List of EV Stocks in India – 2022

EV Stocks

2021 seems to be the year of Electric Vehicle stocks or EV stocks. Even if you are not active in the stock market, it is difficult to miss or ignore the discussion around the Indian EV sector. As per a joint report by Indospace and Colliers, nearly Rs 94,000 crores will be invested in the Indian EV sector in the next five years. So, it is safe to assume that the demand for EV stocks will see a huge boost in the coming years. This is why it is important for you to learn about the various EV stocks in the market. 

Before we discuss the various EV stocks in the Indian market, let us first understand what is an EV stock. EV stocks are not just stocks of companies which manufacture electric cars. The spectrum of EV stocks includes a wide range of services like – 

Table of Content

Top EV Stocks in India

EV Stocks in India #1 – Reliance Industries Ltd.
EV Stocks in India #2 – TVS Motor Company Ltd. 
EV Stocks in India #3 – Tata Motors Ltd. 
EV Stocks in India #4 – Indian Oil Corporation Ltd. 
EV Stocks in India #5 – Mahindra & Mahindra Ltd
EV Stocks in India #6 – Hindalco Industries Ltd
EV Stocks in India #7 – Bajaj Auto Ltd
EV Stocks in India #8 – Bharat Petroleum Corporation Ltd 
EV Stocks in India #9 – Tata Power Company Ltd
EV Stocks in India #10 – L&T Technology Services Ltd 
EV Stocks in India #11 – Hero MotoCorp Ltd 
EV Stocks in India #12 – Sona BLW Precision Forgings Ltd
EV Stocks in India #13 – Tata Elxsi Limited 
EV Stocks in India #14 – Ashok Leyland Ltd 
EV Stocks in India #15 – Minda Industries Ltd
EV Stocks in India #16 – Gujarat Fluorochemicals Ltd 
EV Stocks in India #17 – Tata Chemicals Ltd 
EV Stocks in India #18 – Grindwell Norton Ltd 
EV Stocks in India #19 – National Aluminium Company Ltd 
EV Stocks in India #20 – Carborundum Universal Ltd 
EV Stocks in India #21 – KPIT Technologies Ltd
EV Stocks in India #22 – Exide Industries Ltd.
EV Stocks in India #23 – Hindustan Copper Ltd
EV Stocks in India #24 – Power India Ltd
EV Stocks in India #25 – Amara Raja Batteries Ltd
EV Stocks in India #26 – Rattanindia Enterprises Ltd
EV Stocks in India #27 – Olectra Greentech Ltd
EV Stocks in India #28 – Polyplex Corporation Ltd
EV Stocks in India #29 – Suprajit Engineering Ltd
EV Stocks in India #30 – Tatva Chintan Pharma Chem Ltd
EV Stocks in India #31 – Jindal Poly Films Ltd
EV Stocks in India #32 – JBM Auto Ltd
EV Stocks in India #33 – Uflex Ltd
EV Stocks in India #34 – Greaves Cotton Ltd
EV Stocks in India #35 – Cosmo Films Ltd
EV Stocks in India #36 – Gabriel India Ltd
EV Stocks in India #37 – Wardwizard Innovations & Mobility Ltd
EV Stocks in India #38 – Time Technoplast Ltd
EV Stocks in India #39 – Expleo Solutions Ltd
EV Stocks in India #40 – Fiem Industries Ltd
EV Stocks in India #41 – Kabra Extrusion Technik Ltd
EV Stocks in India #42 – Visaka Industries Ltd
EV Stocks in India #43 – Pix Transmission Ltd
EV Stocks in India #44 – SML Isuzu Ltd

  • EV stocks includes companies manufacturing electric buses, electric truck, electric scooters etc. 
  • Even companies involved in electric vehicle charging and battery manufacturing are EV stocks.
  • Companies from the abrasives sector like Grindwell Norton Ltd etc also come under the category of EV stocks. 

The top five EV stocks in India 2022 as per market capitalisation are – 

Top EV Stocks in 2022 Market Capitalisation (Rs)
Reliance Industries Ltd                         16,07,023 
TVS Motor Company Ltd                           1,76,252 
Tata Motors Ltd                            1,76,252 
Indian Oil Corporation Ltd                            1,10,240 
Mahindra & Mahindra Ltd                            1,05,326 

*Data as on 20th December 2021

The above list contains only five of the biggest EV stocks in India. But there are more than 44 EV stocks listed on the Indian stock exchange. Some of these EV stocks have generated stellar returns in the last one year. Fiem Industries Ltd is one such EV stock. It has a market capitalisation of Rs 1,566 crores only. But this EV stock has grown by 115.59% between December 2020 and 2021. Even large-cap EV stocks seem to be enjoying the rally in the EV sector. Ashok Leyland Ltd is a large-cap EV stock with a market capitalisation of Rs 36,958 crores (as on 20th December 2021). The stock has seen a decent growth of 28.49% in the last one-year. 

So, it is safe to say that EV stocks are having a ball in the stock market. The growth in EV stocks is pretty much guaranteed as even the government is pushing for EV revolution in the country. There are two main reasons behind this push by the government – 

  • India is the third largest carbon emitter in the world. So, the Indian government is under tremendous pressure to reduce its carbon emissions. The world is creating new policies to counter climate change. It is now India’s turn to act fast. Shifting to EV will give the government the much-needed relief globally. 
  • The second reason is India’s fuel bill. India’s fuel bill in 2021 is a whopping $24.7 billion. A big chunk of our foreign reserves is being spent on fuel. Adopting and promoting EVs will help us conserve our foreign reserves. 

Now, it is no surprise that if the entire EV sector grows, EV stocks will automatically make money. In this article, we will take a look at all the 44 EV stocks in India. We will discuss their participation in the EV sector, key financial ratios and look at the performance of these 44 EV stocks. 

Here’s an interesting video we made on the 6 EV stocks that FIIs are buying in 2022. Watch this video now

Let us begin with the biggest EV stock in India – Reliance Industries Ltd

EV Stocks in India #1 – Reliance Industries Ltd. 

Reliance Industries Ltd and the Mahindra group have joined hands to explore the creation of EV products and services. This joint venture will also look into creating electric charging infrastructure for two and three wheelers, quadricycles and e-SVC (small commercial vehicles). With so much monetary backing and the Reliance brand, this is one EV stock that is on everyone’s radar. 

Key Financial Ratios of Reliance Industries Ltd –

Market Cap (Cr): 15,82,651 Face Value (₹): 10 EPS (₹): 82.47
Book Value (₹): 1,097 Roce (%): 8.19 Debt to Equity: 0.36
Stock P/E: 30.6 ROE (%): 7.97 Dividend Yield (%): 0.3
Revenue (Cr): 489,160 Earnings (Cr): 80,451 Cash (Cr): 19,074
Total Debt (Cr): 263,918 Promoter’s Holdings (%): 50.54

*Data as on 20th December 2021 

EV Stocks in India #2 – TVS Motor Company Ltd

The second biggest EV stock in India is TVS Motor Company Ltd. It is set to invest Rs 1,200 crores in future technologies and electric vehicles in the next four years. The company is already a part of the EV segment with one product – TVS iQube, an electric scooter. 

Key Financial Ratios of TVS Motor Company Ltd – 

Market Cap (Cr): 29,245 Face Value (₹): 1 EPS (₹): 17.38
Book Value (₹): 84.5 Roce (%): 11.1 Debt to Equity: 2.48
Stock P/E: 34.6 ROE (%): 16.9 Dividend Yield (%): 0.57
Revenue (Cr): 16,065 Earnings (Cr): 1,832 Cash (Cr): 1,741
Total Debt (Cr): 9,838 Promoter’s Holdings (%): 57.4

*Data as on 20th December 2021

EV Stocks in India #3 – Tata Motors Ltd. 

Tata Motors is India’s largest EV manufacturer. It enjoys 75% of India’s EV market share. Tata Motors will be investing $2 Billion in the EV space in the next five years. It has already launched a range of EV cars – Tata Nixon EV, Tata Tigor EV etc. If Tata Motors can retain its market share by innovating and building low-cost EVs, then it is set to be one of the most promising EV stocks in the market. 

Key Financial Ratios of Tata Motors Ltd –  

Market Cap (Cr): 1,67,856 Face Value (₹): 2 EPS (₹): -40.29
Book Value (₹): 135 Roce (%): 5.82 Debt to Equity: 3.39
Stock P/E: 0 ROE (%): -22.9 Dividend Yield (%): 0
Revenue (Cr): 219,682 Earnings (Cr): 14,849 Cash (Cr): 34,604
Total Debt (Cr): 148,872 Promoter’s Holdings (%): 42.39

*Data as on 20th December 2021

EV Stocks in India #4 – Indian Oil Corporation Ltd

Indian Oil Corporation Ltd is the largest oil marketer in India. In the EV space, it is working on aluminium air battery technology for EVs. It has also set up 257 EV charging stations and 29 battery swapping stations in India. Low cost batteries are crucial for the mass production of EVs. 

Key Financial Ratios of Indian Oil Corporation Ltd –  

Market Cap (Cr): 1,06,239 Face Value (₹): 10 EPS (₹): 27.3
Book Value (₹): 136 Roce (%): 14.8 Debt to Equity: 0.91
Stock P/E: 4.13 ROE (%): 20.9 Dividend Yield (%): 10.6
Revenue (Cr): 384,170 Earnings (Cr): 20,523 Cash (Cr): 1,048
Total Debt (Cr): 108,634 Promoter’s Holdings (%): 51.5

*Data as on 20th December 2021

EV Stocks in India #5 – Mahindra & Mahindra Ltd

Apart from the joint venture with Reliance Industries, Mahindra & Mahindra is also looking to expand its collection of EV cars. The company is set to launch 16 electric vehicles by 2027 across SUV and light commercial vehicle segments. It also plans to invest Rs 3,000 crores in the electric vehicle segment in the next three years. 

Key Financial Ratios of Mahindra & Mahindra Ltd – 

Market Cap (Cr): 1,03,757 Face Value (₹): 5 EPS (₹): 33.2
Book Value (₹): 347 Roce (%): 8.54 Debt to Equity: 1.86
Stock P/E: 24.1 ROE (%): 4.45 Dividend Yield (%): 1.05
Revenue (Cr): 85,090 Earnings (Cr): 11,387 Cash (Cr): 11,144
Total Debt (Cr): 78,980 Promoter’s Holdings (%): 19.44

*Data as on 20th December 2021

EV Stocks in India #6 – Hindalco Industries Ltd

Aluminium is an alternative to steel and will play a crucial role in producing low-cost EVs. Hindalco Industries Ltd is in a sweet spot as it is a leader in the Indian aluminium and copper sector. As the demand for EVs picks up, Hindalco Industries Ltd will become a key player in the EV sector. 

Key Financial Ratios of Hindalco Industries Ltd –

Market Cap (Cr): 1,01,156 Face Value (₹): 1 EPS (₹): 44.55
Book Value (₹): 317 Roce (%): 7.42 Debt to Equity: 0.96
Stock P/E: 10.4 ROE (%): 5.33 Dividend Yield (%): 0.67
Revenue (Cr): 115,035 Earnings (Cr): 12,344 Cash (Cr): 6,651
Total Debt (Cr): 68,149 Promoter’s Holdings (%): 34.65

  *Data as on 20th December 2021

EV Stocks in India #7 – Bajaj Auto Ltd

Bajaj Auto Ltd has entered the EV sector with its electric scooter – Chetak. The company also has plans to set up a wholly owned subsidiary to produce entry level electric bikes to high performance motorcycles. 

Key Financial Ratios of Bajaj Auto Ltd –

Market Cap (Cr): 91,994 Face Value (₹): 10 EPS (₹): 223.85
Book Value (₹): 934 Roce (%): 25.4 Debt to Equity: 0.00
Stock P/E: 15.2 ROE (%): 19.8 Dividend Yield (%): 4.4
Revenue (Cr): 24,691 Earnings (Cr): 4,161 Cash (Cr): 611
Total Debt (Cr): 122 Promoter’s Holdings (%): 53.7

  *Data as on 20th December 2021

EV Stocks in India #8 – Bharat Petroleum Corporation Ltd 

BPCL is planning to set up 1,000 electric vehicle charging stations in India. The company has allocated Rs 5,000 crores towards its renewable energy portfolio over the next five years. BPCL is the second biggest oil marketer with wide reach in even rural areas. Hence, BPCL is surely an EV stock to look out for.  

Key Financial Ratios of Bharat Petroleum Corporation Ltd –

Market Cap (Cr): 83,451 Face Value (₹): 10 EPS (₹): 82.71
Book Value (₹): 223 Roce (%): 18 Debt to Equity: 1.26
Stock P/E: 6.78 ROE (%): 27.8 Dividend Yield (%): 11.4
Revenue (Cr): 231,365 Earnings (Cr): 11,764 Cash (Cr): 11,863
Total Debt (Cr): 58,281 Promoter’s Holdings (%): 52.98

  *Data as on 20th December 2021

EV Stocks in India #9 – Tata Power Company Ltd

Tata Power Company Ltd is a leader in developing EV charging ecosystem in India. Tata Power’s EV portfolio consists of everything from public charging, to work place and home charging infrastructure. The company has recently installed over 1,000 EV charging stations in the country. 

Key Financial Ratios of Tata Power Company Ltd –

Market Cap (Cr): 68,955 Face Value (₹): 1 EPS (₹): 4.55
Book Value (₹): 66.6 Roce (%): 7.36 Debt to Equity: 2.34
Stock P/E: 44.2 ROE (%): 3.41 Dividend Yield (%): 0.72
Revenue (Cr): 28,435 Earnings (Cr): 6,425 Cash (Cr): 4,608
Total Debt (Cr): 49,060 Promoter’s Holdings (%): 46.86

  *Data as on 20th December 2021

EV Stocks in India #10 – L&T Technology Services Ltd 

L&T Technology Services Ltd is an end to end EV service provider. The company focuses on design, development and testing of battery management systems, power convertors, and motor controls. The company has also developed a one-of-a-kind electric vehicle testing lab to perform EV component testing. 

Key Financial Ratios of L&T Technology Services Ltd – 

Market Cap (Cr): 57,576 Face Value (₹): 2 EPS (₹): 78.69
Book Value (₹): 361 Roce (%): 29.4 Debt to Equity: 0.13
Stock P/E: 69.6 ROE (%): 20.7 Dividend Yield (%): 0.4
Revenue (Cr): 5,478 Earnings (Cr): 993 Cash (Cr): 771
Total Debt (Cr): 506 Promoter’s Holdings (%): 74.27

  *Data as on 20th December 2021

EV Stocks in India #11 – Hero MotoCorp Ltd 

While a little late, Hero MotoCorp Ltd has finally decided to enter the EV sector. The company is set to launch its first electric scooter in 2022. It also plans a to launch its EVs in 20 global markets. It will use the Ather energy fast charging technology for its electric scooters, which is a mark above its EV competitors. 

Key Financial Ratios of Hero MotoCorp Ltd –

Market Cap (Cr): 48,845 Face Value (₹): 2 EPS (₹): 145.26
Book Value (₹): 787 Roce (%): 24.2 Debt to Equity: 0.04
Stock P/E: 16.8 ROE (%): 18.7 Dividend Yield (%): 3.68
Revenue (Cr): 25,850 Earnings (Cr): 3,156 Cash (Cr): 373
Total Debt (Cr): 617 Promoter’s Holdings (%): 34.76

  *Data as on 20th December 2021

EV Stocks in India #12 – Sona BLW Precision Forgings Ltd

Sona BLW Precision Forgings Ltd has joined hands with Israel’s IRP Nexus Group, to create revolutionary magnet less e-motor technology. The company will design and manufacture high-efficiency, low-cost motor and controller for two and three-wheeler EVs. 

Key Financial Ratios of Sona BLW Precision Forgings Ltd –

Market Cap (Cr): 40,206 Face Value (₹): 10 EPS (₹): 3.28
Book Value (₹): 28.2 Roce (%): 17.6 Debt to Equity: 0.12
Stock P/E: 221 ROE (%): 17 Dividend Yield (%): 0
Revenue (Cr): 0 Earnings (Cr): 240 Cash (Cr): 36
Total Debt (Cr): 126 Promoter’s Holdings (%): 0  

    *Data as on 20th December 2021

EV Stocks in India #13 – Tata Elxsi Limited 

Tata Elxsi Ltd has played a key role in developing Tata Motor’s Nexon EV. It is also involved in e-vehicle testing with functional testing, diagnostic tests, drive scenarios, and range verification of EV manufacturers. 

Key Financial Ratios of Tata Elxsi Ltd 

Market Cap (Cr): 35,701 Face Value (₹): 10 EPS (₹): 16.38
Book Value (₹): 45.5 Roce (%): 60 Debt to Equity: 0.00
Stock P/E: 201 ROE (%): 39.3 Dividend Yield (%): 0.5
Revenue (Cr): 849 Earnings (Cr): 178 Cash (Cr): 133
Total Debt (Cr): 101 Promoter’s Holdings (%): 44.53

  *Data as on 20th December 2021

EV Stocks in India #14 – Ashok Leyland Ltd 

Ashok Leyland has set up a UK-based subsidiary Switch Mobility. It is planning to invest $150-200 million in the next five years in the EV business. It is also planning to launch its first electric light commercial vehicle (e-LCV) in 2022 and has already secured orders for 2,000 EVs.

Key Financial Ratios of Ashok Leyland Ltd

Market Cap (Cr): 36,166 Face Value (₹): 1 EPS (₹): -0.03
Book Value (₹): 25.4 Roce (%): 5.62 Debt to Equity: 3.49
Stock P/E: 0 ROE (%): -2.11 Dividend Yield (%): 0.49
Revenue (Cr): 15,635 Earnings (Cr): 2,156 Cash (Cr): 1,722
Total Debt (Cr): 25,084 Promoter’s Holdings (%): 51.54

  *Data as on 20th December 2021

EV Stocks in India #15 – Minda Industries Ltd

Minda Industries manufactures automobile components for original equipment manufacturers (OEMs) in the EV sector. It has recently formed a joint venture with FRIWO AG, a German company that specialises in power supply devices and e-drive solutions. It is also planning to expand its alloy wheel business as the alloy segment will see a massive demand from OEMs in the EV segment. 

Key Financial Ratios of Minda Industries Ltd

Market Cap (Cr): 29,926 Face Value (₹): 2 EPS (₹): 13.28
Book Value (₹): 111 Roce (%): 12 Debt to Equity: 0.26
Stock P/E: 82 ROE (%): 9.97 Dividend Yield (%): 0.08
Revenue (Cr): 4,548 Earnings (Cr): 429 Cash (Cr): 190
Total Debt (Cr): 807 Promoter’s Holdings (%): 70.88

    *Data as on 20th December 2021

EV Stocks in India #16 – Gujarat Fluorochemicals Ltd 

Gujarat Fluorochemicals Ltd (GFCL) is focusing on producing batteries for electric vehicles. The company has set up a new subsidiary, GFCL EV products Ltd which will manufacture battery components and products for electric vehicles. 

Key Financial Ratios of GFCL – 

Market Cap (Cr): 23,066 Face Value (₹): 1 EPS (₹): -0.61
Book Value (₹): 351 Roce (%): 11.4 Debt to Equity: 0.37
Stock P/E: 0 ROE (%): -6.02 Dividend Yield (%): 0
Revenue (Cr): 2,380 Earnings (Cr): 478 Cash (Cr): 104
Total Debt (Cr): 1,429 Promoter’s Holdings (%): 68.37

    *Data as on 20th December 2021

EV Stocks in India #17 – Tata Chemicals Ltd 

Tata Chemicals Ltd will play a key role in the growth of Tata Motors in the EV sector. The company’s primary business is producing chemical products. But it has signed a memorandum of understanding (MoU) with Indian Space Research Organisation (ISRO) for transferring lithium-ion cell technology, which is vital for EVs. 

Key Financial Ratios of Tata Chemicals Ltd – 

Market Cap (Cr): 22,511 Face Value (₹): 10 EPS (₹): 26.75
Book Value (₹): 642 Roce (%): 4.52 Debt to Equity: 0.44
Stock P/E: 32.7 ROE (%): 1.73 Dividend Yield (%): 1.13
Revenue (Cr): 9,959 Earnings (Cr): 1,594 Cash (Cr): 1,315
Total Debt (Cr): 7,108 Promoter’s Holdings (%): 37.98

    *Data as on 20th December 2021

EV Stocks in India #18 – Grindwell Norton Ltd 

Grindwell Norton Ltd is the leader in Indian abrasives sector. There is high demand for silicon carbide in EVs as they prevent loss of charge and ensures that EVs run longer. Companies such as Tesla Motors have shifted from silicon to silicon carbides. Grindwell Norton Ltd is a major supplier of silicon carbides to all leading EV manufacturers. So, this is one of those good EV stocks to keep in your radar. 

Key Financial Ratios of Grindwell Norton Ltd – 

Market Cap (Cr): 20,995 Face Value (₹): 5 EPS (₹): 25.53
Book Value (₹): 126 Roce (%): 23.3 Debt to Equity: 0.01
Stock P/E: 74.3 ROE (%): 18.7 Dividend Yield (%): 0.5
Revenue (Cr): 1,447 Earnings (Cr): 243 Cash (Cr): 178
Total Debt (Cr): 10 Promoter’s Holdings (%): 58.32

  *Data as on 20th December 2021

EV Stocks in India #19 – National Aluminium Company Ltd 

Lithium batteries are a key component of EVs. And aluminium is a major alternative to the expensive steel used to produce EVs. NALCO is India’s leading aluminium company. It has also set up a joint venture with Hindustan Copper Ltd and Mineral Exploration Corporation Ltd to mine lithium from the ABC triangle – Argentina, Bolivia and Chile. If successful, NALCO can be one of the biggest EV stocks in the coming years. 

Key Financial Ratios of National Aluminium Company Ltd – 

Market Cap (Cr): 18,128 Face Value (₹): 5 EPS (₹): 12.33
Book Value (₹): 63.2 Roce (%): 12.8 Debt to Equity: 0.01
Stock P/E: 7.98 ROE (%): 12.6 Dividend Yield (%): 3.55
Revenue (Cr): 7,780 Earnings (Cr): 645 Cash (Cr): 2,386
Total Debt (Cr): 127 Promoter’s Holdings (%): 51.5

  *Data as on 20th December 2021

EV Stocks in India #20 – Carborundum Universal Ltd 

Carborundum Universal Ltd also produces lithium batteries. It is in fact one of the only 10 companies which has received lithium ion battery technology from ISRO. 

Key Financial Ratios of Carborundum Universal Ltd – 

Market Cap (Cr): 17,194 Face Value (₹): 1 EPS (₹): 18.62
Book Value (₹): 122 Roce (%): 19.9 Debt to Equity: 0.03
Stock P/E: 47.4 ROE (%): 14.6 Dividend Yield (%): 0.33
Revenue (Cr): 2,385 Earnings (Cr): 376 Cash (Cr): 694
Total Debt (Cr): 61 Promoter’s Holdings (%): 42.04

  *Data as on 20th December 2021

EV Stocks in India #21 – KPIT Technologies Ltd

Smart Charging is the future of EVs. KPIT has developed Conformance test suite to facilitate communication between EV and Electric Vehicle Supply Equipment (EVSE). KPIT looks after the final EV system infrastructure production and development. 

Key Financial Ratios of KPIT Technologies Ltd – 

Market Cap (Cr): 13,203 Face Value (₹): 10 EPS (₹): 8
Book Value (₹): 46.5 Roce (%): 14 Debt to Equity: 0.21
Stock P/E: 60.5 ROE (%): 12.6 Dividend Yield (%): 0.31
Revenue (Cr): 2,084 Earnings (Cr): 278 Cash (Cr): 791
Total Debt (Cr): 210 Promoter’s Holdings (%): 42.35

  *Data as on 20th December 2021

EV Stocks in India #22 – Exide Industries Ltd

Exide Industries Ltd is a leader in storage battery. It has already invested Rs 232 crores to set up a lithium ion battery facility called Exide Leclanche Energy. The company is now setting up the first lithium-ion battery cell manufacturing facility in India. As lithium is at the heart of EVs, Exide Industries Ltd has the potential to be a lucrative EV stock. 

Key Financial Ratios of Exide Industries Ltd –

Market Cap (Cr): 13,583 Face Value (₹): 1 EPS (₹): 9.33
Book Value (₹): 89.6 Roce (%): 17 Debt to Equity: 0.09
Stock P/E: 17.1 ROE (%): 11.8 Dividend Yield (%): 1.25
Revenue (Cr): 13,566 Earnings (Cr): 1,240 Cash (Cr): 249
Total Debt (Cr): 691 Promoter’s Holdings (%): 45.99

  *Data as on 20th December 2021

EV Stocks in India #23 – Hindustan Copper Ltd 

Electric Vehicles use four times more copper than traditional internal combustion engine. With mass production of EVs in the future, the demand for copper is expected to grow rapidly. And one of the biggest beneficiaries in this high copper demand will be Hindustan Copper Ltd. 

Key Financial Ratios of Hindustan Copper Ltd –

Market Cap (Cr): 11,493 Face Value (₹): 5 EPS (₹): -3.97
Book Value (₹): 10.4 Roce (%): -18.1 Debt to Equity: 2.73
Stock P/E: 62.3 ROE (%): -43.9 Dividend Yield (%): 0.29
Revenue (Cr): 966 Earnings (Cr): -293 Cash (Cr): 24
Total Debt (Cr): 1,473 Promoter’s Holdings (%): 76.05

  *Data as on 20th December 2021

EV Stocks in India #24 – Power India Ltd  

ABB Power Products and Systems India Ltd and Hitachi Energy India Ltd or Power India Ltd, has recently joined hands with Ashok Leyland to work on greener electric bus transport system in India. ABB has developed worlds fasted flash-charging technology to advance e-mobility and reduce carbon emissions. 

Key Financial Ratios of Power India Ltd – 

Market Cap (Cr): 10,233 Face Value (₹): 2 EPS (₹): 34.23
Book Value (₹): 232 Roce (%): 19.4 Debt to Equity: 0.03
Stock P/E: 85.3 ROE (%): 13.5 Dividend Yield (%): 0.08
Revenue (Cr): Earnings (Cr): 310 Cash (Cr): 96
Total Debt (Cr): 34 Promoter’s Holdings (%): 75

EV Stocks in India #25 – Amara Raja Batteries Ltd 

Amara Raja Batteries Ltd is the second biggest automotive battery manufacturer in India. It is set to invest $800 million to $1 Billion to build a Gigafactory over the next five to eight years. The company has created India’s only technology hub to develop lithium-ion cells. 

Key Financial Ratios of Amara Raja Batteries Ltd –

Market Cap (Cr): 10,561 Face Value (₹): 1 EPS (₹): 34.82
Book Value (₹): 230 Roce (%): 23.5 Debt to Equity: 0.02
Stock P/E: 23.3 ROE (%): 18.6 Dividend Yield (%): 1.35
Revenue (Cr): 6,416 Earnings (Cr): 1,020 Cash (Cr): 130
Total Debt (Cr): 71 Promoter’s Holdings (%): 28.06

    *Data as on 20th December 2021

EV Stocks in India #26 – Rattanindia Enterprises Ltd 

Rattanindia Enterprises Ltd has a 150-crore strategic partnership with Revolt, which is a leader in electric motorcycles in India. Revolt has introduced India’s first artificial intelligence-enabled electric motorbike. While other companies are focusing on large EVs, Rattanindia enterprises is a promising EV stock in the motorbike sector. 

Key Financial Ratios of Rattanindia Enterprises Ltd –

Market Cap (Cr): 7,644 Face Value (₹): 2 EPS (₹): -0.04
Book Value (₹): 0.57 Roce (%): -1.45 Debt to Equity: -0.10
Stock P/E: 0 ROE (%): -1.5 Dividend Yield (%): 0
Revenue (Cr): Earnings (Cr): -159 Cash (Cr): 0.16
Total Debt (Cr): 20 Promoter’s Holdings (%): 74.75

    *Data as on 20th December 2021

EV Stocks in India #27 – Olectra Greentech Ltd 

Olectra Greentech Ltd is India’s largest electric bus manufacturer. The company already has orders for 2,000 electric buses worth Rs 3,000 crores. Olectra is a market leader with 35-40% share in the growing electric bus market. This is way more than the market share of Ashok Leyland Ltd and Tata Motors.  

Key Financial Ratios of Olectra Greentech Ltd –

Market Cap (Cr): 7,109 Face Value (₹): 4 EPS (₹): 2.14
Book Value (₹): 90.8 Roce (%): 2.5 Debt to Equity: 0.02
Stock P/E: 371 ROE (%): 1.13 Dividend Yield (%): 0
Revenue (Cr): 204 Earnings (Cr): 1 Cash (Cr): 101
Total Debt (Cr): 15 Promoter’s Holdings (%): 0

      *Data as on 20th December 2021

EV Stocks in India #28 – Polyplex Corporation Ltd 

Polyplex Corporation Ltd is the seventh largest thin polyester producer in the world. It is extensively used in the electric vehicle industry. Polyester Film is one of the key products used in lithium-ion battery. Hence polyplex corporation ltd is an interesting EV stock to keep in your radar. 

Key Financial Ratios of Polyplex Corporation Ltd –

Market Cap (Cr): 6,016 Face Value (₹): 10 EPS (₹): 147.87
Book Value (₹): 998 Roce (%): 26.5 Debt to Equity: 0.27
Stock P/E: 13 ROE (%): 16.8 Dividend Yield (%): 8.56
Revenue (Cr): 4,668 Earnings (Cr): 795 Cash (Cr): 945
Total Debt (Cr): 828 Promoter’s Holdings (%): 50.97

      *Data as on 20th December 2021

EV Stocks in India #29 – Suprajit Engineering Ltd 

Suprajit Engineering Ltd is the largest manufacturers of automotive cables in India. As per industry experts, there will be no reduction in the number of cables required for four-wheeler electric vehicles which is a good sign for the company. 

Key Financial Ratios of Suprajit Engineering Ltd –

Market Cap (Cr): 5,746 Face Value (₹): 1 EPS (₹): 14.5
Book Value (₹): 73 Roce (%): 16.6 Debt to Equity: 0.34
Stock P/E: 29.9 ROE (%): 15.5 Dividend Yield (%): 0.42
Revenue (Cr): 1,422 Earnings (Cr): 174 Cash (Cr): 81
Total Debt (Cr): 335 Promoter’s Holdings (%): 44.57

      *Data as on 20th December 2021

EV Stocks in India #30 – Tatva Chintan Pharma Chem Ltd

This EV stock is a dominant player which manufactures electrolyte salts for supercapacitor batteries. These are high storage energy storage devices which are useful in EV hybrid vehicles. The company has also developed products in auto emission controls and environmental emission control areas. 

Key Financial Ratios of Tata Chintan Pharma Chem Ltd –

Market Cap (Cr): 5,515 Face Value (₹): 10 EPS (₹): 25.57
Book Value (₹): 199 Roce (%): 27.9 Debt to Equity: 0.17
Stock P/E: 104 ROE (%): 37.2 Dividend Yield (%): 0
Revenue (Cr): 0 Earnings (Cr): 65 Cash (Cr): 177
Total Debt (Cr): 74 Promoter’s Holdings (%): 0

        *Data as on 20th December 2021

EV Stocks in India #31 – Jindal Poly Films Ltd 

Jindal Poly Films is also one of the top manufacturers of thin polyester which is used in electric vehicles. Key financial ratios of the company are as follows – 

Market Cap (Cr): 4,777 Face Value (₹): 10 EPS (₹): 205.56
Book Value (₹): 712 Roce (%): 32 Debt to Equity: 0.28
Stock P/E: 5.44 ROE (%): 34.9 Dividend Yield (%): 0.18
Revenue (Cr): 3,734 Earnings (Cr): 969 Cash (Cr): 91
Total Debt (Cr): 850 Promoter’s Holdings (%): 74.55

        *Data as on 20th December 2021

EV Stocks in India #32 – JBM Auto Ltd 

JBM Auto Ltd was the first company to launch 100% electric buses in India. It is one of the biggest manufacturers of electric buses in India. The company is also in EV charging solution space. It provides key systems and assemblies to automotive OEMs. 

Key Financial Ratios of JBM Auto Ltd –

Market Cap (Cr): 4,989 Face Value (₹): 5 EPS (₹): 19.49
Book Value (₹): 164 Roce (%): 9.14 Debt to Equity: 1.49
Stock P/E: 54.1 ROE (%): 6.82 Dividend Yield (%): 0.14
Revenue (Cr): 1,589 Earnings (Cr): 159 Cash (Cr): 26
Total Debt (Cr): 1,118 Promoter’s Holdings (%): 67.54

        *Data as on 20th December 2021

EV Stocks in India #33 – Uflex Ltd 

The company is active in the automotive industry and agricultural machinery involved in the production of flexible mechanical systems of remote control. 

Key Financial Ratios of Uflex Ltd –

Market Cap (Cr): 3,762 Face Value (₹): 10 EPS (₹): 119.01
Book Value (₹): 832 Roce (%): 15.3 Debt to Equity: 0.69
Stock P/E: 4.38 ROE (%): 16.5 Dividend Yield (%): 0.48
Revenue (Cr): 7,776 Earnings (Cr): 1,414 Cash (Cr): 631
Total Debt (Cr): 4,099 Promoter’s Holdings (%): 44.02

      *Data as on 20th December 2021

EV Stocks in India #34 Greaves Cotton Ltd 

Greaves Cotton Ltd is the largest supplier of engines to two and three wheelers in India. It is planning to invest Rs 700 crores in the EV sector in the next 10 years via its subsidiary – Greaves Electric Mobility. 

Key Financial Ratios of Greaves Cotton Ltd – 

Market Cap (Cr): 3,188 Face Value (₹): 2 EPS (₹): -0.49
Book Value (₹): 31.8 Roce (%): 3.37 Debt to Equity: 0.06
Stock P/E: 69.4 ROE (%): 4.44 Dividend Yield (%): 0.15
Revenue (Cr): 1,392 Earnings (Cr): 85 Cash (Cr): 282
Total Debt (Cr): 42 Promoter’s Holdings (%): 55.63

        *Data as on 20th December 2021

EV Stocks in India #35 – Cosmo Films Ltd 

Market Cap (Cr): 2,516 Face Value (₹): 10 EPS (₹): 176.77
Book Value (₹): 547 Roce (%): 23.2 Debt to Equity: 0.88
Stock P/E: 7.83 ROE (%): 29.2 Dividend Yield (%): 1.81
Revenue (Cr): 2,145 Earnings (Cr): 323 Cash (Cr): 111
Total Debt (Cr): 857 Promoter’s Holdings (%): 44.23

        *Data as on 20th December 2021

EV Stocks in India #36 – Gabriel India Ltd 

Gabriel India Ltd provides a wide range of ride controls including shock absorbers, front forks etc. The company has orders from automobile giants like TVS, Yamaha, Maruti Suzuki and even Ola Electric in its kitty. 

Key Financial Ratios of Gabriel India Ltd –

Market Cap (Cr): 1,966 Face Value (₹): 1 EPS (₹): 6.21
Book Value (₹): 50.4 Roce (%): 12.3 Debt to Equity: 0.02
Stock P/E: 22 ROE (%): 8.9 Dividend Yield (%): 0.66
Revenue (Cr): Earnings (Cr): 84 Cash (Cr): 23
Total Debt (Cr): 14 Promoter’s Holdings (%): 52.75

      *Data as on 20th December 2021

EV Stocks in India #37 – Wardwizard Innovations & Mobility Ltd 

Wardwizard innovations and mobility Ltd is the first electric vehicle company to be listed on the Bombay Stock Exchange (BSE). Their first electric vehicle is the Joy e-bike. The company has signed a MoU with the Gujarat government to invest Rs 500 crores to promote EVs in Gujarat. 

Key Financial Ratios of Wardwizard Innovations & Mobility Ltd –

Market Cap (Cr): 1,807 Face Value (₹): 1 EPS (₹): 0.15
Book Value (₹): 1.28 Roce (%): 15 Debt to Equity: 0.00
Stock P/E: 481 ROE (%): 11.3 Dividend Yield (%): 0.07
Revenue (Cr): 0 Earnings (Cr): 6.24 Cash (Cr): 1.2
Total Debt (Cr): 0 Promoter’s Holdings (%): 0

      *Data as on 20th December 2021

EV Stocks in India #38 – Time Technoplast Ltd 

Time Technoplast Ltd manufactures value-added plastic auto components. It manufactures anti-spray 3S rain flaps, radiator coolant tanks, fuel tanks, airducts etc. The company also expects to see major growth in their battery segment with the growth in the production of EVs.  

Key Financial Ratios of Time Technoplast Ltd –

Market Cap (Cr): 1,655 Face Value (₹): 1 EPS (₹): 7.49
Book Value (₹): 87 Roce (%): 8.77 Debt to Equity: 0.39
Stock P/E: 9.77 ROE (%): 5.56 Dividend Yield (%): 0.96
Revenue (Cr): 3,058 Earnings (Cr): 397 Cash (Cr): 96
Total Debt (Cr): 765 Promoter’s Holdings (%): 51.33

        *Data as on 20th December 2021

EV Stocks in India #39 – Expleo Solutions Ltd 

Expleo Solutions Ltd is a key enabler of new e-mobility solutions including – energy storage systems, battery management, inverter, hybrid engine management systems etc. 

Key Financial Ratios of Expleo Solutions Ltd –

Market Cap (Cr): 1,656 Face Value (₹): 10 EPS (₹): 46.31
Book Value (₹): 221 Roce (%): 39.2 Debt to Equity: 0.00
Stock P/E: 34.9 ROE (%): 28.5 Dividend Yield (%): 0
Revenue (Cr): 297 Earnings (Cr): 66 Cash (Cr): 145
Total Debt (Cr): 1 Promoter’s Holdings (%): 0

        *Data as on 20th December 2021

EV Stocks in India #40 – Fiem Industries Ltd 

Fiem Industries Ltd is one such EV stock which is on everyone’s radar. The company is the sole supplier to Ola Electric for head lamps, tail lamps, indicators, and other components. 

Key Financial Ratios of Fiem Industries Ltd –

Market Cap (Cr): 1,468 Face Value (₹): 10 EPS (₹): 64.66
Book Value (₹): 445 Roce (%): 12.3 Debt to Equity: 0.06
Stock P/E: 17.2 ROE (%): 8.93 Dividend Yield (%): 1.43
Revenue (Cr): 1,089 Earnings (Cr): 113 Cash (Cr): 30
Total Debt (Cr): 37 Promoter’s Holdings (%): 66.56

        *Data as on 20th December 2021

EV Stocks in India #41 – Kabra Extrusion Technik Ltd 

Kabra Extrusion Technik Ltd is India’s leading manufacturer of plastic extrusion machinery. It’s battery division Battrixx has a tie up with Wardwizard Innovations and Mobility to supply battery packs for Joy e-bike. Battrixx offers light weight, high energy, low maintenance battery to power EVs. 

Key Financial Ratios of Kabra Extrusion Technik Ltd –

Market Cap (Cr): 1,009 Face Value (₹): 5 EPS (₹): 3.84
Book Value (₹): 79.2 Roce (%): 2.64 Debt to Equity: 0.12
Stock P/E: 44.6 ROE (%): 2.72 Dividend Yield (%): 0.87
Revenue (Cr): 228 Earnings (Cr): 22 Cash (Cr): 15
Total Debt (Cr): 29 Promoter’s Holdings (%): 58.03

      *Data as on 20th December 2021

EV Stocks in India #42 – Visaka Industries Ltd 

Visaka Industries Ltd has plans to set up 10 self-sustaining solar powered electric vehicle charging stations called ATUMCharge to support electric cars, bikes and scooters. The company has also set up retail stores called ATUMLife. It will produce eco-friendly green products like solar roof, EVs etc. 

Key Financial Ratios of Visaka Industries Ltd –

Market Cap (Cr): 998 Face Value (₹): 10 EPS (₹): 67.13
Book Value (₹): 380 Roce (%): 22 Debt to Equity: 0.15
Stock P/E: 8.15 ROE (%): 19.6 Dividend Yield (%): 2.74
Revenue (Cr): 981 Earnings (Cr): 141 Cash (Cr): 117
Total Debt (Cr): 97 Promoter’s Holdings (%): 45.85

        *Data as on 20th December 2021

EV Stocks in India #43 – Pix Transmission Ltd 

Pix Transmission Ltd is a leading manufacturer of belts for the automotive sector. Its rubber cover belts have longer longevity than its competitors. 

Key Financial Ratios of Pix Transmission Ltd –

Market Cap (Cr): 1,041 Face Value (₹): 10 EPS (₹): 56.17
Book Value (₹): 244 Roce (%): 27.6 Debt to Equity: 0.33
Stock P/E: 13.6 ROE (%): 24.6 Dividend Yield (%): 0.65
Revenue (Cr): 330 Earnings (Cr): 78 Cash (Cr): 34
Total Debt (Cr): 105 Promoter’s Holdings (%): 61.68

      *Data as on 20th December 2021

EV Stocks in India #44 – SML Isuzu Ltd

SML Isuzu Ltd, is one of India’s largest manufacturers of small buses and trucks. The company is working with the Punjab government to manufacture electric buses. 

Key Financial Ratios of SML Isuzu Ltd –

Market Cap (Cr): 915 Face Value (₹): 10 EPS (₹): -75.37
Book Value (₹): 134 Roce (%): -20.3 Debt to Equity: 1.95
Stock P/E: 0 ROE (%): -41.7 Dividend Yield (%): 0
Revenue (Cr): Earnings (Cr): -64 Cash (Cr): 37
Total Debt (Cr): 351 Promoter’s Holdings (%): 43.96

      *Data as on 20th December 2021

For your ease, we have divided the list of EV stocks based on the following parameters – 

  • EV stocks in commercial vehicles sector 
  • EV stocks in two, three and four-wheeler sector 
  • EV Battery stocks 
  • EV charging infrastructure stocks 
  • EV chemical stocks 
  • EV Auto Ancillary stocks 
  • EV Commodities stocks 
  • EV Software stocks 
  • EV thin polyester stocks 

Let us look at EV stocks in each of these individual categories and their last one-year return. 

  • EV stocks in commercial vehicles sector
Commercial Vehicles Market Capitalisation 1-Year Return
Tata Motors Ltd  1,76,252 168.40%
Olectra Greentech Ltd  7,320 605.62%
JBM Auto Ltd  5,180 309.98%
Ashok Leyland Ltd  36,958 31.97%
SML Isuzu Ltd  966 43.16%
Mahindra & Mahindra Ltd  1,05,326 16.40%
  • EV stocks in two, three and four-wheeler sector 
Two/Three/Four Wheelers Market Capitalisation 1-Year Return
TVS Motor Company Ltd 1,76,252 29.36%
Bajaj Auto Ltd 95,886 -5.75%
Hero MotoCorp Ltd  49,856 -22.10%
Greaves Cotton Ltd  3,431 68.10%
Rattanindia Enterprises Ltd  8,466 884.47%
Wardwizard Innovations & Mobility Ltd 1,779 46.34%
  • EV Battery stocks 
Battery Makers Market Capitalisation 1-Year Return
Amara Raja Batteries Ltd  10,857 -33.66%
Exide Industries Ltd 14,140 -10.20%
Kabra Extrusion Technik Ltd 1,099 273.20%
Carborundum Universal Ltd 17,001 138.61%
  • EV charging infrastructure stocks 
EV Charging Infrastructure Market Capitalisation 1-Year Return
Tata Power Company Ltd 73,589 192.82%
Indian Oil Corporation Ltd  1,10,240 24.49%
Bharat Petroleum Corporation Ltd  84,622 -0.15%
Reliance Industries Ltd 16,07,023 18.60%
Visaka Industries Ltd  1,057 56.62%
Expleo Solutions Ltd  1,765 225.77%
  • EV chemical stocks 
Chemicals Market Capitalisation 1-Year Return
Tata Chemicals Ltd  23,721 86.90%
Gujarat Fluorochemicals Ltd  26,714 304.21%
Tatva Chintan Pharma Chem Ltd  5,493 7.91%
  • EV Auto Ancillary stocks 
Auto Ancillaries & Automotive parts Market Capitalisation 1-Year Return
Suprajit Engineering Ltd  5,984 115.02%
Minda Industries Ltd  28,602 188.70%
Fiem Industries Ltd  1,566 138.92%
Sona BLW Precision Forgings Ltd  46,541 93.52%
Gabriel India Ltd  2,010 32.86%
Uflex Ltd 4,008 37.46%
Pix Transmission Ltd  1,025 302.76%
Time Technoplast Ltd  1,777 51.81%
  • EV Commodities stocks 
Commodities Market Capitalisation 1-Year Return
National Aluminium Company Ltd  18,467 152.93%
Hindustan Copper Ltd  12,344 98.92%
Hindalco Industries Ltd  1,03,167 94.13%
Grindwell Norton Ltd 20,399 153.47%
  • V Software stocks 
Software Market Capitalisation 1-Year Return
Tata Elxsi Limited 37,158 211.99%
KPIT Technologies Ltd  14,183 331.29%
L&T Technology Services Ltd  57,138 125.88%
Hitachi Energy India Ltd  11,102 90.42%
  • EV thin polyester stocks 
Thin Polyester Manufacturers Market Capitalisation 1-Year Return
Jindal Poly Films Ltd  5,192 118.48%
Cosmo Films Ltd  2,613 200.69%
Polyplex Corporation Ltd  6,555 150.63%

India’s transport minister Nitin Gadkari has set a target of 30% electric vehicle sales by 2030. The plan is to have 30% of private cars, 70% of commercial vehicles, 40% of buses and 80% of two and three-wheelers go electric by 2030. With such colossal investments, it would be silly of us to discard EV as one of the most popular money-making opportunities in the market. If you too are bullish on EV stocks and want to invest in them for the long-term, then open a Demat account with India’s best stock broker Samco Securities.

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7 Comments

  1. Rajesh

    Thanks for providing this valuable information, ev stocks will buzz soon in coming days and turn into multibaggers.

  2. Ravi Bakkolla

    Excellent information on EV related stocks. Hats up!!

    1. Team Samco

      Hi Ravi, thank you for your comment. we are glad that you liked it.

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