New Delhi, Sept. 3 -- Ather Energy's stock has gained almost 30% in the past month, taking its one-year return to 230%. Resilient progress towards profitability, market-share gains, a new mass-market scooter and a larger bet from its biggest shareholder have all strengthened the growth narrative. But after such a sharp run-up, what can drive the stock from here?

The June quarter (Q1FY27) set a high bar. Operating revenue rose 89% year-on-year to Rs.1,217 crore, while its Ebitda loss, excluding other income, narrowed sharply to Rs.33 crore from Rs.134 crore a year earlier. Including other income, Ebitda turned positive.

The narrowing loss reflected operating leverage as volumes scaled. Optimism was further buoyed by retail demand running...