Top EV stocks in India to watch in 2025

In just the first quarter of 2025 , EV sales in India crossed half a million units, now accounting for 8% of all automobile sales in the country. This momentum is not just about eco-conscious consumers; it’s powered by government incentives, ambitious policy targets, and a robust ecosystem of domestic manufacturers and suppliers. If you’re tracking the electric vehicle sector stocks in India, 2025 is shaping up to be a pivotal year—one where early movers are staking their claim in a market that’s set to transform how India moves.

Why 2025 is a watershed year

You can’t ignore the numbers. By the end of FY25, cumulative EV sales in India since FY20 reached 6.2 million units, marking an 11.5x increase in just five years—over 2 million of these were sold in FY25 alone. Two-wheelers lead the charge, holding over 50% of the EV market, followed by three-wheelers at 36%, and four-wheelers at 6%.

With these tailwinds, the electric vehicle sector stocks in India are not just about carmakers. The ecosystem spans battery manufacturers, charging infrastructure providers, auto component makers, and even software firms specialising in EV technologies. As you look at the electric vehicle shares list in India, you’ll see a mix of established giants and nimble innovators, each playing a unique role in the EV story.

Top electric vehicle stocks in India to watch in 2025

Here’s a closer look at the companies making headlines in the EV space, organised by their core strengths and contributions to the sector.

Four-wheeler and commercial vehicle leaders

• Tata Motors Ltd: Tata Motors is the undisputed leader in India’s electric four-wheeler segment, commanding over half the market share in FY25. Its portfolio includes the Nexon EV, Tigor EV, and ambitious plans to launch 10 new EV models by FY26. Tata Motors is also a major player in electric buses, collaborating with state transport undertakings across India.

• Mahindra & Mahindra Ltd: Mahindra is rapidly expanding its EV lineup, especially in SUVs and last-mile mobility solutions. Its electric three-wheelers are market leaders, and the company is investing heavily in new platforms and battery technologies.

• Ashok Leyland Ltd: Traditionally known for commercial vehicles, Ashok Leyland is carving a niche in electric buses and trucks, with a growing presence in public transport electrification projects.

Two-wheeler and three-wheeler innovators

• Bajaj Auto Ltd: Bajaj dominates the electric two-wheeler market, with its Chetak EV and strong sales momentum in 2025. The company is also a force in electric three-wheelers, targeting both passenger and cargo segments.

• Hero MotoCorp Ltd: As the world’s largest two-wheeler manufacturer, Hero is scaling up its EV ambitions with models like the Vida and strategic investments in charging infrastructure.

• Ola Electric Mobility Ltd: Ola Electric is a disruptor in the two-wheeler space, known for its high-volume production and aggressive pricing, making EVs accessible to a broader audience.

Battery and component specialists

• Exide Industries Ltd: Exide is a leading battery manufacturer, supplying lithium-ion and advanced lead-acid batteries to both original equipment manufacturers (OEMs) and the replacement market.

• Amara Raja Energy & Mobility Ltd: With a focus on next-gen battery technologies, Amara Raja is investing in lithium-ion cell manufacturing and energy storage solutions.

• Sona BLW Precision Forgings Ltd: This company is a key supplier of EV drivetrain components, including differential assemblies and e-axles, serving both domestic and global automakers.

Charging infrastructure and ancillary players

• Servotech Power Systems Ltd: Servotech specialises in EV charging solutions, power electronics, and battery management systems, supporting the backbone of India’s charging infrastructure rollout.

• Olectra Greentech Ltd: Olectra is a pioneer in electric buses, supplying public transport fleets and focusing on clean mobility for urban India.

• Greaves Cotton Ltd: Greaves is making a mark with electric three-wheelers and last-mile delivery vehicles, alongside investments in charging and battery technologies.

Auto parts and software enablers

• Samvardhana Motherson International Ltd: A global auto component major, Motherson is ramping up its EV-specific product lines, including wiring harnesses and thermal management systems.

• KPIT Technologies Ltd: KPIT is a leader in automotive software, working on EV powertrain software, battery management systems, and advanced driver-assistance systems (ADAS).

Metals and materials suppliers

• Hindalco Industries Ltd and Vedanta Ltd: Both companies supply critical raw materials like aluminium and copper, which are essential for lightweight EV bodies and electrical components.

What’s driving the growth of EV stocks in India?

Several factors are converging to make electric vehicle stocks in India a focal point for market watchers.

• Government incentives: From GST reductions to state-level subsidies and production-linked incentive (PLI) schemes, policy support is robust.

• Expanding charging infrastructure: States like Maharashtra are committing to charging stations every 25 km on highways, removing a key barrier to adoption.

• Corporate ambitions: Companies are not just launching new models-they’re investing in R&D, battery manufacturing, and global partnerships to future-proof their business.

• Consumer shift: With fuel prices high and urban pollution a concern, consumers are increasingly opting for EVs, especially in the two-wheeler and last-mile delivery segments.

Conclusion

If you’re following the electric vehicle shares list in India, 2025 offers a front-row seat to one of the most significant shifts in the country’s industrial and mobility landscape. The companies highlighted above are not just riding a trend—they’re actively shaping the future of transportation, energy, and urban living. Whether it’s Tata Motors rolling out a new fleet of EVs, Mahindra electrifying last-mile mobility, or a battery maker like Exide powering the entire ecosystem, the stakes have never been higher.