EV stock to buy: Ather Energy shares - 130% returns in a year, Bank of Baroda Caps sees 19% more upside | Target price

EV stock to buy: Nearly one-and-a-half years after its listing, Ather Energy has emerged as one of the newest multibagger stocks of Dalal Street. Despite its nearly 130% rally in one year, experts are still bullish on the stock. Bank of Baroda Caps sees nearly 19% more upside potential in the EV stock.

Ather Energy share price closed with 2% gain on Friday, after seeing sharp volatility throughout the week.

Ather Energy share price outlook

Ather Energy share price is likely to benefit from its business growth led by capacity boost, lower cost architecture and battery led BOM savings to aid gross margins.

The Bengaluru-headquartered EV maker is venturing into ₹1-1.25 lakh segment with Konarc/EL launch. Its established premium technology-driven regional brand recognition and shift to convenience segment are likely to help spread “its wings in the mass market segments”, noted BOBCAPS in its report.

“We value Ather at 16x Sep 2028 M-cap/Gross Block, 20% below the average valuation of TVS and BJAUT two key companies (leaders in EV segment) in the 2-W segment,” read the BOBCAPS report.

Ather Energy share price target

The brokerage gave a ‘Buy’ rating for the stock with a target price of ₹1,680 per share. “We value Ather at 16x Sep 2028 M-cap/Gross Block ratio, 20% below average valuation of TVS and BJAUT, arriving at TP of Rs1,680, BUY.”

Ather Energy share price trend

The stock closed 2.01% higher on Friday at ₹1431.25 per share on BSE. Its share price value has 74% in six months, and 94% in 2026 so far (YTD), as per BSE data. The EV stock has delivered a whopping 129.44% return in one year. The stock debuted on Dalal Street on May 6, 2025.

Ather Energy made a modest debut above its issue price, and closed lower on its first trading day.