(Bloomberg) -- India's electric two-wheeler maker Ather Energy Ltd. is beating global EV stocks this year, with analysts pointing to more gains on its growing market share.

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Ather's shares have surged nearly 130% so far in 2026 and the rally continues to attract global investors, with BlackRock Global Funds acquiring less than 1% stake via open-market transactions Monday. In contrast, a Bloomberg gauge of 104 companies deriving revenues from EVs is down 1% this year, dragged by players such as Tesla Inc., BYD Co. and Xiaomi Corp.

Backed by Hero MotoCorp Ltd., Ather designs, manufactures and services electric two-wheelers, and also operates a charging network. It is benefiting from India's push to accelerate EV adoption in the world's most populous nation. Shares of the Bengaluru-based company rose more than 36% last month, the most since its May 2025 initial public offering, as analysts bet on its growth prospects.

Emkay Global Financial Services sees Ather's market share expand to 26% by fiscal year 2028, from 17% at end-March, as new launches and in-house technology help the company challenge local rival Ola Electric Mobility Ltd. That strategy was on display last week when Ather unveiled Konarc, an e-scooter built on its internally developed EV architecture and aimed at the mass market.

This will double Ather's addressable market, Nomura Holdings Inc. analysts including Kapil Singh wrote in a note. "Electrification is at an inflection point in India and Ather remains one of the best long-term plays in the two-wheeler segment," they said.

With a 440% rally since its listing, Ather is India's best-performing debut for companies that raised $300 million or more via public offering in the last five years. Despite the surge, analysts remain bullish — all 14 of them tracked by Bloomberg recommend buying the stock. Axis Capital sees the stock surging to 2,100 rupees, a 22% upside from its closing price on Monday.

"Ather's stock price can potentially double even from current levels over the next three-four years," Emkay analyst Chirag Jain said. "Ather's pricing philosophy is to lower prices only by reducing its cost structure rather than stripping away features to avoid brand/quality dilution."