Top Electric Vehicle (EV) Stocks to Watch in India in 2024



The electric vehicle (EV) market in India is accelerating at an unprecedented pace, offering a plethora of investment opportunities. In 2024, several companies are leading the charge in this sector, making it an exciting time for investors. This blog will explore the top EV stocks in India, providing insights into their market position and potential for growth.

The Surge of EV Stocks in India

Transition to Electric

The Indian government’s ambitious EV penetration targets for 2030 have catalyzed a significant shift from traditional fuel vehicles to electric alternatives. This transition is not only a technological leap but also a stride towards environmental sustainability.

Top EV Stocks of India to Keep an Eye On in 2024

The Indian EV market is diverse, encompassing auto manufacturers, battery producers, and companies focusing on EV charging stations and software. Here are the top EV stocks to watch in 2024:

EV Stock NameCategoryMarket Cap (in Cr)Stock Price (₹)
Olectra Greentech LtdAuto parts and EV software11,1331,338
Tata Motors LtdAuto manufacturer2,87,114781
Exide Industries LtdBattery manufacturing27,382326
Mahindra and Mahindra LtdAuto manufacturer1,98,3071,655
Power Grid Corporation of India LtdEV charging stations2,21,214237
Hero MotoCorp LtdAuto manufacturer81,7173,989
Motherson Sumi Systems LtdAuto parts and EV software27,21161
Amara Raja Batteries LtdBattery manufacturing13,929811
Reliance Industries LtdOil to Chemicals (O2C)17,48,3142,583
TVS Motor Company LtdTwo Wheelers93,5511,997
Indian Oil Corporation LtdOil & Gas – Refining and Marketing1,84,352132
Mahindra & Mahindra LtdFour Wheelers1,98,3071,655
Hindalco Industries LtdMetals – Aluminum1,38,076593

Overview of Top Electric Vehicle Companies in India

Let’s explore the best electric vehicle stocks in India, each playing a unique role in shaping the future of EVs:

  1. Olectra Greentech Ltd: Known for its focus on electric buses, Olectra Greentech is poised for growth in the EV sector. The company stands to benefit from the increasing demand for sustainable transportation solutions.
  2. TATA Motors: A household name in the automotive industry, TATA Motors is a key player in the EV market. Leveraging its automotive expertise, the company is at the forefront of introducing sustainable mobility initiatives.
  3. Exide Industries Ltd: As the demand for electric vehicles grows, Exide Industries is expanding its footprint in the electric battery market. The company is a significant provider of energy storage solutions, catering to the evolving needs of the automotive landscape.
  4. Mahindra & Mahindra: With a strong commitment to sustainable mobility, Mahindra & Mahindra is set to further cement its position in the EV market. The company is expected to continue rolling out new and innovative EV models.
  5. Power Grid Corporation of India Ltd: Supporting the backbone of the EV ecosystem, Power Grid Corporation enhances the power infrastructure necessary for EV charging stations. This aligns with India’s increasing adoption of electric vehicles.
  6. Hero MotoCorp Ltd: Exploring the electric two-wheeler segment, Hero MotoCorp is leveraging its strong market presence and engineering prowess. The company is well-positioned to introduce electric scooters or motorcycles, meeting the growing demand for sustainable mobility.
  7. Motherson Sumi Systems Ltd: In response to the automotive industry’s shift towards electrification, Motherson Sumi Systems is diversifying its product portfolio. The company is expected to include components specifically designed for electric vehicles.
  8. Amara Raja Batteries Ltd: As the electric vehicle space expands, Amara Raja Batteries is witnessing a surge in demand for its products. The company plays a crucial role in providing efficient and reliable battery solutions for electric cars and other EV applications.
  9. Reliance Industries Ltd: Venturing beyond its traditional Oil to Chemicals (O2C) business, Reliance Industries is making strides in the EV sector. With its vast resources and innovative approach, the company is expected to make a significant impact on EV technology and infrastructure.
  10. TVS Motor Company Ltd: Specializing in two-wheelers, TVS Motor Company is adapting to the EV trend. The company’s expertise in this segment positions it well to innovate and lead in the electric two-wheeler market.
  11. Indian Oil Corporation Ltd: Traditionally known for its Oil & Gas – Refining and Marketing, Indian Oil is branching out to support the EV movement. The company’s involvement in developing charging infrastructure and alternative energy solutions marks its transition towards supporting electric mobility.
  12. Hindalco Industries Ltd: As a major player in the Metals – Aluminum sector, Hindalco Industries is set to play a pivotal role in the EV market. The company’s materials are crucial for manufacturing lightweight and efficient EV components, making it an integral part of the EV supply chain.

Each of these companies brings unique strengths and innovations to the table, collectively driving the growth and success of the electric vehicle industry in India.

Investment Insights for EV Stocks

Evaluating Market Leaders

Investors should focus on companies that are at the forefront of innovation and have a strong market presence.

Research and Analysis

Conduct thorough research on the financial health and growth potential of these companies, considering both current performance and future prospects.

Understanding Government Policies

Government initiatives and investments significantly influence the EV sector. Keeping abreast of these policies is crucial for informed investment decisions.

Portfolio Management

Knowing when to enter and exit is key. It’s essential to manage your portfolio actively and make adjustments based on market trends and company performance.

Spotlight on EV Industry Leaders

Diverse Portfolio

These companies offer a range of products and services, from electric vehicles and batteries to charging infrastructure and software solutions, catering to different segments of the EV market.

Growth Trajectory

These companies are not just adapting but are actively shaping the future of the automotive industry with their focus on sustainability and innovation.

How to Invest in EV Stocks?

Choosing the Right Stocks

Investors should look for companies with robust financials, innovative edge, market leadership, and a visionary management team.

Investment Platforms

Platforms like Zerodha, Groww, Scripbox etc facilitate easy investment in EV stock

The Future of EV in India

Government Initiatives

Understanding policies like the National Electric Mobility Mission Plan (NEMMP) and the Faster Adoption and Manufacturing of Electric Vehicles (FAME) Scheme is vital.

Infrastructure Development

The government’s focus on developing public charging infrastructure is a positive indicator for the growth of the EV market.


The EV sector in India is ripe with opportunities, offering a sustainable investment avenue that aligns with global environmental goals. As the market evolves, staying informed and agile is key to capitalizing on these opportunities. The EV stocks listed above represent the forefront of this dynamic sector and are worth considering for those looking to invest in the future of mobility.

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