Best Electric Vehicle (EV) Stocks in India 2023

19 October 2022
3 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



EV stands for Electronic vehicles, which are vehicles powered by batteries and electric motors instead of internal combustion engines. EVs are considered cleaner and more sustainable alternatives to traditional gas-powered vehicles. In India, EVs are in a very nascent stage compared to other developed geographies in the world. It contributes a small portion of total vehicles running on the road as well as newly sold vehicles.

In India, the popularity of electric vehicles is increasing due to government incentives and support for the development of charging infrastructure. Global automakers producing EVs including Tesla, BYD, General Motors, and Nissan, and many are the bigger player. Apart from automakers, there are also companies specializing in manufacturing components for electric vehicles, such as batteries, motors, and charging infrastructure.

With the ongoing global shift towards sustainable transportation, investing in EV stocks in India presents an appealing opportunity for individuals interested in the automotive and renewable energy industries.

Industry Overview

According to the Economic Survey 2023, the domestic electric vehicle market in India is projected to experience an impressive CAGR of 49% from 2022 to 2030. By 2030, it is anticipated that the market will achieve an annual sales volume of 10 million electric vehicles. Furthermore, the electric vehicle industry is expected to generate approximately 50 million direct and indirect jobs by 2030. The automotive sector holds a significant position in India’s economy, contributing approximately 7.1% to its GDP and offering substantial employment opportunities.

Company Name Products CMP (Rs) Market Cap (Rs in Cr) 1-Year Return % 3-Year Return %
Mercury EV-Tech 2-Wheeler, Cars, Buses               29                                     482 3165.0 % 7915.0 %
JBM Auto Electric Buses           958                               11,323 144.6 % 1250.0 %
Olectra Greentech Electric Buses           918                                 7,533 48.0 % 1220.0 %
HBL Power System Batteries           148                                 4,090 65.6 % 915.0 %
Tata Motors Electric Cars, Buses           586                           2,03,808 38.8 % 438.0 %
Tata Power Charging Stations           224                               71,624 0.6 % 436.0 %
TVS Motors 2-Wheeler         1,337                               63,500 79.5 % 289.0 %
Ashok Leyland Electric Buses           155                               45,509 15.4 % 196.0 %
Mahindra & Mahindra Electric Cars         1,369                           1,70,245 34.7 % 170.0 %
Bharat Forge Components           825                               38,402 27.8 % 135.0 %
Power Grid Charging Stations           245                           1,70,759 8.2 % 95.5 %
Bajaj Auto 2-Wheeler         4,731                           1,33,869 29.2 % 70.0 %
Samvardhana Motherson International Components               84                               56,725 5.6 % 65.4 %
Exide Industries Batteries           207                               17,578 47.2 % 34.0 %
Hero Moto Corp 2-Wheeler         2,929                               58,541 15.4 % 22.0 %
Amara Raja Batteries Batteries           662                               10,621 29.6 % -5.3 %
Sona BLW Precision and Forgings Components           527                               30,837 -11.4 % NA

In the past three years, companies such as Mercury EV-Tech, JBM Auto, and Olectra Greentech have experienced significant growth, with multibagger returns of 7915%, 1250%, and 1220% respectively. Similarly, HBL Power System, Tata Motors, and Tata Power have also achieved impressive returns of 915%, 438%, and 436% respectively, whereas Amara Raja Batteries and Sona BLW are struggling to generate a good return for their investors. 

The Indian government has set a target to achieve 30% electrification of the country’s vehicle fleet by 2030 and has introduced several incentives and policies to support the growth of the EV industry. India has immense growth potential in the EV industry, particularly in the realm of domestic vehicles. The market offers a significant opportunity for major players to expand their market share by investing in the development of affordable electric vehicles. 

Moreover, the government’s unwavering support, manifested in the establishment of EV infrastructure and substantial orders for EV buses and similar vehicles, makes investing in the top EV stocks in India a promising pathway to prosperity. Investors must keep these stocks on their radar.


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.