It’s not just Ather but also Hero financial services that contributes to book value but it’s not reported in their balance sheet.
On their core business stock is the cheapest in peer group and with new management showing intent to move up value chain and exports picking up handsomely, there is a plenty to hope for in this stock.
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All I can say is I would have more confidence in their Premium segment strategy than their electric segment strategy. Whether Premium segment bears fruit outside of Harley we should know in the next year.
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I agree with you. EVs work better on scooters than bikes simply due to space constraints and that’s where TVS will have some advantage there.