Top Electric Vehicle Stocks in India (2026)

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.

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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.

• EV Market Scope: India’s EV sector includes electric two-wheelers, three-wheelers, passenger vehicles, buses, charging infrastructure, batteries, auto components, and mobility technology.
• FY26 EV Sales: In FY 2025-26, India sold 25,50,865 electric vehicles across categories, with EVs accounting for 8.64% of total vehicle sales.
• 2W and 3W Adoption: Electric two-wheelers and three-wheelers lead adoption due to lower running costs, urban commuting demand, last-mile delivery, and fleet usage.
• Policy Support: The sector is supported by the PM E-DRIVE scheme, with a ₹10,900 cr outlay for electric mobility and charging infrastructure.
• EV Supply Chain: Battery manufacturing, charging networks, power electronics, motors, and auto components are becoming important parts of India’s EV supply chain.

• Rising Penetration: EV penetration in India increased from 0.7% in FY20 to 8.2% in FY26, expanding demand across vehicle manufacturers, batteries, motors, electronics and charging infrastructure.
• Policy Support: The ₹10,900 cr PM E-DRIVE scheme supports electric two-wheelers, three-wheelers, buses, trucks and charging infrastructure, creating policy-backed demand across several parts of the EV ecosystem.
• Charging Expansion: India had 52,718 public charging stations by July 2026, including 16,561 fast chargers for cars, supporting broader EV usability and related infrastructure businesses.
• Battery Manufacturing: The ACC battery PLI scheme has an outlay of ₹18,100 cr and targets 50 GWh of domestic capacity, supporting localisation across cells, packs, and battery materials.
• Wider EV Demand: PM E-DRIVE had supported 22.12 lakh EV sales by January 2026, including 19.19 lakh electric two-wheelers and 2.93 lakh electric three-wheelers.

• Policy Dependence: EV demand remains influenced by subsidies and government schemes. Changes in incentive rates, eligibility, or implementation timelines can affect vehicle affordability, sales, and manufacturers’ economics.
• Capital Intensity: Battery plants, charging networks and EV manufacturing require substantial investment, making debt, capacity utilisation and execution delays important financial risks across the sector.
• Technology Shifts: Battery chemistry, charging standards, and vehicle platforms continue to evolve, which can require repeated investment and reduce the competitiveness of older technologies or manufacturing assets.
• Charging Gaps: Charging infrastructure has expanded, but network availability remains uneven. Delays in station deployment or weak utilisation can affect charging businesses and slow adoption in some regions.
• Margin Pressure: Competition among OEMs can lead to discounting and higher marketing costs, while battery, electronics, and raw material prices can put additional pressure on vehicle-level profitability.

• Business Exposure: EV stocks can include OEMs, battery manufacturers, auto-component suppliers and charging companies, so revenue drivers and operating risks differ significantly across individual businesses.
• EV Sales Mix: The share of electric vehicles within a company’s total sales provides context on actual EV exposure rather than relying solely on future capacity or product announcements.
• Battery Strategy: Cell sourcing, localisation, battery chemistry and recycling capabilities affect cost structures. India’s ACC PLI programme targets 50 GWh of domestic battery manufacturing capacity.
• Charging Access: Public charging availability influences adoption, particularly for four-wheelers. India had 52,718 public stations by July 2026, but geographic coverage and utilisation remain important considerations.
• Financial Position: Debt, capital expenditure, cash flows, and capacity utilisation provide context for whether EV expansion is translating into sustainable operating performance rather than merely increasing investment requirements.