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Best Electric Vehicle (EV) Stocks in India 2024

22 January 20246 mins read by Angel One
The Indian EV market is booming and is projected to reach 1.39 million units by 2030. The rapid growth presents an opportunity for investors. Discover the top EV stocks to invest in 2024.
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The transportation sector is continuously evolving, with a significant shift towards electric vehicles (EVs) as a sustainable alternative to traditional fossil-fuel-powered transport. This shift is about adopting new technology and existing businesses adapting to keep pace with EV pioneers like Tesla. The move towards EVs aligns with changing industry dynamics and environmental considerations.

For savvy investors who are keen on staying ahead in the investment game, EV stocks in India offer a promising avenue. These stocks are gaining attention as they hold the potential for financial growth, even in times when traditional markets might be experiencing a downturn. In this context, it’s crucial to explore the Indian EV market and identify the top EV stocks that are shaping the future of transportation in India. This analysis will help investors make informed decisions about where to place their investments in this burgeoning sector.

Top 10 EV Stocks In India in 2024

Name Sub-Sector Market Cap (in ₹ crore) PE Ratio (x) 5Y CAGR (%) 1Y Return (%)
Adani Power Ltd Power Generation 210,010.33  19.58  60.99  84.73 
Tata Motors Ltd Four Wheelers 151,860.11  -11.29  42.25  144.15 
Bharat Electronics Ltd Electronic Equipments 133,293.82  44.66  43.85  81.71 
CG Power and Industrial Solutions Ltd Heavy Electrical Equipments 68,933.95  71.61  59.77  64.61 
Suzlon Energy Ltd Renewable Energy Equipment & Services 51,345.67  18.02  50.78  251.63 
KEI Industries Ltd Cables 29,115.95  61.00  55.32  112.91 
Apar Industries Ltd Electrical Components & Equipment 23,571.97  36.96  55.05  228.09 
JBM Auto Ltd Auto Parts 19,780.38  159.03  68.82  223.47 
Inox Wind Ltd Heavy Electrical Equipments 16,763.53  -25.14  46.62  373.57 
HBL Power Systems Ltd Batteries 12,717.70  128.92  74.88  335.91 

Note: The above list of agricultural stocks is dated January 3, 2023. These stocks are sorted from highest to lowest based on the market capitalisation. The following parameters were used to get the list:

  • 5-year CAGR should be higher than 50%
  • 1-year returns should be higher than 70%

Now, let’s look at these stocks briefly.

  • Adani Power Ltd

This company is one of the largest private power producers in India, with a capacity of over 12,000 MW. It has also ventured into the EV charging infrastructure segment by setting up charging stations across various cities in partnership with other entities.

  • Tata Motors Ltd

This company is one of the leading automobile manufacturers in India, with a presence in both passenger and commercial vehicles. It has launched several EV models, such as the Nexon EV, the Tigor EV, and the upcoming Altroz EV. It has also invested in battery manufacturing and charging solutions.

  • Bharat Electronics Ltd

This state-owned enterprise manufactures various electronic products for the defence, aerospace, and civilian sectors. It has also developed EV components, such as battery management systems, chargers, and converters.

  • CG Power and Industrial Solutions Ltd

This diversified engineering conglomerate offers products and services for the power, industrial, and consumer sectors. It has also entered the EV segment by providing electric motors, controllers, and chargers for various EV applications.

  • Suzlon Energy Ltd

This company is one of India’s leading renewable energy solutions providers, focusing on wind power. It has also diversified into the EV sector by offering battery storage solutions and charging stations.

  • KEI Industries Ltd

This company is a leading manufacturer of wires and cables for various sectors, such as power, telecom, railways, and infrastructure. It has also ventured into the EV space by supplying cables and connectors for EV charging stations.

  • Apar Industries Ltd

This company is a major producer of speciality oils, conductors, and cables for various industries, such as power, telecom, railways, and automotive. It has also expanded into the EV domain by manufacturing and supplying conductors, cables, and lubricants for EVs.

  • JBM Auto Ltd

This company is a leading automotive component and system manufacturer in India, with a portfolio of products such as chassis, body, exhaust, and fuel systems. It has also entered the EV market by launching its own EV bus brand, ECO-LIFE, and setting up EV charging stations.

  • Inox Wind Ltd

This company is a prominent wind energy solutions provider in India, with a capacity of over 2,400 MW. It has also diversified into the EV sector by offering battery storage solutions and charging stations.

  • HBL Power Systems Ltd

This company is a pioneer in the field of batteries and power electronics in India, with a range of products such as lead-acid, lithium-ion, nickel-cadmium, and nickel-metal hydride batteries. It has also entered the EV segment by providing batteries, chargers, and power electronics for EVs.

Overview of the EV Industry in India

The electric vehicle (EV) industry in India is poised for significant growth in the coming years. As of 2022, the market size of the Indian EV sector stood at US$ 772 million, with projections indicating an impressive expansion to US$ 19,980 million by 2028. This represents a compound annual growth rate (CAGR) of 69% from 2023 to 2028. 

The surge in the EV market is not just limited to passenger vehicles; a substantial portion of this growth is expected to come from the two-wheeler and three-wheeler segments. By 2030, EVs could comprise over 40% of India’s automotive market, potentially generating more than $100 billion in revenue. Further supporting this optimistic outlook is a study that forecasts a CAGR of 43.13% for India’s EV industry between 2019 and 2030.

As part of the budgetary provisions, Minister Sitharaman underscored support for Battery Energy Storage Systems with a capacity of 4,000 MWH through viability gap funding. The government’s initiatives, such as the Faster Adoption of Manufacturing of Electric Vehicles Scheme – II (FAME – II) and the Production Linked Incentive Scheme (PLI), aim to incentivise electric vehicle manufacturers. Notably, the budget earmarked ₹51.72 billion for the FAME-II scheme, representing an 80% increase from previous allocations. 

However, realising this potential will require addressing several structural challenges. These include ensuring robust policy support, enhancing safety standards, reducing battery costs, developing new products, optimising distribution channels, prioritising specific customer segments, advancing software technology, and expanding charging infrastructure. The combination of these efforts will be crucial in harnessing the full potential of India’s EV market.

Factors To Consider While Investing in EV Stocks

Investing in electric vehicle (EV) stocks requires careful consideration of various factors, given the unique dynamics of this rapidly evolving sector. Here are some crucial factors to keep in mind:

  1. Technological Innovation: Evaluate the company’s investment in research and development (R&D). Companies that are leaders in innovation may have a competitive advantage in terms of battery technology, charging solutions, or other EV-related technologies.
  2. Production Capability and Supply Chain: Assess the company’s ability to scale up production. This includes having a robust supply chain to handle the demand for EVs and managing the sourcing of key components like batteries.
  3. Regulatory Environment: Consider the impact of government policies and regulations on the EV industry. Incentives, subsidies, or regulations promoting EV adoption can significantly affect the market.
  4. Consumer Acceptance and Brand Strength: Understand the market’s acceptance of the company’s products. A strong brand and positive consumer reception can be indicative of future success.
  5. Competition: Analyse the competitive landscape. A company that has a competitive edge in terms of technology, cost, or market share could be a more promising investment.
  6. Sustainability and ESG Factors: Consider environmental, social, and governance (ESG) factors, as sustainability is a core aspect of the EV industry. Companies with strong ESG practices may be better positioned for long-term growth.
  7. Long-Term Perspective: Maintain a long-term investment perspective. The EV industry is growing, but it may take time for companies to realise their full potential.


Investing in the rapidly evolving Electric Vehicle (EV) sector in India offers a unique opportunity for investors. With the convenience of platforms like Angel One, opening a demat account and beginning your investment journey in EV stocks becomes more accessible and easy.

However, it’s important to remember that stock market investments have inherent risks. Therefore, seeking guidance from a financial advisor and conducting thorough research before making any investment decisions is advisable. This approach ensures that your investment choices are well-informed and aligned with your financial objectives.

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

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