Best Electric Vehicle Stocks to Invest in India (2024)

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 in place, the electric vehicle shares in India received a huge boost. In this blog, we will understand more about the best electric vehicle stocks in India, the features of the best EV stocks, and how to invest in them.

Top Electric Vehicle Stocks in India Based on 1-Yr Return

Stock Name	Sub-Sector	Market Cap (in cr)	Share Price	1Y Return (%)
Hindustan Copper Ltd	Mining - Copper	₹35,934.61	₹337.3	196.78
JBM Auto Ltd	Auto Parts	₹23,252.116	₹2147.6	167.69
Himadri Speciality Chemical Ltd	Commodity Chemicals	₹17,269.79	₹337.5	157.04
Exide Industries Ltd	Batteries	₹40,353.75	₹527.85	149.04
Amara Raja Energy & Mobility Ltd	Batteries	₹22,148.81	₹1,277.5	106.53
Mahindra and Mahindra Ltd	Four Wheelers	₹3,09,045.91	₹2,699.85	91.31
Hero MotoCorp Ltd	Two Wheelers	₹1,02,330.74	₹5,534.25	90.52
Tata Motors Ltd	Four Wheelers	₹3,52,184.76	₹938.25	68.82
Hindalco Industries Ltd	Metals - Aluminium	₹1,50,601.96	₹677.5	63.03
Vedanta Ltd	Metals - Diversified	₹1,70,976.94	449.9	58.86

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 in this EV stocks list including the electric vehicle share price, is from 5th June 2024. This data is derived from Tickertape Stock Screener.

🚀 Pro Tip: Utilise Tickertape’s Stock Screener to screen the list of top stocks amongst 5,000+ available stocks using 200+ filters.

Overview of the Top Electric Vehicle Companies in India (2024)

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

Hindustan Copper Ltd

Hindustan Copper Limited 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. As of 5th June 2024, the market capitalisation of this midcap electric vehicle stock is Rs. 35,934 cr.

JBM Auto Ltd

JBM stands out as a major player in the electric bus manufacturing sector. Being among the small-cap electric vehicle stocks, this 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, JBM Auto, an electric vehicle company in India,  serves as a charge point operator. As of 5th June 2024, the company’s market capitalisation is Rs. 2,186.44. Furthermore, the revenue has grown at a yearly rate of 18.58%, higher than the industry average of 8.3%, over the past five years.

Himadri Speciality Chemical Ltd

Himadri Speciality Chemical Limited is a global speciality chemical conglomerate with a strong focus on research and development (R&D), innovation, and sustainability. The company is a pioneer in the production of lithium-ion battery anode material in India and has a diverse product portfolio that includes speciality carbon black, coal tar pitch, refined naphthalene, new energy materials, SNF, speciality oils, power, and more. As of 5th June 2024, the company’s market capitalisation is Rupees 17,269 cr. Over the past five years, the company’s revenue has grown at a yearly rate of 15.61%, higher than the industry average of 13.56%. Furthermore, the company’s market share has also increased from 2.7% to 2.82% during the same period.

Exide Industries Ltd

Exide Industries Limited is one of the most well-known battery stocks in India. The company offers a diverse range of batteries, catering to various sectors such as automobiles, power, telecom, infrastructure projects, computer industries, railways, mining, and defence. As of 5th June 2024, the company has a market capitalisation of Rs. 40,353 cr. Over the past five years, the debt-to-equity ratio has been 4.32%, lower than the industry average of 8.56%.

Amara Raja Energy & Mobility Ltd

Amara Raja Batteries Limited is the flagship company of the Amara Raja Group. It is a leading manufacturer of lead-acid storage batteries for industrial and automotive applications in India. It is a preferred supplier to major telecom service providers, telecom equipment manufacturers, the UPS sector, Indian Railways, and industries like power, oil, and gas. The company’s market capitalisation is Rs. 40,353 cr. as of 5th June 2024. Furthermore, over the past five years, the stock’s debt-to-equity ratio has been 4.32%, lower than the industry average of 8.56%.

Mahindra and Mahindra Ltd

Mahindra & Mahindra Ltd is a multinational Indian automobile manufacturing company headquartered in Mumbai, Maharashtra. Established in 1945, the company has grown to become a leading player in the automotive and farm equipment sectors. The company’s diverse product portfolio includes SUVs, multi-utility vehicles, pickups, tractors, and two-wheelers, as well as farm equipment and other industrial products. This electric vehicle stock has a market capitalisation of Rs. 3,09,045 cr. Over the past five years, the company’s revenue has grown at a yearly rate of 5.65%, higher than the industry average of 4.68%. During the same period, the company’s market share also increased from 20.03% to 20.81%. 

Hero MotoCorp Ltd

Hero MotoCorp is a renowned Indian multinational motorcycle and scooter manufacturer headquartered in Delhi. The company includes a range of motorcycles and scooters across various segments, from entry-level commuters to premium performance bikes. As of 5th June 2024, the company’s market capitalisation is Rs. 1,02,330 cr. Over the last five years, the debt-to-equity ratio has been 3.28%, vs the industry average of 23.91%. Furthermore, the company’s current ratio has been 183.26%, higher than the industry average of 137.73%. 

Tata Motors Ltd

Tata Motors Limited is an Indian multinational automotive company headquartered in Mumbai, India. It is part of the Tata Group and is one of the largest automobile companies in India. Founded in 1945, 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. As of 5th June 2024, the market capitalisation of this large-cap company is Rs. 3,52,184 cr. and is 1.97x as volatile as Nifty. The stock’s PE Ratio is 11.22 and the PB Ratio is 3.78. Thus, if you’re looking to invest in electric car stocks in India, you can explore this stock.

Hindalco Industries Ltd

Hindalco Industries Ltd is a leading aluminium and copper manufacturing company in India. It is a subsidiary of the Aditya Birla Group. As of 5th June 2024, this largecap company has a market capitalisation of Rs. 1,50,601 cr and is 2.34x as volatile as Nifty. Over the past five years, the company’s revenue has grown at a yearly rate of 13.64%, higher than the industry average of 12.97%. Furthermore, during the same period, the company’s market share increased from 89.99% to 92.51%. 

Vedanta Ltd

Vedanta Ltd. is a diversified natural resources company operating in India. It has a strong presence in the mining and metals sector, with interests in aluminium, copper, zinc, lead, silver, and iron ore. As of 5th June 2024, Vedanta Ltd has a market capitalisation of Rs. 1,70,976 cr. and is 2.76x as volatile as Nifty. Over the past five years, revenue has grown at a yearly rate of 8.12%, vs the industry average of 8.09%. Furthermore, the company’s net income has grown at a yearly rate of 0.44%, vs the industry average of -0.26%.

Invest in the Best Electric Vehicles Stocks Selected By SEBI-Registered Analysts

Did you know that you can invest in readymade electric vehicle stock portfolios managed by SEBI-registered experts? These portfolios, known as smallcases, offer a convenient way to gain exposure to the growing EV sector in India.

smallcases are curated baskets of stocks or ETFs that are based on a specific theme or investment strategy. They are created and managed by SEBI-registered professionals.

Among 500+ smallcases, here’s the top electric vehicle smallcase:

Electric Mobility smallcase by Windmill Capital

Green Energy smallcase by Niveshaay

• Disclosures for Electric Mobility smallcase
• Disclosures for Green Energy smallcase

What are Electric Vehicle Stocks?

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 produce, manufacture, and distribute 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, in turn, Investing in electric vehicles also benefits the environment. With the Indian government’s focus on electric mobility, the best EV shares 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.

Features of Best EV Stocks in India

Choosing the best EV stock in India depends on your investment goals and risk tolerance. However, some of the key features are as follows: 

• Strong Financials: The best EV stocks should have a solid track record of profitability and positive cash flow.
• Market Leadership: The company should lead 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 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.

Segments of the EV Sector

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

Electric Vehicle Producers

These companies are engaged in designing, manufacturing, and selling vehicles. They are pivotal in the auto industry, producing various vehicles, from traditional gas-powered cars to the evolving electric and hybrid models. Prominent examples include Tesla, which focuses on electric vehicles, and 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 developing and producing 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 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. Thus, they significantly influence the adoption of electric vehicles by alleviating concerns over battery range and promoting a shift towards sustainable and environmentally friendly transportation options.

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 shares allow investors 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. Thus, risk can be diversified across 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: India’s electric vehicle growth could 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 developing and producing 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, which 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.

How to Choose the Best EV Stocks for Your Portfolio?

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

• Diverse EV Range: To meet the needs of different market segments, a wide variety of electric vehicles, including passenger and commercial vehicles, as well as two-wheelers and three-wheelers, is essential.
• Technological Leadership: It is key to invest in cutting-edge EV technology, such as advanced battery systems, efficient powertrains, and innovative software, to improve driving experiences and ensure safety and performance.
• Supply Chain and Production: A strong supply chain and flexible manufacturing capabilities are vital for scalable production, ensuring the timely delivery of high-quality electric vehicles.
• Financial Stability: Solid financials, including revenue growth, profitability, and positive cash flow, are important for a company, enabling ongoing investment in development and expansion.
• Environmental Commitment: These EV stocks, including penny stocks, can appeal to eco-conscious consumers, a company must engage in sustainable efforts, such as using renewable energy in manufacturing and reducing carbon footprints.
• Wide Customer Reach: Maintaining a broad customer base and extensive service and charging network is essential, promoting customer satisfaction and facilitating the transition to electric vehicles.
• Global Market Access: It is 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 EVs 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. To invest in electric vehicle stocks in India:

1. Research and identify promising companies in the EV sector listed on Indian stock exchanges. Investors can utilise the Tickertape Stocks Screener to do this by taking a look at their 200+ filters. 

2. Open a demat account using smallcase, and you can directly invest in the best EV stocks in India. 

3. Place a ‘Buy’ order on the EV stocks of your choosing and monitor your investments. 

4. One can also invest in an electric vehicle stocks portfolio via smallcase, which are managed by SEBI-registered analysts.

Who Should Invest in EV Sector Stocks?

Considering the growth prospect of the electric vehicle (EV) sector, individuals looking for long-term growth opportunities should explore the best electric vehicle company shares in India. Moreover, investors who are more inclined towards safeguarding the environment and supporting sustainable energy solutions should explore the best EV stocks in India. However, one must evaluate their risk appetite and investment goals before investing in India’s best electric vehicle stocks or EV stocks.

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 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 to promote 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 that India becomes completely electrified by 2030. It’s a governmental incentive scheme that focuses on four major areas: Technology development, Demand Creation, Pilot Projects, and Charging Infrastructure.

State EV Policies

State EV policies refer to government policies and regulations implemented at the state level to promote the adoption and usage of electric vehicles (EVs). These policies can vary depending on the state and 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 electric vehicles (EVs). The government has set a target of establishing 69,000 public charging stations for EVs by 2025. The government provides financial incentives to companies to set up public charging infrastructure to achieve this target.

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 in developing 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 in India, as they can significantly impact the industry’s growth.
• Market Potential: The electric vehicle market 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 and 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.

To Wrap It Up…

To conclude, The electric vehicle (EV) industry has been gaining momentum in recent years, driven by government incentives and increasing consumer demand. As the world transitions towards a more sustainable future, EV stocks are poised to play a significant role in this shift. Thus, investing in the top EV stocks portfolio may allow investors to gain exposure and potentially reap high returns.

Frequently Asked Questions on Electric Vehicle Stocks