“Maintained 'Outperform' rating on Ather Energy with a target price of ₹1,600. The brokerage notes robust demand, with bookings at 50,000 units/month against 35,000 units/month capacity, indicating capacity constraints. Commissioning of Factory 3.0 (5 lakh units/year capacity) from Q3FY27, price hikes, and cost savings are expected to support margins and sustain volume growth.”