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Best EV Stocks In India To Buy In 2024

Best EV Stocks In India To Buy In 2024

Best EV Stocks In India To Buy In 2024

Electric vehicles (EVs) have emerged as a transformative force in the automotive industry, promising a sustainable and greener future. India, as a rapidly developing economy, is at the forefront of this global shift towards electrification.

In recent years, several key players have emerged in the Indian EV market, making substantial strides in innovation, sales, and adoption. Among them, Tata Motors, Hero MotoCorp, Mahindra and Mahindra, Olectra Greentech, and Ashok Leyland have stood out as the best EV stocks in India, capturing investors' attention and driving the country's transition to electric mobility. If you want to secure your future then you need to start early investing in stock market in these future stocks.


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List of Best EV Stocks In India

This article explores the growth prospects and contributions of top electric vehicle stocks in India in shaping the future of automobile industry. These EV stocks are good for long term investment and you should also need to know the  Important Ratios You Must Know Before Investing.

Sl No. Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP CAGR
1 Tata Motors Ltd. 2,31,601 0.30 % 634 19%
2 Hero MotoCorp Ltd. 62,899 3.17 % 3,147 0%
3 Mahindra & Mahindra Ltd. 1,81,512 1.12 % 1,460 10%
4 Olectra Greentech Ltd. 9,725 0.03 % 1,185 49%
5 Ashok Leyland Ltd. 53,115 1.45 % 181 10%

 

1. Tata Motors

Tata Motors, a leading automaker in India, has been at the forefront of the electric vehicle revolution. With a commitment to sustainable transportation, the company has launched several electric vehicles, ranging from hatchbacks to commercial vehicles.

Tata's EV lineup includes the Tata Nexon EV, Tigor EV, and Altroz EV. The Tata Nexon EV, a compact SUV, has been particularly successful in the Indian market & has boosted Tata Motors' sales. Offering a competitive driving range, it has appealed to environmentally conscious consumers looking for practical and affordable EV options.

Moreover, robust financial performance and well-established tata motors balance sheet have already bolstered investor confidence, making it one of the preferred choices for those seeking to invest in India's electric vehicle growth story.

Tata motor has the highest market capitalization among all the EV stocks, around 2,31601 crores.

 

Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP CAGR
Tata Motors Ltd. 2,31,601 0.30 % 634 19%

 


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2. Hero MotoCorp

Hero MotoCorp, a dominant player in the two-wheeler segment, has been making significant strides in the electric vehicle space. The company's foray into EVs has resulted in the development of electric scooters and motorcycles.

Hero's commitment to sustainability aligns with the Indian government's push towards green mobility. As the demand for electric scooters surges, Hero's electric offerings, such as the Hero Electric Photon and Optima, have gained popularity among urban commuters.

The company's strong financial results and market presence make it an attractive choice for investors looking to tap into the electric two-wheeler market's vast potential.

Hero Motor is one of the highest dividend paying stocks among all the Ev stocks and you can generate passive source of income from dividends.

 

Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP CAGR
Hero MotoCorp Ltd. 62,899 3.17 % 3,147 0%

 

3. Mahindra & Mahindra

Mahindra and Mahindra, a renowned name in the Indian automotive industry, have actively embraced electric mobility with their line of electric cars and commercial vehicles.

The Mahindra eKUV100 and the Mahindra eVerito have been well-received by consumers seeking affordable and eco-friendly electric cars. Additionally, Mahindra's focus on electric commercial vehicles has set it apart from its competitors.

In Mahindra and Mahindra result, the revenue has gradually increased, and it is slowly heading towards TATA to give tough competition. The Mahindra Treo and Mahindra Supro Electric have gained traction in the logistics and last-mile delivery sectors.

As the government incentivizes the adoption of electric commercial vehicles, Mahindra is poised for further growth and expansion in this segment.

Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP CAGR
Mahindra & Mahindra Ltd. 1,81,512 1.12 % 1,460 10%

 

 

4. Olectra Greentech

Olectra Greentech, a part of the MEIL (Megha Engineering and Infrastructure Limited) Group, is making waves in the electric bus segment in India. The company has been actively involved in providing electric buses for public transportation in various cities across the country.

With a focus on technology and quality, Olectra Greentech future is very bright, and it has been a key contributor to India's efforts to reduce vehicular emissions and combat air pollution.

Its electric buses have become a symbol of sustainable and eco-friendly public transport solutions, making it an appealing choice for investors seeking to support green mobility initiatives.

Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP CAGR
Olectra Greentech Ltd. 9,725 0.03 % 1,185 49%

 

 

5. Ashok Leyland

Ashok Leyland, a major player in the commercial vehicle space, has ventured into the electric vehicle market with a focus on electric buses and commercial vehicles. The company's electric buses, such as the Ashok Leyland Circuit and the Ashok Leyland Eagle, have gained prominence in various state transport undertakings.

The demand for electric commercial vehicles is on the rise due to increased environmental consciousness and regulatory incentives. Ashok Leyland's entry into this domain strengthens India's position in the global electric commercial vehicle market, offering opportunities for investors interested in sustainable transportation solutions.

Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP CAGR
Ashok Leyland Ltd. 53,115 1.45 % 181 10%



 

Is India Ready for Electric Vehicles?

The electric vehicle (EV) market in India is expected to reach over 63 lakh units per year by 2027, according to a survey conducted by India Energy Storage Alliance.

 

India's electric vehicle industry is gaining traction, thanks to 100% FDI, new manufacturing facilities, and a larger commitment to expand charging infrastructure. Federal subsidies and laws promoting deeper discounts for Indian-made electric two-wheelers, as well as a boost for localised ACC battery storage manufacture, are further growth catalysts for the Indian EV industry.

 

In addition, in September 2021, Cabinet approved a production-linked incentive plan for the automobile industry to encourage the manufacturing of electric and hydrogen fuel cell vehicles. India would have sold over 300,000 electric automobiles by 2021.

 

 

Future of Electric Vehicles in India

The future of electric vehicles in India appears promising, with a projected surge in demand for EVs in the coming years. As technology improves and economies of scale kick in, the cost of electric vehicles is expected to reduce, making them more accessible to the masses. The introduction of more affordable electric cars under 3 lakhs, such as 7-seater electric vehicles, can potentially revolutionize the Indian EV market.

 

 

Conclusion

The top 5 EV stocks in India, namely Tata Motors, Hero MotoCorp, Mahindra and Mahindra, Olectra Greentech, and Ashok Leyland, have been instrumental in shaping the future of electric vehicles in the country.

With their innovative electric vehicle offerings and commitment to sustainability, these companies have captured investors' attention and contributed significantly to India's electric mobility transition.

While challenges in infrastructure and cost barriers persist, the Indian government's support, technological advancements, and growing environmental awareness bode well for the future of electric vehicles in India.

As the nation moves towards a greener and more sustainable future, these Electric Vehicle stocks in India are poised for continued growth, making them attractive options for investors seeking to be part of India's electric vehicle revolution.

 

 

FAQ

 

Ques 1. Best EV stocks in India for long term?

Ans. Here is the list of best EV stocks in India  to buy in long term are:

Sl No. Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP CAGR (1 yr)
1 Tata Motors 336113.11 0.2 1010 137%
2 Mahindra & Mahindra 1980 0.81 1980 72%
3 Ashok Leyland Ltd. 50842 2.87 173 29%
4 JBM Auto Ltd. 21072 0.07 1782 155%
5 Eicher Motors Ltd. 3911.3 0.94 670 21%
6 Olectra Greentech 15867 0.02 1933 200%

 

Ques 2. List of electric bus stocks in India?

Ans. Here is the list of electric bus company stocks in India are:

Sl No. Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP CAGR (1 yr)
1 Olectra Greentech 15867 0.02 1933  
2 Tata Motors 336113.11 0.2 1010 137%
3 Mahindra & Mahindra 1980 0.81 1980 72%
4 Ashok Leyland Ltd. 50842 2.87 173 29%
5 JBM Auto Ltd. 21072 0.07 1782 155%
6 Eicher Motors Ltd. 3911.3 0.94 670 21%

 

Ques 3. Which is the largest EV stocks in India?

Ans. Tata motors is the largest EV sector stocks in India.

Company Market Cap
in (Cr.)
Dividend Yield Per Annum LTP
CAGR (1 yr)
Tata Motors 336113.11 0.2 1010 137%

 

Ques 4.List of EV penny stocks in India?

Ans. Here is the list of EV penny stocks in India are:

  1. Tirupati Forge Ltd
  2. Hindustan Motors Ltd
  3. Goldstar Power Ltd
  4. LGB Forge Ltd
  5. Ganga Forging Ltd.
  6. Setco Automotive Ltd.
  7. G G Engineering Ltd

 

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