Best EV Stocks in India

Published on January 08, 2026 | 4 min read

Ola Electric Mobility Limited is one of India's leading electric vehicle (EV) manufacturers. | Image: Shutterstock

As the world is shifting towards curbing pollution and minimising climate risks, electric vehicles (EVs) stand at the forefront of these efforts. EVs are slowly and steadily being adopted for public and private use all over the world and India is not behind. The EV revolution is seeping in here and numbers speak for it.

Amidst these present market dynamics and future growth potential, it's no wonder many investors are on the lookout for the best EV stocks to invest in. Also, when we speak about EV stocks, it’s a broad ecosystem, from vehicle manufacturers to battery makers and other critical component manufacturers. In this article, we will discuss the broader market scenario of EV, current and probable future trends than specific buy or sell recommendations.

India’s Electric Vehicle Market

In recent years, India’s EV market has grown rapidly. Be it two-wheelers, three-wheelers, cars or buses, they are being accepted across customer segments. In FY25, annual EV sales exceeded 20 lakh units. With government initiatives such as FAME II, state‑level incentives (road tax exemptions, registration fee waivers), analysts' projections see India’s EV market evolving strongly over the coming decade. The EV sector is increasing its share in overall vehicle sales, thanks also to broader electrification goals that continue to support the transition.

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Parameters to Evaluate EV Stocks

Business Model and Segment Exposure

EV players include vehicle manufacturers, component suppliers, battery makers and infrastructure partners. Understanding where a company sits in the ecosystem helps gauge its future growth potential.

Technology and Innovation

Electric vehicle adoption depends heavily on battery efficiency, range, cost competitiveness and obviously charging infrastructure. Companies that keep innovating in these areas may have a competitive advantage.

Policy and Regulatory Support

Indian EV policies, including subsidies and incentives, influence industry economics. It's important to assess how companies will benefit from or adapt to these policies for their future growth.

Financial Health

Basics matter anywhere. A company's sales growth, profitability, debt levels and capital expenditure plans can offer insights into its sustainability and whether it can fund future innovation here.

Market Position and Scale

Market share in specific segments (e.g., passenger EVs, two‑wheelers) and manufacturing capabilities can affect long‑term sustainability and competitive positioning.

Major Electric Vehicle Players in India

The EV ecosystem involves various types of companies, from traditional automakers now switching to manufacture electric models to component manufacturers and battery or infrastructure providers. Here’s a snapshot of major players involved in India’s EV play.

Tata Motors Ltd

When it comes to the EV passenger car segment, Tata Motors has established itself as a leader. Currently, its models such as the Nexon EV, Tigor EV and Punch EV are widely favoured in the market. Speaking of the future, the company has indicated ambitions to increase its EV mix significantly in other vehicle categories. To support its ambitions, it has announced large capital investments to expand its electric lineup.

Mahindra & Mahindra Ltd

Mahindra & Mahindra has been expanding its footprint in the EV segment, especially in the special utility vehicle (SUV) category. Its upcoming Thar EV has been awaited by enthusiasts. The company has robust platforms designed for future EV growth. The company is part of programmes to increase local EV manufacturing and infrastructure investment.

Bajaj Auto Ltd and TVS Motor Company Ltd

In the two‑wheeler segment, companies such as Bajaj Auto and TVS Motor Company are active players. They both offer electric scooters and related mobility solutions. Since both are established firms, they bring manufacturing scale to the evolving EV market.

Component and Battery Sector

As we are witnessing, EV adoption is not solely about vehicles, equally important is the supporting ecosystem. The basic critical component of any EV is the battery and Indian battery manufacturers like Exide Industries Ltd and Amara Raja Energy & Mobility Ltd form a critical part of the supply chain. Along with them, firms focused on automotive components and wiring harnesses (e.g., Samvardhana Motherson International) are also linked to the sector’s growth.

The road ahead for India’s electric mobility sector appears promising. Contributing factors are Increasing adoption fueled by the availability of vehicles, robust yet sleek vehicle designs, competitive pricing and rising consumer awareness. Both domestic and global manufacturers are launching newer models Strategic partnerships and investments in charging stations are expanding the ecosystem for EVs of all kinds. Projections are pointing towards a substantial increase in EV penetration across vehicle categories by the end of the decade. EV manufacturers and allied companies participating meaningfully in this ecosystem may continue to shape India’s transition to electric mobility.

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Upstox Desk

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