Best EV stocks in India

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EV stands for Electric Vehicle. As per stock market researchers, EV is the future. Best EV stocks in India is to grow by over 90% to reach $150 billion by 2030. There are certain parameters backing the fact that even the government is pretty enthusiastic about popularizing electric vehicles in the daily life of the citizens. There are some reasons behind the want, likely India ranked third among the largest carbon emitter countries globally and facing strong global pressure to cut down its carbon emissions.

To stand with the idea, the government has committed to reducing carbon emissions by 45% by 2030. Indeed, this is an ambitious target and needs constant nourishment by the government.

India is the third biggest oil-importing nation on the global list. Spent over $119 billion in FY 2021-22, continuously increasing over the years. So, the government is keen to switch to Electric mode of vehicles.

There is no wonder that with the flourishment of EVs, the stocks related to the sector also grow. The EV manufacturer, parts provider, and charging supportive company stocks are primarily to get the direct benefit.

Investing in EV-related stocks surely be financially benefit you. We bring you the 10 most popular EV-related stocks in India.

List of 10 best EV stocks in India

TATA Motors Ltd.

TATA Motors is the leading Electric Vehicle company in India, with a whopping market share of nearly 74% in the country’s EV market. This is why it is listed among the best EV stocks in India. First Indian company to set up autonomous Electric Vehicles utilizing the support of allies like Tata Steel for the body of vehicles, Tata Elxsi for software support, and Tata Chemicals for the batteries.

Tata Motors has already released revolutionary EV models like Tata Nexon EV and Tata Tigor EV. The company is to invest $2 billion in the EV domain in the next five years.

TVS Motor Company Ltd.

While Tata Motors is the dominant player in the Four-wheeler segment, TVS Motors dominates India’s two and three-wheeler EV space. TVS Motors is the second biggest player in the list of best EV stocks in India.

According to the report, the company is to invest 1,200 crore rupees in electric vehicles and future technologies in the next four years, focusing on the capacity expansion of EV spaces.

Already TVS came up with e-rickshaws and TVS iQube, which grabs good attention.

Mahindra & Mahindra Ltd.

Over the years, Mahindra & Mahindra has been known for its budget-friendly and full-fledged wheelers in India and is among the top 3 best EV stocks in India. From “Reva” to now “Verito”, Mahindra is always there to meet your EV needs. With eVerito EV, the company produced the first-ever silent electric sedan in the Indian market.

M&M is all set to launch 16 electric vehicles by 2027 in light commercial vehicle and sport utility vehicle segments. The company has set a plan to invest 3,000 crores rupees in the next 3 years in the EV domain.

Bajaj Auto.

Bajaj is one of the oldest and most valuable two-wheelers and three-wheeler manufacturers in the country, but with no hesitation in adopting new technology. In the EV segment too, with the model “Chetak”, Bajaj has entered the arena of electric vehicles.

Recently the company has announced a wholly-owned manufacturing unit at Pune to pace up the manufacturing of electric vehicles. The team is set up with 300 crore rupees and is expected to produce 5,00,000 EV units per annum.

Hero MotoCorp Ltd.

Hero is the market leader in the Indian Electric two-wheeler industry with a vision to make the country “zero pollution” with its range of electric vehicles.

Hero has the advantage of being the First-mover in the segment. With technological optimization and fast charging ability, Hero makes a good place in the list of top EV stocks in India.

Some popular models are Optima, Optima CX, Photon, Flash, Atria, and NYX.

Exide Industries Ltd.

The heart of an electric vehicle is its battery. Lithium-ion batteries are borne almost 40-50% cost of the EV. As an inevitable EV parts manufacturer, the scope of being profitable is much easier for Exide Industries Limited.

Exide is the most trusted and largest battery producer in the country with 9 manufacturing plants with 57 million production capacity. The company has more than 150 warehouses and 55,000 direct and indirect dealers across the nation.

Amara Raja Batteries Ltd.

A flagship company from Amara Raja Group is one of India’s largest manufacturers of lead-acid batteries for automotive and industrial applications. The Company has exported its products to 32 countries globally.

Amara Raja is the second-largest battery producer in the country and a dominant player in UPS, Tower segment, and solar energy storage. The battery manufacturer plans to invest nearly $800 million in building Gigafactory over the next five years.

Olectra Greentech Ltd.

Incorporated in 1992, OlectraGreetech Ltd. is the country’s largest electric buses and polymer insulators manufacturer. The company achieved its nearly 70% revenue from manufacturing electric buses. Olectra enjoys over 40% market share in the electrical bus segment.

With the models like K6, K7, and K9 E-Buses Olectra is operational in over 40 major cities in India. Backed by BYD battery technology Olectra provides fast charging facility for every unit with all modern facilities.

Indian Oil Corporation Ltd.

IOC is a state-owned oil and natural gas producer and the largest oil marketer in India. The company is well-versed in EV requirements.

As aluminium batteries are light-weighted and almost 8 times more potent than lithium-ion batteries, IOC works on aluminium-made air battery technology to strengthen EVs.

Presently IOC has 448 EV charging stations and 30 battery swapping stations across the country and planning to set up 10,000 EV charging stations in the next 3 years.

Bharat Petroleum Corporation Limited

BPCL is a government-owned oil and gas producer in the country, and being a government organization, the company is becoming a significant contributor to supporting EV requirements. Recently, BPCL has an announcement to provide an EV charging system at its 7,000 fuel stations in the next several years.

BPCL is also to invest a corpus of Rs. 200 crores to set up 100 fast Charging corridors on the country’s busiest highways for EV charging with 2,000 stations by March 2023.

Let’s have a look at a comparison table of the best ev stocks financials:

Stock NameMarket Cap (in Cr.)Face Value (in Rs.)CMP (in Rs.)52-week High (in Rs.)52-week Low (in Rs.)Dividend yield (%)Promoter’s holding(%)Debt to equity ratio (%)Return over last 3 years (%)
TATA Motors1,53,9542432537268046.43.2936.4
TVS Motor34,69717308144950.5150.83.6014.3
Bajaj Auto1,06,276103,6734,2953,0273.8153.807.32
Hero MotoCorp51,62822,5843,0902,1473.3934.80.04-1.10
Amara Raja8,55615017924742.1628.10.03-7.29

FAQs :

  1. Is investing in EV-related stocks in India a good investment option?
  • India’s Electric Vehicle industry is untapped as of now. There are fair chances to grow for the industry, especially in the two-wheeler segment. But, lack of infrastructure and absence of high-performance electric vehicles are the major obstacles to growing more.

As per recent studies, India’s EV market is expected to grow to almost 475 billion rupees by 2025, and the EV two-wheeler penetration to reach 15% by 2025 from 1% now. So EV stocks are a good investment option for sure.

  • What is the best Electric Vehicle company in India?
  • We have already discussed some of the market leaders. From those, TATA Motors is a tremendous player and strongest of all, as they have excellent infrastructure under one umbrella. The stock has already given a healthy return over the last 3 years with a large market cap of all its counterparts.
  • Which is the highest dividend-paying Electric Vehicle stock list in India?
  • All the EV manufacturing companies do not believe in giving attractive dividends. But EV infrastructure providers like IOC and BPCL are known for their hefty dividend pay-outs. To gain dividends, surely you can go with invest in any of them.
  • Which one is the best EV stocks in India to buy now?
  • All the EV-related stocks in India are capable enough to give their investors a good wealth. If we see the financial data, we can observe despite the Indian stock market tumbling, the automobile manufacturers associated with EVs are doing comparatively well.

We can check out the battery providers and infrastructure creator stocks, like Exide, Amara Raja, IOC, and BPCL. They all are almost debt-free and are available at an attractive price. Being an investor, you can indeed look those out.

  • Is the Indian government giving subsidies on electric vehicles?
  • The Indian government is providing subsidies on EVs as per their battery capacities.

Subsidies For

Two-wheelers: Rs. 15,000/kWh

Three and Four-wheelers: Rs. 10,000/kWh

E buses and E trucks: Rs. 20,000/kWh

Besides, there are road tax exemptions, IT benefits and loan interest subventions, etc.

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