JPM on Ather Energy
OW, TP Rs 1950
Came away positively surprised from Ather’s Community Day 2026, which showcased much more than just a new scooter/platform (Konarc) launch.
Ather is systematically addressing fundamental barriers (charging infra, battery life and safety, range anxiety, resale value, and TCO) that have so far limited mass adoption of EVs in the 2W segment.
A lot of these enhancements in battery and health indicators are going to be available to existing customers, which further increases the confidence of reliability
Constructive view on Ather during our initiation was driven by rising 2W EV penetration (20% by FY31E) and market share expansion (23% in FY31 vs. 17% in FY26)
Raise FY29-31E EBITDA by 17-25% due to better-than-expected product pricing.
1September 2, 2026 1.1K 3
