Electric vehicles have been gaining immense prevalence as of late because of their capacity to diminish hurtful emanations and forestall the exhaustion of regular assets. India has seen a critical flood in EV deals, with 11,70,916 units bought in the FY 2022-2023 alone, crossing 1,000,000 achievements without precedent for a monetary year. With the electric vehicle market size in India anticipated to arrive at a whopping $113.99 bn by 2029, growing at a great CAGR of 66.52%, it’s nothing unexpected that EV stocks in India are at present trending.
In this article, we will investigate the best EV stocks in India across various classes and dig into the market potential for electric vehicles.
1. Mahindra & Mahindra
One of the well-known names in the automobile industry is Mahindra & Mahindra (M&M). They ventured into the electric vehicle area in 2022 with their XUV400. The bookings for this electric vehicle from M&M began in January 2023. The huge cap stock has a profitability score of 7.1/10 on Scorecard which is just present with Expert membership.
2. Exide Industries Ltd
This company is notable for manufacturing batteries that are used in customary vehicles. Presently they have ventured into the manufacturing of EV-explicit batteries. This little cap stock is presently underestimated compared to the market normal and the section point of the stock is great.
3. Tata Motors
It is one of the most established automobile makers in the market. They offer 3 different electric vehicles such a long way in India: Tata Nexon EV Prime, Tata Nexon EV Max, and Tata Tigor EV. The market cap of Tata Motors is ₹1,68,935.86 cr.
4. Hero MotoCorp Ltd
Hero MotoCorp is the biggest player in the EV bike market. They offer 8 models: Photon, Optima, NYX, Swirl, Streak, Atria, AE-29 and AE-3. The market cap of the company is ₹49,147.58 cr.
5. Amara Raja Batteries Ltd
Amara Raja Batteries Ltd, the second-biggest maker of car batteries in India, plans to build a Gigafactory with an investment of $800 mn to $1 bn throughout the following five to eight years. The company has laid out the nation’s only technology center for the progression of lithium-particle cells. As of April 24, 2022, Amara Raja Batteries Ltd’s stock is esteemed at ₹597.35.
6. Power Grid Corporation of India Ltd
This is India’s biggest Electric Power Transmission Utility which has EV charging stations in 7 unique urban areas in India. This okay enormous cap stock is portrayed by an unpredictability of 1.64x as compared to the Clever.
7. Electra Greentech Ltd
An auxiliary of Megha Engineering and Infrastructures Ltd, this company has a stock presently esteemed at ₹673, showing the development of 2.49% since a year ago. The company has a strong groundwork in electric bus manufacturing, with the K9 variation boasting a regenerative braking framework that saves 30% of energy while braking and quicker charging systems. Also, the company is the sole producer of Landing area electric buses used in Indian air terminals.
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