Best EV Stocks in India 2024

Best EV Stocks in India 2024
Best EV Stocks in India 2024

by Tanushree Jaiswal Last Updated: Mar 26, 2024 - 04:03 pm 2.9k Views
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As India shifts to a greener future, the electrically powered cars and trucks market will rise significantly in 2024. This article investigates the best EV stocks in India, highlighting firms leading the way in innovation, sustainability, and market capitalization. With a focus on the ever-changing environment of electric mobility, we look into the significant variables driving the performance of these companies, offering investors and enthusiasts valuable insights into India's expanding EV market. Stay tuned for a detailed study of electric vehicle stocks India.

What are EV Stocks?

Electric vehicle stocks are shares of firms that participate in the expanding electric car market. These firms design, manufacture, and distribute electric vehicles, battery technology, charging infrastructure, and associated components. As the worldwide transition towards sustainable transportation gathers traction, demand for EV stocks has increased, driving the expansion of related supplies. Investors interested in environmental sustainability and the development of transportation frequently view EV stocks as a promising investment opportunity. The market comprises major automakers, young startups, and enterprises specializing in electric vehicle components, all contributing to the growing landscape of clean and effective transportation solutions.

Why Invest in EV Stocks India?

Investing in Electric Vehicle stocks is a fascinating opportunity owing to the automotive industry's transformation. The growing worldwide movement towards sustainable practices and the increased emphasis on lowering carbon footprints have positioned EV stocks as a critical component of the future. As governments worldwide establish laws that promote renewable energy and provide incentives to encourage EV use, the market for electric cars is fast developing.

Investing in electric vehicle stocks India exposes you to a sector with significant growth potential as novel technologies, improvements in battery efficiency, and infrastructural upgrades continue to transform the industry. Furthermore, rising consumer awareness and desire for environmentally friendly transportation support the favorable outlook for EV equities. Investors looking to align their portfolios with future trends and participate in the green revolution may invest in electric vehicle stocks India, which provide financial rewards and long-term influence.

The table below shows the best EV stocks and their components:

Company Market Cap (Rs. cr) P/E Ratio TTM EPS P/B Value Book Value Per Share ROE (%) Forward Dividend Yield ROA (%) Debt to Equity
Tata Motors  296.6 crore 20.43 39.70 5.72 118.34 34.16% 2.00 (0.25%) 5.15% 210.02%
Mahindra & Mahindra  202.5 crore N/A

N/A

3.28 N/A 18.48% 16.25 (1.02%) 5.90% 140.35%
Hero MotoCorp 8,862.29 crore 27.33 162.21 5.03 884.13 18.87% 100.00 (2.25%) 9.82% 3.66%
Bajaj Auto  204.3crore 29.81 241.97 6.85 1,036.72 24.71% 140.00 (1.97%) 14.87% N/A
Exide Industries  2,680.05 crore 30.82 10.23 N/A 146.90 7.42% 2.00 (0.64%) 4.62% 5.93%
TVS Motor Company 9,506.25 crore 65.37 30.61 N/A 133.01 24.08% 8.75 (0.44%) 6.65% 359.02%
Rajratan Global Wire 352.66 crore 48.98 14.18 7.97 89.07 N/A 2.00 (0.28%) N/A 49.67%
Fiem Industries 308.2
crore
20.68 113.21 3.83 608.20 19.96% 30.00 (1.29%) 10.65% 2.93%
Pricol 454.01 crore 37.36 9.97 5.88 63.01 17.11% N/A (N/A) 8.47% 12.82%
Olectra Greentech Ltd 1,390.9 crore 178.56 9.49 15.13 106.30 9.50% 0.40 (0.02%) 5.60% 14.97%

Performance Overview of EV Stocks List 2024

Here is the electric vehicle stocks list in india:

Tata Motors (TAMO)

Tata Motors Limited is a major Indian automaker with a global reach. It is a division of the Tata Group and manufactures a wide range of vehicles, including industrial trucks, buses, and passenger automobiles. With models like the Nexon EV, Tata Motors has significantly advanced the electric vehicle (EV) industry. The firm is dedicated to providing sustainable transportation solutions and has carefully placed itself in India's expanding EV industry. Tata Motors continues to develop, cooperate, and contribute to the country's automotive scene, focusing on a mix of traditional automotive production and the future of electric mobility.

Mahindra & Mahindra (M&M)

Mahindra & Mahindra is a prominent Indian multinational automaker with a substantial presence in the automobile, agricultural, and aerospace industries. Mahindra, known for its varied vehicles, such as SUVs, utility cars, and electric automobiles, has played an essential role in defining India's automotive environment. The firm has made considerable achievements in electric transportation with products such as the eVerito and eKUV100. With a dedication to sustainable and creative solutions, Mahindra & Mahindra is a leading force in India's automotive sector, meeting changing customer expectations and contributing to the country's quest for environmentally responsible transportation.

Hero MotoCorp (HEROMOTOCO)

Hero MotoCorp is the globe's largest motorcycle and scooter manufacturer, located in India. It became an independent corporation in 2011 after being known as Hero Honda. Hero MotoCorp, known for its popular commuting bikes, commands a sizable market share in India. The firm focuses on creating fuel-efficient, low-cost two-wheelers for various customer sectors. Hero MotoCorp, while best known for producing internal combustion engine cars, has expressed an interest in electric mobility, with plans to build electric two-wheelers. With a strong distribution network, the firm remains a significant participant in India's dynamic and competitive two-wheeler sector.

Bajaj Auto (BAJAJ-AUTO)

Bajaj Auto Limited is a well-known Indian multinational two- and three-wheelers. With a history of 1945, Bajaj Auto is a significant participant in the Indian and worldwide automobile sectors. The firm is well-known for its varied motorbikes, scooters, and auto-rickshaws, emphasizing creativity, effectiveness, and affordability. Bajaj Auto has a strong presence in overseas markets and has worked effectively with multinational brands. While predominantly focused on internal combustion engine cars, Bajaj Auto has stated an interest in researching the electric two-wheeler category, in line with the changing trends in the automotive industry.

Exide Industries (EXIDEIND)

Exide Industries Limited is one of the best electric vehicle stocks india, in the energy storage and automobile battery markets. Established in 1947, it has developed to become a significant manufacturer of batteries for autos, industrial uses, and uninterruptible power supply (UPS) systems. Exide sectors have a robust distribution network and cover a wide range of sectors. The firm contributes significantly to India's automobile industry by delivering dependable, high-performance batteries. With a focus on quality and innovation, Exide Industries remains a significant player in the country's energy storage and power solutions markets.

Segments of the EV sector

The electric vehicle stocks list may be divided into the following segments:

Auto manufacturers
Auto manufacturers are firms that develop, build, and distribute autos. These companies play an essential role in the automobile industry, producing a wide range of vehicles, including classic internal combustion engine (ICE) cars and the increasingly developing electric and hybrid variants. As are recent entries such as Tesla, which specializes in electric automobiles, Toyota, Ford, and General Motors are among the well-known manufacturers. The industry is distinguished by continuous innovation, technical improvements, and a flexible reaction to changing customer demands and environmental concerns.

Battery manufacturers
Battery manufacturers are significant actors in developing and producing solutions for storing electricity, offering batteries for various applications such as electric vehicles, electronic goods, and renewable energy systems. Panasonic, LG Chem, and CATL are among the industry's leading businesses. As the demand for electric automobiles and renewable energy sources grows, battery manufacturers help to advance battery technology by improving energy density, efficiency, and sustainability, playing an essential role in the more significant shift towards cleaner and more efficient energy solutions.

Auto parts and EV software
Auto parts manufacturers create components required for car assembly, ranging from engines to electronics. In electric vehicle stocks in India, firms specializing in EV software play an important role in creating software products for battery management, energy conservation, and connection. Traditional car components manufacturers like Bosch and Delphi, as well as software-focused businesses like NVIDIA and Aptiv, contribute to the advancement of both conventional and electric vehicles, defining the future of transportation via hardware innovation and sophisticated software integration.

Charging station network
Charging station networks are critical infrastructure for electric vehicles (EVs), enabling widespread adoption. Companies such as ChargePoint and Tesla manage massive networks, allowing EV consumers easy access to charging stations. These systems are strategically located in urban centers and along significant transportation routes, enhancing the feasibility of long-distance electric vehicle travel. The expansion and accessibility of charging infrastructure networks substantially impact the widespread adoption of electric cars, easing range anxiety and aiding the transition to sustainable and environmentally friendly transportation.

Overview of EV Industry 2024

In 2024, EV stocks India will see unparalleled growth and innovation. As global momentum for sustainable mobility grows, significant automakers and innovative entrepreneurs unveil cutting-edge EV models that push technology frontiers. Advances in battery technology, more excellent charging infrastructure, and supporting government legislation all help to move the business forward. Investors are lured to electric vehicle stocks India as the industry grows and customers seek environmentally friendly options. Collaborations between conventional manufacturers and technology businesses reshape the market, emphasizing connectivity and self-driving capabilities. With a greater emphasis on lowering carbon footprints and environmental effects, the electric vehicle stocks India in 2024 will be at the forefront of revolutionary change, influencing the future of transportation.

Factors to Consider Before Investing in EV Stocks in India

Amid the boom in electric vehicle stocks in India, investing in EV stocks list is appealing. Prioritize government policies, technology breakthroughs, and market dynamics to make effective investment decisions.

Watch Out for the Industry Leaders

Identifying industry leaders is critical when investing in top EV stocks in India. Leading companies like Tata Motors and Mahindra Electric and rising businesses like Ola Electric frequently set industry trends. Assess the company's market share, innovation activities, and strategic relationships since they indicate long-term growth. By connecting investments with industry experts, investors have a strategic advantage in the rapidly evolving and competitive Indian EV market, increasing the potential for long-term gains.

Thorough Investigation (Research on EV Stocks)

It would help to research extensively before purchasing Electric Vehicle (EV) stocks in India. Analyze financial records, business strategy, and performance patterns. Analyze crucial parameters such as sales growth, profit margins, and debt levels. Examine technology improvements, market position, and possible dangers. By diving into these elements, investors receive vital insights into the viability and development prospects of EV-related equities, allowing them to make well-informed investment decisions that align with the dynamic environment of the Indian EV market.

Check M&As (Mergers & Acquisitions) of A Company

When investing in EV stocks in India, mergers and acquisitions (M&As) must be carefully considered. Examine a company's mergers and acquisitions history to determine its strategic direction, market growth, and possible synergies. Successful integrations and collaboration, such as those with technology or energy industries, can demonstrate resilience and adaptability. In contrast, a track record of failed mergers and acquisitions or unfavorable alliances may represent hazards. These characteristics inform investors about a company's development plan and general stability in the developing EV industry.

Verify Government Investment Activity

When investing in EV stocks in India, check government investment activities first. Examine all subsidies, incentives, and financing programmes that benefit the electric vehicle sector. Government support for EV-related enterprises, such as financial incentives, building infrastructure, or research funding, can substantially influence their financial health and growth potential. A proactive government posture is consistent with a positive industry outlook, boosting investor confidence and signaling long-term support for the Indian EV market's sustainable and revolutionary trajectory.

Remove Losing Stocks from Your Portfolio

Prudent portfolio management entails reassessing and discarding failing companies, especially in India's dynamic Electric Vehicle (EV) market. Regularly examine individual stocks' financial health, competitive position, and future growth possibilities. If a firm frequently falls behind competitors or experiences difficulties, consider divesting. Allocating funds to more attractive possibilities increases the likelihood of favorable returns in the growing EV industry. Adapting the holdings to shifting market circumstances allows investors to remain adaptable and capitalize on new trends in India's fast-developing electric car sector.

Supply Chain Resilience

Evaluate the supply chain's resilience. A flexible and robust supply chain is critical for risk management and ensuring continuous EV component manufacturing and delivery.

Environmental and Sustainable Practices

Consider how committed a corporation is to environmental sustainability. Investors increasingly value organizations that use environmentally friendly techniques, critically assessing a company's efforts to reduce its carbon footprint.

Also read: Best Chemical Stocks in India 2024

Conclusion

Finally, investing in EV stocks India involves a detailed appraisal of industry leaders, extensive research, M&A plans, government assistance, and strategic portfolio management. Industry titans like Tata Motors and Mahindra & Mahindra push innovation. At the same time, startups like Exide Industries contribute to the changing energy storage environment—government efforts, charging infrastructure, and worldwide cooperation all help to define the industry. Investors may manage the promising but changing environment of EV-related equities in India by remaining educated and adapting portfolios to industry trends, ensuring their investments align with long-term prospects.

Frequently Asked Questions

Which Indian Company is investing in electric vehicles?

Several Indian corporations are making significant investments in electric cars (EVs). Tata Motors, Mahindra & Mahindra, and Bajaj Auto are some notable instances of EV stocks 2023. Tata Motors offers the Nexon EV, Mahindra & Mahindra has electric models, while Bajaj Auto is looking at electric choices. These firms are dedicated to defining India's electric transportation future with significant investments and innovative solutions.

What is the future of EVs in India?

According to Best EV stocks 2023, electric vehicles (EVs) have a promising future in India, thanks to government incentives, environmental awareness, and growing customer interest. EV usage will likely surge as manufacturers spend more on charging infrastructure and promoting sustainable mobility, altering the country's automotive scene.

Who is the largest manufacturer of lithium batteries in India?

Tesla is one of the world's leading consumers of lithium batteries for electric automobiles and energy storage. Tesla is one of the world's leading lithium users, which is utilized in the expanding production of electric vehicles.

Why are electric cars expensive in India?

Electric vehicles in India are often expensive due to high battery costs, limited domestic production, import levies on elements, and a need for government subsidies. These issues increase upfront expenses, reducing electric automobile affordability for many users.

Who is leading in the electric vehicles market in India?

Tata Motors and Mahindra & Mahindra are among India's leading manufacturers of electric vehicles (EVs). Tata Motors has made gains with models such as the Nexon EV, while Mahindra & Mahindra has a strong presence in electric cars. Both firms make essential contributions to the country's burgeoning electric vehicle sector.

Which company produces electric vehicles in India?

Several firms manufacture electric cars (EVs) in India. Tata Motors, Mahindra & Mahindra, Bajaj Auto, and Ola Electric are among the most prominent manufacturers. These firms have developed electric vehicles, such as the Tata Nexon EV and the Mahindra eVerito, which are helping to build the EV industry in India.

How can I invest in EV stocks using the 5paisa App?

To invest in stocks related to electric vehicles through the 5paisa app, download it, create an account, and fund it. Use the app's search tool to find particular electric vehicle inventories and make buy orders with quantities and pricing. The programme has an easy-to-use interface and allows for smooth stock market transactions.

Are there any provisions from the government for the EV sector in India in Budget 2024?

As the interim Union Budget 2024 approaches, electric vehicle (EV) makers expect many initiatives to advance the sector.

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About the Author

Tanushree is a seasoned professional with 6 years of experience in the Fintech and Edtech industry.

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Investment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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