Explore Best EV Stocks in India

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As the entire world is moving towards renewable sources of energy to reduce emissions, India too is following suit. Consumers and automobile manufacturers in the country are increasingly showing interest in electric vehicles (EVs).

Recognising this monumental change, the central government has decided to promote the cause of electric mobility. During the Union Budget 2023-24, the Finance Minister, Nirmala Sitharaman, announced several measures to support the manufacturing of EVs and strengthen the charging ecosystem. 

These measures will provide a fillip to the EV sector; therefore, this is the right time for investors to start thinking about EV stocks. So, let us talk about the best EV stocks in India. 


  • Tata Motors
  • Mahindra and Mahindra
  • Hero MotoCorp
  • Bajaj Auto
  • Exide Industries
  • Amara Raja Batteries

Tata Motors

Tata Motors is one of the largest manufacturers of passenger cars and commercial vehicles in the country. It is an aggressive player when it comes to launching EVs, which shows its commitment to the environment and green energy. The company has already launched electric cars like Tata Punch EV, Tata Tiago EV, and Tata Nexon EV. Its EVs have attracted a significant number of customers so far. Therefore, if you want to make a portfolio of EV stocks, you should consider Tata Motors. 

Mahindra & Mahindra

Mahindra & Mahindra is a manufacturer of tractors and sports utility vehicles and is one of the largest automotive companies in India. It has launched one EV so far called XUV400, which has been received quite well by customers. The company is going to introduce three pure electric EVs soon in India. So whether you are a car-lover or an investor, you should keep an eye on how well Mahindra & Mahindra does in terms of launching EVs. If it does well, it will prove to be a good stock to invest in.

Hero MotoCorp

Being the largest two-wheeler manufacturer in the world, Hero MotoCorp is at the forefront of technology. The company has announced that it will be launching three electric scooters soon. These scooters will be launched at three different price points, targeting different market segments. If these EV scooters do well, Hero MotorCorp will become one of the best EV stocks in India.

Bajaj Auto

Much like other leading auto manufacturers, Bajaj Auto is also increasing its focus on EVs. The company has already launched its electric three-wheelers and the Chetak electric scooter. Moreover, it has recently announced that it will be scaling up its EV operations, which means it will be rolling out these EVs in several towns and cities of the country. As Bajaj Auto has one of the widest reach in the automobile sector, its EVs are soon expected to be available in many parts of India. If these EVs can contribute significantly to its business, it may become one of the best EV stocks to invest in.

Exide Industries

Exide Industries is one of the most trusted brands of batteries for automobiles in India. It is a leading manufacturer of lithium-ion batteries and energy storage solutions. The company is in the process of establishing a lithium-ion cell manufacturing plant in Bengaluru, which will be meant to cater to the rising demand for batteries from EVs in India. It will be a huge plant considering its manufacturing capacity and investment required, which shows that Exide Industries is certainly bullish on EVs. If you are keen to invest in EV stocks, watch out for Exide Industries.

Amara Raja Batteries

This company is a big player in the lead battery segment in India. It manufactures batteries for both the automotive and industrial sectors. Over the years, it has built a reputation for providing reliable products. Its flagship brand – Amaron – is popular across India. Therefore, it is expected to gain significantly from the ongoing transition towards EVs in the country. As an investor, you should keep an eye on Amara Raja Batteries for your EV portfolio.


While investing in the best EV stocks in India, people should keep in mind that this sector is still in a nascent stage. We still lack public charging infrastructure in the country. Most charging stations are in a few states like Delhi and Maharashtra.

For the companies listed above to gain meaningful business from EVs, the charging infrastructure for such vehicles must improve. Therefore, while investing in such companies, the investors should keep an eye on how the EV sector evolves in India.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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