Best EV Stocks in India 2026

Electric Vehicle stocks in India are shares of companies involved in designing, manufacturing and distributing electric vehicles, batteries, charging stations and supporting technologies. The electric vehicle stocks list covers a wide range of companies, starting from EV manufacturers to companies involved in EV charging infrastructure in India.

1. Tata Motors Passenger Vehicles Ltd: Tata Motors Passenger Vehicles Ltd is a wholly owned subsidiary of Tata Motors Ltd, established to house its domestic passenger vehicle and electric vehicle operations as a distinct business unit.
2. Samvardhana Motherson International Ltd: Samvardhana Motherson International Ltd is one of India’s largest auto component manufacturers and a significant player in the global automotive supply chain.
3. Hero MotoCorp Ltd: Hero MotoCorp Ltd is the world’s largest two-wheeler manufacturer by volume, with a dominant presence in the Indian motorcycle and scooter market.
4. Bosch Ltd: Bosch Ltd is the Indian-listed subsidiary of the German multinational Robert Bosch GmbH, primarily engaged in manufacturing automotive components, including fuel injection systems, starter motors, and braking solutions.
5. Bharat Forge Ltd: Bharat Forge Ltd is one of the world’s largest forging companies, manufacturing critical components for the automotive, aerospace, oil and gas, and defence sectors.

Here is how you can invest in the best EV stocks:

1. Open a demat/trading/stockbroker account. You can open a demat account with smallcase!
2. Conduct thorough research into the top EV stocks in India using Tickertape Stocks Screener. The screener offers over 200 built-in filters, allowing investors to select parameters and generate an EV share list.
3. Place a ‘Buy’ Order on the top electric vehicle stocks that align with your investment thesis.

• Customs Duty Relief for Cell Manufacturing: The Budget extended basic customs duty exemptions on capital goods required to manufacture lithium-ion cells for electric vehicles and battery energy storage systems (BESS). This lowers capital costs for setting up and expanding battery plants in India.
• Expansion of the Duty-Exempt Machinery List: The government added 35 capital goods for EV battery manufacturing and 28 for mobile phone battery manufacturing to the duty-exempt list. This aims to reduce upfront investment costs across multiple battery manufacturing segments.
• Duty-Free Recycling of Battery Scrap: Customs duty was removed on lithium-ion battery waste and scrap to support recycling and promote a circular economy. This step improves access to secondary raw materials and reduces dependence on imported inputs.
• Support for Critical Mineral Processing: Capital goods used for processing critical minerals such as lithium, cobalt, and rare earth elements received customs duty exemptions. This targets supply chain risks in battery and EV motor manufacturing.
• Rare Earth Corridors Announced: The Budget proposed dedicated Rare Earth Corridors in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu to support permanent magnet manufacturing for EV motors and clean energy applications.
• Stronger Focus on BESS for Grid Stability: Continued duty exemptions and policy support for Battery Energy Storage Systems were aligned with renewable energy expansion, aiming to improve grid stability and make storage solutions more cost-competitive.

• Market Growth Projections: India’s EV market was valued at around US$3.71 bn in 2025 and is projected to reach US$191.04 bn by 2034, growing at a CAGR of 54.94% during 2026-2034.
• Sales Performance: India sold 25.5 lakh EVs in FY25-26, marking 25.02% YoY growth. EVs accounted for 8.64% of overall automobile sales during the year.
• Market Penetration: India’s EV penetration reached 8.5% in FY25-26. Electric two-wheelers remained the largest contributor, accounting for nearly 58% of total EV sales.

• Rising EV Adoption: India sold 25.5 lakh EVs in FY25-26, up 25.02% YoY, with EVs accounting for 8.64% of overall automobile sales. This shows that EV adoption is moving beyond the early stage, especially for two- and three-wheelers and electric cars.
• Government Policy Support: EV adoption is supported by schemes such as PM E-DRIVE and the ACC battery PLI scheme. The ACC battery scheme has an outlay of ₹18,100 cr and aims to build 50 GWh of domestic battery manufacturing capacity.
• Growth Across Segments: Electric two-wheelers led EV sales in FY25-26 with 14.72 lakh units, accounting for 57.9% of total EV sales. Electric cars also saw strong growth, with registrations rising 82% in FY26.

• Policy Dependence: EV demand in India remains linked to subsidies, localisation rules, and government incentives. Any reduction or change in incentives can affect vehicle pricing, demand, and company margins.
• High Competition: The EV sector has several listed and unlisted players across two-wheelers, cars, batteries, and components. Competition can affect pricing power, market share, and profitability.
• Battery and Supply-Chain Risk: EV companies depend on batteries, cells, lithium, electronics, and charging infrastructure. Raw material price volatility or import dependence can affect costs and production plans.
• Profitability Pressure: Many EV businesses are still scaling production, distribution, service networks, and technology platforms. This can keep margins under pressure even when sales volumes rise.
• Valuation Risk: EV stocks in India may trade on future growth expectations. If adoption, revenue growth, or profitability is slower than expected, stock prices can remain volatile.

• Business Exposure: EV-linked companies can differ widely. Some are pure EV manufacturers, while others have partial exposure through batteries, components, auto ancillaries, charging infrastructure, or software.
• Sales and Market Share: EV sales trends, segment position, and market share help show how well a company is scaling. In FY25-26, electric two-wheelers formed nearly 58% of total EV sales, making segment-level analysis important.
• Financial Strength: Revenue growth, margins, cash flow, debt levels, and capital expenditure plans matter because EV manufacturing and battery production can be capital-intensive.
• Technology and Supply Chain: Battery technology, localisation, charging compatibility, software capability, and vendor relationships can influence long-term competitiveness.
• Policy and Infrastructure: EV adoption depends on the availability of charging infrastructure, battery manufacturing capacity, subsidies, and regulatory support. India’s battery PLI scheme and PM E-DRIVE remain key policy areas for the sector.