Ather Energy shares: Can this stock double after 423% return over IPO price? Targets

Multibagger stock: Ather Energy Ltd shares climbed 4 per cent in Monday's trade to hit a fresh high, taking its rise to 243 per cent over its IPO issue price of Rs 321 apiece. If one were to go by analysts, the stock has potential to double from prevailing levels.

Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather launched its first electric scooter in 2018. Its current E2W portfolio consists of two distinct product lines: the Ather 450 series and the Ather Rizta. Together, these product lines offer a total of nine variants. Its shares have been in buzzing these days as Hero MotoCorp has upped its stake in the EV maker to 32.80 per cent. Monday's move on the counter comes after Ather's Annual Community Day (ACD), which showcased the launch of Ather’s Konarc e-scooter.

Emkay Global said it prefers to play the electric two-wheeler (E)-2W theme via Ather Energy, given its established brand and product, robust gross margin, and share-gain potential on EL platform scale-up.

"We retain Buy and raise target by 38 per cent to Rs 2,200 from Rs 1,600, at 7 times Sep-28E EV/S. We also believe Ather’s stock price can potentially double even from current levels over the next 3-4 years," Emkay Global said.

CLSA has 'Accumulate' on the stock with  target of Rs 1,850. Axis Capital gave a target of Rs 2,100. JPMorgan finds the stock worthy of Rs 1,850. Nomura sees Ather Energy at Rs 1,714 apiece. On Monday, the scrip was up 4.11 per cent at Rs 1,678.30. The stock got listed last year on May 6, 2025.

"Ather remains our top pick in the 2W segment. We were impressed by the innovation and creativity of Ather’s team to bring out industry-leading features and further improve the tech stack. The new Konarc marks Ather’s entry into the mass-market E2W segment which we believe will double its TAM. We estimate 24,000 volumes for the new scooter for FY27F and 24,000 for FY28F," Nomura said.

JM Financial, which attended Ather’s Community Day, aid the new EL platform has a longer wheelbase (1,352 mm wheelbase versus 1,285 mm for Rizta), 14-inch front wheel versus 12-inch for Rizta and 100 mm suspension stroke alongside sequential gear-drive transmission and enhanced braking.

It said the Konarc S range comprised four variants with 100, 125, 161 and 200km IDC range with deliveries of the 125km and 161km variants beginning in Sepetmber 2026, while two Konarc Z variants (125km/161km) are slated for Q2CY27.

"Auric remains on track to commence operation in Q3FY27, with full ramp-up expected in H1FY28. Ather is also looking to optimise its existing Hosur facility to manufacture above the current 35,000 units/month capacity," the domestic said.