The EV market in India is getting complex and has multiple stakeholders with different demands. The size of the electric vehicle market in India was USD 8.03 billion in 2023. It is projected to grow from USD 23.38 billion in 2024 to USD 117.78 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 22.4% during this forecast period. In this article we will look at top EV stocks in India.
India has electric two wheelers (E2Ws), electric three wheelers (E3Ws), electric four wheelers (E4Ws) and electric buses (E-Buses). As population grows, environmental concerns mount and fuel prices rise, there is a growing need for cost effective and sustainable mobility solutions and E2Ws are the best fit.
Government has been promoting electric vehicles through various policy incentives including subsidies, tax benefits and charging infrastructure. These are essential to facilitate the transition to cleaner mobility across the country.
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Indian auto industry is currently 4th largest in the world and is expected to be 3rd by 2030. This growth is driven by the rising demand of electric vehicles, a trend which is further accelerated by the growing population. India’s dependence on traditional energy sources is no longer sustainable as it imports 88.2% of its crude oil.
Also NITI Aayog has set a target of 70% penetration of electric vehicles (EVs) across all vehicle types by 2030 and net zero carbon by 2070. As per data from Ministry of Heavy Industries, around 0.52 million EVs have been registered in India in last 3 years, which is a big shift towards electric mobility.
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What is an EV?
An EV is a vehicle that runs on electricity and not on gasoline or diesel. It has an electric motor instead of a conventional internal combustion engine. EVs get power from a battery which can be charged from outside, making them a cleaner alternative to the traditional vehicles.
EVs have many advantages – lower operating cost, minimal maintenance and quiet operation. Most importantly they produce zero emissions and hence reduce air pollution and greenhouse gas emissions. So investing in electric vehicle stocks in India is a good growth opportunity as the market is growing.
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Top EV Stocks in India
Let’s take a closer look at the leading EV stocks list in India, ranked by their 1 Year Return (%), Price to Sale, and ROCE (%):
| Name | 1Yr return (%) | Price/Sales | ROCE (%) | Profit/Loss (%)* |
|---|---|---|---|---|
| Amara Raja Batteries | -11.77 | 1.91 | 18.70 | 0.00 |
| Hero MotoCorp | -13.95 | 2.38 | 29.10 | 0.00 |
| Mahindra & Mahindra | 41.58 | 2.51 | 13.60 | 0.00 |
| Himadri Speciality Chemical | 15.09 | 5.33 | 19.10 | 0.00 |
| Ashok Leyland | 21.93 | 1.40 | 15.00 | 0.00 |
| Exide Industries | -23.51 | 2.10 | 10.20 | 0.00 |
| TVS Motor Company | 30.37 | 2.76 | 14.70 | 0.00 |
| Hindustan Copper | -45.36 | 12.90 | 18.00 | 0.00 |
| Greaves Cotton | 44.56 | 1.51 | 3.72 | 0.00 |
| High Energy Batteries (India) | -48.08 | 7.76 | 27.90 | 0.00 |
| Motherson Sumi Systems | -19.91 | 3.07 | 48.00 | 0.00 |
| Kabra Extrusion Technik | -28.88 | 3.12 | 10.40 | 0.00 |
| Sona BLW Precision Forgings | -24.60 | 12.20 | 24.00 | 0.00 |
| TATA Motors | -35.69 | 0.66 | 20.10 | 0.00 |
| Tata Chemicals | -23.98 | 1.81 | 7.81 | 0.00 |
| Olectra Greentech | -33.41 | 7.93 | 14.80 | 0.00 |
| JBM Auto | -31.69 | 3.23 | 14.40 | 0.00 |
| Graphite India | -32.96 | 3.34 | 1.44 | 0.00 |
* Profit/Loss is updated in real-time on the basis of prices on 30 April 2025
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#1 Amara Raja Batteries – Top EV stocks in India
Amara Raja Battery, now Amara Raja Energy & Mobility, is a well established company in Indian battery manufacturing space since 1985. In FY 2024, the company achieved a remarkable revenue of around INR 11,260 crore, showcasing its robust market presence. The company has reported a net profit of INR 906 crore in FY 2024, so it’s financially strong and operationally efficient.
Among its popular brands, Amaron stands out for its innovative zero-maintenance automotive batteries, while PowerZone and Amaron Quanta cater to diverse customer needs. Amara Raja supplies batteries to major original equipment manufacturers (OEMs) like Maruti Suzuki and Hyundai and exports to over 50 countries, so it’s a leader in the battery space.
#2 Himadri Speciality Chemical – Among the Best EV battery stocks India
Himadri Speciality Chemical, established in 1987, is a leading player in speciality chemicals space, especially in coal tar and derivatives. For the fiscal year 2023-24, the company reported a revenue of approximately INR 4,185 crore and has seen a net profit of INR 411 crore, reflecting robust operational performance.
Himadri has developed both natural and synthetic anode material for Li-ion Batteries. Li-ion batteries are used in Consumer Electronic devices like Mobiles, Electric Vehicles, and Energy Storage Systems (ESS). In May 2023, Himadri acquired nearly 13% equity in Australia-based Sicona Battery Technologies which specializes in high-capacity silicon anode technology.
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#3 Mahindra and Mahindra (M&M) – Boosting Investor Confidence in best EV stocks in India
Mahindra & Mahindra, founded in 1945, is a leading Indian multinational company with presence in automotive and other sectors. For the fiscal year 2023-24, it reported a revenue of approximately INR 1,39,078 crore and a net profit of around INR 12,270 crore, demonstrating strong financial health. The company offers popular brands like the Mahindra Thar, XUV500, and Bolero.
In the evolving electric vehicle (EV) space, Mahindra is making good progress, especially in the electric three-wheeler segment through its subsidiary, Mahindra Last Mile Mobility. With a market share of 9.3% in electric three-wheelers, Mahindra has sold over 1.4 lakh EVs to date, including models like the Treo and e-Alfa Super. Mahindra is also expanding its electric SUV offerings and has launched models like XUV400 EV and XUV e8 based on its INGLO platform which aims to improve performance and sustainability in the EV stocks.
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#4 Hindustan Copper – Powering the Future of Electric Vehicles
Hindustan Copper (HCL), established in 1967, is India’s only vertically integrated copper producer involved in mining, smelting, refining and casting. For the fiscal year 2023-24, HCL reported a revenue of approximately INR 1,717 crore and achieved a net profit of around INR 295 crore.
The company markets various products under its brand, including copper cathodes, continuous cast copper rods, and by-products like copper sulphate and anode slime. HCL supports the domestic copper industry, ensures sustainable mining and contributes to key sectors like power and construction.
#5 Exide Industries – A Giant Among Electric Vehicle Stocks in India
Founded in 1947, Exide Industries is a leading manufacturer of storage batteries and related products in India. They manufacture batteries for various segments in the automotive industry – 2-wheelers, 4-wheelers, 3-wheelers, E-rickshaws, H-UPS.
The company is presently in the process of establishing the initial lithium-ion battery cell manufacturing facility in India. Given that lithium plays a central role in the realm of EVs, Exide Industries holds the potential to emerge as a profitable EV stock.
#6 Hero MotoCorp – Black Horse Among EV-based Stocks in India
Hero MotoCorp is known as the leading manufacturer of traditional motorcycles and thus, may appear a misfit in this list of top EV stocks in India. However, there is more to Hero Moto than being the world’s largest internal combustion engine two-wheeler manufacturer. The company was one of the early backers of leading EV maker Ather Energy IPO and holds a 38% equity stake in it. Hero Moto has also launched its own EV brand named VIDA.
Beyond these direct steps, Hero MotoCorp has worked towards developing a supporting infrastructure for EVs and has tied up with Gogoro and BPCL to address range anxiety.
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#7 TVS Motors
TVS Motors, a two and three wheeler manufacturer, has become a big player in the industry. The company had a turnover of INR 39,145 crores and a net profit of INR 1,779 crores in the last FY 2024. Their popular brands are TVS Apache, TVS Jupiter and TVS iQube which is their entry into the electric vehicle (EV) space.
With a focus on sustainability, TVS Motors wants to increase its presence in the EV space and expects electric vehicles to contribute 25-30% of its sales as it expands its product portfolio.
#8 TATA Motors
Tata Motors is an Indian multinational automotive manufacturing company based in Mumbai, Maharashtra. It is a part of the Tata Group which is one of India’s largest business conglomerates. Tata Motors is known for manufacturing a wide range of vehicles which includes cars, SUVs, trucks, buses and defence vehicles.
They have been actively involved in research, development and production of EVs. The company was a pioneer in the Indian EV space, they launched the first fully electric vehicle in India in 2010, the Tata Indica EV.
Tata Motors has gone a step further in its e-mobility journey by partnering with other companies to set up EV infrastructure and support systems. This includes charging stations and battery swapping technologies to promote and adopt electric vehicles in India.
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#9 JBM Auto
Founded in 1983, JBM Auto is a leading manufacturer of auto systems with growing presence in e-mobility space. Its dynamic portfolio of futuristic products includes auto systems, high level assemblies, EVs and buses.
The company is leveraging its core strengths led by strong R&D and innovation to pursue excellence through alternative materials and technologies.
#10 High Energy Batteries – Beyond Automobiles
Incorporated in 1979, High Energy Batteries (India) is an established manufacturer of Hi-Tech batteries for use in the Army, Navy, Airforce, Satellite Launch Vehicles, and commercial batteries for Auto and Standby VRLA applications. The company also exports products to various countries.
The company manufactures Aircraft Batteries, Torpedo Batteries, Missiles, and Helicopter Batteries for the Defence sector, Car batteries and Truck batteries for the automotive sector, and VRLA Batteries among others.
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#11 Kabra Extrusion Technik
ROCE: 10.45%
1 Year returns: -28.88%
#12 Motherson Sumi Systems
ROCE: 47.96%
1 Year returns: -19.91%
#13 Olectra Greentech
ROCE: 14.79%
1 Year returns: -33.41%
#14 Ashok Leyland
ROCE: 15.01%
1 Year returns: 21.93%
#15 Sona BLW Precision Forgings
ROCE: 18.72%
1 Year returns: -24.60%
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Electric Vehicle Related Stocks in India FAQs
What is an Electric Vehicle (EV) and how is it reshaping industries?
For corporations, electric vehicles present significant cost savings prospects. EVs may cost more upfront than their gasoline-powered competitors, but they save a lot of money over time. Because there are fewer moving parts and no need for oil changes, EVs demand less upkeep and operating costs.
Which are the Best Electric Vehicle Stocks in India?
Top EV stocks in India include Amara Raja Batteries, Himadri Speciality Chemical, Mahindra and Mahindra, Hindustan Copper, and Exide.
What is the future of EVs in India?
Propelling electric vehicles for the future is a dream that is gradually taking shape not just globally, but also in India. The Economic Survey 2022 predicts that India’s EV market will grow with a CAGR of 66.52% between 2022 and 2029.
How many elecric vehicle IPOs listed in past years in India?
Ola Electric, Tunwal Motors and Ather Energy have listed in recent years. Ather Energey is latest EV IPO listed in May 2025.