Best Electric Vehicle (EV) Stocks in India (2024)

Since 2021, India has witnessed a steady increase in EV adoption, with sales skyrocketing by 82% in March 2023 alone, reaching 1,39,789 units compared to the previous year. The fiscal year 2023 saw an impressive 157% growth in overall sales, totaling 11,80,597 units, driven predominantly by electric two-wheelers. Leading this segment are Ola Electric, TVS Electric, and Ather Energy, maintaining robust sales despite subsidy reductions under the FAME 2 scheme.

Among 500+ smallcases, here’s the top electric vehicle smallcase:

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KPIT Technologies Ltd, established in 1990, is a global technology company specializing in IT consulting and product engineering solutions. The company focuses on automotive, transportation, and energy sectors, providing advanced digital solutions.

Hannah Ritchie (2024) - “Tracking global data on electric vehicles” Published online at OurWorldinData.org. Retrieved from: 'https://ourworldindata.org/electric-car-sales' Resource]

The success of EVs is partly dependent on the availability of a comprehensive charging infrastructure. In regions where this infrastructure is lacking or slow to develop, the adoption rate of EVs may be stifled, impacting companies that have invested heavily in these markets.

Established in 1985, Amara Raja Energy & Mobility Ltd, formerly known as Amara Raja Batteries Ltd, is a prominent player in the battery and energy storage industry. The company manufactures a wide range of lead-acid batteries for industrial and automotive applications.

Multiple major automakers have recently adopted Tesla's EV charging technology, making it likely to become the standard in the U.S. This standardization should make purchasing and charging EVs simpler, which could help drive growth in the industry.