Top 7 Electric Vehicle Stocks to Invest in India 2022: EV Battery Stocks

best electric vehicle stocks in India 2022 along with ev battery stocks

Finding the best company to buy electric vehicle stocks in India can be tricky at a time when every other automotive company is trying to grab a bite by launching their first variant of EVs.


  • The shift in the mobility pattern of India has created an opportunity for electric vehicles company stocks in India to invest. 
  •  Major automotive companies and battery manufacturers partnered together to boost the adoption of electric vehicles in India.
  • The entry of EV giant Tesla into the Indian EV space marks a new phase for the Indian EV Industry.

Post the launch of the first variant of electric vehicles from major automobile companies, electric vehicles have become quite popular in India. This historic shift in the mobility pattern from petrol/diesel engines to electric vehicles in India makes EV stocks the hottest trend in India. 

Finding the right company to invest in can be difficult at a time when many Indian automotive companies are trying to grab a bite of the industry before the historic shift from ICE vehicles to EVs.

Here we have curated a list of top electric vehicle stocks in India 2022 to invest in different EV manufacturers and emerging battery companies.

List of the top 7 electric vehicle stocks in India 2022

CompanyShare Price
Tata MotorsRs 461.90 INR
Mahindra and Mahindra  Rs 831.25 INR
Maruti SuzukiRs 7822.00 INR
Exide Industry   Rs 160.20 INR
Amara Raja Batteries Limited   Rs  579.20 INR
Olectra Greentech Limited Rs 732.20 INR
Ashok Leyland Rs 123.80 INR
Top electric vehicle stocks in India | April 2022

Top 7 EV stocks in India 2022 | EV battery Stocks

Electric vehicle stocks in India 2022 to invest in now
Top EV stocks to buy in India in 2022

A Series of announcements about new EV launches from top automobile manufacturers indicate the future of the Indian EV market. Local manufacturing of EVs and lithium-Ion batteries has created an investment opportunity in electric vehicle manufacturer stocks in India and EV battery stocks in India. Have a look at these top electric vehicle stocks in India in 2022 to invest in right now:

1. Tata Motors

India’s largest automaker, Tata Motors currently manufactures different types of EVs like electric cars, autos, electric buses, and more. With its unique Ziptron technology and Global R&D centers, Tata motors are likely to dominate the Indian EV sector, at least during the transition phase. Tata motors currently offer two electric car variants in India – Tata Nexon EV and Tata Tigor EV, likely to launch Tata Tiago EV, Tata Altroz EV, and 3 more by the end of 2022.

Currently, Tata Motors leads the Indian EV market by 80 percent market dominance with over 9,111 unit EV sales in 2021-2022. Tata Motors and its subsidiary companies should be in the bucket list of investors as the company is diversifying its portfolio by entering into the EV battery market as well under Tata Chemicals. 

Tata Motors Ltd. share price | EV stocks 2022

Share PriceRs 461.90 INR
Market CapRs 152,800 Cr
Dividend Yield_____
PE Ratio52.29
Tata Motors Limited Share Price 2022


2. Mahindra and Mahindra Limited

With the launch of the first Indian electric car- Mahindra Reva, Mahindra entered the electric vehicles market in the early 2000s. Mahindra Limited made significant progress in the R&D of electric vehicles in its Bangalore center. 

Not just in the vehicle segment, Mahindra Limited has also shifted its focus on battery development and has formed alliances with various companies to develop the electric vehicle charging infrastructure of India.  

Currently Mahindra Limited sells two variants of electric cars in India- Mahindra E-Verito, and Mahindra E20. Mahindra is likely to launch an electric SUV, Mahindra XUV 300 electric by end of this year. Mahindra has great potential in the EV sector because of its alliances and diversified portfolio.

Mahindra and Mahindra Limited Share Price | EV manufacturer stocks 2022

Share PriceRs 831.25 INR
Market CapRs 103,247 Cr
Dividend Yield1.05
PE Ratio75.25
Mahindra and Mahindra Limited Share Price 2022

3. Maruti Suzuki India Ltd.

Maruti Suzuki India Limited is the most trusted automotive company in India known for its affordable vehicles catering to the mass market segment. Maruti Suzuki partnered with Toyota to co-develop and launch the most affordable compact electric SUV in India by end of 2022. 

In March 2022, Maruti Suzuki announced the investment of 7,300 crores in its battery plant in Gujarat. Post the localization of EV battery manufacturing, Maruti Suzuki plans to dominate the Indian EV sector by offering the most affordable EVs in India to date. 

The entry of Maruti Suzuki Limited in the EV sector makes it the most authoritative electric vehicle company to invest in right now.

Maruti Suzuki India Ltd. share price| EV manufacturer stocks India 2022

Share PriceRs 7822.00 INR
Market CapRs 235,651 Cr
Dividend Yield0.58
PE Ratio75.25
Maruti Suzuki India Limited Share Price 2022

4. Exide Industries Ltd.

Exide Industry is the leading storage battery manufacturer in India with 73% of its segment being automobile batteries and 26% in the industrial battery segment. 

Exide Industries has diversified its portfolio by catering to automotive and submarine industries. 

Being the most renowned storage battery supplier, Exide’s Lithium-Ion battery plant is likely to create a boom in the EV battery manufacturer stocks in India by 2022. Exide’s alliance with Leclanche SA, the world’s leading energy storage firm raises its potential as the best EV battery stock in India in 2022.

Exide Industries Limited share price | EV battery stocks in India 2022

Share PriceRs 160.20 INR
Market CapRs 13,604 Cr
Dividend Yield1.25
PE Ratio17.82
Exide Industries Limited Share Price 2022

5. Amar Raja Batteries Limited

Electric vehicle batteries need to be replaced at regular intervals, which indicates a continuity of sales in the EV battery sector. Lithium-Ion batteries being a major component of EVs, battery manufacturing companies like Amar Raja can be considered as top stock picks for electric vehicle battery manufacturers stocks in India.

The second-largest Lead-Acid battery manufacturer in the nation, Amar Raja batteries has set up a Lithium-Ion battery manufacturing plant in Gujarat.

Amar raja battery is a big name in the battery sector as the company has manufactured batteries for automotive companies like Hyundai Motors India, Ford India Limited, Tata Motors Limited, and many more making it the best EV battery manufacturer stock in India 2022.

Amar Raja Batteries India Limited share price | EV battery stocks India 2022

Share PriceRs 579.20 INR
Market CapRs 9,810 Cr
Dividend Yield1.92
PE Ratio17.82
Amar Raja Batteries Limited Share Price 2022

6. Olectra Greentech Limited 

Olectra Greentech formed an alliance with BYD, the largest electric bus manufacturer to ramp up the production capacity of electric buses in India. Besides e-buses, Electra Greentech is also working to launch electric two-wheelers and three-wheelers in India. 
According to the source, Electra Chairmen a submitted proposal tender for the release of 6,000 more e-buses to be delivered by 2030. It plans to expand its manufacturing unit in Hyderabad, Pune, Telangana, and Delhi in order to cater to the large EV market in India. Olectra can be a great catch for EV stocks in India in 2022 considering its dominance in the public transportation sector.

Olectra Greentech Limited share price | Electric vehicle manufacturer stocks

Share PriceRs 732.20 INR
Market CapRs 5,990 Cr
Dividend Yield—-
PE Ratio60.28
Olectra Greentech Limited Share Price 2022

7. Ashok Leyland Limited

Ashok Leyland, a multinational Indian automotive manufacturer company, headquarters in Chennai is the fourth largest bus manufacturer in the world. It is the second-largest manufacturer of commercial heavy vehicles and trucks in India. 

Ashok Leyland has been working closely in the R&D of electric buses and battery swapping stations specifically for Indian conditions. The company launched the country’s first electric bus, Circuit with flash charge technology, and several other EVs like Hybus, Euro truck, and iBus. 

The company’s TOSA technology is likely to create a boom in the heavy-duty electric vehicle segment in India and abroad.

Ashok Leyland Limited Share Price | EV manufacturer stocks India 2022

Share PriceRs 124.10 INR
Market CapRs 36,400 Cr
Dividend Yield0.48
PE Ratio52.29
Ashok Leyland Limited Share Price 2022

The hype about Electric Vehicle Stocks in India

Electric Vehicle stocks to buy in India 2022
Segment wise electric vehicle stocks in India

Degrading climatic index and import of crude oil worth $65 billion is the major reason for Government’s push for electric vehicles in India. With friendly EV policies and subsidies for buyers and manufacturers, GOI has set an ambitious target of 100% electrification of public transport by 2030. 

With a vision to accelerate the adoption of EVs, GOI has been constantly working to resolve the major barriers to EV adoption- Initial purchase cost and charging infrastructure.

As a result of this push, the number of EV registrations in India has grown exponentially despite the pandemic scenario. As per the data published on Vahan seva, on March 25, 2022,  the number of electric vehicles in the country has reached a total number of 10,76,420.

In Union Budget 2022, Minister of Finance, Nirmala Sitharaman announced the policy for EV infrastructure and the battery industry. Because of the Government’s push and general acceptance of EVs, the year 2022 can be considered the best time to invest in electric vehicle stocks in India.


What are the best EV manufacturer stocks in India in 2022?

The top EV manufacturer stocks in India are Tata Motors, Mahindra and Mahindra, Ashok Leyland, and Olectra Greentech. Out of these Tata and Mahindra cater to the passenger electric vehicle segment whereas Ashok Leyland and Olectra cater to the Heavy-duty electric vehicle segment.

Which are the top EV companies in India?

Currently, the top EV companies in India are Tata Motors, Mahindra electric, Hero electric, Ather electric, Ola electric, Hyundai, BYD, Ashok Leyland, and Olectra Greentech. Out of these, Tata Motors, Mahindra, Ashok Leyland, and Olectra are listed on the stock market.

What are the top EV battery manufacturer stocks in India?

Top EV battery manufacturing stocks in India are Exide Batteries, Amar Raja Batteries, Tata Power, and Tata Chemicals. Maruti Suzuki, Hero Motocorp.

Which is the best EV stock to buy in India in 2022?

There are various factors that play in making EVs, hence different stocks are involved. For the EV battery segment, the Amar Raja battery is a good choice. In vehicle manufacturing segment, Tata Motors is a great choice. In the case of heavy vehicles like electric trucks and buses, Ashok Leyland and Olectra Greentech are great choices.

What is the future of EVs in India?

The future of EVs looks great for India, considering the concerted efforts of the central and state government. GOI aimed for an ambitious target for 100% electrification of public transport by 2030 and 30% of vehicle registrations to be electric by 2030.

ecogears Desk

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