Top EV Stocks in India 2025

Electric Vehicle (EV) adoption in India is growing steadily. Rising fuel prices, government support, and better technology are pushing both consumers and companies to take electric vehicles more seriously. Some legacy companies have already been forced to adapt their long-term plans. But EVs aren’t just about the car or the scooter. The ecosystem includes battery makers, auto parts suppliers, charging infrastructure companies, and more. 

If you’re looking to invest in EV sector stocks, it’s useful to look across this value chain, and not just focus on who’s selling the most vehicles. In this guide, we’ll unpack India’s EV landscape through two key filters: market cap and segment. Let’s get started.

EV Industry Overview in India

Globally, the Electric vehicle (EV) market was valued at around $255 billion in 2023 and is projected to grow nearly eightfold to $2.1 trillion by 2033, clocking a strong CAGR of 23.42%. India’s electric vehicle market was valued at $8.03 billion in 2023 and is expected to expand rapidly, reaching $117.78 billion by 2032, at a CAGR of 22.4%. 

India has laid out aggressive targets for EV adoption by 2030, aiming to significantly boost the share of electric vehicles across segments – 30% of private cars, 70% of commercial vehicles, 40% of buses, and 80% of two and three-wheelers. That adds up to 80 million EVs on Indian roads, with most expected to be manufactured locally under the ‘Make in India’ initiative. 

On the ground, momentum is building. EV sales in January 2025 hit 1.7 lakh units, up 19.4% month-on-month and 17.1% year-on-year. In FY25, annual sales reached over 20 lakh units. While still a small slice of the total auto market, the pace of adoption is clearly picking pace. Before we dive in, here’s a quick look at the top EV stocks in India by market value: 

List of EV Stocks in India (2025 Snapshot)

Two-Wheeler EV Companies in India

If there’s one segment where India is leading the EV charge, it’s two-wheelers. It makes sense.  They’re cheaper and fit snugly into the dense urban grid most Indians navigate daily.

1. TVS Motors

TVS Motor Company is one of India’s largest two-wheeler manufacturers, known for its strong presence in both motorcycles and scooters. TVS Motors reported a 16% year-on-year increase in overall sales, moving from 3,83,615 units in April 2024 to 4,43,896 units in April 2025. Two-wheelers made up the bulk of this volume, growing 15% from 3,74,592 units to 4,30,330 units during the same period.  Within this, domestic two-wheeler sales rose 7%, from 3,01,449 units to 3,23,647 units. Motorcycles posted a 17% jump in sales, reaching 2,20,527 units in April 2025 compared to 1,88,110 units a year earlier, while scooters saw an 18% rise, from 1,44,126 to 1,69,741 units. 

The most striking growth, however, came from its electric vehicle segment, where TVS recorded a 59% surge in sales, from 17,403 units in April 2024 to 27,684 units in April 2025. TVS Motor Company is expanding its lithium battery production in Tamil Nadu. With a clear roadmap to scale production and new models in the pipeline, TVS is betting that its EV portfolio will become a core business pillar. 

2. Bajaj Auto

Bajaj Auto, another heavyweight in the two-wheeler segment, has started to see electric vehicles take up a more prominent role in its business. As of FY25, EVs now account for around 25% of the company’s domestic revenue, a significant shift for a brand historically associated with petrol-powered motorcycles and scooters. Bajaj Auto is strategically reshaping its portfolio to align with the EV transition, making electric mobility a key driver of future revenue.

The company posted a 3% year-on-year increase in profit after tax (PAT) for Q3 FY25, reaching ₹2,109 crore compared to ₹2,042 crore in the same period last year. Sequentially, profits rose by 5% from ₹2,005 crore in Q2 FY25. Revenue for the quarter stood at ₹12,807 crore, up 6% YoY, supported by strong export performance and growing momentum in its green energy portfolio. 

In the fourth quarter of FY25, its flagship electric scooter, Chetak, emerged as the top-selling model in its category, capturing 29% of the market. The company attributes this success to its expanding reach and retail and service network of 3,800 outlets across the country. Two new product launches – the 29 series and 35 series also played a major role, collectively clocking over two lakh unit sales in 2024. 

4-Wheeler EV Companies

When it comes to electric cars, India is still playing catch-up, but the gap is narrowing fast. A handful of companies are driving this shift with strong R&D pipelines, product launches, and growing customer acceptance across different Indian cities. 

1. Tata Motors

Tata Motors leads India’s EV race with a diverse product lineup. The company has already announced plans to achieve 30% of its total sales from electric vehicles by FY30. To support this goal, it will invest around ₹18,000 crore (US$ 2.16 billion) in building a full-fledged EV ecosystem spanning R&D, manufacturing, and charging infrastructure. Several new model launches are scheduled over the next two years as part of this strategy.

It currently leads the electric passenger vehicle segment, thanks largely to the Nexon EV and Tata Punch EV. Other models like the Tiago EV and Tigor EV have also helped Tata build a vehicle lineup across price points.

That said, the company is navigating a few short-term challenges. In April 2025, total vehicle dispatches (including domestic and exports) stood at 72,753 units, marking a 6% decline year-on-year and a drop from March 2025’s 90,500 units. Its EV segment also saw some decline in numbers as  5,318 electric units were sold in April 2025, down 16% from a year earlier. However, on a monthly basis, EV sales improved from 4,710 units in March, suggesting that while year-on-year momentum remained under pressure, monthly traction was beginning to recover. 

The company is also working closely with other Tata Group entities, like Tata Power (for charging infrastructure) and Tata Chemicals (for battery production), to build an integrated EV ecosystem. This gives Tata a strategic edge that few competitors can replicate. 

2. Mahindra & Mahindra

Mahindra & Mahindra, a legacy player in the automobile industry, best known for its rugged SUV, has now shifted focus to electric mobility through its dedicated EV arm, Mahindra Electric. In 2023, it launched the XUV400 EV against Tata’s Nexon EV and received a solid response across Tier 1 and Tier 2 cities. 

The company recently introduced two new electric models – the BE 6 and Xuv.e9, as part of its all-electric line-up. On the very first day of bookings, the two eSUVs pulled in 30,179 reservations, translating into a combined booking value of ₹8,472 crore (ex-showroom). To put that into perspective, India saw around 1 lakh electric passenger vehicle sales for the entire 2024. 

This momentum is also visible in the total sales. In April 2025, Mahindra clocked 2,979 EV sales, securing a 24% market share in the electric four-wheeler category, a significant jump that reflects growing consumer interest in their product. On the backend, the company has set up a dedicated EV manufacturing facility in Pune and partnered with Volkswagen for EV platforms and tech. Together, these moves are helping Mahindra evolve from a traditional SUV player to an EV player.

Battery Makers & Component Suppliers

As EV adoption grows, demand for batteries and other key components is surging, making suppliers a crucial part of the value chain. Here are some of the key players driving this segment forward.

1. Amara Raja Energy & Mobility

Formerly known as Amara Raja Batteries, this company is one of the largest manufacturers of lead-acid batteries in the country. The company recently reported a 7.5% year-on-year rise in revenue, reaching ₹3,272 crore in Q3 FY25, compared to ₹3,045 crore in the same quarter last year. Profit after tax also saw an 11.4% jump, growing to ₹298 crore from ₹268 crore in Q3 FY24.

The company has announced a gigafactory project in Telangana, with a planned capacity of 16 GWh for lithium-ion battery manufacturing. It has also formed partnerships to develop battery management systems and fast-charging solutions. And the policy tailwinds are strong. In the Union Budget 2025, basic customs duty was waived on key raw materials like cobalt powder, lithium-ion battery scrap, lead, zinc, and over a dozen other critical minerals. This move is expected to lower input costs, improve margins, and encourage local production of battery components at scale.

2. Exide Industries

Exide is another big name in the Indian battery space and has been investing in technology for lithium-ion batteries. The company plans to set up a 12 GWh lithium-ion cell manufacturing plant in Karnataka and has already committed over ₹6,000 crore in capex. Its long-standing relationships with Indian automakers also give it a distribution edge. 

However, recent financials show some pressure. In Q4 FY25, Exide reported a net profit of ₹254 crore, down 11% year-on-year. Revenue from operations grew just 4%, reaching ₹4,159 crore compared to ₹4,009 crore in the same quarter last year.

3. Samvardhana Motherson International

As one of the largest auto component manufacturers in India, Motherson is gradually increasing its exposure to the EV segment. The company makes parts like wiring harnesses and assemblies that are used in electric vehicles around the world. EVs currently contribute about 4% to Motherson’s overall revenue, but that share is expected to grow as demand rises.

The company has made a string of acquisitions in Europe and the US to deepen its EV market potential. Motherson isn’t a flashy EV brand, but its behind-the-scenes relevance is growing with every EV that hits the road. 

Future Outlook, Key Factors & Risks

EVs represent a structural shift in India’s mobility landscape. So, what makes these stocks stand out for investors? For one, strong growth prospects. With aggressive government targets, rising fuel prices, and improving EV infrastructure, demand for EVs and related components is poised to grow exponentially. Companies like Tata Motors, Mahindra & Mahindra, and TVS Motor are already ramping up capacity and innovation pipelines. With their gigafactory investments, battery makers such as Amara Raja and Exide are strategically placed to capitalise on this shift.

Second, the ecosystem plays a major role. Companies like Samvardhana Motherson are deepening their global EV exposure through acquisitions, while firms like Tata Power and Tata Chemicals are quietly building the backbone of India’s EV infrastructure.

However, there are important risks to keep in mind. Government policies can change, and key raw materials like lithium and nickel prices may swing sharply, affecting profits. New technologies, such as different types of batteries, could also disrupt the market. Competition is getting tougher, with both Indian startups and global players entering the space. And of course, scaling up production and keeping costs under control is always a challenge.

Final Thoughts

India’s EV story is still in its early chapters, but the pace is picking up fast. For investors, this isn’t a one-stock bet. The opportunity stretches across the entire ecosystem. Instead, we suggest that you look at who’s investing in R&D, who’s securing supply chains, and who has the balance sheet to play the long game. Those are the businesses that are likely to withstand policy shifts, rising competition, and the inevitable bumps along the road.

The real value will lie with companies building for scale. As the market matures, short-term noise will matter less than long-term execution. And that is exactly where the opportunity lies for investors who can look past the buzz and back the right players shaping India’s EV space.

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Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.

This is for informational purposes and should not be considered as recommendations. Kindly refer to https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.