Synopsis:
India’s EV ecosystem is expanding rapidly, driven by rising vehicle sales, battery localization, and improved charging infrastructure. From manufacturing to software and components, various sectors are poised to benefit from this growth wave. Here are 10 stocks that offer exposure across the entire electric mobility value chain.
India’s electric vehicle market is racing ahead, with projections by CareEdge Advisory estimating that EV penetration in the car segment could cross 7% by FY28, provided disruptions in the rare earth element supply chain are resolved. The accelerated growth is fueled by an expanding pipeline of EV launches, improving charging infrastructure, and battery localization driven by the Production-Linked Incentive (PLI) scheme. In just four years, electric car sales in India have surged from 5,000 units in FY21 to over 1.07 lakh units in FY25, reflecting a transformative shift in mobility patterns.
Here are 10 stocks that are well-placed to benefit as the EV market picks up pace
Electric Vehicle Manufacturing
Tata Motors Ltd
- Market Cap: ₹2,56,688 crore
- Current Price: ₹697
- ROCE: 20%
- ROE: 28.1%
Tata Motors is the unchallenged leader of India’s electric car segment with a market share of over 55%. With more than 2 lakh EVs sold since inception, the company has built a product portfolio that includes popular models like the Tiago EV, Nexon EV, Punch EV, Xpres-T, and the Curvv EV. Tata’s range spans across price points from ₹8 lakh to ₹22 lakh, making EVs accessible to a wide range of consumers. Together, these EVs have clocked a cumulative 5 billion kilometres on Indian roads.
In FY25, Tata Motors recorded sales of 64,269 EV units, marking an aggressive growth trajectory. The company is not just betting on vehicle production but is also deeply involved in strengthening the broader EV ecosystem, collaborating on charging infrastructure, battery technologies, and supply chain localization.
According to the management, the outlook for FY26 remains optimistic with strong participation from multiple OEMs and policy support driving the ecosystem forward. The company expects increased consumer awareness, a wider range of models, and improved charging infrastructure to reduce barriers to EV adoption significantly.
Olectra Greentech Ltd
- Market Cap: ₹12,061 crore
- Current Price: ₹1,473
- ROCE: 20.4%
- ROE: 14.2%
Olectra Greentech is at the forefront of India’s electric bus manufacturing space, with over 2,700 e-buses operational across major state and city transport networks like BEST (Mumbai), PMPML (Pune), and KSRTC (Karnataka). The company was among the first in India to receive homologation for electric buses in 2017 and has since built a state-of-the-art facility in Hyderabad with a capacity of 5,000 units annually, scalable up to 10,000 units.
Its product portfolio spans buses of various ranges, including the V2-7M (150 kms), IX-9M (180-200 kms), X2-12M (200-300 kms), and even coach buses capable of 350 kms on a single charge.
Financially, Olectra reported a 60% YoY increase in EV revenue with PBIT surging by 66.7%. The company is expanding its footprint by entering the private staff transport segment. Olectra’s expansion strategy focuses not only on buses but also on electric tippers, signaling diversification within the commercial EV space.
With contracts spanning multiple states and sectors, Olectra has established itself as a go to player for clean public transport solutions. As cities push for electrification of public fleets, Olectra’s comprehensive lineup, proven operational expertise, and large manufacturing capacity make it an ideal player to watch.
Battery and Storage
Himadri Speciality Chemical Ltd
- Market Cap: ₹24,546 crore
- Current Price: ₹497
- ROCE: 22%
- ROE: 16.4%
Himadri Speciality Chemical is emerging as a critical link in the global EV battery supply chain, with specialized products like coal tar pitch, an essential material for battery anodes. The company has a 26.7% export contribution and is India’s No.1 manufacturer of advanced coal pitch. It has also made strategic global investments, securing stakes in Sicona Battery Technologies (Australia) and International Battery Company (USA), strengthening its battery material capabilities.
The company is investing ₹120 crore by Q2 FY27 to produce high value specialty chemicals like Anthraquinone & Carbazole, crucial for various industries including batteries, eliminating India’s reliance on imports. Himadri is also setting up a 2,00,000 MTPA LFP cathode active material plant, the first of its kind outside China, aligned with India’s Atmanirbhar Bharat initiative. With plans to produce material sufficient for 100 GWh of Li-ion battery capacity.
Additionally, Himadri is enhancing its raw material security by exploring phosphate mines and engaging with lithium miners for stable supply chains. Selected by the Indo-German Science and Technology Centre for battery recycling, Himadri is embedding itself in the circular economy, ensuring long term sustainability.
Amara Raja Energy & Mobility Ltd
- Market Cap: ₹18,206 crore
- Current Price: ₹997
- ROCE: 16.9%
- ROE: 12.5%
Amara Raja is a dominant player in India’s lead-acid battery market and is actively expanding into lithium ion technology to address the growing EV and energy storage needs. The company has a presence in over 50 countries, including entry into the U.S. automotive battery market in FY24, the world’s largest. Its aftermarket business posted double-digit growth across two-wheeler and four-wheeler segments in FY25.
Amara Raja has restructured its operations into three focused units, Automotive Batteries, Home Energy, and Allied Products, to increase its strategic edge in emerging markets. The company’s strong conviction in the future of lead-acid batteries, even as it explores newer chemistries, helps it maintain a well balanced and diversified risk profile.
Looking ahead, Amara Raja’s focus is on tapping into newer geographies like the Americas and Europe, supported by a globally aligned sales and marketing strategy. Its balanced approach to legacy products and future tech makes it a steady performer in the energy storage and battery landscape.
Auto Components
Motherson Sumi Wiring India Ltd
- Market Cap: ₹26,685 crore
- Current Price: ₹40.24
- ROCE: 42.5%
- ROE: 35.9%
Motherson Sumi Wiring India is a joint venture between Sumitomo Wiring System and the Motherson Group, and it commands over 40% market share in India’s wiring harness industry. The company is a key supplier to 9 of the top 10 passenger vehicle models sold in India during FY25, with 61% of its revenues stemming from this segment.
The company is closely aligned with India’s EV growth story, being a part of multiple upcoming electric and hybrid vehicle launches by major Indian carmakers. It supplies high-voltage wiring harnesses, battery management systems, and other critical components that are essential to EVs. In the two-wheeler segment, Motherson Sumi continues to cater to legacy ICE models while also collaborating with next-gen EV players.
Laksh Vaaman Sehgal, Director, has emphasized that the company is actively building capabilities to design and produce complex, high-voltage wiring harnesses and connectors optimized for EV powertrains. They have established a state-of-the-art manufacturing line dedicated to EVs and high-voltage harnesses, positioning themselves strongly in the fast-evolving electrification landscape. These strategic moves enhance Motherson Sumi’s prospects as a pivotal player in the EV components space.
Sona BLW Precision Forgings Ltd
- Market Cap: ₹29,531 crore
- Current Price: ₹474.65
- ROE: 14.3%
- ROCE: 17.8%
Sona BLW Precision Forgings is an India-based automotive technology company specializing in designing and manufacturing advanced systems like differential assemblies, EV traction motors, reduction gears, and BSG systems. Their diversified product portfolio spans all vehicle categories, both mechanical and electrical.
A key highlight for investors is that 36% of Sona BLW’s revenue now comes from battery electric vehicles, with 77% of its ₹24,200 crore order book being EV focused. The company is not just a component supplier but is evolving into a comprehensive electrification partner. Their solutions span the full electrified powertrain, serving leading EV platforms worldwide. Further expanding their sustainability driven growth, they have acquired Escorts Kubota’s Railway Equipment Division to extend their electrification expertise into railways and mass transit systems.
With a strategic presence in India, USA, Mexico, Europe, and China, and integrated manufacturing and R&D capabilities, Sona BLW is well-placed to capitalize on global electrification trends. The company’s broad footprint and consistent repeat business from global OEMs underscore its credibility and growth potential in the EV component space.
Charging Infrastructure
Tata Power Ltd
- Market Cap: ₹1,27,350 crore
- Current Price: ₹398.90
- ROE: 11%
- ROCE: 10.8%
Tata Power is India’s largest vertically integrated power company, primarily engaged in the generation, transmission, and distribution of electricity with a strategic focus on renewables and green energy. The company is aggressively building India’s EV charging infrastructure, having energised 5,488 public EV charging points across over 600 cities and towns.
The growth has been impressive, with cities and towns covered increasing by 18.5% from 541 in FY24 to 641 in FY25. Home chargers installed surged by 58.9%, from 86,086 units to 1,36,777 units in the same period. Additionally, bus charge points expanded by 44.3%, rising from 858 to 1,238. Tata Power has also collaborated with Tata Motors to offer free charging to new EV customers, with over 8,200 users actively engaging on their network.
These initiatives, combined with the company’s plan to build 1 lakh EV charging stations by 2025, position Tata Power as a frontrunner in the EV charging ecosystem. Its extensive presence, brand trust, and synergistic alignment with Tata Motors’ EV ambitions further solidify its growth prospects in the green mobility space.
Servotech Renewable Power System Ltd.
- Market Cap: ₹3,131 crore
- Current Price: ₹138.67
- ROCE: 19.8%
- ROE: 19%
Servotech Power Systems, founded in 2004, specializes in manufacturing EV chargers, solar products, and power backup solutions. It boasts an annual production capacity of 30,000 AC EV chargers and 12,000 DC EV chargers, with over 11,000 EV chargers installed nationwide.
A key development for Servotech is its agreement with France-based Watt & Well to develop and manufacture EV charger components domestically. This strategic collaboration not only boosts the ‘Make in India’ initiative but also strengthens Servotech’s technological edge in EV charging solutions. The company operates two state-of-the-art manufacturing facilities in Sonipat, Haryana, covering 80,000 sq. ft. and 1,44,000 sq. ft., enabling significant production scalability.
With over two decades of expertise in power electronics and a strong footing in solar solutions, LEDs, and batteries,Servotech is well positioned to tap into the growing demand for EV charging infrastructure as India’s electric vehicle ecosystem gathers pace.
Software
KPIT Technologies Ltd
- Market Cap: ₹33,283 crore
- Current Price: ₹1,214.10
- ROCE: 40.9%
- ROE: 33.2%
KPIT Technologies is a global leader in software solutions driving the mobility industry’s shift towards autonomous, clean, smart, and connected vehicles. With over 13,000 specialized employees globally, KPIT is at the forefront of embedded software, AI, and digital solutions for next generation mobility.
The company has formed a strategic collaboration with Mercedes-Benz Research and Development India to accelerate software-defined vehicle (SDV) technologies. KPIT’s joint venture, Qorix, in partnership with Qualcomm, further enhances its capabilities in SDV platforms. Moreover, KPIT has joined the Eclipse Foundation’s SDV Group, contributing to open source innovations in vehicle network architecture, middleware, and safety critical software.
With development centers in Europe, USA, Japan, China, Thailand, and India, KPIT’s global presence and deep domain expertise make it a key enabler for OEMs transitioning to SDVs. The company’s focus on this fast growing space makes it a good option for investors who believe software will drive the future of mobility.
Tata Elxsi Ltd
- Market Cap: ₹38,015 crore
- Current Price: ₹6,100.50
- ROCE: 36.3%
- ROE: 29.3%
Tata Elxsi is one of the world’s leading providers of design and technology services across automotive, media, communications, and healthcare industries. The company offers integrated solutions spanning research, electronics design, software development, and deployment, backed by a global network of studios and development centers.
In Q1 FY26, Tata Elxsi’s Connected Vehicle Platform was selected by a global agri-machinery manufacturer for its next-gen connected tractors, with initial deployments planned in Europe. The company also won a significant deal for a next-gen off-road vehicle platform featuring advanced driver-assistance systems (ADAS) like auto parking and active collision prevention. Additionally, Tata Elxsi has been chosen as a strategic partner by Mercedes-Benz Research and Development India for SDV engineering.
With cutting edge labs, Mobility Innovation Centers, and proprietary solutions like the AVENIR SDV suite and AUTONOMAI ADAS suite, Tata Elxsi is well positioned to capitalize on the surge in connected and autonomous vehicle development. This positions them as a crucial tech enabler in the EV ecosystem’s software backbone.
Manan Gangwar
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
