Shares of electric vehicle manufacturer Ather Energy have experienced significant appreciation on Dalal Street, generating nearly 130 percent in returns over the past year. Following this sustained upward trajectory, market analysts at Bank of Baroda Caps have projected additional upside potential of nearly 19 percent for the equity. This outlook emerges roughly one and a half years after the company completed its initial public offering.
In the latest trading session, the stock concluded Friday with an advance of 2.01 percent, ending at ₹1431.25 per share on the Bombay Stock Exchange. The performance on Friday followed a week characterized by notable price fluctuations. According to official BSE records, the equity has appreciated by 74 percent over the preceding six-month period, while year-to-date returns for 2026 currently stand at 94 percent, alongside a trailing twelve-month climb of 129.44 percent.
Ather Energy originally conducted its public market debut on Dalal Street on May 6, 2025. During that first session, the equity opened with modest gains above its designated issue price but subsequently ended trading lower by the close of the day. Since that initial public listing in May 2025, the firm has turned into a multibagger equity, delivering continuous valuation growth across several quarters.
The assessment from Bank of Baroda Caps highlights multiple operational catalysts likely to support the corporate outlook. The firm anticipates benefits stemming from an expansion in manufacturing capacity, the adoption of lower-cost platform architecture, and bill-of-materials savings driven by battery improvements that should bolster gross margins. These elements are projected to underpin company operations as scale increases.
Commercial strategy also plays a vital role in the brokerage firm's current evaluation. The Bengaluru-based company is entering the ₹1–1.25 lakh pricing bracket through the introduction of the Konarc and EL models. Analysts noted that Ather Energy's established recognition as a premium, technology-focused brand, combined with a pivot toward the convenience category, should assist its planned penetration into broader mass-market consumer spaces.
To establish its equity assessment, BOBCAPS instituted a target price of ₹1,680 per share while issuing a buy recommendation. The research firm derived this valuation using a multiple of 16 times September 2028 market capitalization to gross block. This metric incorporates a 20 percent discount relative to the mean valuation benchmark of industry participants TVS Motor Company and Bajaj Auto, both of which operate as primary leaders within the domestic two-wheeler segment.
Key numbers
- Friday closing price: ₹1431.25
- BOBCAPS target price: ₹1,680
- One-year return: 129.44%
- Year-to-date return in 2026: 94%
- Valuation multiple: 16x Sep 2028 M-cap/Gross Block
What a board might note
- Whether Ather Energy's projected gross margin expansion via battery bill-of-materials savings can be replicated across comparable corporate supply chains.
- How the pricing dynamics of entering the ₹1–1.25 lakh category with the Konarc and EL launches might impact overall corporate product positioning.
- Why a 20 percent valuation discount against established rivals TVS and BJAUT is considered appropriate by BOBCAPS when assessing capital returns on gross block.
Source: Mint Markets, 11 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
