India's Ather Energy slips from record high; ICICI Securities flags EV demand, competition risks

Ather Energy

Wed 05:26

** Shares of EV scooter maker Ather Energy ATHR.NS fall as much as 1.94% to 1,760.20 rupees, after shares hit a record high of 1809.50 rupees on Tuesday
** ICICI Securities initiates coverage with "buy", PT of 2,050 rupees, implying about 15% upside from brokerage's reference price
** Brokerage flags risks from slower overall electric two-wheeler adoption, rising competition, delays in capacity expansion and weaker-than-expected response to co's new Konarc scooter
** Expects co to remain loss-making, with expected net loss of 1.69 bln rupees for FY27, before turning profitable in FY28
** Sees Konarc, Ather's first mass-market scooter, driving future growth and accounting for about 60% of sales volumes by FY29
** Forecasts 55% volume CAGR over FY26-FY29, supported by new launches and wider distribution
** ATHR rated "buy" on average buy 13 analysts, median PT at 1,850 rupees - data compiled by LSEG
** YTD stock up 134.5%

 (Reporting by Surbhi Misra in Bengaluru)
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