Electric vehicles (EVs) have gained popularity in the last few years as it emits less amount of environment harming gases and is also a more efficient model to use than those gasole driven. Electric vehicles were never totally unfeasible. They always showed potential as a mode of transport in the future and with everything actualising and battery getting better every year, EVs have flourished into full-fledged cars that are everywhere on road now.
The worldwide momentum on sustainability and government promotion of renewable energy has only accelerated the pace of adopting EVs. and hence the reason that investors have flocked to demanding for more of EV stocks amid such realization on strength prospects.
In this guide, we will cover the top EV Stocks in India by Analyst Ratings & Market Capitalisation that are backed to give financial gain and also help Goging Green-creating better environment for us as well as future generations.
EV Industry in India - A Brief Overview
India is the world’s third largest auto market and should reach out to manufacturers and policy makers together for a path that leads to greener options. The Automotive sector is a important part of the Indian economy, contributing to about approximately 7.1 % of India’s GDP, and providing both direct and indirect employment opportunities on an immense level. According to ResearchNest’s 15-year investigation, the sizing of India’s electric vehicle market is USD 34.80 billion in 2024 and is growing at a CAGR of 26.05% from now through to reachUSD110.74billion by the year-2029.
India aims to boost EV sales significantly by 2030, targeting 30% for private cars, 70% for commercial vehicles, 40% for buses, and 80% for two-wheelers and three-wheelers. Additionally, India plans to achieve 100% local production of EVs through the ‘Make in India’ initiative.Â
Under the Union Budget of 2023-24, nearly ₹35,000 crore has been allocated towards important capital investments to help India achieve 2070 energy transition and net-zero goals. In addition, the Government of India has implemented several schemes including PLI (Production Linked Incentive Scheme) & FAME – II (Faster Adoption of Manufacturing Electric Vehicles Scheme – II)* to promote the development and expansion of electric vehicle industry. A=
Best EV Stocks in India 2024 as per Analyst Ratings
The following table represents the best EV stocks in India in 2024 as per analyst ratings. We have selected analyst ratings as a criterion as these analysts perform a comprehensive analysis of the stock market before rating a stock-
S.N. | EV Stocks in India (as per analyst ratings) | BUY Analyst Rating (in %) |
1. | 89 | |
2. | 78 | |
3. | 70 | |
4. | 61 | |
5. | 51 |
Top EV Stocks in India in 2024 as per Market Capitalisation
Here is a list of the top EV Stocks in India based on market capitalisation:
S.No. | EV Stocks in India (as per market capitalisation) |
1. | |
2. | |
3. | |
4. | |
5 |
Overview of Best EV Stocks in India as per Analyst Ratings
Here is a brief overview of the top EV companies’ stocks in India according to analyst ratings:
1) Mahindra & Mahindra
Mahindra and Muhammad incorporated in 1945, previously known as Mahindra & Mohammed is an Indian multinational automobile manufacturing company.
The segments of company include automotive, technology services, farm equipment, financial services, consumer and leisure finance and others consists its logistics segment. Its automotive segment also includes range of vehicles such as SUVs, electric SUVs, small commercial vehicle (convertibles), large commercial vehicles three-wheelers are cargo and its products include- 4 wheelers & tractors
It serves a wide range of industries from aerospace to agribusiness, automotive, clean energy, defence, retail as well as infrastructure. LCDs that have manufacturing facilties in various countries across the divisions and research and developemnt center globaly are an example of a company dealing on globals scale. Eg; Mahindra’s manufactuing plant located at different places entail their operations on international geographic plane by delivering markets like South Korea, Japan,Italy, North America etc.
2) Tata Motors
Tata Motors is an global automotive industry player, with subsidiaries and associate companies spread across the world headquartered in Mumbai, Maharashtra. commercial vehicles, passenger vehicles, the flagship ultra electric vehicle (ev), 3 wheelers and 4 wheelers in dimensional segment commercial passenger capital platform and defence trucks buses etc.
Besides, its subsidiaries provide to engineering services, automotive solutions, construction equipment manufacturing and automotive vehicle component manufacturing supply chain activities also.
Tata Motors’ Nexon EV model has made a significant impact in the electric vehicle (EV) sector. The company is committed to offering sustainable transportation solutions in India’s growing EV market. Currently, it operates across Asia, Europe, Russia, the Middle East, Central America, South America, North America, Oceania and Africa.Â
3) Maruti Suzuki India
Maruti Suzuki India Limited (MSIL) is a subsidiary of Suzuki Motor Corporation which has its headquarter at New Delhi. Its India’s largest passenger car maker as well. Currently, the company is focused around manufacturing and selling of passenger vehicles in India. In total, Maruti Suzuki now has 16 car models and over 150 variants offensive as part of its stronghold in India’s passenger vehicles market.
Maruti Suzuki has a large network of market-leading products, including the Alto, Ertiga, Baleno, Super Carry,Eeco Cargo,XL6,Ignis,S-Cross,S-Presso,Celerio,WagonR,Swift,DZire,Ciaz,Eeco and many more. Maruti Suzuki also offers wide-ranging services under this segment, such as finance facilities,genuine parts,exports transport,fleet management,and driving school.
Maruti Suzuki operates 2 manufacturing plants located in Gurugram and Manesar while serving customers from Europe, Asia, Oceania and Latin America.Â
4) TVS Motor Company
TVS Motor Company Limited is a major two and three-wheeler manufacturer globally. Chennai headquartered company is a subsidiary of Sundaram Clayton Limited.
Some of the key models in its motorcycle portfolio include Apache Series RTR, TVS Raider, Apache RR 310, TVS Radeon and the TVS Sport. Moreover, the scooters sold by TVS include Jupiter and NTORQ. Zest is among other models of scooter present in their range.
Additionally, they give customers TVS Augmented Reality Interactive Vehicle Experience (ARIVE) mobile application for an in-depth product brochure,directly book orders as wellas schedule test rides. Currently the firm operates out of 4 manufacturing facilities (3 India, and one in Indonesia at Karawang).
5) Bajaj Auto
Bajaj Auto Limited, located in Pune city, is a manufacturer of two-wheelers and three-wheeled as well as four-wheeled quadricycles. The Company is also engaged in developing, manufacturing and marketing automotive Products such as commercial vehicles, motorcycles, electric t,wo-wheelers and parts.
Its motorcycle line-up comprises of models going from Boxer, CT, Platina and Discover to Avenger, Dominar and Pulsar just as Husqvarna, KTM and Chetak. Apart from Personal vehicles, They also have wide range of commercial vehicles namely Passenger Carriers, Goods Carriers and Quadricycles.
At present, It has manufacturing plants at Waluj near Aurangabad, Chakan and Pantnagar. The company exports two and three-wheelers to multiple geographies such as Africa, Asia Pacific, South Asia, Latin America Middle East and Europe. Further, the company has 5 overseas subsidiaries and 2 Indian subsidiaries.
Factors to Consider Before Investing in EV Stocks in India
When determining the top EV stock in India, it is important to assess different factors that reflect a company’s potential for growth, sustainability and profitability in the expanding EV market.
Here are some key aspects to consider before investing in the EV sector stocks in India:
Financial Performance
Before investing in EV stocks in India, remember that a solid financial foundation is essential for surviving and developing in a competitive market.
Strong revenue streams, profitability, and positive cash flow allow you to increase your investment over time and assure long-term success in the EV business.
Innovative Technology
When selecting the top EV stocks in India, search for firms that have advanced EV technology. It entails creating and combining cutting-edge battery systems, economical powertrains, and sophisticated software to improve autonomous and connected driving experiences.
These technical breakthroughs improve vehicle performance, safety, dependability, and use.
Supply Chain Resilience
A robust supply chain and manufacturing capabilities are critical in the EV business. Having critical EV components and a flexible manufacturing infrastructure enables scalable production to satisfy the growing demand for electric cars.
It facilitates the timely delivery of high-quality items to the market, providing the organisation a competitive advantage.
Mergers and Acquisitions (M&As)
Before investing, review a company’s M&A history to understand its market growth and potential benefits. Successful collaborations, especially with technology or energy sectors, demonstrate resilience and adaptability.
Diversification
You should seek for a firm that offers a large range of EV goods, including passenger vehicles, commercial vehicles, two-wheelers, three-wheelers, and so on.
A varied product range and the capacity to meet various consumer requests have a higher chance of securing the maximum market share in the electric car industry.
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Government Policies
You must keep an eye on government policies promoting EV adoption, such as subsidies and tax exemptions. These policies can significantly influence the industry’s growth.
Should You Invest in EV Stocks?
Before you think about putting your hard-earned money into EV stocks, you better consider what the risks are to an industry in 2024. My main worry is the more corporations enter EV space, it will flood the market leading to an increase in competition and price pressure writer. It could lead to lower profit margins, which in turn would hurt stock prices. Moreover, changes to policies and consumer preferences also would impact the demand for EVs ultimately effecting its prices of stock.
Although the EV sector has shown significant growth potential, it is susceptible to sharp fluctuations in stock prices. Factors such as supply chain disruptions, geopolitical tensions, and macroeconomic trends can all influence investor sentiment and contribute to market volatility. Therefore, you must do thorough research before investing in EV stocks.
Summing Up
Before investing in top EV stocks, one must understand the future prospects of how India’s electric vehicle manufacturers are evolving.
The focus on green or sustainable transportation on both national and technological levels, the EV market is an opportunity for significant investment opportunities. But, if you want to invest in the top EV stocks that we discussed above then do proper market research or consult with financial advisor for right decision.
Disclaimer
 This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.
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