Top 17 Best EV Stocks in India 2023 – Electric Vehicle Sector Analysis and Opportunities

In a world more cognizant of its ecological footprint than ever, a seismic shift is powering India’s automotive industry. In this article, let’s deep dive into the best EV Stocks in India and look at which stocks are at the forefront of driving the EV Boom.

India is on a fast track to embracing electric vehicles (EVs), fueled by a combination of supportive government policies, evolving consumer behavior, and groundbreaking technological innovations.

According to RBSA Advisors, the Indian EV market is forecast to balloon to a whopping USD 150 billion by 2030, underscoring the country’s potential to emerge as one of the world’s leading EV markets.

But what does this electrifying trajectory mean for investors? Let’s plug into the vibrant world of the Best EV stocks in India and assess their investment potential.

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List of Best EV Stocks in India

Here are the details of the best EV stocks in India:

Please note that this information is for educational purposes, and the securities quoted here are only exemplary and not recommendatory. Always do your own research before investing in any stocks.

Before we deep dive into the best EV stocks in India, let’s understand what is driving the EV Push.

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India’s Policy-driven Acceleration in EV Space

India’s EV adoption is supercharged by robust governmental support, both at the central and state levels.

This includes schemes like FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles), which subsidizes EV purchases and promotes the development of charging infrastructure.

These initiatives are designed to encourage a local manufacturing ecosystem for EV components and advanced chemistry cell (ACC) batteries, significantly boosting the prospects of EV-focused companies and, by extension, their stocks.

Evolving Consumer Preferences

A shift in consumer behavior is a significant tailwind for the EV industry. The two-wheeler segment leads the EV market, comprising over 80% of total EV sales in India.

These electric two-wheelers offer an affordable, efficient, and eco-friendly solution to urban congestion and pollution.

Similarly, the growing popularity of electric three-wheelers like rickshaws and auto-rickshaws reinforces this trend, offering sustainable last-mile connectivity options.

While the four-wheeler segment is in its infancy, it’s set to grow exponentially as more models hit the market and charging infrastructure improves.

This shift in consumer preferences opens up a plethora of investment opportunities in companies specializing in two-wheeler, three-wheeler, and four-wheeler EVs.

Technological Innovations in EV Space

Disruptive innovation is driving India’s EV revolution. Emerging startups and established entities are creating cutting-edge products, services, and business models that cater to a diverse market.

From battery-swapping technology and smart charging solutions to Vehicle-to-Grid (V2G) technology and Mobility-as-a-Service (MaaS) platforms, these innovations pave the way for sustainable mobility.

Such advancements hold promise not only for companies creating these technologies but also for investors ready to back these revolutionary ideas.

Now Let’s do a deep dive into the Best EV stocks in India.

Mercury EV-Tech in the Electric Vehicle Space

Mercury EV-Tech is an Indian company that develops custom electric vehicles for a range of applications in hospitality, industry, golf courses, clubs, and resorts. The company has made significant strides in the electric vehicle space.

In May 2023, Mercury EV-Tech announced plans to set up a new R&D facility and expand its battery manufacturing capabilities.

This move indicates the company’s commitment to advancing its technological capabilities in the electric vehicle market.

In June 2023, the company’s subsidiary, Powermetz Energy Private Limited, received AIS-156 Phase-II certification.

This certification is a testament to the company’s capability to develop Lithium-Ion Phosphate (LiFePo4) battery packs for Ultra High-Speed 2W electric vehicles.

In April 2023, Powermetz Energy secured a major order worth Rs. 1,100 million to supply electric vehicle components.

This order signifies the company’s growing presence in the electric vehicle market.

Mercury EV-Tech’s commitment to the electric vehicle space is evident in its strategic moves and product launches.

Looking at the returns given by Mercury EV-Tech, it is one of the Best EV Stocks in India.

JBM Auto in the Electric Vehicle Space

JBM Auto, part of the JBM Group, is an Indian company that has made significant strides in the electric vehicle space. The company has officially ventured into the EV space and formed a new company, JBM Ecolife Mobility.

JBM Ecolife Mobility will manufacture nine and 12-meter electric buses equipped with fast-charging batteries from Microvast, which can run up to 300 km daily.

In addition to this, JBM Auto has announced the acquisition of a 51 percent stake in JBM Green Energy Systems and JBM EV Industries through its subsidiary.

JBM’s ECOLIFE is a zero-emission vehicle (ZEV) as it is powered by lithium batteries, which are equipped with fast charging solutions and run 150-200 km in 10-15 minutes of charging.

The company had recently partnered with various entities to expand electric charging infrastructure for e-buses.

In April 2023, JBM Group launched the JBM ECOFUEL – ELECTRIC VEHICLE CHARGING NETWORK, further bolstering its commitment to the EV space.

With over 1000 JBM electric buses already on the roads, these new launches will further bolster JBM Group’s vision of making India the EV capital of the world.

JBM Auto’s commitment to the electric vehicle space is evident in its strategic moves and product launches.

Olectra Greentech in the Electric Vehicle Space

Olectra Greentech is an Indian company that is making significant strides in the electric vehicle space. The company is known for its development of custom electric vehicles, particularly buses.

In December 2021, Olectra Greentech announced plans to set up India’s biggest electric bus factory with a capacity of 10,000 units.

The new facility, which is set to be established with an investment of more than Rs 600 crore, is spread over 150 acres. Apart from buses, Olectra Greentech is also focusing on other electric vehicles.

In a joint venture with Etrio, another EV player, Olectra has won an order for 5,600 electric three-wheelers through state-run Convergence.

This order signifies the company’s growing presence in the electric vehicle market.

Olectra Greentech’s commitment to the electric vehicle space is evident in its strategic moves and product launches.

HBL Power Systems in the Electric Vehicle Space

HBL Power Systems is an Indian company known for its deep expertise in battery manufacturing. The company has made significant strides in the electric vehicle space.

HBL Power Systems offers a range of renewable energy products and value-added solutions. The company’s products have found applications in electric vehicles that have been in existence for more than 100 years, primarily powered by lead-acid batteries.

In addition to its existing product line, HBL Power Systems has big plans for the future. The company is expecting a significant turnover from its TCAS and TMS solutions.

HBL’s Electric Drive Trains are specially designed to be retrofitted to replace the engines and associated components in existing commercial vehicle chassis.

According to reports, HBL Power is the second-largest manufacturer of nickel-Cadmium batteries in the world and the only company in India to use this technology. This positions HBL Power Systems as a key player in the electric vehicle space, both in India and globally.

HBL Power Systems’ commitment to the electric vehicle space is evident in its strategic moves and product launches.

Tata Motors in the Electric Vehicle Space

Tata Motors, a leading Indian automotive manufacturing company, has been making significant strides in the electric vehicle space.

The company has unveiled electric versions of the Tata Indica passenger car powered by TM4 electric motors and inverters, as well as the Tata Ace commercial vehicle, both of which run on lithium batteries and were launched in 2022.

In 2008, Tata Motors’ UK subsidiary, Tata Motors European Technical Centre, bought a 50.3% holding in electric vehicle technology firm Miljbil Grenland/Innovasjon of Norway for US$1.93 million and planned to launch the electric Indica hatchback in Europe the following year.

In December 2019, Tata Motors unveiled the Nexon EV, an SUV with a 30.2 KWh lithium-ion battery and a consistent range of 312 km on a single charge.

It is also equipped with fast charging technology, which can charge the vehicle from 0% – 80% in 60 minutes.

Tata Passenger Electric Mobility is a subsidiary that produces electric cars under the brand name Tata Motors.

The list of Tata electric vehicles includes the Tata Nexon EV, Tata Tigor EV, Tata Altroz EV, Tata Tiago EV, and Tata Ace EV.

Tata Motors’ commitment to the electric vehicle space is evident in its strategic moves and product launches.

Tata Motors is not only contributing to the growth of the EV market in India but is also playing a significant role in the global EV industry.

Tata Power in the Electric Vehicle Space

Tata Power, an Indian electric utility company and part of the Tata Group has been a significant player in the electric vehicle (EV) charging space.

The company has been at the forefront of providing EV charging solutions across every nook and corner of the country, with charging solutions for homes, workplaces, fleet stations, public locations, and commercial junctions like e-bus charging depots.

In January 2023, Tata Power announced a nationwide plan to set up 25,000 electric vehicle (EV) charging points across the country.

The company provides over 3,600 public/semi-public chargers and 23,500+ residential chargers. Tata Power plans to become the leading EV charging network provider in India with over 1 lakh chargers installed by 2026.

Tata Power’s commitment to the electric vehicle space is evident in its strategic moves and product launches.

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As of 2023, Tata Motors is one of the Best EV Stocks in India.

TVS Motor Company in the Electric Vehicle Space

TVS Motor Company, commonly known as TVS, is an Indian multinational motorcycle manufacturer headquartered in Chennai.

It is the third-largest motorcycle company in India in terms of revenue, with annual sales of three million units and an annual production capacity of over four million vehicles.

TVS Motor Company is also the second largest two-wheeler exporter in India with exports to over 60 countries.

In the electric vehicle space, TVS has made significant strides. The company launched its first electric scooter, the TVS iQube Electric, in January 2020.

The iQube Electric is equipped with a 4.4 kW electric motor and has a top speed of 78 km/h. It can travel 75 km on a single charge and comes with features like a TFT display, TVS SmartXonnect technology, LED headlamp, and a USB charging port.

In addition to the iQube Electric, TVS has also launched the TVS Creon, a performance-oriented electric scooter concept.

The Creon features a 12 kW electric motor that can accelerate from 0 to 60 km/h in under 5.1 seconds. It also comes with a range of 80 km and can be charged to 80% in just 60 minutes.

TVS Motor Company’s commitment to the electric vehicle space is evident in its product launches and strategic moves.

Ashok Leyland in the Electric Vehicle Space

Ashok Leyland is an Indian multinational automotive manufacturer, headquartered in Chennai. It is owned by the Hinduja Group and was founded in 1948 as Ashok Motors, which later became Ashok Leyland in 1955.

The company is the second-largest manufacturer of commercial vehicles in India, the third-largest manufacturer of buses in the world, and the tenth-largest manufacturer of trucks.

In the electric vehicle space, Ashok Leyland launched India’s first electric bus and Euro 6-compliant truck in 2016. In June 2020, Ashok Leyland launched its new range of modular trucks, AVTR.

In September 2020, Ashok Leyland launched the Bada Dost based on its indigenously developed LCV platform called Phoenix.

Ashok Leyland has also developed hythane engines in association with the Australian company Eden Energy. Ashok Leyland developed a 6-cylinder, 6-liter (370 cu in) 92 kW (123 hp) BS-4 engine that uses hythane (H-CNG,) which is a blend of natural gas and around 20% of hydrogen.

In 2016, the company launched the country’s first indigenously produced fully electric bus, called Circuit.

The bus is a zero-emission vehicle that can run 120 km on a single charge and has an alert system that can signal if the bus is low on power.

Power Grid Corporation of India in the Electric Vehicle Space

Power Grid Corporation of India Limited is an Indian central public sector undertaking under the ownership of the Ministry of Power, Government of India.

It is engaged mainly in the transmission of bulk power across different states of India. Power Grid transmits about 50% of the total power generated in India on its transmission network.

While the Power Grid Corporation of India’s primary role is not directly related to electric vehicles, the company plays a crucial role in the EV ecosystem.

The company’s robust power transmission network is vital for the operation of EV charging stations across the country.

The availability of a reliable power supply is a key factor in the adoption of electric vehicles, and Power Grid Corporation of India’s infrastructure plays a significant role in ensuring this.

Power Grid Corporation of India has also diversified into the telecom sector for efficient use of its spare telecommunication capacity of unified load dispatch center (ULDC) schemes and also leverages its country-wide transmission infrastructure.

This diversification could potentially be leveraged to support the communication needs of a smart EV charging network in the future.

While the company’s involvement in the electric vehicle space is not as pronounced as some other companies, Power Grid Corporation of India’s strong infrastructure and diversification efforts position it well to support the growth of the EV market in India.

Bajaj Auto in the Electric Vehicle Space

Bajaj Auto Limited is an Indian multinational automotive manufacturing company based in Pune. It manufactures motorcycles, scooters, and autorickshaws.

Bajaj Auto is a part of the Bajaj Group and is the world’s third-largest manufacturer of motorcycles and the second-largest in India. It is also the world’s largest three-wheeler manufacturer.

In the electric vehicle space, Bajaj Auto made a significant move by launching its first electric scooter, the Chetak, in India in January 2020.

The Chetak marked Bajaj Auto’s entry into the electric vehicle market. In December 2021, Bajaj announced an investment of ₹300 crore to build an electric vehicle production facility in Pune.

According to the company, the plant would be able to produce 500,000 electric vehicles (EVs) each year, catering to both domestic and international markets.

Bajaj Auto’s commitment to the electric vehicle space is evident in its strategic moves and product launches.

Samvardhana Motherson International in the Electric Vehicle Space

Samvardhana Motherson International Ltd. (formerly known as Motherson Sumi Systems Ltd) is an Indian manufacturer of wiring harnesses, plastic components, and rearview mirrors for passenger cars.

The company was established in 1986 as a joint venture with the Sumitomo Group of Japan.

While the company’s primary focus is not on electric vehicles, Samvardhana Motherson has shown interest in the EV space.

The company’s products include wiring harnesses (electrical distribution systems), rearview mirrors, moulded plastic parts including car interior and exterior parts, bumpers, dashboards, and door trims, complete polymer modules, rubber components for automotive and industrial applications, high precision machined metal parts, and injection moulding tools.

Samvardhana Motherson has made several acquisitions over the years, expanding its capabilities and reach in the automotive industry.

These acquisitions include global rearview mirror business Visiocorp, German interior and exterior polymer modules maker Peguform, wiring harness business of Stoneridge Inc, Finnish electrical distribution systems manufacturer PKC Group,

French interior components maker Reydel Automotives, and Bombardier Transportation’s UK electrical component and systems business.

While the company’s involvement in the electric vehicle space is not as pronounced as some other companies, Samvardhana Motherson’s diverse portfolio and strong financial performance position it well to make further inroads into the EV market in the future.

Exide Industries in the Electric Vehicle Space

Exide Industries Ltd is an Indian multinational storage battery manufacturing company, headquartered in Kolkata.

It is the largest manufacturer of automotive and industrial lead-acid batteries in India and the fourth largest in the world. The company has plants in India and Sri Lanka and a dealership network in 46 countries spanning 5 continents.

While Exide Industries’ primary focus is not directly on electric vehicles, the company plays a crucial role in the EV ecosystem.

As a leading battery manufacturer, Exide Industries provides the essential power storage solutions that electric vehicles require.

The company’s products include a wide range of batteries for various applications, including automotive, motorcycle, VRLA, telecom, UPS, railways, and defense.

Exide Industries’ commitment to research and development is also noteworthy. The company’s R&D work focuses on various facets of lead-acid battery technology, including the development of new products, process technology aimed at improving product quality and consistency, production efficiency, and material utilization.

The company also focuses on improving and indigenizing materials such as metals, alloys, and plastics.

While the company’s involvement in the electric vehicle space is not as pronounced as some other companies, Exide Industries’ strong infrastructure and commitment to innovation position it well to support the growth of the EV market in India and globally.

Dominance in the battery segment makes Exide Industries one of the Best EV Stocks in India.

Hero MotoCorp in the Electric Vehicle Space

Hero MotoCorp Limited, formerly known as Hero Honda, is an Indian multinational motorcycle and scooter manufacturer headquartered in New Delhi.

It is the world’s largest two-wheeler manufacturer and has a significant market share in the Indian two-wheeler industry.

In the electric vehicle space, Hero MotoCorp has made strategic investments. The company has invested in Ather Energy, a start-up company manufacturing electric scooters.

Hero MotoCorp’s investment has grown to 34.58% since 2016, indicating a strong interest in the electric vehicle market.

While Hero MotoCorp’s primary products are not electric vehicles, the company’s investment in Ather Energy and its strong position in the two-wheeler market suggest that it is well-positioned to contribute to the growth of the electric vehicle market in the future.

Hero MotoCorp is one of the promoters of Ather Energy, which is a highly popular EV start-up.

Dominance in the two-wheeler market coupled with investment in startups make Hero MotoCorp one of the Best EV Stocks in India.

Amara Raja Batteries in the Electric Vehicle Space

Amara Raja Batteries Ltd is an Indian company known for its automotive battery brand Amaron, the second largest selling automotive battery brand in India after Exide Industries. The company is headquartered in Hyderabad.

In the electric vehicle space, Amara Raja Batteries has charted out a roadmap to invest in Giga factories for manufacturing Li cells and offer battery pack and EV charging solutions.

The company is all charged up about the prospects of the electric vehicle (EV) segment and is gearing up to invest significantly in this space.

In August 2021, the company announced plans to invest $1 billion in a ‘Gigafactory’ for manufacturing electric vehicle components.

The $1.3-billion group will invest around Rs 7,000 crore in lithium-ion while continuing its focus on traditional lead acid batteries.

Amara Raja states its lithium battery packs for three-wheeler applications (7.5 KWH to 8.5 KWH) along with off-board chargers (2KW and 3KW) have received safety certification.

With this latest investment in InoBat, Amara Raja aims to gain a key foothold in the European EV ecosystem, where multiple battery manufacturing facilities are being set up.

Amara Raja Batteries’ commitment to the electric vehicle space is evident in its strategic moves and product launches.

Sona BLW Precision and Forgings in the Electric Vehicle Space

Sona BLW Precision Forgings Ltd., also known as Sona Comstar, is an Indian auto component maker.

The company provides components for electrified and non-electrified powertrain segments and is a key beneficiary of the shift toward electric vehicles.

Sona BLW’s growth is expected to be driven by electric vehicles. The company has already attained a leading position in the electric vehicle space.

In 2023, Sona BLW collaborated with Equipmake to bring next-generation electric powertrains to cars, buses, and commercial vehicles.

In 2022, Sona BLW announced plans to invest Rs 1,000 crore in setting up new production capacities that will make components for electric vehicles.

The company has a robust order book, which is expected to protect it from the slowdown in the automotive industry.

Sona BLW’s commitment to the electric vehicle space is evident in its strategic moves and product launches.

India’s EV Stocks: A Promising Journey Ahead

India’s EV industry is shifting gears rapidly, with a flurry of launches, investments, partnerships, and initiatives electrifying the entire value chain.

For investors, this vibrant sector represents a hotbed of opportunities with promising returns on investments.

As we cruise into a more sustainable future, the EV sector’s bright outlook in India represents a compelling case for investment.

Forward-thinking investors can find several opportunities in this sector, driven by a harmonious blend of supportive government policies, changing consumer preferences, and innovative technologies that are powering India’s e-mobility vision.

Investing in the future is about believing in it, and the future, it seems, is electric.

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Final Thoughts on Best EV Stocks in India

Investing in the electric vehicle (EV) sector in India presents a promising opportunity as the country is making significant strides toward sustainable transportation.

The companies discussed in this article are not only manufacturing electric vehicles but also contributing to the broader EV ecosystem through the development of batteries, charging infrastructure, and other related technologies. This makes them the Best EV Stocks in India.

Their strategic moves and product launches in the EV space signify their commitment to sustainable transportation and their potential for growth in the future.

Investors looking to capitalize on the growth of the EV sector in India should consider these companies as they represent some of the best EV stocks in the country.

However, as with any investment, it’s crucial to conduct thorough research and consider the risks involved before making any investment decisions.

The future of transportation is electric, and these companies are at the forefront of this revolution in India.

FAQs on Best EV Stocks in India

What is the best EV stock to buy in India?

The best EV stock to buy in India depends on individual investment goals and risk tolerance. However, some popular EV stocks in India include Tata Motors, Mahindra & Mahindra, and Exide Industries. These companies have a strong market presence and are actively involved in the electric vehicle industry. Remember to conduct thorough research and consult with financial advisors before making any investment decisions.

Which share is best in EV?

When it comes to investing in EV stocks in India, some of the top options to consider are TVS Motor Company Ltd, Tata Motors Ltd, Bharat Forge, and Mahindra and Mahindra Ltd. These companies have shown promising growth and potential in the electric vehicle industry.

Who is the biggest EV maker in India?

The biggest EV maker in India is Tata Motors. They are one of the top producers of electric vehicles in the country, along with other notable companies like JBM Auto, Mahindra Electric Mobility, and Ola Electric Mobility.

What is the EV share of Tata Group?

Tata Motors and Tata Power are the best 2 shares from Tata Group which are well-placed to leverage the EV boom in India.