Best Electric Vehicle EV Stocks in India 2023

If you are an investor, then you might be looking for the best sector to invest in which has a great future, one of the sectors is electric vehicle EV stocks. Here in this article, we will give complete insights and information about the best electric vehicle stocks in India. Going forward you will see information about not only auto stocks but also stocks that supports this industry.

Today, we human beings have entered a world that has headed towards the path of reaching the maximum limits of using the natural resources of the earth and now we are in search of alternatives to them.

One such sector that was completely dependent on natural resources is the automobile sector. The sector has been largely dependent on natural fuels like petrol and diesel. But these sources of energy are exhaustible and so we had already started our journey of using natural gas as an alternative.

With a similar intent to shift to a sustainable source of energy, the automobile sector has now started producing electrically powered vehicles for consumers and this has turned out to be a good choice for automobile makers.

One such advantage has been seen in the share prices of these makers. With the adoption of electric vehicle production, the shares of these automobile giants have shown an upward trend. So we have researched on best EV stocks in India and come up with the best pick for you to consider for investing.

We have divided the EV Company stocks into different segments.

EV Stocks news highlights:

Soon, NITI Aayog will introduce an application to locate electric vehicle charging and swapping stations. Read Here

Ford secures $9.2 billion to support the United States in narrowing the gap with China's dominant position in the electric vehicle (EV) industry. Read More

Despite the delay in the disbursement of government subsidies, the sales of electric vehicles saw an increase of nearly 60% in FY23. Read More

Government defers decision on six airbags in cars after car manufactures claims that current situation for auto industry is not stable, hence govt moved this decesion to 2024.
Best EV Stocks in India are Tata Motors, M&M, TATA ELXSI Limited, Exide Industries Limited, and Indian Oil Corporation Limited (IOCL) with the current market price (CMP) of Rs.394, Rs.1262, Rs.8523, Rs.163 and Rs.70 respectively.

Electric Vehicle (EV) Sector Segmentation

When we talk about the electric vehicle sector, most of us think about some major automobile makers like Tata Motors or Mahindra Auto but this sector is not just limited to the manufacturers. Based on various parts, segments, and infrastructure used, we can classify the electric vehicles (EV) sectors into four major parts:

  1. Auto Manufacturers: This classification includes those companies that compile all the spare parts and technology to form a vehicle out of them.
  2. Auto Parts and EV Software: These include companies that manufacture spare parts and other technological software that make EVs smart and technologically advanced. 
  3. Battery Manufacturing: The heart of every EV is the battery that powers it. A battery is the prime source of energy for an electric vehicle.
  4. EV Charging Stations: The battery that powers an EV needs to be charged regularly to run the vehicle and therefore this classification includes the companies that build the infrastructure required to set up charging stations at various public places and the residence of the customer as well.  

Based on this segmentation in mind, we have brought a complete portfolio of 15 Indian electric vehicles EV stocks to look forward to in the future. The list includes both, the already listed companies and also the newcomers to the market that may turn out to be a good choice to invest in.

Also Check:

SL NoStock NameMarket Cap ₹(Cr.)
1TATA Motors₹ 1,54,608.58
2Mahindra & Mahindra₹ 1,50,137.45
3Maruti Suzuki India Ltd₹ 2,60,424.73
4Hero MotoCorp Limited₹ 49,506.29
5Himadari Specialty Chemical Limited₹ 3,952.78
6Greaves Cotton₹ 3,087.88
7Motherson Sumi Systems Limited₹ 22,503.44
8TATA ELXSI Limited₹ 39,713.37
9Exide Industries Limited & Amara Raja Batteries Limited₹ 15,750.50
10TATA Chemicals Limited₹ 26,001.70
11TATA Power Company Limited₹ 62,980.14
12Power Grid Corporation of India Limited₹ 1,58,552.04
13National Thermal Power Corporation Limited (NTPC)₹ 1,70,467.39
14Indian Oil Corporation Limited (IOCL)₹ 1,10,145.66

Auto Manufacturers EV Stocks in India

Here is the list of Electric Vehicle Stocks in the Auto manufacturer sector. We have divided the EV stocks into 2 classifications- Proven/established players and Unproven/new players.

EV Market share
Image Source: Greentechlead

Proven/Established Players

Companies having experience in the automobile industry.

1. TATA Motors

TATA Motors
Tata Motors

One of the oldest players in the market, TATA Motors is the most diversified company in the segment. From four-wheeler passenger cars to heavy commercial vehicles like buses, trucks, and trailers, the company has a good presence in every segment.

This is one of the best EV stocks in India, with the support of its allies like TATA Chemicals for batteries, TATA ELXSI for software, and TATA steel for body structure, TATA Motors has a great scope of expansion in the future and it has started showing the traits of this growth. The share price of TATA Motors is recorded at ₹454 as of April 2022 and has shown a rise of ₹200 (about 70%).

Market Cap₹ 1,38,266.18 Cr.
Sales Growth7.06%

2. Mahindra & Mahindra

Mahindra & Mahindra
Mahindra & Mahindra

Mahindra & Mahindra, like TATA Motors, has a strong presence in a wide range of vehicle classes, including passenger cars, trucks, and other commercial vehicles. And its one more best EV stocks in India.

Mahindra has had a legacy in the agriculture transport industry with a lineup of various tractors. The share price of Mahindra & Mahindra stood at ₹858 as of April 2022.

Market Cap₹ 1,37,316.83 Cr
Sales Growth-0.98%

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3. Maruti Suzuki India Ltd

Maruti Suzuki India Ltd
Maruti Suzuki India Ltd

Maruti Suzuki India is the leading brand when it comes to the market of entry-level cars that are budget-friendly. Being the first in this segment, the company enjoys the majority of the market share.

The only difference here is that the above-stated companies have already taken a step ahead in the EVs market with the vehicles whereas Maruti Suzuki is yet to enter the market. The company is rumored to launch its most selling car, WagonR, in an electric variant as its maiden car in the market.

The share price of Maruti Suzuki has been in the constant bracket of ₹8000 to ₹8500 for the last few years may be due to less diversification in its portfolio. 

Market Cap₹ 2,60,696.60 Cr
Sales Growth-6.98%

4. Hero MotoCorp Limited

Hero MotoCorp Limited
Hero MotoCorp Limited

With a major segment of EVs dominated by four-wheelers, there is hardly anyone talking about electric two-wheelers. Hero MotoCorp has taken the initiative to expand this minor segment of electric two-wheelers.

In the Indian market, where two-wheelers are the most affordable option of private transport for anyone, a good lineup of already established players like Splendor, Passion Pro and Hero Pleasure can turn out to be a good move thereby giving the first-mover advantage to the two-wheeler giant leaving behind its competitors like Bajaj, TVS and the newbie Ola Electric. Coming to the share price of Hero MotoCorp, was recorded at around ₹2343 as of April 2022.

Market Cap₹ 56,584.65 Cr
Sales Growth6.81%

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Unproven/New Players

Consists of the newcomers or companies with an uncertainty of presence in the segment.

1. Himadari Specialty Chemical Limited

Himadari Specialty Chemical Limited
Himadari Specialty Chemical Limited

The company is a significant presence in the chemical industry but it has now announced to step into the EV segment by making electric bicycles. The share price of the company was found to be around ₹79 as of April 2022.

Market Cap₹ 3,075.86 Cr
Sales Growth-6.88%

2. Greaves Cotton

Greaves Cotton
Greaves Cotton

Having a diversified class of business, Greaves Cotton has recently acquired a two-wheeler electric company named Ampere Vehicles with a target of entering the two-wheeler EV manufacturing market as the segment has a strong potential to prosper in the coming future. The share price of Greaves Cotton has almost doubled in the last year from ₹127 to ₹206 as of April 2022.

Market Cap₹ 3,535.96 Cr.
Sales Growth-27.02%

Auto Parts and EV Software Stocks in India

Here is the list of Electric Vehicle Stocks in the Auto Parts sector.

1. Motherson Sumi Systems Limited

Motherson Sumi Systems Limited
Motherson Sumi Systems Limited

Motherson Sumi is one of the largest manufacturers of automobile parts in India. Having a humongous scale of production, the company has acquired various small-scale auto parts manufacturers in the past and has started to manufacture EV-specific parts.

As an EV requires more components than a conventional vehicle, the business undertaken by Motherson Sumi is expected to expand in the coming years making it fruitful for the company. The company is also in the talks to supply EV-specific parts to its various buyers in the future.

In the past 2 years, the share price of Motherson Sumi has risen from an all-time low of ₹ 54 to a current price of ₹ 145 as of April 2022

Market Cap₹ 24,568.73 Cr
Sales Growth0

2. TATA ELXSI Limited


TATA ELXSI is an IT-based software development company that is primarily indulged in the development of software that is used by EVs made by TATA Motors.

Apart from this, the company has also developed stock software that can be used by any electric vehicle. ELXSI is also expected to sell this specifically designed software in the form of licensing to other auto manufacturers in the future.

The share price of TATA ELXSI has shown a massive rise in the last year with a 52-week low of ₹ 2315 and a 52-week high of ₹ 7800. Currently the share trends at a price of ₹ 8626 as of April 2022.

Market Cap₹ 49,658.30 Cr
Sales Growth13.44%

Battery Manufacturing for Electric Vehicle Stocks in India

Here is the list of EV Stocks in the Battery Manufacturing sector.

1. Exide Industries Limited & Amara Raja Batteries Limited

Exide Industries Limited & Amara Raja Batteries Limited
Exide Industries Limited & Amara Raja Batteries Limited

Both of these companies are major players in the battery industry. Till now, they have been manufacturing lead-based batteries that are used in traditional vehicles. But now they are on the path of manufacturing lithium-ion-based batteries that form an essential component of an electric vehicle.

The share price of Exide Industries has been in a price bracket of ₹ 150 and ₹200 for the last 2 years. The current share price of Exide Industries is ₹ 179 as of January 2022. The share price of Amara Raja Batteries was recorded as ₹161 as of April 2022

Market Cap₹ 12,053 Cr.
Sales Growth1.87%

2. TATA Chemicals Limited

TATA Chemicals Limited
TATA Chemicals Limited

The vision of Tata Chemicals is different from its peers. The company aims to develop an ecosystem of battery generation. They aim to gather the raw materials for battery production, manufacture the batteries at their production facilities, and also have the provision of recycling the worn-out batteries in the future.

The ally with its family company TATA Motors would act as a validation and lead to great exposure of the batteries manufactured by TATA Chemicals in the domestic Indian market and the international market as well under the name of its subsidiaries Land Rover and Jaguar. The share price of TATA Chemicals closed at ₹1016 and has shown a rise of about ₹440 from the last year.

Market Cap₹ 20,715.51 Cr
Sales Growth2.69%

EV Charging Stations Electric Vehicle Stocks in India

Below is the list of EV charging station stocks, electric vehicle charging station stocks also will perform better, since its a part of the EV ecosystem.

EV Supply equipment roadmap
Image Source: PSMarketresearch

1. TATA Power Company Limited

TATA Power Company Limited
Tata Power Company Limited

TATA Power has an already established business as a consumer electricity-providing company. With an increasing consumer base of EVs in India, TATA Power, in alliance with TATA Motors, has also participated in the race of setting up EV battery charging and swapping stations all over the country.

The company has been setting up public charging stations at various parking lots and malls and private charging stations at customer residences and authorized automobile service centers. The share price of TATA Power was recorded at around ₹284 following a rise of about 170% from the preceding year.

Market Cap₹ 68,380.27 Cr
Sales Growth-21.01%

2. Power Grid Corporation of India Limited

Power Grid Corporation of India Limited
Power Grid Corporation of India Limited

A state-owned company that mainly caters to high-voltage transmission and grid management and provides high-power electricity to industries like telecom. The company is in the run to set up charging stations all over India.

Having a state ownership label, the company can be expected to enjoy government contracts and deals in setting up charging stations in the future. The share price of Power Grid Corp was recorded to be around ₹210-₹229 as of April 2022.

Market Cap₹ 1,46,798.41 Cr
Sales Growth4.09%

3. National Thermal Power Corporation Limited (NTPC)

National Thermal Power Corporation Limited NTPC
National Thermal Power Corporation Limited (NTPC)

One of the largest thermal power generation companies in India, NTPC had recently started its transition towards solar power generation.

The company was largely involved in the production and installment of solar panels and other solar-powered machines. Following great success in the solar power domain, the state-owned power company is now heading towards EV power generation by the way of setting up charging stations.

Reports also claim that we might see solar-powered EV charging stations in the future under the name of NTPC. Coming to the share price of NTPC, it was found to be at levels of ₹152 with a rise of about 35% from the last year. 

Market Cap₹ 1,34,735.18 Cr
Sales Growth1.33%

4. Indian Oil Corporation Limited (IOCL)

Indian Oil Corporation Limited (IOCL)
Indian Oil Corporation Limited (IOCL)

A major player in the petrol and diesel industry, IOCL is India’s largest state-owned petrochemicals company that has the largest market share in the current petroleum industry. Although the EV industry is a giant competition to IOCL and its business, still it has taken a step toward the EV sector by setting up charging stations at its petrol pumps all over India.

The company has also proposed to increase the charging stations on the petrol pumps with the increase in the demand for them. The share price of IOCL was recorded at around ₹129 as of April 2022. 

Market Cap₹ 1,02,520.19 Cr
Sales Growth-21.37%

Advantages of Investing in EV Stocks

Electric vehicle EV stocks may offer a number of advantages to investors. Some of the potential benefits of investing in EV stocks include:

  1. Strong growth potential: The global demand for electric vehicles is expected to continue to grow in the coming years, driven by increasing concerns about climate change and the adoption of more stringent emissions regulations. This could lead to strong growth for companies that are involved in the production and sales of electric vehicles.
  2. Diversification: EV stocks can be a good way to diversify a portfolio, as they offer exposure to a different sector of the economy.
  3. Potential for increased profitability: As the demand for electric vehicles increases, companies involved in this sector may be able to achieve higher profitability. This could translate into strong returns for investors.
  4. Government incentives: Many governments around the world are offering incentives to encourage the adoption of electric vehicles, which could provide a boost to companies in this sector.
  5. Positive societal impact: Investing in EV stocks may also have a positive societal impact, as the adoption of electric vehicles can help to reduce greenhouse gas emissions and combat climate change.

Final Words

With this, we come to the end of our list of best electric vehicle stocks in India. The main thing to notice here is that one can find a TATA company in every segment of the EV sector and this is the ecosystem that the TATA Group of Companies is aiming at. A full cycle of production includes the manufacturing of spare parts and batteries, development of software, assembling of these parts to form an electric vehicle, and ultimately setting up charging stations for EVs at varied locations all over the country.

Apart from this, companies like Hero MotoCorp and Maruti Suzuki are the prospective players that are in the queue of launching their EVs soon in the market. From a bird’s eye view, the companies mentioned above could be a great bet to put upon as the EV segment is yet to achieve its full potential in India. We hope that the information provided by us suits your purpose of researching the EV world. Until then, Happy Investing!


Who is the leading EV in India?

Tata Motors is the EV giant in India, Tata Nexon EV is the best selling car in India

Is EV successful in India?

Currently, it’s very early to say whether its successful or not, but in future this EV industry will grow drastically, once the charging power stations are on board, as per reports EV industry will grow by 30% by 2026

Is Tata Motors share good buy?

Yes if you are holding this stock for the longer term.

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21 thoughts on “Best Electric Vehicle EV Stocks in India 2023”

  1. Now I can see many Ola S1, ather, tvs icube scooter and other EV cars on road, which is clear indication of transition from fuel based vehicles to electric vehicles. This also justifies that definitely there will be growth in EV industry.

  2. Currently EV stocks are in consolidation zone, one day the stock price will reach 56 week higher price range and this will help for lot of investors to make more profit those who have made investment in recent days

  3. Is there any news of Adani stepping into EV industry, if he steps into the EV industry the EV stocks will have more impact in terms of share prices and definitely traders and investor will make more money

  4. We want Adani to come into the EV industry because now you Adani is a second richest person in the world after Elon Musk.
    I am pretty sure of Adani might be planning the EV segment stocks as well.

  5. Fantastic article, you have explained all ev sectors in details, which is really an exhaustive content what you have written.

  6. I have recently added ev stocks to my portfolio, I’m betting on it. Whatever market centiment might be I will never sell my stocks.

  7. I’m betting on Tata motors, because they strong plan made in terms of EV industry, though their current share price are in dip due to market sentiments, I think in future definitely Tata power, Tata Elxi, Tata Motors would beat all EV sectors in terms of stock price and industry level match too.

  8. I can see indian oil in the list above of ev stocks, since this company sells petrol and diesel, how come they will be a best ev stocks?

    • Yes it’s a current stage they are selling petrol, going forward when electric vehicles comes on road, they have strong roadmap created to sell electricity by building charging stations

  9. I haven’t seen maruthi coming up with its Ev segment, can anyone tell me whether maruthi suzuki is coming up with its EV segment

  10. Thanks for sharing these amazing ev stocks, the above stocks are fundamentally stable which we can rely. Ev stocks in India

  11. I’m a long term investor, I would say Everyone that EV stocks is the future, just hold of the above EV stocks and build your dream wealth

  12. I would be betting in Battery stocks more than EV stocks, since battery will be in demand every time, charging stations too, it will be multi billion dollar business when compared to Electric vehicles.


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