This Multibagger EV Stock Rises 188% in 1 Year: What Is Powering the Rally?
- September 10, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
CMP approximately Rs 1,646 (10 Sep 2026). 1-year return 188.33%. 52W range Rs 522 to Rs 1,744. Market cap Rs 62,782 Cr. Q1 FY27 EBITDA Rs 9.45 Cr vs loss of Rs 106 Cr.
Quick Answer
Ather Energy, an electric scooter maker, is the multibagger EV stock behind a return of approximately 188% in one year. The share climbed on its first positive EBITDA quarter, about 81% volume growth, a Rs 2,500 crore fundraise and a new mass-market scooter platform. Valuations are rich at around 15 times book, so the next leg depends on margins and new plant execution.
This multibagger EV stock has turned Rs 1 lakh into roughly Rs 2.88 lakh in just twelve months. One electric scooter maker delivered a 1-year return of 188.33% as of 10 September 2026, ranking 5th in a screen of 101 large-cap and mid-cap NSE shares.
The company is Ather Energy Ltd (NSE: ATHERENERG), the Bengaluru-based maker of premium electric two-wheelers that listed on the exchanges in May 2025. The Ather Energy share price traded near Rs 1,646 around midday on 10 September 2026, up approximately 4% on the day, giving the company a market capitalisation of roughly Rs 62,782 crore.
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How Much Has This Multibagger EV Stock Returned?
The short answer: 188.33% in one year and 109.96% in six months. Both figures place this multibagger EV stock near the very top of our 101-stock screen, at rank 5 and rank 6 respectively.
For this multibagger EV stock, the one-month return is far more modest at 6.92%, which ranks 31st. That tells you the stock has spent the last few weeks consolidating after a sharp run in August, rather than extending the move at the same pace.
| Period | Return (%) | Rank (out of 101) |
|---|---|---|
| 1 Month | 6.92 | 31 |
| 6 Months | 109.96 | 6 |
| 1 Year | 188.33 | 5 |
| Since listing (May 2025) | 399.30 | Not ranked (listed under 3 years) |
Because this multibagger EV stock listed on 6 May 2025, it has no genuine 3-year or 5-year history. The IPO was priced at Rs 321 per share, and the stock debuted at Rs 326.05. At around Rs 1,646, the shares now trade at roughly 5 times the issue price, a gain of approximately 399% from listing-era levels on our screen.
The 52-week range is Rs 522 to Rs 1,744. At current levels, the Ather Energy share price sits approximately 5.6% below its 52-week high and more than three times its 52-week low. The multibagger EV stock saw no split or bonus issue during the period, so the move reflects real price appreciation.
Why Did This Multibagger EV Stock Rise 188% in a Year?
Five triggers explain most of the rally in this multibagger EV stock: a first-ever positive EBITDA quarter, volume growth far ahead of the industry, a Rs 2,500 crore fundraise backed by its promoter, a new mass-market scooter platform and supportive electric vehicle policy.
1. Q1 FY27 Brought the First Positive EBITDA
In the June 2026 quarter, the company reported EBITDA of approximately Rs 9.45 crore against a loss of about Rs 106 crore a year earlier. The operating margin moved from negative 16.44% to positive 0.78%.
The net loss narrowed approximately 71% to Rs 51.09 crore from Rs 178.23 crore. That single number changed how the market viewed the multibagger EV stock. The shares jumped nearly 18% to cross Rs 1,500 for the first time on 4 August 2026, the session after the results, and the multibagger EV stock has held most of those gains since.
2. Volumes Grew Faster Than the Industry
Wholesale volumes rose approximately 81% year on year to about 83,000 units in Q1 FY27, while retail registrations grew more than 100% to over 90,000 units. Industry electric two-wheeler registrations grew about 68% in the same quarter.
Electric penetration in two-wheelers reached approximately 11% in June 2026, and the company ranked as the third-largest electric two-wheeler maker by registrations in July 2026. Its market share had already expanded to around 18.8% in Q3 FY26. Strong retail pull is the engine behind this multibagger EV stock.
3. A Rs 2,500 Crore Fundraise With Promoter Backing
The company raised Rs 1,300 crore through a qualified institutional placement and approved a Rs 1,200 crore preferential issue in August 2026. Hero MotoCorp alone committed approximately Rs 960 crore through warrants priced at Rs 1,260, about 7.2% above the floor price.
The co-founders put in Rs 20 crore each, and India-Japan Fund subscribed Rs 200 crore at Rs 1,230 per share. Insiders buying at a premium to the floor price sent a strong signal of confidence in the multibagger EV stock.
4. The EL Platform and Konarc Scooter Widen the Market
On 29 August 2026, the company unveiled its lower-cost EL platform and the Konarc scooter range, priced from Rs 99,999 to Rs 1,44,999 ex-showroom Bengaluru. Deliveries of the higher variants start in mid-September 2026.
This takes the brand beyond the premium segment into the high-volume family scooter market, the biggest product bet for the multibagger EV stock since listing. The shares hit a then 52-week high of Rs 1,679 on 31 August, and the multibagger EV stock later touched Rs 1,744.
5. Capacity Expansion and Policy Tailwinds
The Hosur plant runs at approximately 35,000 units a month at full utilisation, while paid pre-orders stood near 1.5 lakh units, so capacity, not demand, is the main limit on this multibagger EV stock right now. A new plant at AURIC in Maharashtra is due to add about 5 lakh units of yearly capacity from Q3 FY27, targeting roughly 75,000 units a month combined by Q1 FY28.
Policy has also helped. Delhi’s proposed EV Policy 2.0 would make new petrol two-wheelers ineligible for registration from April 2028, a clear structural positive for any multibagger EV stock focused on scooters.
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Quarterly Financials of the Multibagger EV Stock
The table below shows how quickly losses have shrunk as revenue scaled. For the multibagger EV stock, total revenue nearly doubled year on year in Q1 FY27, and every profitability line improved.
| Metric (Rs Cr) | Q1 FY26 (Jun 2025) | Q4 FY26 (Mar 2026) | Q1 FY27 (Jun 2026) |
|---|---|---|---|
| Total Revenue | 672.91 | 1,213.77 | 1,259.65 |
| Expenses | 851.14 | 1,314.00 | 1,310.74 |
| EBITDA | -105.97 | -30.47 | 9.45 |
| Operating Margin (%) | -16.44 | -2.59 | 0.78 |
| Net Profit | -178.23 | -100.23 | -51.09 |
| Net Margin (%) | -27.65 | -8.53 | -4.20 |
| EPS (Rs) | -5.23 | -2.62 | -1.33 |
For the full FY26, the company sold approximately 2.63 lakh vehicles, up 69%, and total income grew around 66% to Rs 3,823 crore. The annual EBITDA loss halved to roughly Rs 257 crore from Rs 531 crore in FY25.
One soft spot for the multibagger EV stock is gross margin. Adjusted gross margin slipped to about 22.4% in Q1 FY27 from 25.4% in the previous quarter because of commodity cost pressure, and management flagged a further 100 to 200 basis point headwind in Q2.
Shareholding Trend: Who Owns the Multibagger EV Stock?
Domestic institutions have been steady buyers of the multibagger EV stock, while foreign holdings have come down since listing. Promoter holding eased slightly, as fresh equity from the QIP diluted existing holders.
| Shareholder (%) | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jul 2026 |
|---|---|---|---|---|---|
| Promoters | 41.22 | 40.86 | 40.77 | 40.72 | 39.58 |
| FIIs | 23.60 | 17.46 | 17.22 | 16.23 | 16.77 |
| DIIs | 23.61 | 28.10 | 28.98 | 29.29 | 29.82 |
| Public | 11.57 | 13.58 | 13.04 | 13.76 | 13.82 |
DII holding climbed from 23.61% to 29.82% in under a year, with several mid-cap and small-cap funds among the top holders of the multibagger EV stock. Hero MotoCorp remains the anchor promoter with about 29.2%.
FII holding fell sharply after September 2025 as some early private backers sold their stakes. One such investor, Caladium Investment, sold about 1.2 crore shares on 28 August 2026. Such block sales can cap the stock price in the short term even when fundamentals improve.
Valuation Check on This Multibagger EV Stock
On trailing numbers, this multibagger EV stock is expensive. The company is still loss-making at the net level, so there is no meaningful PE ratio.
| Parameter | Figure |
|---|---|
| Current Market Price | Approximately Rs 1,646 |
| Market Cap | Approximately Rs 62,782 Cr |
| 52-Week High / Low | Rs 1,744 / Rs 522 |
| PE Ratio (TTM) | Not meaningful (loss-making) |
| Industry PE | 30.27 |
| Price to Book | 15.42 |
| ROE | -20.10% |
| Debt to Equity | 0.26 |
| EPS (TTM) | Rs -9.83 |
A price to book of about 15.4 times and a market value of roughly 12 times annualised quarterly revenue mean investors in the multibagger EV stock are paying today for profits expected in FY28 and beyond. Debt is modest at a debt to equity ratio of 0.26, and the fresh capital strengthens the balance sheet further.
Key Risks for This Multibagger EV Stock
A 188% rally leaves this multibagger EV stock little room for disappointment. These are the main risks investors should track.
Valuation risk: The stock trades on future earnings. Any delay in reaching net profitability could lead to a sharp de-rating of the stock.
Margin pressure: Gross margin has already slipped around 300 basis points in one quarter. The lower-priced EL platform could dilute margins further if cost savings do not arrive as planned.
Competition: Legacy two-wheeler makers are scaling their own electric scooters aggressively, and price cuts in the mass segment could squeeze every player, including this multibagger EV stock.
Execution and supply: Demand currently exceeds production. Any delay at the new AURIC plant would leave orders unmet and hand market share to rivals.
Subsidy and policy changes: A reduction in incentives or a delay in state EV mandates could slow demand. Share supply from investor exits and warrant conversion is another near-term overhang for the multibagger EV stock.
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Ather Energy Share: Analyst View
Analysts broadly turned more positive after the Q1 FY27 results. A foreign brokerage retained the multibagger EV stock as a preferred pick in the two-wheeler space and expects it to turn EBITDA and PAT positive on a sustained basis by FY28 as scale improves.
The debate on the multibagger EV stock now centres on valuation. Several brokerages raised targets in August 2026, but the Ather Energy share price has already moved past most of those estimates.
Ather Energy Share Price Target
The highest verified Ather Energy share price target is Rs 1,714 from a foreign brokerage, set after the Q1 FY27 results. That implies only about 4% upside from around Rs 1,646.
Another foreign brokerage and a domestic brokerage each have an Ather Energy share price target of Rs 1,600, while a third foreign brokerage sits at Rs 1,450. With the multibagger EV stock trading above most of these levels, fresh upgrades will likely depend on Konarc volumes and margin trends in Q2 FY27.
On the technical side, Rs 1,744 is the level to watch on the upside for the multibagger EV stock. On dips, the Rs 1,500 zone, where the stock broke out after the results, is a key reference for traders. Every brokerage target is an estimate and not a promise of returns.
Conclusion
This multibagger EV stock has earned its 188% one-year gain with real operating progress: a first positive EBITDA quarter, volume growth well ahead of the industry, a promoter-backed Rs 2,500 crore fundraise and a new mass-market scooter platform.
The Ather Energy share price already reflects much of that good news, trading above most brokerage targets at roughly 15 times book value. Existing holders of the multibagger EV stock may track Konarc deliveries, gross margins and AURIC plant timelines closely. New investors can consider staggered buying rather than chasing the rally, and should consult a SEBI-registered advisor before investing.
Disclaimer: Data and figures in this article are sourced from publicly available information and may or may not be accurate. Please verify all data independently before making any investment decision. Past returns do not guarantee future returns. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
Which multibagger EV stock rose 188% in 1 year?
Ans. Ather Energy (NSE: ATHERENERG) is the multibagger EV stock that gained approximately 188.33% over one year as of 10 September 2026. It ranked 5th among 101 large-cap and mid-cap NSE stocks screened for this analysis.
Why did the Ather Energy share price rise so much?
Ans. The rally came from its first positive EBITDA quarter in Q1 FY27, volume growth of about 81%, a Rs 2,500 crore fundraise backed by Hero MotoCorp and the launch of the lower-cost EL platform and Konarc scooter. Supportive EV policy added momentum.
What were Ather Energy Q1 FY27 results?
Ans. Total revenue rose to approximately Rs 1,259.65 crore from Rs 672.91 crore a year earlier. EBITDA turned positive at about Rs 9.45 crore, and the net loss narrowed to Rs 51.09 crore from Rs 178.23 crore.
What is the Ather Energy share price target?
Ans. The highest verified Ather Energy share price target is Rs 1,714 from a foreign brokerage, with other targets at Rs 1,600 and Rs 1,450. The stock at around Rs 1,646 already trades above most of these levels, and targets are estimates, not guarantees.
What is the 52-week high and low of Ather Energy?
Ans. The 52-week high is Rs 1,744 and the 52-week low is Rs 522 on NSE. The stock traded near Rs 1,646 on 10 September 2026, approximately 5.6% below its high.
What was the Ather Energy IPO price?
Ans. The IPO was priced at Rs 321 per share, and the stock listed at Rs 326.05 on 6 May 2025. At around Rs 1,646, it trades at roughly 5 times the issue price.
Is this multibagger EV stock overvalued?
Ans. On trailing numbers it is expensive, with a price to book of about 15.4 and no PE because it is still loss-making. The valuation prices in profits expected from FY28, so execution delays could cause a sharp correction.
Should I invest in a multibagger EV stock after a 188% rally?
Ans. Much of the good news is already priced in, so volatility and valuation risk are high for fresh buyers. Staggered buying, a clear stop loss and consulting a SEBI-registered advisor are sensible steps.
