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Best Electric Vehicle Stocks to Invest in India (2024)

Best Electric Vehicle Stocks to Invest in India (2024)
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Amidst rising environmental concerns, India, the third-largest auto market globally, is on an ambitious drive to push EV adoption. The Indian government views electric mobility as a key tool to reduce emissions and improve air quality with its ambitious 30% EV penetration target by 2030. As a result, the electric vehicles market in India has witnessed growth in recent times. Moreover, with favourable policies, such as the Electric Mobility Promotion Scheme (EMPS) 2024 scheme is in place, the electric vehicle stocks in India received a huge boost. 

Let’s understand more about the best electric vehicle stocks in India through this blog. We will also highlight some of the best EV stocks to invest in 2024 and popular electric vehicle smallcases.

What are Electric Vehicle Stocks (India)? 

The full form of EV stock is electric vehicle stocks in India. It encompasses shares of EV companies or stocks related to electric vehicles, which are involved in producing, manufacturing, and distributing electric vehicles, batteries, motors, EV software, and other charging stations.

In addition to having lower fuel costs (or none at all), electric vehicles emit significantly fewer emissions. Thus, this in turn, Investing in electric vehicles also benefits the environment. With the Indian government’s focus on electric mobility, the best EV stocks in India are slowly becoming the mainstream choice for investors. Therefore, if you are interested, here are the best electric vehicle stocks to invest in India.

List of Top Electric Vehicle Stocks in India

The best electric vehicle stocks in India are poised to benefit from the country’s push towards clean energy solutions. Hence, we have listed some of the top EV sector stocks in India with latest EV share prices below.

Top EV CompaniesCategoryMarket Cap (in Cr) Stock Price
HBL Power Systems LtdBatteries₹12,713₹462.50
Ecoplast LtdChemical Commodity₹91₹320.50
Olectra Greentech LtdElectrical Components & Equipments₹15,718₹1,907.95
Servotech Power Systems LtdElectrical Components & Equipments₹1,766₹85.50
JBM Auto LtdAuto Parts₹21,755₹1,818.15
Avance Technologies LtdIT Services & Consulting₹237₹1.26
Tata Motors LtdFour Wheelers₹3,63,323₹1,000.15
Hindustan Copper LtdMining-Copper₹29,963₹307.25
Greaves Cotton LtdMachinery₹3,019₹133.60
Disclaimer: Please note that the above list is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing.

Note: The data on the top EV companies in India is from 1st April 2024. However, for real-time updates on top EV stocks in India visit the smallcase stocks collection today!

Top Electric Vehicles Companies in India – An Overview

Let’s have a look at the best electric vehicle stocks in India down below:

HBL Power Systems Ltd

HBL Power Systems Ltd. is a leading provider of advanced battery and power electronics solutions. It caters to diverse industries globally. With a strong focus on research and development, this small-cap EV stock offers a comprehensive range of products and services. Therefore, this includes batteries for various applications such as automotive, industrial, defence, and telecom sectors. 

Ecoplast Ltd

Ecoplast Ltd. is EV related company which has a strong presence in the production and supply of multilayer polyethylene films. Thus, they have been operating for over 40 years, earning a reputation for high-quality products, innovation, and reliable service.

Olectra Greentech Ltd

Megha Engineering and Infrastructures Ltd is a subsidiary. This EV company in India plays a pivotal role in electric bus manufacturing. One of their bus models, the K9, has a special braking system that saves 30% of energy and charges faster. Also, they are among the only EV related stocks in India that makes Tarmac electric buses for Indian airports.

Servotech Power Systems Ltd

Servotech Power Systems Ltd is a leading provider of power solutions. It specialises in the design, manufacturing, and distribution of a wide range of electrical equipment and systems. This smallcap EV company in India is primarily focused on various projects such as introducing solar panels for charging batteries and photovoltaic (PV) ports, which can complement the growing demand in the electric vehicle industry. The product catalogue of this company includes, Electric Vehicle (EV) Charger, Power & Backup, Light Emitting Diodes (LEDs), and other solar products. The EV Chargers include AC Charger and DC Charger, which can propel increased adoption of the electric vehicles industry in India.

JBM Auto Ltd

JBM stands out as a major player in the electric bus manufacturing sector. Being among the top EV companies in India, this small-cap EV company plays a significant role in producing electric buses and associated components, thereby fostering the development of eco-friendly public transportation in India. Additionally, this electric vehicle stocks in India, JBM Auto serves as a charge point operator. Facilitating the establishment of EV charging infrastructure for cab aggregators in key Indian urban centres.

Avance Technologies Ltd

Avance Technologies Ltd is an India-based information technology (IT) company founded in 1985. Such EV shares specialise in helping businesses grow through a variety of digital marketing and technology solutions. From software development to hardware solutions, Avance Technologies leverages its expertise to deliver high-quality and tailored solutions.

Tata Motors Ltd

This large-cap company is among the best electric vehicle stocks in India. It’s one of the oldest car makers in India. They have three electric car models: Tata Nexon EV Prime, Tata Nexon EV Max, and Tata Tigor EV. This stock has a high price upside, which makes it the best electric vehicle stock to invest in India. If you’re looking for electric car stocks in India, you can explore this stock.

Hindustan Copper Ltd

Hindustan Copper Limited (HCL) is a government-owned enterprise overseen by the Ministry of Mines, Government of India. Established on 9th November 1967, it holds the distinction of being India’s sole entity dedicated to copper ore mining. HCL possesses exclusive mining leases for copper ore and operates as the sole integrated producer of refined copper. Additionally, it operates across three mines, two smelters, and one refinery situated in the Singhbhum Copper Belt of Jharkhand.

Bajaj Auto Ltd

Bajaj Auto Ltd. is one of India’s leading automobile manufacturers, renowned for its motorcycles, scooters, and three-wheeled vehicles. This EV stock is among the top 10 EV companies in India. Through a press release, Bajaj Auto Ltd had announced a new Electric Vehicle manufacturing unit for India with Rs 300 Cr (USD 40 Mn). Regarding the new division, Mr. Rajiv Bajaj, the Managing Director of Bajaj Auto Ltd., has expressed his thoughts. “In 2001, Bajaj 2.0 embarked on a successful journey with the powerful Pulsar; now in 2021, Bajaj 3.0 emerges with the iconic Chetak. Moving ahead, all our research and development efforts are dedicated to crafting electric vehicle solutions.” 

Greaves Cotton Ltd

Greaves Electric Mobility Private Limited (GEMPL), a division of Greaves Cotton Limited (GCL), stands as a prominent figure in India’s electric vehicle (EV) technology sector. Additionally, Greaves Finance Limited, a subsidiary of Greaves Cotton Ltd functioning as a non-banking financial company (NBFC), has forged a partnership with ElectricPe, an EV solutions provider. This collaboration operates through evfin, ElectricPe’s electric vehicle ownership platform, aiming to enhance accessibility to EV ownership. By teaming up, customers of ElectricPe can now benefit from tailored financing solutions provided by Greaves Finance, designed to suit their specific requirements and preferences.

Segments of the EV Sector

The list of electric vehicle (EV) stocks can be categorised into distinct sectors:

Electric Vehicle Producers

These are companies engaged in the design, manufacturing, and sale of vehicles. They are pivotal in the auto industry, producing a variety of vehicles, from traditional gas-powered cars to the evolving electric and hybrid models. Prominent examples include Tesla, which focuses on electric vehicles, as well as established manufacturers like Toyota, Ford, and General Motors. The sector is marked by its continuous pursuit of innovation, technological advancements, and adaptability to meet consumer preferences and environmental regulations.

Battery Producers

These companies are key players in the development and production of electricity storage solutions, supplying batteries for electric vehicles, electronics, and renewable energy systems. Leading firms in this sector include Panasonic, LG Chem, and CATL. With the rising demand for electric vehicles and renewable energy, these manufacturers are critical in advancing battery technology, enhancing energy density, efficiency, and eco-friendliness, thereby contributing to the broader movement towards cleaner energy solutions.

Vehicle Components and EV Software

Manufacturers in this segment produce the essential parts needed for assembling vehicles, from engines to electronics. In the context of EV stocks, companies specialising in EV software are vital for developing software for battery management, energy efficiency, and connectivity. Established component manufacturers like Bosch and Delphi, along with software-centric firms such as NVIDIA and Aptiv, are instrumental in driving the evolution of both traditional and electric vehicles through hardware innovation and the integration of advanced software, shaping the future of mobility.

EV Charging Networks

These networks form the foundational infrastructure that supports the widespread use of electric vehicles, facilitating their adoption. Firms like ChargePoint and Tesla operate extensive networks that provide EV users with convenient access to charging stations. Positioned in urban areas and along major travel routes, these networks play a crucial role in making electric vehicle travel viable over long distances, thereby significantly influencing the adoption of electric vehicles by alleviating concerns over battery range and promoting a shift towards sustainable and environmentally friendly transportation options.

Features of Best EV Stocks in India

Choosing the best EV stock in India depends on your investment goals and risk tolerance. However, some key features to look for include:

  • Strong Financials: The best EV stocks should have a solid track record of profitability and positive cash flow.
  • Market Leadership: The company should be a leader in the Indian EV market, with a strong brand and a wide range of products. The EV sector in India is exponentially growing, with many new players coming up, therefore identifying and adding the market leader to your portfolio can provide you with stability.
  • Growth Potential: The electric vehicle stock company should be well-positioned to take advantage of the growing EV market in India.
  • Experienced Management Team: The electric vehicle stock company should have a management team with experience in the automotive industry and a clear vision for the future.

Who Should Invest in EV Sector Stocks?

EV sector stocks are suitable for investors interested in sustainable technology, and potential long-term growth, and who understand the associated risks. Ensure it aligns with your investment goals and risk tolerance before investing. However, one must evaluate their risk appetite and investment goals before investing in the best electric vehicle stocks or EV stocks India.

How to Choose the Best EV Stocks for Your Portfolio?

To identify the best ev stock for investment, following are the characteristic of the budding ev company in India:

  • Diverse EV Range: Essential to have a wide variety of electric vehicles, including passenger and commercial vehicles, as well as two-wheelers and three-wheelers, to meet the needs of different market segments.
  • Technological Leadership: Key to invest in cutting-edge EV technology, such as advanced battery systems, efficient powertrains, and innovative software for better driving experiences, ensuring safety and performance.
  • Supply Chain and Production: Vital to possess a strong supply chain and flexible manufacturing capabilities for scalable production, ensuring the timely delivery of high-quality electric vehicles.
  • Financial Stability: Important for a company to have solid financials, including revenue growth, profitability, and positive cash flow, enabling ongoing investment in development and expansion.
  • Environmental Commitment: Critical for a company to engage in sustainability efforts, like using renewable energy in manufacturing and reducing carbon footprints, appealing to eco-conscious consumers.
  • Wide Customer Reach: Essential to maintain a broad customer base and extensive service and charging network, promoting customer satisfaction and facilitating the transition to electric vehicles.
  • Global Market Access: Beneficial for a company to have the potential to expand into international markets, leveraging global EV demand for growth and innovation opportunities.

How to Invest in Electric Vehicle (EV) Stocks in India?

The increased adoption of EV has propelled many EV stocks to double-digit growth. With many EV stocks in India riding high with strong momentum, investing in EV stocks India has the potential to become a game-changer. And the best way to add best EV stocks to your portfolio is through a trusted broker account.

Explore Readymade Stock Baskets for Electric Vehicle Stocks India

Electric Vehicles (EVs) are revolutionising the automotive industry, and there’s never been a better time to consider investing in this cutting-edge sector. But with so many EV companies and related stocks out there, finding the right investments can be a daunting task. That’s where smallcases comes in.

Introducing smallcase’s ready-made stock baskets for EVs – your ticket to jump-start your portfolio and tap into the enormous potential of the electric vehicle stocks India portfolio.

Thus, with smallcases, you can invest in multiple stocks with just one click. Further, smallcases portfolios are highly customisable, allowing you to add or remove stocks to suit your investment objectives.

Steps to Follow

Here’s how you can invest in EV stocks smallcases in India:

  • Sign up to create an account on a smallcase website or app and complete the KYC process.
  • Browse the available smallcases on the platform and look for those focused on EVs or renewable energy. Some popular options include the Electric Mobility smallcase or the Green Energy smallcase.
  • After finding an interesting smallcase, click on it to view the stocks in the portfolio and their historical performance.’
  • If you’re satisfied with the smallcase, click the “Invest” button with your preferred broker and enter the amount.
  • You’ll need to link your bank account to complete the transaction. Once you invest, the platform will add the smallcase to your portfolio.
  • Monitor the performance of the electrical vehicle smallcase over time and consider rebalancing your portfolio if necessary.

Electric Mobility smallcase by Windmill Capital

Green Energy smallcase by Niveshaay

However, if you’re confused about which stocks to pick, you can explore smallcases:

  1. smallcases are readymade portfolios of stocks/ETFs, that are based on a theme idea or strategy
  2. They’re created and managed by SEBI-registered experts
  3. smallcase.com offers over 200+ stock portfolios, created by 180+ managers
  4. Some of the popular smallcases among new investors are as follows:

Equity & Gold smallcase by Windmill Capital

Top 100 Stocks smallcase by Windmill Capital

All Weather Investing smallcase by Windmill Capital

Disclosures for aforementioned smallcases

Disclosures for Green Energy smallcase

EV roadmap in Interim Budget 2024-25

The key highlights from the Interim Budget 2024-25 concerning the electric vehicle (EV) sector in India:

  • The budget emphasises strengthening the EV ecosystem by enhancing manufacturing capabilities and expanding charging infrastructure, aiming for a sustainable future​​​​.
  • Finance Minister Nirmala Sitharaman’s initiatives signal a significant push towards making EVs a more viable option for consumers by addressing the current lack of charging points and promoting the manufacturing of electric vehicles​​.
  • The government’s commitment extends to integrating electric buses into public transportation systems and encouraging the use of eco-friendly vehicles to achieve a pollution-free transportation ecosystem by 2030​​.
  • A broader vision for ‘Viksit Bharat’ includes fostering economic policies for growth, facilitating sustainable development, improving productivity, and ensuring energy security, which aligns with the push towards electric vehicles and sustainable transportation​​.
  • The focus is not only on technological and infrastructural advancements but also on creating job opportunities in the EV sector, thereby contributing to India’s technological advancement and economic growth​​.

A Comprehensive Roundup of Indian EV Policies

India has been making significant efforts towards promoting the electric vehicles sector (EVs) as a sustainable mode of transportation. Here is a comprehensive roundup of Indian EV policies:

National Electric Mobility Mission Plan (NEMMP)

The NEMMP was launched in 2013 to promote EV development and adoption in India. The plan aims to achieve national fuel security and reduce vehicular pollution by encouraging hybrid and electric vehicles. The NEMMP plans to invest around Rs. 14,000 cr. to foster R&D efforts and is projected to save 9,500 litres of crude oil.

Faster Adoption and Manufacturing of Electric Vehicles (FAME) Scheme

As part of NEMMP, the government even launched the FAME India scheme. This was to promote hybrid and electric vehicle manufacturing so India becomes completely electrified by 2030. It’s a governmental incentive scheme that focuses on four major areas. These include Technology development, Demand Creation, Pilot Projects, and Creation, Pilot Projects, and Charging Infrastructure.

State EV Policies

State EV policies refer to government policies and regulations implemented at the state level. This is to promote the adoption and usage of electric vehicles (EVs). These policies can vary depending on the state. It may include a range of measures such as financial incentives, regulations, and infrastructure development. Some notable ones include the Maharashtra EV Policy, Delhi EV Policy, Andhra Pradesh EV Policy, Tamil Nadu EV Policy, and Gujarat EV Policy.

Public Charging Infrastructure

Public Charging Infrastructure refers to the network of charging stations. It is related equipment that is publicly accessible and used for charging the electric vehicle sector (EVs). The government has set a target of establishing 69,000 public charging stations for EVs by 2025. To achieve this target, the government is providing financial incentives to companies to set up public charging infrastructure.

Green Urban Transport Scheme (GUTS)

The GUTS was launched in 2018 to promote the adoption of sustainable transport systems in cities. Therefore, the scheme provides financial assistance to state governments to develop urban transport infrastructure, including EV charging infrastructure.

Factors To Consider Before Investing in Electric Vehicle Stocks in India

Here are some of the essential factors to consider before investing in electric vehicle stocks list in india: 

  • Government Policies: The Indian government has been promoting the adoption of EVs through various policies, including subsidies and tax exemptions. Investors should monitor the government’s policies and regulations related to the best EV stocks India, as they can significantly impact the industry’s growth.
  • Market Potential: The electric vehicle market size is huge in India, with a growing middle class and increasing awareness of environmental issues. Investors should assess the stock market potential for EVs in India, as well as the competitive landscape for potential growth.
  • Check M&A’s (Mergers & Acquisitions): Mergers and acquisitions, or M&A, refer to combining two or more companies into one. Thus, an investor must search and pay extensive attention to these companies before making an investment decision.

What are the Benefits of Electric Vehicle (EV) Stock Portfolios?

EV stock portfolios in India offer several benefits, including:

  • Exposure to a Growing Market: Top EV stocks India provide investors with an opportunity to invest in a growing market. A report by BloombergNEF predicts that EVs will comprise 31% of global passenger vehicle sales by 2030.
  • Diversification: Electric vehicle stock portfolios in India offer diversification benefits for you. Thus, diversify risk across different industries like renewable energy, EV battery stocks, manufacturing, and charging infrastructure. You can also invest in electric vehicle battery stocks and EV charging station stocks in India.
  • Potential for High Returns: The electric vehicle growth in India could potentially translate into high returns for investors. As demand for EVs increases, companies with electric vehicle stocks in India could see their stock prices rise.
  • Environmental Benefits: Investing in electric mobility stocks can also have ecological benefits. By supporting companies involved in the development and production of EVs, you can accelerate the transition to a low-carbon transportation system.
  • Favourable Government Policies: Governments worldwide are offering incentives and subsidies to promote the adoption of electric vehicles. Therefore, this supports the growth of the electric mobility industry.
  • Innovation and Technology: Electric vehicle stocks in India are still relatively new, and there is significant room for innovation and technological advancements, providing potential for future growth.

To Wrap It Up…

To conclude, electric vehicle stocks in India present an exciting possibility for an investment opportunity. Thus, investing in the top EV stocks portfolio may allow investors to gain exposure and potentially reap high returns. 

If you don’t want to miss out on the opportunity to be a part of the electric vehicle (EV) revolution, smallcase is here to help you. Take the first step toward a more sustainable and profitable future with smallcase today! Happy Investing!


1. What are the best electric vehicle stocks should I buy?

The 5 best EV company shares in India are as follows: 
1. HBL Power Systems Ltd
2. Ecoplast Ltd
3. Olectra GreenTech Ltd
4. Servotech Power Systems Ltd
5. JBM Auto Ltd

Note: This information is provided for educational purposes and is not intended as a recommendation or endorsement.

2. How can I invest in electric vehicle stocks in India?

To invest in electric vehicle stocks in India, research and identify promising companies in the EV sector listed on Indian stock exchanges, open a Demat account, & then use a brokerage platform to buy stocks. Additionally, one can also invest in an electric vehicle stocks portfolio via smallcase to avoid any hassle.

3. Will electric vehicle stocks be successful in India?

Yes, electric vehicle stocks in India or EV stocks India are likely to be successful in India. The country has a large population and a growing middle class, both could drive demand for EVs. However, investors must evaluate this risk appetite and investment goals before investing in EV stocks in India.

4. Is it a good time to invest in EV stocks in India? 

The timing to invest in EV (Electric Vehicle) stocks depends on your financial goals, risk appetite and market conditions. Evaluate the EV sector stocks growth prospects, and company performance, and consider seeking advice from financial experts for personalised guidance.

5. What are some Indian companies involved in electric vehicle production?

A number of Indian companies are actively investing in the electric vehicle (EV) sector. Key players include Tata Motors with their Nexon EV, Mahindra & Mahindra with their electric models, and Bajaj Auto, which is exploring electric options. These companies are at the forefront of shaping the future of electric mobility in India through significant investment and innovative approaches.

6. What makes electric vehicles more costly in India?

The higher price tag of electric vehicles (EVs) in India can be attributed to several factors. These include the high cost of batteries, limited local manufacturing, import taxes on various components, and the absence of sufficient government incentives. Together, these factors contribute to the higher initial purchase price, making EVs less accessible to a broad segment of the Indian population.

7. Who are the manufacturers of electric vehicles in India?

India’s electric vehicle (EV) market sees contributions from several manufacturers. Notable among them are Tata Motors, known for the Nexon EV; Mahindra & Mahindra, with offerings like the eVerito; Bajaj Auto; and Ola Electric. These companies are playing a pivotal role in advancing the EV sector in India, introducing a range of electric vehicles to cater to the growing demand.