List of 10 Great Electric Vehicle Stocks in India

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Electric vehicle stocks in India

The growth of electric vehicle (EV) stocks is changing the car industry, especially in India. EVs, known for being eco-friendly, are becoming a big part of India’s economy and environment. Investors are interested in this area because of its growth and the positive impact it can have. The Indian government is pushing for cleaner energy, and car companies are moving towards making more electric cars. EV stocks are shares in companies that are leading this change. Investors need to understand these stocks well before investing in this area. 

This guide takes a close look at the top EV stocks in India. It explains how these companies are doing in the market and their future potential. This is a guide for anyone looking to invest wisely in this fast-growing area.

What Are Electric Vehicle Stocks?

Electric vehicle (EV) stocks represent shares in companies in the electric vehicle industry. This includes not just the car manufacturers who design and build EVs but also a range of businesses that supply parts, batteries, and technology needed for these vehicles. EV stocks are a window into a rapidly growing sector due to the global shift towards sustainable and greener transportation options.

Therefore, understanding EV stocks goes beyond just looking at the vehicles; it’s about seeing the bigger picture of an evolving eco-friendly transportation ecosystem and its potential impact on the global economy and environment.

Key Takeaways

  • EV stocks are shares in companies in the electric vehicle industry, encompassing a range of businesses from auto manufacturers to battery and tech suppliers.
  • The top EV stocks in India include several companies from the auto manufacturing sector to chemical and tech firms, each contributing uniquely to the EV market.
  • Successful investment in EV stocks involves diversifying portfolios, staying informed about government policies, analyzing market trends, and considering long-term investment strategies.
  • Investing in EV stocks presents challenges, such as technological uncertainties, infrastructural limitations, market volatility, and intense competition in the EV sector.
  • The future of India’s EV market looks promising because it is driven by government initiatives, technological advancements, increasing consumer awareness, foreign investment, and efforts in local manufacturing.

Top 10 Electric Vehicle Stocks in India

Electric vehicle (EV) market is growing fast, and some companies are standing out. Here, we will discuss the top 10 Electric vehicle stocks in India. These companies are leading the way in the EV industry.

Company Stock TickerMarket Cap (In Cr.)Share PricePE RatioDividend Yield per Annum
1. Ashok Leyland LtdNSE: ASHOKLEY₹507.07B₹166.8520.751.56%
2. Graphite India LtdNSE: GRAPHITE₹109.90B₹620.8014.631.38%
3. Himadri Speciality Chemical LtdNSE: HSCL₹179.55B₹315.3036.750.08%
4. KPIT Technologies LtdNSE: KPITTECH₹448.18B₹1,393.0070.170.34%
5. Mahindra and Mahindra LtdNSE: M&M₹2.21T₹1,875.0018.790.87%
6. Maruti Suzuki India LtdNSE: MARUTI₹3.63T₹12,304.0031.430.73%
7. Motherson Sumi Wiring India LtdNSE: MSUMI₹322.08B₹63.9548.401.02%
8. Servotech Power Systems LtdNSE: SERVOTECH₹21.35B₹83.75123.230.36%
9. Tata Motors LtdNSE: TATAMOTORS₹3.41T₹979.7517.260.20%
10. Vedanta LtdNSE: VEDL₹1.01T₹273.4021.4223.03%

Electric Vehicle Stocks

Sector: Trucks & Buses
Market Cap (in Cr): ₹507.07B
Stock Price: ₹166.85


Established in 1948, Ashok Leyland Ltd has a storied history in the Indian automotive industry. It was originally a company manufacturing Austin cars. Evolving over the years, it has become a leading name in commercial vehicles. Known for pioneering innovations in the transport sector, the company’s journey has been marked by milestones such as introducing India’s first double-decker bus and the first Euro 6-compliant truck. 

In recent times, Ashok Leyland has ventured into the electric vehicle (EV) stock, mainly focusing on electric buses. This symbolizes a strategic shift towards sustainable transportation. With a market capitalization of ₹507.07 billion, the company’s move into EVs underlines its adaptability and commitment to environmental sustainability.

Electric Vehicle Stocks

Sector: Electrical Components & Equipments
Market Cap (in Cr): ₹109.90B
Stock Price: ₹620.80


Graphite India Ltd was established in 1967. This company is well-known for making graphite electrodes in steel production. Recently, the company has started focusing on the electric vehicle (EV) stock, particularly in making lithium-ion batteries for EVs. With a market value of ₹109.90 billion, Graphite India is adapting well to new market needs.

The company’s work supplying battery materials makes them an important part of the EV industry. This move shows they’re keeping up with market changes and becoming one of the stocks to watch in the EV sector.

Electric Vehicle Stocks

Sector: Commodity Chemicals
Market Cap (in Cr): ₹179.55B
Stock Price: ₹315.30


Himadri Speciality Chemical Ltd started in 1987 as a major specialty chemical company. They’ve become important in the electric vehicle (EV) market because they make materials for lithium-ion batteries. These batteries are crucial for EVs. The company has a substantial market value of ₹179.55 billion, showing its success in the electric vehicle market and stock. 

By entering the EV stock, Himadri has shown its adaptability and innovation. It is now part of the EV battery supply chain, meeting the rising need for quality battery components. This shift highlights its ability to follow new market trends and establishes it as a key company in India’s growing EV sector.

Electric Vehicle Stocks

Sector: IT Services & Consulting
Market Cap (in Cr): ₹448.18B
Stock Price: ₹1,393.00


Established in 1990, KPIT Technologies Ltd stands out in the IT consulting and software services sector, particularly for automotive applications. The company has made a notable shift towards supporting electric vehicle (EV) technologies, focusing on automotive software solutions critical for EVs. With a market capitalization of ₹448.18 billion, KPIT Technologies is at the forefront of the digital transformation in the electric vehicle industry and stock.

The company’s expertise in integrating software with automotive technology positions them uniquely in the market, making them an integral player in the EV area. This strategic move aligns well with the global transition towards electric mobility, marking KPIT Technologies as a main stock to consider in the EV market.

Electric Vehicle Stocks

Sector: Auto Manufacturer
Market Cap (in Cr): ₹2.21T
Stock Price: ₹1,875.00


Mahindra and Mahindra Ltd was founded in 1945. The company is well-known for its sturdy cars. With its line of electric vehicle (EV) models, they have boldly entered the market and demonstrated the company’s dedication to environmentally friendly transportation. At ₹2.21 trillion, Mahindra & Mahindra’s market capitalization demonstrates the company’s strong financial position and capacity for innovation and leadership in the electric vehicle industry and stock. 

They present a strategic vision that keeps with global trends towards more environmentally friendly transportation options by concentrating on the development of electric vehicles. They are the main company in India’s developing EV area, and this substantial change in its business strategy reflects that.

Electric Vehicle Stocks

Sector: Four Wheelers
Market Cap (in Cr): ₹3.63T
Stock Price: ₹12,304.00


Founded in 1981, Maruti Suzuki India Ltd has grown to become the largest car manufacturer in India, with a deep-seated reputation for reliability and affordability. As they gear up to enter the electric vehicle (EV) sector, the automotive giant is poised to make a significant impact. With a market capitalization of ₹3.63 trillion, Maruti Suzuki signals a strategic move to align with the global shift towards environmentally friendly transportation options. 

Indian consumers highly anticipate the company’s move into the electric vehicle market and stock, which marks an important step in the company’s evolution. The company’s adaptation to changing consumer preferences and environmental considerations is impressive.

Electric Vehicle Stocks

Sector: Cables
Market Cap (in Cr): ₹322.08B
Stock Price: ₹63.95


Motherson Sumi Wiring India Ltd was established in 1986. The company has carved a niche in the auto components industry, particularly in cables and wiring systems. Its expertise in automotive electrical systems makes it a leading electric vehicle (EV) company. With a market capitalization of ₹322.08 billion, the company’s focus on supplying critical components for EVs marks a strategic alignment with the growing demand for electric mobility solutions. 

Motherson Sumi’s contribution is necessary for developing reliable and efficient EVs. They show its adaptability to technological advancements and significant role in the evolving electric vehicle industry and stock.

Servotech Power Systems

Sector: Electrical Components & Equipments
Market Cap (in Cr): ₹21.35B
Stock Price: ₹83.75


Servotech Power Systems Ltd is also a prominent electric vehicle (EV) infrastructure company. It was founded in 2004 and specializes in electrical components and equipment. The business is especially well-known for offering solutions like EV charging stations. Servotech, which has a market valuation of ₹21.35 billion, is committed to promoting green energy solutions, as seen by its participation in the electric vehicle industry and stock. 

The establishment of EV charging infrastructure by Servotech Power Systems is influential in expanding electric mobility in India. This underscores the company’s strategic insight in keeping pace with the growing demand for sustainable transportation solutions.

Tata Motors

Sector: Diversified Chemicals
Market Cap (in Cr): ₹3.41T
Stock Price: ₹979.75


Tata Motors Ltd. was founded in 1945. It is one of India’s oldest and most respected automotive companies. In recent years, it has taken a major role in the electric vehicle (EV) sector. It introduces various EV models and dedicates significant resources to EV technology. With a market capitalization of ₹3.41 trillion, Tata Motors has revealed financial strength and a firm commitment to sustainable mobility. 

Their aggressive push in electric mobility, encompassing passenger cars and commercial vehicles, positions them as a leading figure in India’s electric vehicle market and stock. The company plays such a crucial role in shaping the country’s future of environmentally friendly transportation.


Sector: Metals Diversified
Market Cap (in Cr): ₹1.01T
Stock Price: ₹273.40


Vedanta Ltd was established in 1976. The company stands out as a diversified natural resources company, playing an important role in the metals and mining sector. Its involvement in the electric vehicle (EV) industry comes through its contribution to the supply of essential raw materials required for battery production, like lithium and cobalt. 

With a market capitalization of ₹1.01 trillion, Vedanta’s strategic move into the EV materials sector highlights its adaptability to evolving market demands. Their position in the supply chain is significant for developing efficient and sustainable EV batteries. This makes Vedanta a main part of the growing electric vehicle market and stock for investors interested in the green energy transition.

Investment Strategies for Electric Vehicle Stocks in India

A well-thought-out business plan is needed to find your way around the exciting world of electric vehicle (EV) stocks in India. This part aims to give investors who want to take advantage of the Indian EV market good advice on how to make decisions that are both risk- and reward-adjusted.

Diversify Your Portfolio

You can spread risk by investing in different companies across various sectors within the EV industry, such as manufacturers, battery suppliers, and tech firms.

Stay Informed About Government Policies

Indian government policies significantly influence the EV market. Keeping track of these policies helps you make better investment decisions.

Analyze Market Trends

To choose the right stocks, it’s helpful to understand consumer preferences, technological advancements, and the competitive landscape in the EV market.

Suitable in Long-Term Investment

Given that the EV market is still evolving, adopting a long-term investment strategy allows you to capitalize on the growth potential of these companies.

Assess Risks

Assessing risks, such as market volatility and technological changes, guides you in investing responsibly, particularly in amounts you can afford.

Monitor and Review Regularly

Regularly reviewing and adjusting your investments in response to performance and market shifts ensures a robust and adaptable portfolio.

⚠️Tip: Global trends in EV can affect Indian markets. Traders should regularly monitor international EV market trends and policies.

Ask for Help From Expert Advice

Given the EV market’s complexity, seeking advice from financial advisors or investment experts aids in navigating this sector more effectively.

Challenges of Investing in Electric Vehicle Stocks in India

Investing in India’s electric vehicle (EV) sector is an exciting and challenging opportunity. Investors must be aware of the unique obstacles in this market, from infrastructural gaps to regulatory shifts. This section will explore these challenges, providing insights into the complexities of investing in India’s growing EV market.

Technological Uncertainty

The EV industry evolves rapidly with frequent technological advancements, making it hard to predict dominant technologies and successful companies.

Infrastructure Limitations

The current EV infrastructure in India, including charging stations and maintenance facilities, is under development. This state affects EV companies’ growth and success.

Market Volatility

The EV market experiences fluctuations due to government policies, global economic conditions, and technological breakthroughs, impacting stock prices.

High Competition

The increasing number of companies in the EV market leads to intense competition, which makes identifying long-term market leaders challenging.

Regulatory Risks

Changes in government policies and regulations related to EVs can significantly impact the market, requiring investors to stay informed.

Dependency on Global Supply Chains

Indian EV companies often rely on global supply chains for components, making them vulnerable to disruptions in these supply chains.

Consumer Acceptance

The success of EVs in India heavily relies on consumer preferences, which are influenced by factors such as vehicle range, charging time, and pricing.

The Future of Electric Vehicles Stocks in India

Electric vehicle (EV) stocks in India will perform well in the future. As people worldwide pay more attention to a friendly and healthy environment, India’s EV market will likely grow. Several key factors will drive this growth:

Government Initiatives

India’s government promotes EV adoption through policies and incentives, which are expected to speed up the sector’s growth.

Technological Advancements

Continuous improvements in technology, like better battery life and charging options, will likely make EVs more accessible and popular.

Increasing Consumer Awareness

Growing environmental concerns are expected to raise consumer interest in EVs, increasing demand.

Foreign Investment

The Indian EV market draws global investors and companies, bringing capital and expertise to the sector.

Local Manufacturing

Efforts to increase local manufacturing of EVs and components can make them more affordable by reducing costs and import dependence.

Urbanization and Rising Fuel Costs

More people are moving to cities, and higher traditional fuel prices are expected to drive consumers towards EVs.

Potential Market Expansion

As the EV market matures, a wider variety of EVs will likely become available, catering to different market segments.


In summary, India’s electric vehicle (EV) market is full of opportunities and challenges. This area is growing because of government support, new technologies, and interest in EVs. This means the future for EV stocks is bright and shiny. However, investors have to deal with issues like changing technology, developing infrastructure, up and down markets, and lots of competition. 

If EV stock investors want to do well in this area, they must study, plan, and keep up with the latest news. Investing in India’s EV market is about more than just making money. It’s also about helping the planet by supporting cleaner transport. This market offers both financial benefits and a chance to make a positive environmental impact.


1. What are electric vehicle (EV) stocks?

EV stocks are shares of companies that are involved in the electric vehicle industry. This includes car makers, battery suppliers, and other tech companies working on EV-related technology.

2. Which are the best EV stocks to buy in India?

The best EV stocks can vary based on market conditions and company performance. Popular choices often include major auto manufacturers and companies specializing in EV technology and infrastructure.

3. Is it safe to invest in EV stocks?

Like all investments, EV stocks come with risks. The market can be unpredictable, but with careful research and strategy, they can be a worthwhile addition to your portfolio.

4. Are EV stocks on the rise?

Yes, with the increasing focus on sustainability and technological advancements, the demand for EVs is growing, which can lead to a rise in EV stocks.

5. How can I stay updated on EV market trends?

You can stay updated by following financial news, stock market reports, and industry analyses. Keeping an eye on government policies and global market trends is also helpful.

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