The way we travel is changing rapidly with a focus on sustainability and technological progress. Electric vehicles have become a driving force in this transition to sustainable mobility, reshaping transportation and reducing our environmental impact. India has witnessed a significant shift towards electric vehicles, presenting exciting investment opportunities for Indian investors. In this article, we’ll take a closer look at the top electric vehicle stocks in India, highlighting the companies involved in the production and R&D of EVs that have caught the attention of investors. From the automotive giants to new Electric Vehicle Startups, let’s understand the world of EV stocks in India.
What we cover:
- Why invest in EV stocks?
- EV market categories
- List of electric vehicle stocks in India
- Comparative analysis of EV stocks
- Things to consider before buying EV stocks
Why invest in EV stocks in India?
India is currently experiencing a wave of change in the mobility pattern aided by supportive GOI policies and subsidies like FAME II and PLI. Primary reasons for this shift are the ever-increasing prices of petrol and diesel, the growing environmental pollution index, and the import of crude oils to fuel the second largest automotive sector in the world.
GOI has set an ambitious target for 100% electrification by 2030. Indian EV sector witnessed a growth of 183% in 2023 with over 1,181,600 million units in electric vehicle sales. It is comparatively higher than the 4,57,346 units sold during FY 2022-2022. With 59,447 EVs registered in the first month, 2023 promises to be an even better year for the Indian EV sector. Seeing the growth, it is the right time to invest in electric vehicle stocks in India.
Now you are aware about the opportunities in the electric vehicle sector of India, here are the best performing electric vehicle stocks in India in 2023.
Best EV Stocks in India
The wave of consumer interest in EVs makes 2023 a high time to buy electric vehicle shares in India. The recent union budget of 2023 introduced a policy for EV infrastructure and the battery industry which aims for 100% electrification of the Indian automotive industry by 2030.
There are 15+ players in the listed electric vehicle companies in India, involved in the manufacturing of electric cars, scooters, and buses. We have curated a table containing the top EV companies in India along with their stock information.
Here’s a list of the top electric vehicle stocks in India:
| Company | Market Cap (In Cr) | Yearly Returns |
|---|---|---|
| Mahindra & Mahindra Ltd. | Rs. 1,52,891 Cr | 34.3% |
| Tata Motors Ltd. | Rs. 1,84,603 Cr | 10.93% |
| Hero MotoCorp Ltd. | Rs. 54,612 Cr | 7.46% |
| Exide Industries Ltd. | Rs. 17,697 Cr | 23.87% |
| Amara Raja Batteries Ltd | Rs. 10,303 Cr | 7.29% |
| Himadri Speciality Chemical Ltd. | Rs. 5,598 Cr | 6.18% |
| Olectra Greentech Ltd. | Rs. 5,759 Cr | 6.01% |
| Ashok Leyland Ltd. | Rs. 42,721 Cr | 5.89% |
NOTE: Companies are listed according to their yearly returns and market Cap.
Best Electric Vehicle Stocks in India 2023
1. Tata Motors
| Metrics | Value (In Cr) |
|---|---|
| Market Cap | Rs. 1,84,603 Cr |
| Yearly Profit | Rs. 2,414 Cr |
| Dividend Yield | NA |
| Yearly Returns | 10.83% |
India’s automotive giant Tata Motors started the electric revolution with the launch of its highest-selling EV in India- the Nexon EV. A major reason for the success of Tata electric cars is its state-of-the-art ZIPTRON technology which utilizes smart regenerative braking to charge the battery while on the drive. Tata Motors have ventured with several international companies like Fiat, BYD for the R&D of EVs in India.
Currently, Tata Motors offers 4 electric car variants in India: Tata Nexon EV Max, Tata Tigor EV, Tata Tiago EV, and the Tata Nexon EV Prime.
Tata Motors is currently leading the Indian EV sector in terms of sales and R&D. Apart from electric cars, Tata Motors also produce some of the major electric utility vehicles, buses, trucks, and defense vehicles for the Indian market and operates EV charging network under Tata power.
CHECK: Tata Motors Financial Performance
2. Mahindra Electric
| Metrics | Value (In Cr) |
|---|---|
| Market Cap | Rs. 1,52,891 Cr |
| Yearly Profit | Rs. 6,577 Cr |
| Dividend Yield | 0.90% |
| Yearly Returns | 34.3% |
Mahindra & Mahindra Limited is a promising electric vehicle (EV) stock in India in 2023. The company has a strong reputation and a rich history in the automotive industry. Mahindra & Mahindra Electric offers an impressive lineup of electric vehicles, including the popular Mahindra XUV 400 electric and Mahindra E-Verito Electric.
With the government’s push for the adoption of electric mobility in India and the growing demand for EVs in India, Mahindra & Mahindra has placed itself well in the growing EV market in India.
In terms of financial performance, Mahindra & Mahindra Financial Services Ltd’s revenue jumped 22.22% in the last year. This indicates the growth in the market demand for Mahindra & Mahindra’s electric shares in India.
Having an established name, considering the investments done by the company for the R&D of EV models, and positive financial performance, Mahindra & Mahindra Limited is a great investment opportunity among the electric vehicle stocks in India.
CHECK: Mahindra Limited Financial Performance
READ MORE:
- Electric Vehicle Battery Stocks in India 2023
- Financial Analysis of the Electric Vehicles Market in India
3. Hero MotoCorp
| Metrics | Value (In Cr) |
|---|---|
| Market Cap | Rs. 54,612 Cr |
| Yearly Profit | Rs. 2,810 Cr |
| Dividend Yield | 3.66% |
| Yearly Returns | 7.46% |
Hero MotoCorp Limited is a promising choice for investors looking to invest in electric vehicle stocks in India. Hero MotoCorp has made a name for itself in the Indian two-wheeler industry and has successfully transitioned into the electric vehicle segment with its range of electric two-wheelers.
The company currently offers 5 electric scooters: Hero Electric Photon, Hero Electric Optima CX, Hero Electric NYX, Hero Electric Atria, and Hero Electric Eddy. Hero MotoCorp has gained popularity in the Indian EV sector because of its reliability, performance, and affordability.
With the government’s support for promoting electric mobility and the increasing demand for eco-friendly travel options, Hero MotoCorp is well-positioned to benefit from the growing electric vehicle market in India.
In terms of financial performance, Hero MotoCorp’s revenue jumped 13.68% in the past year. This indicates the market potential of Hero MotoCorp in the Electric Vehicle stocks in India.
CHECK: Hero MotoCorp Financial Performance
4. Exide Industries Ltd.
| Metrics | Value (In Cr) |
|---|---|
| Market Cap | Rs. 17,697 Cr |
| Yearly Profit | Rs. 4,367 Cr |
| Dividend Yield | 0.96% |
| Yearly Returns | 23.87% |
Exide Industries Limited is an attractive investment option for investors looking to profit from India’s electric vehicle stock surge. Exide Industries has significant knowledge and specialization in the battery industry and is positioned to play a critical role in powering the EV sector with its Lithium-Ion batteries.
As EV adoption grows across the country, so does the demand for cutting-edge battery technology, and Exide Industries is at the forefront of supporting this expanding demand.
Furthermore, Exide Industries Ltd. showcased exceptional financial performance with a return of 23.88% in the last year. It clearly indicates it is a promising electric vehicle company to invest in India.
CHECK Exide Industries financial performance.
5. Amara Raja Batteries Ltd
| Metrics | Value (In Cr) |
|---|---|
| Market Cap | Rs. 10,303 Cr |
| Yearly Profit | Rs. 695 Cr |
| Dividend Yield | 1.01% |
| Yearly Returns | 7.29% |
Batteries are the major part of an electric vehicle, so EV battery stocks can be considered a great option when choosing the top-performing electric vehicle stock in India.
Being the second largest battery manufacturer in India, Amar Raja Batteries have a strong reputation in the battery industry and are well-known for making batteries for electric cars in India.
The company also invests a lot of time and money in the R&D of Lithium-Ion batteries to ensure that their batteries are truly good and operate effectively. They are even developing new plants to meet the demand for electric car batteries in collaboration with Delhi Government.
Considering the exponential rise in the Indian EV sector, Amara Raja Batteries is likely to do really well. So investing in the company can yield exciting returns in the upcoming years.
CHECK: Amar Raja Batteries financial performance.
6. Himadri Speciality Chemical Ltd.
| Metrics | Value (In Cr) |
|---|---|
| Market Cap | Rs. 5,598 Cr |
| Yearly Profit | Rs. 216 Cr |
| Dividend Yield | 0.15% |
| Yearly Returns | 6.18% |
Himadri Speciality Chemical Limited is involved in the manufacturing of anode for Lithium-Ion batteries. Li-Ion batteries being the major part of EVs, Himadri Speciality Chemical Ltd. has the potential to offer high returns and can be considered one of the promising EV battery stocks in India.
There is a significant growth in the company’s revenue due to the growing demand for anode material for the manufacture of Li-Ion batteries to support the growing Indian EV industry since 2022.
HSCL added a 20,000 MTPA facility to its ACM factory last year for the scale of the manufacturing of lithium-ion batteries.
CHECK: Himadri Speciality Chemical Limited financial performance.
7. Olectra Greentech Ltd
| Metrics | Value (In Cr) |
|---|---|
| Market Cap | Rs. 5,759 Cr |
| Yearly Profit | Rs. 65.59 Cr |
| Dividend Yield | 0.06% |
| Yearly Returns | 6.01% |
Olectra Greentech Ltd is a good electric vehicle stock in India that is worth considering for investment in the Indian EV sector. The firm has a high reputation and is well-known in the EV market for its state-of-the-art electric buses. Olectra Greentech will have deployed over 300 electric buses across several cities in India as government-run busses, demonstrating its significant market presence.
In addition, they have collaborated with major EV startups to build reliable EV solutions for the growing Indian EV market. Olectra Greentech’s focus on sustainable mobility matches India’s rising need for the switch to green mobility.
The government’s drive for the adoption of electric mobility in India, along with Olectra Greentech’s increasing fleet of electric buses and innovative technology, puts the company in a strong position for future growth.
CHECK: Olectra Greentech Limited financial performance
8. Ashok Leyland Ltd.
| Metrics | Value (In Cr) |
|---|---|
| Market Cap | Rs. 42,721 Cr |
| Yearly Profit | Rs. 1,241 Cr |
| Dividend Yield | 1.79% |
| Yearly Returns | 5.89% |
The largest manufacturer of electric buses, trucks, and defense vehicles, Ashok Leyland holds a prominent position in the Indian electric vehicle stocks segment. Being the first manufacturer to introduce flash-charge technology in electric buses, Ashok Leyland leads the way in innovation and R&D of electric buses.
Their vehicles are specifically designed to suit Indian roads, making them the perfect choice for heavy-duty electric vehicles in India. Ashok Leyland has successfully launched notable models like Circuit, Circuit S, and HYBUS, establishing a great market presence in India.
Leveraging cutting-edge technology like ABB TOSA technology, Ashok Leyland is all set to revolutionize the heavy electric vehicle segment in India, indicating a great electric vehicle share in India.
CHECK: Ashok Leyland financial performance.
Comparative Analysis of the Electric Vehicle Stocks in India
When comparing the financial performance of Tata Motors, Mahindra Limited, and Hero MotoCorp in the electric vehicle (EV) market, it’s important to examine various data points like financial revenue, annual returns, and Market Capitalization.
In the fiscal year 2022, Tata Motors earned a consolidated revenue of INR 2.92 trillion (USD 41.2 billion), while Mahindra Limited recorded INR 1.50 trillion (USD 21.1 billion) in revenue. Hero MotoCorp generated net sales of INR 31,895 crore (USD 4.5 billion) during the same period.
Tata Motors faced a net loss of INR 7,605 crore (USD 1.1 billion), while Mahindra Limited achieved a net profit of INR 2,776 crore (USD 390 million), and Hero MotoCorp registered a net profit of INR 3,185 crore (USD 448 million) in the fiscal year 2022.
In terms of market capitalization, Tata Motors stood at INR 80,000 crore (USD 11.3 billion), Mahindra Limited at INR 94,000 crore (USD 13.2 billion), and Hero MotoCorp at INR 54,000 crore (USD 7.6 billion).
These figures provide insights into the financial performance of these Electric vehicle-related companies in India. Tata Motors has the highest revenue, Mahindra Limited showcases profitability, and Hero MotoCorp demonstrates strength in the two-wheeler segment.
Additionally, Mahindra Limited has the largest market capitalization, indicating strong investor confidence. It’s important to remember that the EV industry is constantly changing, and these financial indicators may fluctuate as competition evolves.
Electric Vehicles Market Categories
When looking for the best electric vehicle stocks in India, the focus is only on the EV manufacturers. However, the investment opportunity is not just limited to manufacturers, there are other subcategories too. Here are the four subcategories of the electric vehicle sector:
- EV Manufacturers: This category includes listed automotive giants and startups involved in the manufacturing of electric vehicles such as Tata Motors, Hero Motocorp, and Mahindra Limited.
- EV Battery Manufacturers: This category includes companies involved in the manufacturing of electric vehicle batteries such as Exide Industries and Amar Raja.
- EV Charger manufacturers: This category includes companies that manufacture electric vehicle chargers, along with the charge point operators.
- EV Components and EV Software: This category includes companies involved in the manufacturing of electric vehicle spare parts and software controlling major features of EVs such as ecocharger.
Things to Consider before investing in EV Stocks in India
Before investing in EV stocks in India, there are several factors that you should consider. These factors can help you make informed investment decisions and mitigate risks. Here are some key points to consider:
Market Evaluation
Evaluate the list of EV companies in India by identifying established players and emerging startups. It is important to consider their market share, product portfolio, technological advancements, and competitive advantages to know their growth potential.
Financial Performance
Analyze the financial performance of EV companies in India. Compare the key financial indicators such as revenue growth, profitability, cash flow, and debt levels.
Technology and Innovation
It is important to consider companies that are investing in the R&D of EVs, as well as those with proprietary technology, patents, or intellectual property rights. New technology can give companies a competitive edge in the EV market.
Partnerships and Alliances
EV technology is quite new, so companies are collaborating with Ev startups and automotive giants for the mutual share of technologies, leading to financial growth. Collaborations with other companies, including battery manufacturers, charging infrastructure providers, or technology firms, can strengthen the company’s position in the market.
Conclusion
In this article, we have discussed the top electric vehicle stocks in India and the electric vehicle companies listed in the stock market. We also shared the financial performance of various electric vehicle companies in India along with the market segments. Indian EV sector is growing exponentially with the expectations of many new upcoming EV players getting listed in the stock exchanges. Currently, EV stocks from automotive giants are the most reliable for long-term investing.
FAQ
Major electric vehicle stocks in India are Tata Motors, Mahindra Electric, Hero Motocorp, Exide Batteries, Amar Raja Batteries, Olectra Greentech, Himadri Chemicals, and Ashok Leyland.
Currently, the electric vehicle manufacturer’s stocks from Tata Motors, Mahindra Limited, and Hero Motocorp are the best option to choose from.
Companies like Exide Industries, Amar Raja, and Olectra Greentech which manufacture electric vehicle parts are the best electric vehicle related stocks in India.
Some of the electric vehicle battery stocks in India are Amar Raja, Exide Industries, and Himadri Speciality Chemical.
Tata Motors is leading the electric vehicle segment in India in 2023 in terms of sales. It sold more than 38,322 units in 2023 with 144.14% growth.
The future of EVs looks promising in India with the push of the Government of India for the adoption of electric vehicles in India. GOI makes an ambitious target of 100% electrification by 2030.
The best EV charging stocks in India are Tata Power, Power Grid Corporation of India Ltd, and Indian Oil Corporation Ltd (IOCL).
Electric vehicle penny stocks in India are from Tata Motors, Mahindra Electric, and Hero MotoCorp.
Considering the performance, range, and affordability Tata Nexon EV is the number 1 electric car in India.
Mahindra & Mahindra Limited is the largest EV company in India with a market cap of Rs. 1,84,603 Cr.
ola electric is also planning to go for ipo
Yeah we will add them too asap