boded well for equities, as a number of local stocks are trading at a significantly cheaper valuation after prolonged underperformance. Kamath, whose firm is India's second-largest broker, noted that these conditions present attractive entry points for investors. He expressed hope that "in a way, history repeats itself" regarding market timing, referencing foreign investors' tendency to exit when valuations are cheap and return when stocks are expensive.
Indian equities have faced significant headwinds this year, as reported by The Hindu BusinessLine. The market has been hit by the Middle East conflict, foreign exodus, elevated commodity prices and slower corporate profit growth. Global investors have taken out more than a record $29 billion from local shares, though they have turned buyers in recent sessions after currency support measures. Kamath noted that "foreign funds don't have track record of timing Indian markets well," often exiting when valuations are cheap and returning when stocks are expensive. Last week, the benchmark indices rallied in four trading sessions out of five, but Tuesday saw heavy selling pressure with Sensex and Nifty dropping over 1% tracking bearish global trends.
