EV (Electric Vehicle) Stocks

EV stocks refer to companies operating across the electric vehicle ecosystem, such as vehicle manufacturers, battery producers, charging solution providers, and component suppliers. These stocks mirror the transition towards cleaner and more sustainable mobility. In India, factors like higher fuel prices, emission reduction goals, advancements in battery technology, and supportive government policies are accelerating EV adoption. As charging infrastructure expands and demand rises, EV stocks continue to draw investor attention, offering long-term growth opportunities while contributing to a greener transportation landscape.

Here is a list of the popular EV sector stocks in India that you can consider investing in.

1. Tata Motors

One of the most esteemed automakers in India, Tata Motors offers two marquee electric cars—Nexon EV and Tigor EV. For the production of electric powertrains, the company has also collaborated with Jayem Automotives based in Coimbatore. Beyond India, Tata Motors has established a strong international foothold in various regions of Asia, Europe, the Middle East, the Americas, Russia, Africa and Oceania.

2. Mahindra & Mahindra

With a presence in multiple segments, including auto and clean energy, Mahindra & Mahindra is the producer of e-Verito and e-KUV100 electric cars. Likewise, the auto giant caters to prominent markets like North America, Italy, Japan, and South Korea with its manufacturing facilities and R&D centres.

3. Bajaj Auto

Renowned for its motorcycles and scooters, Bajaj Auto is now becoming one of the leading manufacturers of electric two-wheelers and EV parts. The company has also forayed into the production of electric three-wheelers, i.e., passenger auto rickshaws. With a number of international subsidiaries, Bajaj Auto also exports its two and three-wheelers to countries in Africa, Asia, Europe, Latin America, and the Middle East.

4. Hero MotoCorp

Another one of India’s well-known two-wheeler brands, Hero MotoCorp is the latest participant in the EV segment with its electric scooters like eMaestro and ePleasure. By using its manufacturing prowess and robust distribution system, the enterprise has big plans to drop a lineup of EVs in the near future.

5. Exide Industries

Capitalising on the burgeoning demand for EV parts in India, Exide Industries has set out to manufacture lithium-ion batteries. As India’s biggest producer of batteries, the company has abundant experience and capacity for innovation to reinforce the EV expansion in India.

6. Ashok Leyland

With its roots in Chennai, Ashok Leyland is widely acclaimed for its commercial transit vehicles. Under the brand label Circuit, the manufacturer has kicked off the launch of electric buses and trucks in India. With its entry into the EV domain, Ashok Leyland’s offerings can help create a ripple effect of sustainability by allowing other businesses to invest in carrier vehicles with low emissions.

7. HBL Power Systems

A leading name in the battery and power electronics sector, HBL Power Systems is a supplier to several industries across the globe. Having partnered with EV manufacturers in India, it is scaling up the production of batteries to meet the rising demands, signaling long-term financial growth for the company.

8. Vedanta Ltd

Vedanta Ltd, a diversified natural resources company, has ventured into the electric vehicle (EV) ecosystem by exploring opportunities in battery manufacturing. With its extensive operations in mining and metal production, Vedanta is well-positioned to contribute key materials such as aluminium and zinc, which are essential for EV batteries and components. By leveraging its resource base and technology, the company aims to align itself with India's growing EV market.

9. Hindalco Industries Ltd

Hindalco Industries, a flagship company of the Aditya Birla Group, plays a pivotal role in supporting the EV industry through its advanced aluminium solutions. Aluminium, being lightweight and durable, is a preferred material for EV bodies and battery enclosures. Hindalco’s extensive expertise in manufacturing aluminium and its focus on innovation make it a critical player in facilitating the development of sustainable EV technologies in India.

10. Maruti Suzuki India Ltd

As India’s largest automobile manufacturer, Maruti Suzuki is gearing up for its foray into the electric vehicle segment. The company has announced plans to introduce electric cars tailored for Indian consumers, focusing on affordability and energy efficiency. By leveraging its robust distribution network, manufacturing capacity, and customer trust, Maruti Suzuki is expected to significantly influence EV adoption in India while maintaining its leadership in the automotive market.

These companies reflect the diverse ecosystem of electric vehicle production, from automakers to battery manufacturers, and underscore India's commitment to sustainable transportation.

India’s recent Union Budgets have increasingly focused on strengthening the electric vehicle ecosystem through policy support and incentives. In the Budget 2025-26, the government offered customs duty exemptions on critical EV battery materials and capital goods, boosting domestic battery production and reducing costs. It also increased allocations to battery and EV support schemes to promote local manufacturing and supply chains.

Industry stakeholders are now looking ahead to the Budget 2026-27, hoping for continued EV incentives, clear GST advantages for EVs, policy continuity, and strengthened charging infrastructure. Proposals include maintaining lower GST on EVs, expanding duty exemptions, and supporting R&D and localisation of components to sustain long-term growth.

Together, these budget measures aim to accelerate EV adoption, enhance manufacturing competitiveness, and support India’s transition to sustainable mobility.