Best Electric Vehicle (EV) Stocks In India for 2023 – 2024

The world is moving towards electric vehicles very quickly, as a result, a lot of Electric Vehicle stocks may give very high returns. As an investor, you should have knowledge about these stocks no matter whether you are a beginner or a pro-investor. Here, we will share the best Electric Vehicle stock in India that may give very high returns in the near future.

Electric Vehicle Stocks to invest

Hope you know in the electric vehicle sector a lot of companies coming but after a few years, only a few companies will survive in the race. Rest the company’s stocks may not give a high return. But here, you not only have to identify the quality stocks but also invest in them with proper research.

The hipe of the sector in the market is very high as of now. You should always ignore the hype and always follow the investing rules to avoid losses. So, do not invest all in this sector all the money in the thought that the sector will give a high return.

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About Electric Vehicle

The Indian Electric Vehicle industry market size was valued at USD 1.45 billion in 2021. It is expected that the market size of the Electric Vehicle industry in India will be approx USD 113.99 billion in 2029.

As you know fuel prices are increasing day by day and there is no source of fuel in India for vehicles. One day, the fuel will end as a result the government is focusing on electric vehicles and green energy too, which is also a little bit good for nature.

As an investor, if you invest in Electric vehicle stocks most probably in the future you may get a very high return. So, there are very huge chances to get a high return from the sector but it is not confirmed that you’ll get a return because in each sector times problems may come.

Below we are sharing some best Electric Vehicle stocks in India, you can analyze the stock for your investment.

Thumb Rules of Investing

A lot of experts have given some rules to follow while investing to get a higher return and avoid huge losses. These are the common rules for almost all sectors and almost every experienced investor applies these rules while investing in the stock market.

Rule #1: Do not invest all the money in one sector’s stocks. No matter what is the future of the sector. In case, you invested all the money in one sector, if the sector faces any issue then you’ll be in a huge loss.

Rule #2: Invest a maximum of 5% – 6% of the total money in any stock. Suppose you have Rs. 1 Lakh the invest only 5000 – 6000 in any stock. This rule is applicable when you are retail, and can not track all the stocks.

Rule #3: Invest in a maximum of 2-3 stocks of a sector. When any sector will face problems then other sectors’ stock will save you from huge losses.

Rule #4: Invest in stock when the stock the available at a 10% low from its 52-week high. Some people invest in stocks at high, as a result, they did not get good returns on their investments.

Rule #5: Invest in stocks for at least 5 – 7 years to get very high returns. Keep booking the profit from time to time.

Rule #6: Keep averaging the stock if everything is right in the company and the stock is available at a high discount due to any market crash.

Rule #7: Before Investing in any stock make sure you check its fundamental and related news. It will help you to stay away from the stock which can give you huge losses.

Factors to Consider Before Investing

Above we shared some rules you should follow to maximize your return and control your mind when the stock is not moving or giving loss. Not only rules you also have to follow some factors while investing in stocks if you don’t have much knowledge about the stock market and investing.

Note: We are only sharing a few factors, check other factors in detail on the internet. We are not sharing because our aim is to focus on stocks.

➥ Sectors to Invest

You should invest your maximum money in those sectors that can give high returns in the upcoming year. You should avoid those sectors where growth is very slow.

➥ Industry Leader

In case, you are a beginner and don’t have the capacity to take high risks then you should invest in those stocks that are sector leaders. If you are investing in a sector leader then there is a huge chance to get good returns in the future.

➥ Remove Losing Stocks

Remove those stocks from your portfolio that are giving huge losses due to issues in the company. Do not remove any stocks from your portfolio due to common bad news because it happens from time to time with each stock.

➥ Buy at a 10% Discount

Do not buy any stock when it is near its 52-week high. Always try to buy a stock with at least a 10% discount from its 52-week high. There is a great feature called GTT, you can use the feature in case you can not track stock price regularly.

Best Electric Vehicle Stocks in India

Here we are going to share the best electric vehicle stocks in India. In the electric vehicle sector, there are some segments that are mentioned below. The segments are the core of the sector so, you have to do deep research on the below-mentioned electric vehicle stocks.

Note: We are not recommending any stocks for investing purposes, we strongly recommend you invest in any stocks before doing your own research about the stocks.

Segments in Electric Vehicle Sector

  • Auto Manufacturers: The companies that manufacture or assemble electric vehicles.
  • Charging Station: The companies that provide charging stations to charge electric vehicles.
  • Battery Manufacturers: The companies that provide batteries for electric vehicles.
  • Auto Parts and EV software: The companies that produce spare parts as well as programming for electric vehicles.

Note: Below we are sharing the top 5 Electric Vehicle Stocks in India. We will also share their fundament that may help you to understand the company in a good way. We also request you kindly check other websites for updated fundamental information.

Here’s The List of 5 Best Electric Vehicle (EV) Stocks In India

1. Tata Motors

Tata Motors is involved in several categories of vehicles, it is involved in private vehicles to defense vehicles. Recently Tata Motors developed some new defense vehicles. Tata Motors is India’s largest automobile manufactures and it has strong market capture.

Tata Motors vehicles are high quality at a good price because of Tata Steel and other companies. Investing in Tata Motors can be a good idea and the stock is available at a high discount.

In the future, other Tata companies like Tata Steel, Tata Power, TCS, etc will support Tata Motors to create electric vehicles at a cheap price. As a result, the company performs better in the upcoming time.

Profit and Loss Account (Standalone)

The Below table shows the Total Income. You can check the complete finances of the company on MoneyControl’s website.

YearRevenues (In Crores)
March 201969,764.88
March 202043,485.76
March 202147,031.47
March 202247,263.68
March 202365,757.33

Company Essentials

MARKET CAPRs. 1,85,887.22 Cr.
CASHRs. 1,414.65Cr.
NO. OF SHARES332.15 Cr.
DIV. YIELD0.36 %
DEBTRs. 18,872.44 Cr.
EPS (TTM)Rs. 8.21

Shareholding Pattern

Held ByHolding %
Other Holders0.0%

2. Mahindra & Mahindra

Mahindra & Mahindra is also known as M&M. This is an Indian multinational company with strong fundamentals. As you can see a lot of M&M cars everywhere. The company is doing great and most probably it will give a high return in the upcoming years.

Some products that Mahindra & Mahindra makes:

  • Pickups
  • Tractors
  • Two Wheelers
  • Commercial Vehicles
  • SUVs to Electric Vehicles
  • and much more…

Currently the M&M stock price trading at rs. 1373 which is very near to its 52-week high. The 52-week high of the stock is 1422 and 52 week low is 617.15 as of now. It means the stock is given high returns in the year. (Data Updated on June 25, 2023)

The stock has given a 54.81% return in 1 year, while the sector has given an 18.17% return. The MARKET CAP of the company is Rs 1,70,767.60 Cr. The Data is really impressive.

Profit and Loss Account (Standalone)

The Below table shows the Total Income. You can check the complete finances of the company on MoneyControl’s website.

YearRevenues (In Crores)
March 201953,614.00
March 202045,487.78
March 202145,040.98
March 202257,445.97
March 202384,960.26

Company Essentials

MARKET CAPRs. 1,70,767.60 Cr.
CASHRs. 3,650.53 Cr.
NO. OF SHARES124.35 Cr.
DIV. YIELD1.18 %
BOOK VALUE (TTM)Rs. 348.84
DEBTRs. 6,489.95 Cr.
EPS (TTM)Rs. 52.66

Shareholding Pattern

Held ByHolding %
Other Holders0.0%

3. Ashok Leyland

Ashok Leyland belongs to the Hinduja group, it is the largest company in auto – the truck sector, 2nd largest manufactures of commercial vehicles in India, 4th largest manufacturer of buses in the world, and much more.

Ashok Leyland has launched a few electric vehicles (trucks, buses, etc) in the market. You can check their official website for complete information about the company and its products.

The Market Cap is Rs. 47,447.82 Cr. The current 52-week high of the stock is 170.55 and the 52-week low of the stock is 93.20. Currently, the stock is trading at Rs. 161.60. Below is some important fundamental information about the stock. (Data Updated on June 25, 2023)

Profit and Loss Account (Standalone)

The Below table shows the Total Income. You can check the complete finances of the company on MoneyControl’s website.

YearRevenues (In Crores)
March 201929,054.95
March 202017,467.47
March 202115,301.45
March 202221,688.29
March 202336,144.14

Company Essentials

MARKET CAPRs. 47,447.82 Cr.
CASHRs. 1,046.96 Cr.
NO. OF SHARES293.61 Cr.
DIV. YIELD1.61 %
DEBTRs. 3,507.10 Cr.
EPS (TTM)Rs. 4.70

Shareholding Patterns

Held ByHolding %
Other Holders0.0%

4. Hero Motocorp

Hero Motocorp is the most popular company for motorcycles and scooters and it can be easily seen anywhere on the road. Hope you know that recently Hero Motocorp entered the EV segments.

Recently Hero Motocorp launched its first EV scooters in the market in October month. This company focuses on two-wheeler electric vehicles and we all know how famous is Hero Motocorp.

The market cap is Rs. 55,484.04 Cr. The 52-week high of the stock is 4091.95 and the 52-week low of the stock is 2146.85. Currently, the stock is trading at 2776. (Data Updated on June 25, 2023)

Profit and Loss Account (Standalone)

The Below table shows the Total Income. You can check the complete finances of the company on MoneyControl’s website.

YearRevenues (In Crores)
March 201934,341.79
March 202029,614.43
March 202131,380.47
March 202229.802.38
March 202334,370.81

Company Essentials

MARKET CAPRs. 55,484.04 Cr.
CASHRs. 175.12 Cr.
NO. OF SHARES19.98 Cr.
DIV. YIELD3.59 %
BOOK VALUE (TTM)Rs. 835.92
DEBTRs. 0 Cr.
EPS (TTM)Rs. 145.64

Shareholding Patterns

Held ByHolding %
Other Holders0.0%

5. Olectra Greentech

Olectra Greentech is different from other above-mentioned companies. This company only focuses on Electric buses or you can say it’s an electric bus manufacturer. Not only electric buses but this company is also involved in a few product manufacturers.

The Market Cap is Rs. 7,558.40 Cr. The 52-week high of the stock is 1000.45 and the 52-week low of the stock is 374.10. Currently, the stock is trading very near to its 52-week low i.e. 920.85. (Data Updated on June 25, 2023)

Profit and Loss Account (Standalone)

The Below table shows the Total Income. You can check the complete finances of the company on MoneyControl’s website.

YearRevenues (In Crores)
March 2019305.43
March 2020421.92
March 2021288.65
March 20225.93.30
March 20231,145.85

Company Essentials

MARKET CAPRs. 7,558.40 Cr.
CASHRs. 197.74 Cr.
DIV. YIELD0.04 %
BOOK VALUE (TTM)Rs. 103.39
DEBTRs. 65.97 Cr.
EPS (TTM)Rs. 8.61

Shareholding Patterns

Held ByHolding %
Other Holders0.0%


What are the best EV stocks to buy in India?

Some best EV stocks with good fundaments and business models are mentioned above. Check the stocks above and do your own research before investing.

Which company is the leading EV in India?

As of now, it is hard to say which company is leading because it is the beginning of the EV and a lot of companies are coming into this. So follow investing rules to minimize risk and maximize your profits.

Should I Invest in EV components-making companies?

Yes, you should invest in EV components-making companies because when the EV vehicle-making companies will grow they will also grow. Above we listed some main major components of EV segments.

Final Words

There are a lot of companies in the EV stocks but all companies almost doing the same at this time and it is hard to say which company is leading. So, we strongly recommend you do not invest blindly in Electric Vehicle stocks. Keep all the Electric Vehicle Stocks in India on your radar to see what is happening in them. Read more articles related to the stock guide and more on

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