Top EV stocks to buy in India in 2022

In the COP26 Summit at Glasgow during November 2021, PM Modi pledged that India to get 50% of its energy from renewable resources by 2030 and reach net-zero carbon emissions by 2070. India is the world’s fourth biggest emitter of carbon dioxide after China, the US and the EU. Accordingly the Government of India, has aggressively pushed for electric vehicle adoption in the country. The focussed efforts have seem to start showing the results as 2022 seems to be the year of Electric Vehicle stocks or EV stocks.

The exponential rise in number of electric two-wheelers in India during 2021 and the back to back launch of electric cars by Tata, BMW, Kia, Honda, Hyundai have all directed focus of Indian Automotive market to Electric Vehicles. This interest is also being reflected in EV Stocks and even if you are not active in the stock market, it is difficult to miss or ignore the discussion around the Indian EV sector. 


  • Electric mobility has skyrocketed electric vehicle stocks in India and battery manufacturers. 
  • Industries to benefit from EVs in India are power companies, battery manufacturers, public transport, and anode manufacturers.
  • The EV giant Tesla has marked a new era in the EV industry in India.

After the pandemic, people have started realising the need for electric vehicles. The alarming pollution level, which was reduced significantly during the lockdown, has given a new perspective on sustainable transportation.

The rise in electric vehicles makes 2022 the high time to buy electric vehicle penny stock in India. The recent union budget released a policy for EV infrastructure and the battery industry. Thus, GOI aims at 100% e-mobility in the nation by the next decade. 

EV Stock market demand

If you are an investor and looking for the best sector to invest which has a great future, then the electric vehicle is the hot bait. EV stocks are booming in India, and in the future, you will not just witness auto stocks but also stocks that support the industry.

We have extorted mother Earth and have reached the maximum limit of using natural resources, and now we have to search for alternative ways to meet our needs. One such sector that completely depends on natural resources is the automobile industry. It is majorly dependent on petrol and diesel. But as we all know, renewable sources of energy are depleting at a fast pace and are exhaustible, so we started towards the journey of natural gas as an alternative.

Now it is high time to shift to sustainable energy sources. The automobile industry is among the top to produce electric-powered vehicles for consumers and make the planet safer and green. Thus switching towards sustainable alternatives proved a good choice for automobile manufacturers. 

Electric vehicle stocks to buy in India

The real advantage of all is seen in the share price of the EV manufacturers. With EV adoption, the shares of these automobile giants have shown an upward trend. So here we have come up with the list of best electric vehicle stocks in India and the best ones to consider for investment.  

The segment of EV stock is subdivided, and here is the list:

The segment of EV Stock

We just think of automobile giants and manufacturers like Tata and Mahindra when we talk about EVs. Still, the whole sector is sub-categorised based on parts, segments, infrastructure and software.

So we can classify the automobile sector into four sub-sectors

  • Auto manufacturers,
  • Auto parts and EV software
  • Battery manufacturing
  • EV charging stations/ infrastructure

Based on the above segments, we have come up with 15 Indian electric vehicle stocks to invest in or consider in future. The list includes existing companies and newcomers, which may be an excellent investment choice.

Sr NoStock NameCurrent Stock Price (Rs) Dated: 6 May 22
1TATA Motors408.55
2Mahindra & Mahindra893.55
3Maruti Suzuki India Ltd7279.25
4Hero MotoCorp Limited2563.35
5Himadari Specialty Chemical Limited68.10
6Greaves Cotton148.90
7Motherson Sumi Systems Limited123.75
8TATA ELXSI Limited7508
9Exide Industries Limited & Amara Raja Batteries Limited146
10TATA Chemicals Limited1032
11TATA Power Company Limited245.20
12Power Grid Corporation of India Limited238.40
13National Thermal Power Corporation Limited (NTPC)159
14Indian Oil Corporation Limited (IOCL)126.25

A. Auto manufacturers (EV) stocks in India

We have listed electric vehicle stocks in the auto manufacturer sector into two subcategories – Proven players vs new players.

Proven/ established players

1. Tata Motors


One of the oldest layers in the market is Tata Motors, a diversified company. This company exists in all segments, from four-wheelers and passenger cars to heavy commercial vehicles like buses, trucks, and trailers.

It is one of the best electric vehicle stock companies in India, with the support of its allies like Tata ELXSI for software, Tata Steel for body structure, and Tata Chemicals for batteries. Tata Motors will have a great scope of expansion shortly. Tata Motors closing on 6 May 2022 was recorded at Rs 408.55.

2. Mahindra & Mahindra


Mahindra & Mahindra shares a diverse segment similar to Tata Motors. It has a legacy in the agriculture transport industry with a lineup of various tractors. The share price stood at Rs 893.55 on 6 May 2022.

Apart from the joint venture with Reliance Industries, Mahindra & Mahindra is also looking to expand its collection of EV cars. The company is set to launch 16 electric vehicles by 2027 across SUV and light commercial vehicle segments. It also plans to invest Rs 3,000 crores in the electric vehicle segment in the next three years. 

3. Maruti Suzuki India Limited

When it comes to budget-friendly entry-level cars, Maruti Suzuki is the leading brand. Being the first, the company enjoys the majority of the market share. 

The only difference is that the above companies have taken a high leap in a short period in the EV industry, whereas Maruti Suzuki is yet to enter. The company is rumoured to launch WagonR in electric variant in the market. The share price closed at Rs 7279.25 as on 6 May 2022.

4. Hero MotoCorp Limited


Along with four-wheelers, the electric two-wheeler market is also on the boom. Hero MotoCorp has taken the initiative to expand a minor segment of two-wheelers. The share price of Hero MotoCorp on 6 May 2022 was Rs 2563.35.

B. New EV Related Stocks in India

1. Himadri Speciality Chemical Limited


The company has a significant presence in the chemical industry and has announced the EV segment step, such as electric bicycles. The share price is recorded as Rs 68.10 on 6 May 2022. 

2. Greaves Cotton

Top-ev-stocks-to-buy-in-india-Greaves Cotton-yocharge

Greaves Cotton has recently acquired a two-wheeler electric company named Ampere Vehicles. The share price of Greaved Cotton as recorded on 6 My 2022 is 148.90

Auto parts and EV software stocks in India

1. Tata ELXSI Limited

Top-ev-stocks-to-buy-in-india-tata elxsi-yocharge

Tata ELXSI is an IT-software development company that indulges in building software involved in EVs manufactured by Tata Motors. The company has also developed stock software that any EV can use. ELXSI is expected to sell this software to other auto manufacturers in the form of licensing in the future. The share price has shown a massive fluctuation of Rs 7508 as recorded on 6 May 2022.

C. Battery Manufacturing for EV stocks in India

1. Exide Industries Limited & Amara Raja Batteries Limited


Both companies are major players in the battery industry. Till now, they were manufacturing lead-based batteries used in traditional vehicles. But now, they have full-fledged manufacturing lithium-ion batteries, which is an essential component of an electric vehicle. The current share price of Exide Industries is Rs 146, and the share price of Amara Raja Batteries is recorded as Rs 530.40 as recorded on 6 May 2022.  

2. TATA Chemicals Limited


The company’s vision is different from its competitor’s as Tata Chemicals focuses on developing an ecosystem of battery generation. The share price of Tata Chemicals is closed at 1032 Rs on 6 May 2022.

D. EV charging station EV stocks in India

1. Tata Power


Tata Power has already proved to be a conventional electricity providing company to the consumer. The company is setting up a charging station at various locations such as parking spaces, malls, and authorised automobile service centres. The share price is Rs 245.20 as recorded on 6 May 2022.

2. Power Grid Corporation of India Limited


The state-owned company, which mainly supply high-voltage transmission and grid management to industries like telecom, is likely to set up charging station all over the country. With the state ownership label, the company is expected to enjoy government contracts and deals in future. The share price is recorded at around Rs 238.40 on 6 May 2022.

Final words

So here is the list of top companies where you can think of investing shortly. The main thing to notice is that you can find Tata Group in every segment. From the bird’s eye, the companies mentioned above could be a great bet to put future investment and achieve full potential. We hope the information in this article proved helpful. Let us know your doubts in the comment section. Happy Investing!

** Disclaimer: This is neither a qualified opinion or investment advice. This is a compilation of public information. Use the above information for investment at your own risk.