Ather Energy Limited was named by Nomura as one of its preferred Buy-rated OEM picks on the rising electric-vehicle penetration theme, with Nomura expecting automakers with higher EV exposure and established EV technology to outperform in H2 FY27 and FY28.

Ather Energy Limited incorporated wholly owned subsidiary Ather Energy Hong Kong Ltd on 21 September to support critical procurement and supply-chain resilience in APAC, subscribing to 1.65 million shares at HKD 1 each. The move follows disruption from China's 2025 rare-earth magnet export restrictions, which forced Ather to defer Rs 26.25 crore in PM E-DRIVE claims for up to 52,500 vehicles before developing an ARAI-approved motor without heavy rare earths.

HSBC raised its target on Ather Energy Limited by 10.3% to Rs 1,600, saying Delhi's EV policy calling for an ICE two-wheeler ban from FY29 should lift electric two-wheeler demand 15% to 25% that year. HSBC cut Ather Energy Limited's FY29 EPS by 67% on commodity costs, noting battery raw materials are about 20% of cost of goods sold versus 16% to 17% historically.

Ather Energy Limited received a Buy rating from Bank of Baroda Caps with a target price of Rs 1,680 per share, implying nearly 19% upside. Bank of Baroda Caps values Ather at 16x September 2028 market-cap to gross block, 20% below TVS Motor and Bajaj Auto, citing capacity expansion, lower-cost architecture, battery-led savings and entry into the Rs 1-1.25 lakh segment.

Nomura maintained Ather Energy as its top two-wheeler pick, expects Ather to beat 2QFY27 Bloomberg consensus estimates, and forecasts a slight sequential margin improvement despite steep cost pressure.