India has set ambitious targets for electric vehicle (EV) adoption by 2030, aiming for EVs to make up 30 percent of private car sales, 70 percent of commercial vehicle sales, 40 percent of bus sales, and 80 percent of two- and three-wheeler sales.
At the state level, Maharashtra is working toward EVs comprising 10 percent of all new vehicle registrations by December 2025, while Karnataka has committed to 100 percent electrifying all three- and four-wheeler cargo vehicles by December 2030.
India’s EV market is poised for rapid expansion, projected to grow at a CAGR of 28.52 percent, from $5.22 billion in 2024 to $18.32 billion by 2029. According to Fortune Business Insights, the market could surge from $3.21 billion in 2022 to $113.99 billion by 2029, reflecting an extraordinary 66.52 percent CAGR. The EV battery segment is also set for strong growth, with the market size expected to rise from $16.77 billion in 2023 to $27.70 billion by 2028.
Following are a few EV stocks and their performance during the Q1 FY26:
Exide Industries Limited
With a market cap of Rs. 32,083 crores, the stock was trading at Rs. 377.45 on Wednesday, as against its previous closing price of Rs. 377. Exide Industries Limited is a debt-free company primarily engaged in the business of manufacturing storage batteries and allied products in India. It is the only battery manufacturer to have 3 large lead recycling plants.
On the financial front, Exide Industries reported a revenue from operations of Rs. 4,695 crores in Q1 FY26, up by around 8 percent QoQ and 6 percent YoY. Meanwhile, its net profit increased to Rs. 275 crores, rising by nearly 46 percent QoQ and 24 percent YoY.
Tata Motors Limited
With a market cap of Rs. 2.44 lakh crores, the stock was trading at Rs. 663.5 on Wednesday, as against its previous closing price of Rs. 653.9. Tata Motors Limited is engaged in the business of designing, manufacturing, and selling a wide range of automotive vehicles.
Additionally, the company manufactures engines for industrial applications, aggregates such as axles and transmissions for commercial vehicles, and factory automation equipment, and provides information technology services.
On the financial front, Tata Motors reported a revenue from operations of Rs. 1,04,407 crores in Q1 FY26, down by around 13 percent QoQ and 2.5 percent YoY. Meanwhile, its net profit decreased to Rs. 4,003 crores, falling by nearly 53 percent QoQ and 62 percent YoY.
Himadri Speciality Chemical Limited
With a market cap of Rs. 23,322 crores, the stock was trading at Rs. 472.25 on Wednesday, as against its previous closing price of Rs. 469.55. Himadri Speciality Chemical Limited is primarily engaged in the manufacturing of carbon materials and chemicals.
On the financial front, Himadri Speciality reported a revenue from operations of Rs. 1,118 crores in Q1 FY26, down by around 1.5 percent QoQ and 7 percent YoY. Meanwhile, its net profit increased to Rs. 179 crores, rising by nearly 15 percent QoQ and 45 percent YoY.
Ather Energy Limited
With a market cap of Rs. 15,498 crores, the stock was trading at Rs. 416.1 on Wednesday, as against its previous closing price of Rs. 400.85. Ather Energy Limited is a pioneer in the Indian electric two-wheeler (E2W) market with a market share of 14.3 percent in Q1 FY26.
On the financial front, Ather Energy reported a revenue from operations of Rs. 645 crores in Q1 FY26, down by around 4.6 percent QoQ but a growth of 79 percent YoY. Meanwhile, its net loss stood at Rs. 178 crores, representing a reduction in losses by nearly 24 percent QoQ and 3 percent YoY.
Ola Electric Mobility Limited
With a market cap of Rs. 17,643.3 crores, the stock was trading at Rs. 40 on Wednesday, as against its previous closing price of Rs. 39.83. Ola Electric Mobility Limited is an electric vehicle (EV) manufacturer in India engaged in the development and production of EVs and core components including battery packs, motors and vehicle frames through vertically integrated operations. The company conducts in-house R&D, and it is building the Ola Gigafactory for cell production. As of Q1 FY26, Ola’s market share stood at 19.6 percent.
On the financial front, Ola Electric reported a revenue from operations of Rs. 828 crores in Q1 FY26, up by around 35 percent QoQ but a decline of about 50 percent YoY. Meanwhile, its net loss stood at Rs. 428 crores, a reduction in losses of nearly 51 percent QoQ but a rise of around 23 percent YoY.
Written by Shivani Singh
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