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Best 5 EV Stocks in India

As the climate crisis is gripping the world and no energy is slowly replacing alternate forms of energy, Electric Vehicles and the fancy and the pertinent need for shifting to vehicles that facilitate for sustainable energy models for transportation is on the rise. In this blog we bring to you the best EV Stocks in India, curate the list of the top EV stocks in India with EV Stock Price and recommend the best EV stocks to buy. We also list what are the EV Penny stocks in India to buy, what are other EV sector stocks like the companies that manufacture components for EVs and other EV related stocks in India.

EV Stocks in India

What are Electric Vehicles?

An electric vehicle is a vehicle that uses one or more electric motors for propulsion. It can be powered by a collector system, with electricity from extravehicular sources, or it can be powered autonomously by a battery. 

Source: Wikipedia.

Essentially, Electric Vehicles are vehicles that use electric motors and are powered by battery stations that power these vehicles with electricity. This reduces the reliability of vehicles to run on Fuel or CNG.

In some parts of the world, Electricity is the cleanest form of energy generated from nuclear fuels and the like with no residue.

The Electric Revolution in India face many challenges. This includes,

  • Skeptical Manufacturers & Consumers.
  • Less Battery Charging Stations
  • Range Problems
  • Karaab Vehicle Management Systems

Also, Electricity in India is not a 100% clean source of energy.  This is also the reason why manufacturers are cynical of the EV model in India.

Nevertheless car companies are taking baby steps in the EV direction thanks to government incentives and the Lithium Revolution of 2023, where India found untapped mines of Lithium has the potential to rejuvenate and boost the EV industry in India.


The government of India has been giving incentives upto 1K Crores till 2022 to increase the charging infra of the country and plans to go 30% EV by 2K30. The government also planned to roll out 8.5K+ Crores for Demand Incentives few years back. This would be 1.5 Lakhs per vehicle if the vehicle is less than 15 Lakhs. 

This Scheme is called the Faster Adoption and Manufacturing of EV in India (FAME).

The government also reduced GST for EV from the 12% slab to 5%.

But manufacturers including Tesla recoiled because of high import duties.

Why Chinese Cars dominate India’s Electric Vehicles?

Warren Buffet’s auto company participates in a car show which Mahindra did not attend. Why?

In India, 70% electricity is sourced from coal fields. Electric Vehicle is not “Green” in India. Notably, the Government is actively involved in phasing-out coal for alternate sources of energy. 

EV has demand in India, but hot climate, potholed roads and reliance on China for batteries and parts slow up the shift. 

Mahindra offers only one EV car e-Verito sedan till date. Tata Motors have 3 models – Nexon, Tigor, and Tiago EV.

Tesla didn’t enter the market, citing high tariffs for setting up manufacturing plants. In the past few years, most automobiles have retreated from the country.

More Chinese, Korean and European EVs took up space in a recent EV car show held in India.

Are Electric Vehicles Green?

A car runs on electricity. Is it Clean?

This varies geographically based on how the electricity is sourced. In Australia, most electricity is sourced from nuclear energy. Electricity is a clean source of energy in Australia.

In India, 70% electricity is sourced from coal fields. Electric Vehicle is not “Green” in India.

Hence, India’s biggest carmaker Maruti Suzuki India Limited(MSIL) doesn’t have any Electric Vehicles. Maruti has always claimed hybrids are cleaner than coal-powered EVs in India.

In a turn of events, Maruti Suzuki has planned to launch Electric SUVs by 2025, taking into account the opportunity in that space.

Best 5 EV Stocks of India:

1. Olectra Greentech Ltd

      Price – 658.25

      Market Cap – 54.01 Billion INR

      PE Ratio – 93.07

Olectra Greentech was found in 1992. This company is an expert in Electric Vehicle Buses. EV Buses are the company’s USP. The company is currently India’s largest manufacturer of EV Buses. The company is part of the MEIL Group.

The company has multiple variants of EV Buses. This includes the K6, K7 and K9 buses. 

The K9 series of EV Buses by Olectra Greentech is a revolutionary innovation by Olectra Greentech in EV buses. 


Olectra Greentech’s K9 Buses are accompanied by regenerative braking tech. This conserves 30% of the energy when pushing brakes on the bus. The superfast charging technology of Olectra Greentech’s K9 Buses allows the buses to recharge within 2-3 hours. 

Additionally Olectra Greentech’s K9 buses have an inimitable battery quality since the Ferrous Phosphate batteries of Olectra Greentech’s K9 buses allow long range commutes if you charge the bus once. Olectra Greentech is also India’s one and only manufacturer of tarmac electric buses that shuttle passengers on the landing strips in airports.

Recent Updates:

The company opened a factory in Hyderabad that has the capacity to produce 10K Buses. Two years back, the company had orders up to Rs.3500 Crores for 2000 Buses.   

2. Mahindra & Mahindra Ltd

      Price – 1171.25

      Market Cap – 1.40 Trillion INR

      PE Ratio –  13.1

Mahindra and Mahindra Limited is a company in India that produces and manufactures farm solutions and locomotives. The Company operates in Automotive and Farm segments.

The Automotive segment of Mahindra & Mahindra sells,

  • automobiles, 
  • spares, 
  • mobility solutions or locomotives, 
  • construction equipment and 
  • related services.

The Farm Equipment segment of Mahindra & Mahindra sells,

  • tractors, 
  • implements, 
  • spares 
  • and associated services.

The Farm Equipment unit of Mahindra & Mahindra also comprises the Powerol and spares business unit.

The Company offers a range of products and solutions. This includes sport utility vehicles (SUVs), 

  • pickups, 
  • commercial vehicles 
  • and tractors.

The product offerings of Mahindra and Mahindra also include,

  • electric vehicles, 
  • two-wheelers, and 
  • construction equipment.

Industries in which Mahindra and Mahindra operates in:

  • aerospace, 
  • aftermarket, 
  • agribusiness, 
  • automotive, 
  • boats, 
  • clean energy, 
  • consulting, 
  • construction equipment, 
  • defense, 
  • farm equipment, 
  • hospitality, 
  • information technology, 
  • insurance broking, 
  • logistics, 
  • power backup, 
  • retail, 
  • steel, 
  • real estate,
  • infrastructure
  • vehicle and 
  • equipment finance.

Mahindra & Mahindra is not just a major player of EVs in India, but is also the key player involved in cars. This means, Mahindra was able to channelise the paucity in the EV Space in India by prioritizing on EV and Cars. EV+Cars – Mahindra!!

Mahindra launched India’s First EV Mahindra Reva in 2001. Mahindra is not just an early player, but the first mover in India’s EV Space. Its also noteworthy to mention that Mahindra Reva was India’s first electric car. Mahindra also set up a dedicated R&D centre in Bangalore.

Other EV variants of Mahindra & Mahindra include the Mahindra E20 and eVerito. 

Also, Mahindra has not only focussed on the manufacture of EVs. Mahindra and Mahindra is also engaged in the manufacturing of battery packs. Mahindra & Mahindra has networked and partnered with various institutions in the country to boost EV charging.

Mahindra & Mahindra is India’s largest EV portfolio. This portfolio is the largest portfolio in India under a single corporation. The company offers both private and public commute options. The product line has the eVerito & e20 Plus for private drivers and fleets and eSupro, eAlfa Mini, Treo & Treo Zor in the public transit segment.

Products of Mahindra & Mahindra include,

Private Drivers & Fleets

the eVerito & e20 Plus

Public Commute

eSupro, eAlfa Mini, Treo & Treo Zor

Mahindra and Mahindra is one of the most important EV Stocks in India.

3. Sona BLW Precision Forgings Ltd

       Price – 423.30

       Market Cap – 247.74 Billion INR

Sona BLW is engaged in the manufacture of precision forged bevel gears and differential case assemblies for automotives.Sona BLW made an operational revenue of 1939 Crores and a profit of ~350 Crores.

       PE Ratio – 65.21

4. Exide Industries Ltd

      Price – 181.05

       Market Cap – 153.89 Billion INR

         PE Ratio – 18.1

 Exide Industries is the largest manufacturer of Lithium Batteries in India. Exide Industries is a joint venture between Suzuki, TOSHIBA, and DENSO, in Gujarat; Amara Raja Batteries, Li Energy, and ATL and Manikaran Power Ltd.

Exide Industries made an operational revenue of 12K+ Crores and a margin of 5.61%.

5. Kabra Extrusion Technik Ltd

Price – 494.35

Market Cap – 16.61 Billion INR

PE Ratio – 44.52

Kabra Extrusion Technik Ltd is a major company that sells  EV ancillary products in India. Kabra made an operating revenue of ~399 Crores and a profit of 43 crores.

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