Synopsis: India’s EV sector witnessed another year of growth in FY26, supported by rising adoption, policy support, and infrastructure expansion. Investors closely tracked EV-linked stocks amid evolving industry developments.
India’s electric vehicle (EV) industry continues to gain momentum, supported by favourable government policies, expanding charging infrastructure, and growing consumer acceptance. EV penetration is steadily increasing across vehicle categories, while investments in battery manufacturing and clean mobility solutions are accelerating.
Industry estimates suggest the Indian EV market could grow at over 40% CAGR through 2030, with electrification expected to play a key role in the country’s transition towards sustainable transportation. Amidst this growth, a few stocks are listed below that have delivered robust results during FY26.
Olectra Greentech Ltd
Olectra Greentech Limited is a leading manufacturer of electric buses in India and operates in the clean mobility and composite products segments. The company supplies electric buses to state transport undertakings and other fleet operators across the country. It is also involved in the production of fibre-reinforced polymer composite products.
With the market capitalization of Rs. 10,501 Crores, the shares of Olectra Greentech Ltd were trading at around Rs. 1279 per share which is 34 percent discount from its 52 week high of Rs. 1,712.50 per share and is trading at a P/E of 59.8 whereas industry P/E stands at 28.4
Revenue from operations has increased from Rs. 1802 Crores in FY25 to Rs. 2312 Crores in FY26, up 28 percent. Operating profit has increased from Rs. 262 Crores to Rs. 330 Crores, up 26 percent and net profit has increased from Rs. 139 Crores to Rs. 180 Crores, up 29 percent.
Ather Energy Ltd
Ather Energy Limited is an Indian electric two-wheeler manufacturer known for its premium electric scooters and connected mobility solutions. The company develops battery packs, software, and charging infrastructure in-house through its Ather Grid network. It focuses on innovation, smart mobility, and expanding EV adoption across urban and emerging markets.
With the market capitalization of Rs. 38,530 Crores, the shares of Ather Energy Ltd were trading at around Rs. 1006.55 per share which is 6 percent discount from its 52 week high of Rs. 1,068.80 per share and the company has delivered negative ROCE and ROE of 19.8 percent and 33.4 percent respectively
Revenue from operations has increased from Rs. 2255 Crores in FY25 to Rs. 3672 Crores in FY26, up 62 percent. Operating loss has narrowed down from Rs. 581 Crores to Rs. 408 Crores and net loss has also narrowed down from Rs. 812 Crores to Rs. 517 Crores
JBM Auto Ltd
JBM Auto Limited is a diversified automotive and mobility company with a growing presence in the electric vehicle segment. Through its mobility business, the company manufactures electric buses and provides integrated public transportation solutions. It also supplies auto components and systems to leading automobile manufacturers in India and overseas.
With the market capitalization of Rs. 15,700 Crores, the shares of JBM Auto Ltd were trading at around Rs. 663.90 per share which is 19 percent discount from its 52 week high of Rs. 790 per share and is trading at a P/E of 71.4 whereas industry P/E stands at 27.6
Revenue from operations has increased from Rs. 5472 Crores in FY25 to Rs. 6088 Crores in FY26, up 11 percent. Operating profit has increased from Rs. 642 Crores to Rs. 673 Crores, up 5 percent and net profit has increased from Rs. 215 Crores to Rs. 238 Crores, up 10 percent.
Exide Industries Ltd
Exide Industries Limited is one of India’s leading battery manufacturers, serving automotive, industrial, and energy storage markets. The company has a strong presence across the lead-acid battery segment and is expanding into lithium-ion cell and battery manufacturing. It plays an important role in supporting India’s growing electric mobility and energy transition ecosystem.
With the market capitalization of Rs. 33,264 Crores the shares of Exide Industries Ltd were trading at around Rs. 391.35 per share which is 10 percent discount from its 52 week high of Rs. 430.85 per share and is trading at a P/E of 39.8 whereas industry P/E stands at 27.6
Revenue from operations has increased from Rs. 17,238 Crores on FY25 to Rs. 17,995 Crores in FY26, up 4.3 percent. Operating profit has increased from Rs. 1805 Crores to Rs. 1870 Crores, up 3.6 percent and net profit has increased from Rs. 800 Crores to Rs.860 Crores, up 7.5 percent.
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