Penny EV stocks are electric vehicle companies that are still growing but hold exciting potential for the future. As the world shifts toward cleaner, greener transportation, the EV industry is expected to grow rapidly, and these smaller companies could play a big role in that change. Investing in micro-cap EV stocks gives investors a chance to be part of the early journey of innovative players in a booming sector.
The electric vehicle market is not just a trend, it’s the future of transportation. With growing environmental awareness, government support, and rising fuel costs, more people are turning to EVs as a cleaner and smarter choice. This shift is creating huge opportunities for companies, both big and small, to grow and succeed in the years ahead.
Penny EV companies, though smaller in size, are often more flexible and innovative. They can quickly adapt to new technologies and changing market needs. As the demand for electric vehicles continues to rise, these small companies have the potential to grow fast and become key players in the green revolution.
Here is the list of penny EV stocks to look out for
Urja Global Ltd
Urja Global Ltd is an Indian company focused on renewable energy and electric mobility solutions. The company is involved in the design, consultancy, integration, supply, installation, and maintenance of off-grid and grid-connected solar power plants, as well as the manufacturing of electric vehicles and their components.
Urja Global has recently pre-launched its high-speed electric scooter, “CHETNA,” as part of its commitment to expanding in the electric vehicle (EV) sector. The company is positioning itself as a player in India’s growing EV market by offering eco-friendly mobility solutions.
With a Market Capitalization of Rs. 797.11, the company’s revenue rose by 79.5 percent from Rs. 11.5 crore to Rs. 20.65 crore in Q3FY24-25. Meanwhile, Net profit declined from Rs. 0.94 crore to Rs. 0.49 crore during the same period.
Tunwal E-Motors Ltd
Tunwal E-Motors Ltd, established in 2018 and based in Pune, Maharashtra, is a leading Indian manufacturer of electric two-wheelers, primarily electric scooters. The company focuses on providing affordable, eco-friendly, and modern mobility options, aiming to replace traditional fuel-powered bikes with battery-operated alternatives.
With a strong dealer network and over 100,000 customers, Tunwal emphasizes zero-emission vehicles, low running costs, and high-quality, safe products to promote greener transportation in India.
With a Market Capitalization of Rs. 186.06, the company’s revenue rose by 64 percent from Rs. 45 crore to Rs. 74 crore in H1FY23-24. Meanwhile, the Net profit remained at Rs. 5 crore during the period.
Wardwizard Innovations & Mobility Ltd
Wardwizard Innovations & Mobility Ltd is a publicly listed electric vehicle manufacturer based in Vadodara, Gujarat, and is recognized as India’s first EV company listed on the Bombay Stock Exchange. Founded in 2016 by Yatin Gupte, the company produces eco-friendly electric two-wheelers and three-wheelers under the “Joy e-bike” and “Joy e-rik” brands, serving markets in India and abroad.
Wardwizard has launched both low-speed and high-speed electric vehicles, including models like Wolf, Gen Next Nanu+, and the high-speed Hurricane and Beast. The company is also developing India’s first EV Ancillary Cluster to support self-reliant EV manufacturing and is expanding into fleet operations for last-mile delivery.
With a Market Capitalization of Rs. 418.41, the company’s revenue declined by 14.8 percent from Rs. 128.26 crore to Rs. 109.17 crore in Q4FY24-25. Meanwhile, Net profit rose from Rs. 3.97 crore to Rs. 6.45 crore during the same period.
Written by Sridhar J
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