Ather Energy shares jumped 18 percent to a record ₹1,500 on the BSE Tuesday after the electric two-wheeler maker reported a June-quarter net loss of ₹51 crore, a sharp narrowing from the ₹178 crore loss a year earlier, and revenue that nearly doubled.

Revenue and margins improve

Revenue from operations rose 88.8 percent year-on-year to ₹1,217 crore, while total income climbed 87.2 percent to ₹1,260 crore. The company posted positive consolidated EBITDA of ₹9 crore, swinging from a ₹106 crore EBITDA loss in the same quarter last year. Adjusted gross margin expanded 82.3 percent to ₹282 crore. Non-vehicle revenue, software subscriptions, charging services, accessories, spares and servicing, contributed 14 percent of total revenue, up from 13 percent a year ago.

Commodity costs offset

Ather said commodity inflation increased raw material costs during the quarter, citing higher prices for copper, aluminium, lithium and crude-linked materials. Calibrated pricing actions, an improved product mix, value engineering initiatives and supplier negotiations offset the pressure, the company said, supporting healthy margins.

Nomura sees further upside

Nomura maintained its Buy rating and raised its target price to ₹1,714 from ₹1,273, implying 34.6 percent upside from current levels. The brokerage retained Ather as its top pick in the electric two-wheeler segment, saying EV penetration in India has reached an inflection point with demand continuing to outpace supply. It expects the upcoming EL platform to nearly double the total addressable market while materially reducing costs, and sees EBITDA breakeven by FY28. Policy measures including ICE vehicle restrictions, additional state EV incentives and Ather's inclusion in the PLI scheme could provide further upside, Nomura said.

Demand outpaces supply

Co-founder and CEO Tarun Mehta said the company continued to witness strong demand across its product portfolio, supported by favourable policy measures and evolving customer preferences. Demand remained significantly higher than supply, reinforcing confidence that the electric two-wheeler market continues to expand. The upcoming EL-platform product and production ramp-up at the new AURIC factory position Ather for its next phase of growth, Mehta said. The stock has gained 269 percent over the past year and 328 percent from its 52-week low of ₹349.90 touched in August 2025.