Ather Energy shares surged over 4% during Thursday's trading session, touching an intraday high of ₹1,648.60, significantly outperforming the broader market. The trading volumes surged to more than 5 million equity shares during morning market hours on NSE and BSE combined, indicating strong investor interest. The latest rally was driven by positive analyst outlook and the Konarc launch at the company's annual Community Day on August 29, marking Ather's entry into the mass-market segment. Priced from ₹99,999, the electric scooter is expected to begin production at Ather's Hosur facility with deliveries scheduled to start in September 2026, according to Emkay Global Financial Services. The launch strengthens Ather's growth outlook as it seeks to expand beyond the premium end of India's electric two-wheeler market.
Ather Energy's IPO opens today with a price band of ₹304-321 per share, marking the company's public market debut after strong stock performance. The ₹2,981.06 crore issue comprises a fresh issue of 9.29 crore shares and an offer for sale component. The minimum investment is set at ₹14,766 with total shares offered of 92.87 lakh shares. The listing is scheduled for May 6, 2025, with the issue closing on May 2, 2025. The IPO is being managed by Axis Capital Ltd., HSBC Securities and Capital Markets (India) Pvt Ltd, and JM Financial Limited as book running lead managers, with Axis Bank Ltd. and HDFC Bank Limited serving as bankers to the issue.
The IPO has received an overall subscription of 1.43 times on the final day, with qualified institutional buyers subscribing 1.7 times, retail investors at 1.78 times, and non-institutional investors at 0.66 times. The anchor investor portion of 4.17 crore shares was subscribed at 44.95%, indicating strong institutional confidence. The retail portion of 9.28 lakh shares is priced at ₹191,958 maximum investment, with employee reserved shares of 1 lakh shares also available. The issue structure includes 4.17 crore shares for anchor investors, 2.78 crore for qualified institutional buyers, 1.39 crore for non-institutional investors, and 9.28 crore for retail investors.
Ather Energy's financial year 2028 and 2029 volume estimates have been raised by Nomura to 7.94 lakh units and 10.16 lakh units respectively from their earlier projections of 6.99 lakh and 8.96 lakh units. This translates into a 104% year-on-year increase in FY28 volumes, followed by 28% growth in FY29. The brokerage now expects Ather's revenue to grow 54% in FY27, 100% in FY28 and 31% in FY29, compared with its earlier estimates of 54%, 80% and 31% respectively. Ather significantly cut down its net losses to ₹51.09 crore in Q1 FY27, from ₹178.23 crore net loss in the corresponding quarter of the previous fiscal year, with the help of nearly 89% growth in revenues. The company reported positive EBITDA of ₹9.45 crore in Q1 FY27 against an EBITDA loss of ₹105.97 crore in Q1 FY26, with EBITDA margin improving to 1% from a negative 16% last year.
Ather Energy shares have delivered more than 202% returns to investors in the last one-year period and have gained 121% on a year-to-date basis in 2026. The stock has risen 11.5% in one month, but was trading 0.1% lower over the last five market sessions. Since its IPO listing back on May 6, 2025, Ather Energy shares have rallied over 413% on NSE. The company's market capitalisation was at ₹64,736 crore as of the trading session on Thursday, September 10, 2026. Despite the sharp surge, Ather Energy shares remain a 'consensus buy' among all 14 analysts who cover the stock, with the consensus estimates of price targets amounting to ₹1,740.2 per share. The stock has risen 120% so far in 2026, and over the last 12 months, the stock has risen 206%, with the stock rising every single month this year barring January.
Experts from Japanese investment major Nomura predict that the Konarc EV scooter launch is expected to power more upside momentum for the company in the upcoming period. The Konarc is built on the new EL platform featuring its fifth-generation in-house Bedrock battery pack, which has a 10-year/1,00,000 km warranty. With India's push for EVs, customers generally look for affordable options with higher quality and features, and Ather's management expects to tap into a wider base of Indian riders while aiming to provide comfort, range, durability and ease of ownership. Citibank experts said that Ather's capacity expansion is progressing as planned, and the management also highlighted its manufacturing flexibility and battery capabilities. The company's AURIC facility is expected to ramp up from December or March quarter and reach full scale by the first half of FY28, adding capacity of 42,000 units per month. The EL platform will add up to 18,000 units per month of capacity at Hosur, for a total capacity of 60,000 units per month.
