Best Electric Vehicle (EV) Stocks in India 2023

23 February 2023
5 mins read
Electric vehicles are one of the major technological revolutions about to come up in India. The companies which can ride this wave will generate massive returns in the long run.
Best Electric Vehicle (EV) Stocks in India 2023


Wondering if there are any companies that are driving innovation and researching technologies that are going to change the world? Want to be a part of their journey of revolutionising India, simply as a retail investor? Perhaps you could explore buying the stocks of companies that are investing heavily in a technology that will change India in the next ten years – electric vehicles or EVs.

Why Invest in EV Stocks?

Electric vehicles are not just any up and coming technology – they are supposed to slowly replace petrol and diesel-based vehicles entirely (especially cars, buses, two and three-wheelers etc.). This represents a potential for massive growth as well as an opportunity to expand market share for large players who can invest in launching cheap electric vehicles. The government is increasingly giving support to building EV infrastructure and orders for public vehicles such as electric buses. The Union government’s National Electric Mobility Mission Plan 2020 includes both demand side incentives as well as plans for building EV infrastructure and promotion of manufacturing of electric/hybrid vehicles under the FAME India scheme.

Segments of the EV sector

The electric vehicles sector may be divided into the following segments – 

  1. Auto manufacturers –

     Those who assemble the electric vehicle

  2. Battery manufacturers –

     Those who produce vehicle batteries for EVs

  3. Auto parts and EV software –

    Those who develop the electronics and programming for the electric vehicles as well as produce spare parts

  4. Charging station network –

     Those who set up charging stations across cities and road networks.

List of best electric vehicle stocks in India 

Name of the company Current share price % Change in share price in last 12 months
Mahindra and Mahindra ₹1238.85 38.62
Tata Motors ₹412 6.8
Olectra Greentech ₹614.50  20.75
Ashok Leyland ₹159.65 17.22
Hero Motocorp ₹2624.95 -8.47
  1. Mahindra and Mahindra Ltd. –

    It is a ₹1.5 lakh cr company with share price currently at ₹1238.85. In the last year, the stock price has seen a growth of 38.62%. M&M has launched several EVs such as eVerito, eSupro, Treo, eAlfa Mini, e20Plus. It has also developed the capability in manufacturing battery packs and invested in partnerships to boost EV charging. It had also built India’s first electric car, the Mahindra Reva.

  2. Tata Motors Ltd. –

    It is India’s largest automobile manufacturer and it has a strong market share across several categories of vehicles – from private cars to defence vehicles. Its stock price, currently at ₹412 has increased by 6.8% in the last 1 year and it is currently enjoying a market capital of ₹1.47 lakh cr. The Nexon, Tigor, Nano and Tiago have EV versions built by Tata Motors, in addition to electric buses. It is also investing heavily in charging stations. Its partner companies such as Tata ELXSI (for the software), Tata Steel (for the body) and Tata Chemicals (for batteries) alongside its network in Europe and East Asia makes it a formidable player in the EV sector. This makes it definitely one of the top EV stocks in India for the years to come.

  3. Olectra Greentech Ltd. –

    This company is actually a subsidiary of Megha Engineering and Infrastructures Ltd with a market cap of ₹4906 cr. Its stock, currently valued at ₹614.50 has grown 20.75% in the past 1 year. It has a strong foundation in manufacturing electric buses with a regenerative braking system in the K9 variant that saves 30% of the energy while braking and has faster charging systems. It is also India’s only manufacturer of Tarmac electric buses used in airports.

  4. Ashok Leyland Ltd. –

    Belonging under the Hinduja Group, it is the 4th largest manufacturer of buses in the world with a market cap of ₹45,941 cr. Circuit, HYBUS, Electric Euro 6 Truck are some of its EVs and it has a view towards expanding exports of EVs. Its current share price is ₹159.65 after a 17.22% appreciation in the past 1 year.

  5. Hero Motocorp Ltd. –

    The company has launched an electric vehicle scooter and has started its own EV brand ‘Vida’. With a market cap of ₹52,875 cr, its current share price is ₹2624.95 – however, it has seen a 8.47% fall in its share price in the last 12 months (although the launch of a new EV is set to increase its share price in the coming months).

Apart from the above companies which are actually producing EVs, there are other companies such as Exide and Tata Chemicals which produce batteries for EVs as well as Tata Power Co. Ltd. and Power Grid Corporation of India Ltd. which are going to be critical in the development of infrastructure such as charging stations of EVs in the coming years.  One can consider them as related to some of the top EV stocks in India.


Now that you have an idea about the top EV stocks in India, try opening a demat account and start investing in EV stocks for real.

Disclaimer: This blog is exclusively for educational purposes. The securities quoted here are only exemplary and not recommendatory.