Ather Energy stock rises 4% as Nomura raises target price on Konarc launch, faster EV adoption

New business data points to the fact that Ather Energy shares rose more than 3 percent on Thursday after Nomura reiterated its ‘buy’ rating on the electric two-wheeler maker and boosted its target price to Rs 1,926 per share, citing the launch of the mass-market Konarc scooter and accelerating electric vehicle adoption.

The Ather Energy stock advanced 3.5 percent to around Rs 1,635 in early session, emerging among the top gainers on the BSE 500 and NSE 500 and among the most actively traded stocks on both exchanges. At the current price, the firm commands a market capitalisation of around Rs 64,300 crore.

Nomura's revised target price implies an upside of around 22 percent from Ather Energy's previous closing price. Ather Energy shares have more than doubled in 2026, surging around 121 percent year-to-date. That compares with a slide of around 10.3 percent in the Nifty 50 over the same period.

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The brokerage stated the launch of the Ather Konarc, coupled with faster EV adoption, has strengthened the firm's expansion outlook. Nomura boosted its topline expansion estimates to 54 percent for FY27, 100 percent for FY28 and 31 percent for FY29. Nomura additionally anticipates Ather Energy to sustain a premium valuation of 5-7 times enterprise value to sales (EV/sales), supported by its expansion prospects.

The brokerage's bullish view comes after Ather unveiled the Konarc at its annual Community Day on August 29. Priced from Rs 99,999, the electric scooter marks the firm's entry into the mass-market segment as it seeks to expand beyond the premium end of India's electric two-wheeler market.

Production of the Konarc is anticipated to begin at Ather's Hosur facility, with deliveries scheduled to start in September 2026, according to an earlier report by Emkay Global Financial Services. The brokerage had retained its ‘buy’ rating on Ather Energy with a target price of Rs 2,200.

Emkay stated Ather's AURIC facility is anticipated to ramp up from the December or March quarter and reach full scale by the first half of FY28. The facility is anticipated to add capacity of 42,000 units a month at full ramp-up. Ather has additionally indicated a further capacity expansion of 6,000-10,000 units per month at its Hosur facility.

Investor interest in Ather has additionally been supported by Hero MotoCorp's increased exposure to the EV maker. Hero MotoCorp recently acquired 1.18 crore Ather Energy shares for Rs 1,758 crore from the Government of Singapore, taking its stake in the firm to around 32.8 percent.