India’s electric vehicle (EV) market is undergoing significant transformation, marked by rapid growth and evolving challenges. The market is projected to witness a compound annual growth rate (CAGR) of approximately 35 percent from 2023 to 2032.
This surge is driven by increasing government support, rising environmental awareness, and advancements in battery technology, positioning India as a key player in the global EV landscape.
Here are the market leading stocks fueling the boom in EV Segment:
Tata Motors Limited
With a market capitalization of Rs.3.18 lakh crore, the share price of Tata Motors Limited closed at Rs.864.05 per share on Friday, falling 2 percent from its previous close.
Tata Motors is a major player in India’s electric vehicle (EV) market, commanding a 72 percent market share and selling 34,000 EVs in the first half of 2023. Key models contributing to this success include the Tiago, Nexon, and Tigor EVs, while the overall market experienced remarkable growth of 137 percent, reaching 48,000 units sold. The company aims to introduce four additional EV models by 2024.
The Tiago EV, priced at approximately Rs.8.49 lakh, is now India’s most affordable electric car. Tata’s EV business generated revenues of Rs.9,300 crore in FY24, driven by strong demand, and the company is enhancing charging infrastructure through partnerships and dedicated Tata.ev dealerships.
In Q1FY25, the company reported a 6 percent year-on-year increase in revenue to Rs.1,08,048 crore and a 73 percent rise in net profit to Rs.5,692 crore.
Bajaj Auto Ltd
With a market capitalization of Rs.2.85 lakh crore, the share price of Bajaj Auto Ltd closed at Rs.10,206.55 per share on Friday, falling 1 percent from its previous close.
Bajaj Auto Ltd is a leader in the electric vehicle (EV) segment, holding a 21 percent market share and highlighted by the revamped Chetak electric scooter featuring improved design and technology. The company has partnered with Yulu to enhance last-mile connectivity and is building a new EV manufacturing plant in Pune with a capacity of 500,000 electric two-wheelers annually.
Currently, EVs account for 20 percent of Bajaj Auto’s domestic revenue, reflecting their growing significance. While EV margins are lower, the company maintains a solid 20 percent operating margin, with its EV portfolio reaching break-even status.
Bajaj is also investing Rs.800 crore in capital expenditure for FY 2024-25 and exploring CNG motorcycles and hydrogen vehicle technology through its subsidiary. These strategic initiatives position Bajaj Auto as a key player in the evolving EV market.
In Q1FY25, the company reported a 22.22 percent year-on-year increase in revenue to Rs.13,247 crore, while net profit declined by 31 percent to Rs.1,385 crore.
JBM Auto Ltd
With a market capitalization of Rs.18,579 crore, the share price of JBM Auto Ltd closed at Rs.1,585.00 per share on Friday, falling 3 percent from its previous close.
JBM Auto Ltd is a leader in India’s electric vehicle (EV) segment, particularly in electric buses, holding around 35 percent of the e-bus market share. The company received the Best Innovation award for its ECOLIFE electric bus, highlighting its commitment to zero emissions.
JBM Auto offers a complete e-mobility ecosystem, including electric buses, battery technology, and charging infrastructure. With plans to produce up to 20,000 electric buses annually, the company has secured significant orders, including a recent partnership for 2,000 e-buses.
Its advanced manufacturing facilities leverage automation and digital technologies, and it operates a lithium-ion battery plant with expansion plans. Upcoming government initiatives, like the FAME 3 scheme, are expected to enhance its growth.
In Q1FY25, the company reported a 21 percent year-on-year increase in revenue to Rs.1,144 crore and a 13 percent rise in net profit to Rs.34 crore.
Tata Power Company Ltd
With a market capitalization of Rs.1.34 crore, the share price of Tata Power Company Ltd closed at Rs.423.20 per share on Friday, falling 3.4 percent from its previous close.
Tata Power Company Ltd. is a key player in India’s electric vehicle (EV) sector, with a significant presence in EV charging solutions. The company has established over 100,000 home chargers and 5,500 public charging points across 530 cities, supporting the growth of electric mobility.
Recently, Tata Power signed an MoU with Tata Motors to set up 200 fast-charging stations for commercial vehicles in major cities. The company’s charging network has powered over 10 crore green kilometres, reflecting its commitment to sustainable transportation.
Initiatives like exclusive charging tariffs for Tata Motors’ customers and the EZ Charge RFID card enhance the charging experience. With projections of 1 crore electric vehicles sold annually by 2030, Tata Power is well-equipped to meet this demand, playing a pivotal role in transforming India’s EV landscape.
In Q1FY25, the company reported a 14 percent year-on-year increase in revenue to Rs.17,294 crore and a 4 percent rise in net profit to Rs.1,189 crore.
Written by – Siddesh S Raskar
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