With environmental concerns on the rise, India, the world’s third-largest auto market, is pushing for the adoption of electric vehicles (EVs) with great ambition. The Indian government has set an ambitious aim of 30% EV penetration by 2030 and sees electric mobility as a critical tool to enhance air quality and cut emissions. As a result, the Indian market for electric vehicles has expanded recently. We will learn more about the top EV stocks in India, their characteristics, and how to invest in them in this article.
An overview of the best EV stocks to buy in India (2024)
Below, let’s take a look at India’s top EV stocks:
Himadri Speciality Chemical Ltd
Global specialty chemical conglomerate Himadri Speciality Chemical Limited places a high priority on innovation, sustainability, and research and development (R&D). With a wide range of products, the company is a pioneer in the production of lithium-ion battery anode material in India.
Amara Raja Mobility & Energy, Inc.
The Amara Raja Group’s flagship business is Amara Raja Batteries Limited. It is one of India’s top producers of lead-acid storage batteries for use in vehicles and industrial settings. As of August 7, 2024, the market capitalization of the company is Rs. 26,839 cr. In addition, the stock’s debt-to-equity ratio for the last five years has been 4.32%, which is less than the 8.56% industry average.
Hindustan Copper Ltd
The Indian government’s Ministry of Mines is in charge of Hindustan Copper Limited, a government-owned company. It was the only company in India devoted to the extraction of copper ore when it was founded on November 9, 1967. This midcap EV stock has a market capitalization of Rs. 27,429 cr as of August 7, 2024.
Exide Industries Ltd
One of the most well-known battery stocks in India is Exide Industries Limited. The company’s market capitalization is Rs. 40,940 cr as of August 7, 2024. The debt-to-equity ratio during the last five years has been 4.32%, which is less than the 8.56% industry average.
Vedanta Ltd
India-based Vedanta Ltd. is a diversified natural resources firm. With holdings in aluminum, copper, zinc, lead, silver, and iron ore, it is well-known in the mining and metals industry. With a market valuation of Rs. 1,61,578 cr as of August 7, 2024, Vedanta Ltd. is 2.76 times more volatile than Nifty. Revenue has increased at an annual rate of 8.12% over the last five years as opposed to the industry average of 8.09%.
Hero MotoCorp Ltd
Delhi is home to Hero MotoCorp, a well-known Indian multinational manufacturer of motorcycles and scooters. The company’s market capitalization is Rs. 1,03,440 cr as of August 7, 2024. The debt-to-equity ratio for the last five years has been 3.28%, as opposed to the industry average of 23.91%. In addition, the company’s current ratio is greater above the industry average of 137.73%, at 183.26%.
Mahindra and Mahindra Ltd
Mumbai, Maharashtra serves as the headquarters of the global Indian automaker Mahindra & Mahindra Ltd. As of August 7, 2024, the market capitalization of this electric vehicle shares was Rs. 3,15,487 cr. The company’s revenue has increased at an annual rate of 5.65% during the last five years, exceeding the 4.68% average growth of the industry.
Tata Motors Ltd
Mumbai, India serves as the headquarters of the international automobile firm Tata Motors Limited. It is one of the biggest automakers in India and a member of the Tata Group. This large-cap firm has a market capitalization of Rs. 3,72,584 cr as of June 7, 2024, making this EV stock 1.97 times more volatile than the Nifty. The PB Ratio is 3.78 and the PE Ratio for the stock is 11.22. Therefore, you might investigate this stock if you’re wanting to invest in EV stocks in India.
Servotech Power Systems Ltd
Servotech Power Systems Limited is an Indian company that produces and markets solar power and LED products worldwide. The company’s revenue has expanded at an annual rate of 31.87% during the last five years, outpacing the 9.39% industry average, and its market share has increased from 0.16% to 0.4%.
KPIT Technologies, Inc.
KPIT Technologies Limited serves the automotive and mobility industries in the Americas, the UK, Europe, and worldwide by providing embedded software, artificial intelligence, and digital solutions. The company’s revenue has climbed at an annual rate of 48.77% during the last five years, surpassing the 11.54% industry average. Additionally, its market share has increased from 0.14% to 0.63%.
In summary, Government subsidies and rising customer demand have propelled the electric vehicle (EV) market in recent years. EV stocks are expected to be a major factor in the global drive towards a more sustainable future. Consequently, investors may be able to obtain exposure and possibly earn large returns by making investments in the top EV stocks portfolio.
