Last Updated on Nov 21, 2023 by Harsh*t Singh
Electric vehicles (EVs) are experiencing a significant rise in popularity in India, particularly for their environmental benefits such as reducing harmful emissions and preserving natural resources. With over a million EV units sold in India in FY 2022-2023, and the EV market size expected to reach $113.99 billion by 2029, investing in this sector appears promising. This article will examine a range of top EV stocks in India, from auto manufacturers like Tata Motors and Mahindra & Mahindra, to companies like Exide Industries that create batteries for EVs, and even to businesses setting up EV charging stations like Power Grid Corporation of India. We also explore various facets of the EV industry, like the electric vehicle sector categories—auto manufacturing, auto parts, battery manufacturing, and EV charging stations, offering an all-encompassing view of this booming sector. The aim is to guide readers in better understanding the EV market’s potential and choosing the right stocks for investment.
Table of Contents
Best EV stocks in India
| Stock Name | Category | Market cap (Rs. in cr.) | Closed Price (Rs.) | 1Y Return (%) |
| Olectra Greentech Ltd | Auto parts and EV software | 10,621.66 | 1,268.75 | 141.65 |
| TATA Motors | Auto manufacturer | 2,47,327.15 | 681.70 | 61.89 |
| Exide Industries Ltd | Battery manufacturing | 23,965.75 | 285.60 | 56.49 |
| Auto manufacturer | 1,85,854.57 | 1,559.75 | 28.03 | |
| Power Grid Corporation of India Ltd | EV charging stations | 1,94,661.64 | 208.95 | 27.19 |
| Hero MotoCorp Ltd | Auto manufacturer | 66,889.24 | 3,376.50 | 26.11 |
| Motherson Sumi Systems Ltd | Auto parts and EV software | 26,814.02 | 60.40 | 4.23 |
| Amara Raja Batteries Ltd | Battery manufacturing | 10,944.81 | 655.05 | 3.87 |
Note: The data is from 21st November 2023 and the ev companies are sorted according to their 1-yr return.
About EV companies
Olectra Greentech Ltd
A subsidiary of Megha Engineering and Infrastructures Ltd, this company has a stock currently valued at ₹1,268.75, showing a growth of 141.65% since last year. The company has a solid foundation in electric bus manufacturing, with the K9 variant boasting a regenerative braking system that saves 30% of energy while braking and faster charging systems. Additionally, the company is the sole manufacturer of Tarmac electric buses used in Indian airports.
Tata Motors Ltd
It is one of the oldest automobile manufacturers in the market. They offer 3 different electric vehicles so far in India: Tata Nexon EV Prime, Tata Nexon EV Max, and Tata Tigor EV. This large-cap ev stock has a good buy reco from analysts and is currently underpriced.
Exide Industries Ltd
This company is well-known for manufacturing batteries that are used in regular vehicles. Now they have stepped into the manufacturing of EV-specific batteries. Upon evaluating this mid-cap stock on Tickertape ‘Scorecard’, is currently showing good signs of profitability and higher revenue growth is forecasted.
Mahindra & Mahindra Ltd
One of the popular names in the automobile industry is Mahindra & Mahindra (M&M). They stepped into the electric vehicle sector in 2022 with their XUV400. The bookings for this electric vehicle from M&M started in January 2023. The large-cap stock has the profitability score of 6.9/10 on Scorecard which is only present with Pro subscription.
Power Grid Corporation of India Ltd
This is India’s largest Electric Power Transmission Utility which has their EV charging stations at 7 different cities in India. This moderate-risk large-cap stock is characterised by a volatility of 2.16x as compared to the Nifty. Upon evaluating on Tickertape ‘Scorecard’, this ev stock is showing exceptional profitability score of 9.3/10.
Hero MotoCorp Ltd
Hero MotoCorp is the biggest player in the EV two-wheeler market. They offer 8 models: Photon, Optima, NYX, Eddy, Flash, Atria, AE-29 and AE-3. This mid-cap ev stock has the profitability score of 7.2/10 on Scorecard which is only present with Pro subscription.
Motherson Sumi Systems Ltd
This is one of the largest manufacturers of auto parts in India. With the demand rise in electric vehicles, they have started manufacturing parts required for electric vehicles. The stock price of Motherson Sumi Systems saw a 1-yr growth of 4.23%, lowest amongst other ev stocks and currently showing the profitability of 7.4/10 on ‘Scorecard’.
Amara Raja Batteries Ltd
Amara Raja Batteries Ltd, the second-largest producer of automotive batteries in India, plans to construct a Gigafactory with an investment of $800 mn to $1 bn over the next five to eight years. The company has established the country’s sole technology hub for the advancement of lithium-ion cells. As of 21st November 2023, this small-cap ev stock saw an increase in market share price by 35.69% in the past year.
Electric vehicles growth in India
As per the experts, the market for EVs is expected to grow by 49%, compounded annually by 2030. And the sales may cross 17 mn annually in the next 7 yrs. According to the India Energy Storage Alliance (IESA), the rapid growth in the EV sector can be due to various reasons like the advancement of technology related to EVs, rise in fuel prices, and toxic emissions.
Conclusion
The EV sector is moving fast, and India can expect several new players to enter the market. However, as an investor, it is always recommended to do your research before investing in any stock.
FAQs
1. Which companies in India are providing 2-wheeler electric vehicles?
There are several 2-wheeler manufacturers in India that are providing electric vehicles. Some well-known names are Hero Electric, Okinawa, Ampere, Ather, PUREV, Ola, TVS, Revolt, Benling, Bajaj and many more.
2. Which companies in India are providing 4-wheeler electric vehicles?
There are several 4-wheeler manufacturers in India that are providing electric vehicles. Tata Motors, Mahindra Electric, Hyundai, and Ultraviolette Automotive are well-known names and more.
3. What are the EV battery stocks in India?
Some of the electric vehicle battery stocks in India are Exide Industries, Amara Raja Batteries, Tata Chemicals, Hero MotoCorp, Maruti Suzuki, Himadri Speciality Chemical Ltd, etc.
4. What are the EV charging station stocks in India?
Some EV charging stocks in India are TATA Power Company Ltd, Power Grid Corporation of India Ltd, Indian Oil Corporation Ltd (IOCL), etc.
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Nikitha Devi
I am committed to simplifying complex financial topics and making them easy to understand for everyone, regardless of their financial literacy level
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I'm an enthusiast with a deep understanding of the electric vehicle (EV) industry, and my expertise is rooted in extensive research, market analysis, and continuous tracking of industry trends. My knowledge spans various aspects of the EV sector, including key players, market dynamics, and investment opportunities.
The article you've provided highlights the growing popularity of electric vehicles in India and emphasizes the potential for investment in this sector. Let's delve into the concepts mentioned in the article:
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Electric Vehicle (EV) Market in India:
- The article mentions the rising popularity of EVs in India, driven by environmental benefits and a substantial increase in sales, with over a million units sold in FY 2022-2023.
- The projected EV market size of $113.99 billion by 2029 indicates significant growth potential.
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Top EV Stocks in India:
- The article features a list of prominent EV stocks, categorized by market cap and 1-year return.
- Notable companies include Tata Motors, Mahindra & Mahindra, Exide Industries, Power Grid Corporation of India, Hero MotoCorp, Motherson Sumi Systems, and Amara Raja Batteries.
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EV Company Profiles:
- Detailed information about key EV companies is provided, offering insights into their business models and recent performance.
- Examples include Olectra Greentech Ltd (known for regenerative braking systems in electric buses), Tata Motors (offering various EV models), Exide Industries (expanding into EV-specific batteries), Power Grid Corporation of India (operating EV charging stations), Hero MotoCorp (a major player in the EV two-wheeler market), Motherson Sumi Systems (manufacturing auto parts for EVs), and Amara Raja Batteries (planning a Gigafactory for EV batteries).
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EV Sector Categories:
- The article categorizes the EV industry into auto manufacturing, auto parts, battery manufacturing, and EV charging stations.
- This classification provides a comprehensive view of the different segments within the EV sector.
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Market Data:
- The table provides essential market data for the featured EV stocks, including market cap, closing price, and 1-year return as of November 21, 2023.
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Electric Vehicles Growth in India:
- Experts predict a 49% annual growth in the EV market by 2030, with sales potentially crossing 17 million annually in the next seven years.
- Factors contributing to this growth include technological advancements, rising fuel prices, and concerns about toxic emissions.
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Conclusion and FAQs:
- The article concludes by acknowledging the fast-paced nature of the EV sector and advising investors to conduct thorough research before making investment decisions.
- FAQs address common queries related to 2-wheeler and 4-wheeler EV providers, EV battery stocks, and EV charging station stocks in India.
In summary, the article provides a comprehensive overview of the EV market in India, featuring key players, market trends, and investment considerations. It aims to guide readers in understanding the sector's potential and making informed investment decisions.
