Best EV Stocks in India 2024

The Indian electric vehicle (EV) industry is expected to grow rapidly, reaching 531,750 million rupees by 2025, from two billion rupees in 2023. The industry is expected to reach 8,549,250 million by 2029, with over one million EVs sold in FY 2022-2023. India is aiming to boost the market by promoting greener options and collaborating with manufacturers and policymakers. The sector contributes 7.1% to India's GDP and offers substantial employment opportunities. The market is projected to reach USD 110.74 billion by 2029, with 30% for private cars, 70% for commercial vehicles, 40% for buses, and 80% for two-wheelers and three-wheelers. In this article, we'll explore the best EV stocks in India based on a variety of variables,  their industry involvement, top EV stock companies' features, and investment strategies.
 

EV Stocks List in India

The top 10 electric vehicle stocks to invest in India stand to gain from the country's desire for renewable energy solutions. As a result, we've compiled a list of some of India's best EV stock sectors, along with their current share prices.

Disclaimer: The above information is accurate as of 21st June 2024. However, it is important to conduct prior research before making any investment decisions in these stocks.

Overview of Top EV Stocks in India

Here's an overview of the top 10 electric vehicle stocks in India:

HBL Power Systems Ltd:

HBL Power Systems Ltd specialises in offering cutting-edge battery solutions tailored for diverse applications, particularly in the domain of electric vehicles. 

• It has a market capitalization of ₹14,115 Crore and a Price-Earnings (PE) ratio of 42.14; the company demonstrates substantial market presence and investor interest. 
• With a debt-to-equity of 0.06 and a Price-to-Book (P/B) ratio of 11.56, HBL Power Systems indicates a financial standing characterised by relatively low debt and a strong valuation relative to its book value. 
• The company's Book Value stands at 44.03, reflecting the net asset value per share based on the trailing twelve months.

Ecoplast Ltd:

Ecoplast is a well-known participant in the chemical business, having gained recognition for its noteworthy accomplishments. 

• It has a PE ratio of 11.48 and a market capitalisation of ₹105 crore, showing stability and value. At 0.03, the debt-to-equity ratio shows a moderate degree of leverage. 
• Ecoplast has a price-to-book (P/B) ratio of 2.51, which means the stock could be selling for more than its book value. 
• Ecoplast's book value per share as of the earlier twelve months (TTM) is ₹139.87. 

Olectra Greentech Ltd:

Prominent in the electrical components and equipment industry, Olectra Greentech Ltd. is known for its strong market presence, with a market capitalization of ₹14,032.52 crore. 

• The upgraded PE ratio of 24.16 shows strong investor attention, with a debt-to-equity ratio of 0.13
• With a price-to-book (P/B) ratio of 15.84, it appears that the stock is selling over book value.
• Olectra Greentech's book value per share as of the trailing twelve months (TTM) is ₹111.29, underscoring the true worth of the company's assets. 

Servotech Power Systems Ltd:

Servotech Power Systems Ltd. has established a strong presence in the industry in catering to the electric vehicle market. These metrics highlight Servotech Power Systems' strategic position and potential within the electric vehicle market.

• With a market capitalization of ₹1,917 crore, the company commands an essential valuation within its industry. 
• The PE ratio of 87.23 shows investor optimism and growth expectations. Servotech Power Systems debt to equity ratio is 0.51, showing a relatively moderate leverage. 
• The price-to-book (P/B) ratio of 9.99 suggests that the stock is trading at a substantial premium relative to its book value. 

JBM Auto Ltd:

JBM Auto Ltd is an essential player in the auto parts sector, recognised for its contributions to electric vehicles by supplying important components for EV manufacturing. These metrics show JBM Auto's planned position and effect within the electric vehicle market. 

• With a market capitalization of ₹23,784 crore, the company holds a vast valuation within its industry. The PE ratio of 42.14  shows strong investor interest. 
• JBM Auto's debt-to-equity ratio stands at 1.82. 
• The trailing twelve-month (TTM) book value per share for JBM Auto is ₹133.03, underscoring the inherent value of its assets. 

Avance Technologies Ltd:

Avance Technologies Ltd. is a company focused on IT services and consulting, distinguishing itself in these sectors. 

• Its market capitalisation stands at ₹200 crore. The company's price-to-earnings (PE) ratio is notably high at 78.65, suggesting a potentially higher valuation relative to earnings. 
•  In terms of its price-to-book (P/B) ratio, the company shows a value of 101.00, suggesting that the market values the company at a discount relative to its book value. 
• The latest reported book value (TTM) is ₹1.88 per share, reflecting the net asset value per share based on the company's financial statements. 

Tata Motors Pvt Ltd:

The business is a well-known player in the four-wheeler industry providing a wide range of electric cars that are customised to meet the needs of various customer categories. These indicators show the company's financial success and its strategic position in the developing Indian electric car industry.

• The firm has an enormous worth of ₹3,758,530 crore. With a price-to-book (P/B) ratio of 4.49, it is regarded more highly than its book value. 
• The price-to-earnings (P/E) ratio for the trailing twelve months (TTM) is modest at 10.35, indicating a fair pricing predicated on earnings.

 Hindustan Copper Ltd:

Hindustan Copper Ltd is a company that mines copper and provides raw materials needed to make electric vehicles. 

• With a market valuation of ₹32,289 crore, the business is well-known in its industry.
•  Hindustan Copper Ltd. has a price-to-book (P/B) ratio of 14.13, which indicates a higher valuation than its book value. 
• A greater value concerning its profits can be seen by the trailing twelve months (TTM), P/E ratio, which is 109.48. 

 Greaves Cotton Ltd: 

It operates within the machinery sector, playing a crucial role by supplying machinery and equipment necessary for EV production. 

• The company boasts a market capitalisation of ₹3,108 crore, showing its significance in the industry. 
• Greaves Cotton Ltd shows a price-to-earnings (P/E) ratio of 61.04, showing a moderate valuation based on earnings. 
• The price-to-book (P/B) ratio is 2.16, indicating a valuation slightly above its book value. 
• The book value (TTM) per share stands at ₹62.07. 
• The earnings per share (EPS) for the trailing twelve months (TTM) is down ₹5.83

Vedanta Ltd:

Vedanta Ltd is an essential player in the metals sector, providing various services and materials for electric vehicle (EV) manufacturing, thereby contributing to the growth of the EV industry in India. 

• With a market capitalisation of ₹1,74,802 crore, Vedanta Ltd commands a notable position in the market. 
• The price-to-book (P/B) ratio is 5.69, suggesting a premium valuation relative to its book value. 
• Notably, the trailing twelve-month (TTM) price-to-earnings (P/E) ratio is 13.49, indicating a reasonable valuation based on earnings. 

Electric Vehicle Market Growth in India

India's electric vehicle (EV) market is expected to grow at a steady 22.4% annually, reaching 8.8 lakh crore rupees by 2032. The country's automobile industry is the fifth largest globally and is set to climb to third place by 2030 due to rising demand for electric vehicles. The NITI Aayog aims for 70% of all vehicles to be electric by 2030, with a net zero carbon emissions target by 2070. Over the past three years, around 5.2 lakh electric vehicles have been registered in India. In 2023, Uttar Pradesh led in EV sales, followed by Karnataka and Tamil Nadu. Mahindra & Mahindra plans to launch 16 battery electric vehicles (BEVs) by 2027. However, the COVID-19 pandemic has posed significant challenges for electric vehicle manufacturers in India, with temporary closures of manufacturing facilities disrupting supply chains and a shortage of raw materials, particularly due to the semiconductor crisis.

Future of EV Stocks 2024

• The Automotive Mission Plan (AMP) of 2016-26 aims to enhance the automobile industry's contribution to India's development and global competition.
• The sector is projected to create approximately 65 million jobs in the coming decade, making it a lucrative investment opportunity.
• The AMP 2016-26 aims for the sector to contribute over 12% to India's GDP and constitute 40% of the manufacturing sector by 2026.
• Plans for in-house lithium-ion battery manufacturing could reduce EV costs and import duties, creating a potential market.
• The future of automobile manufacturing is predicted to be in the hands of EVs in India.
• With current climatic conditions, EVs are expected to become the industry's mainstay, making it a target for investors.

What are EV Penny Stocks in India (2024)?

Before getting into the best penny stocks, let's understand what is EV penny stock:

Penny stocks and electric vehicles (EVs) are hot topics in the share market due to their potential for high returns in just a month. Combining the two can yield significant returns, as penny stocks are driven by liquidity and news flow. Positive news can boost a penny stock by 1,000%, while negative sentiment can erode 80-90% of its value. In India, EV stocks have bright prospects, making it a promising investment opportunity.

Here are the top 2 EV penny stocks in India: 

Disclaimer: The market capitalisation mentioned above is accurate as of 21st June 2024. However, conducting your research before making any investment decisions in these stocks is important.

Top EV Companies in India - Based on ROI

Here are the top 10 EV companies in India that are based on ROI:

Disclaimer: The market capitalisation mentioned above is accurate as of 21st June  2024. However, conducting your research before making any investment decisions in these stocks is important.

Features of Best EV stocks in India

Here are some features of the best EV stocks in India:

• Innovative product lineup: Diverse range of EV products to meet consumer needs.
• Advanced technology adoption: Focus on battery management, electric drivetrains, and vehicle software.
• Scalable manufacturing infrastructure: Robust capabilities for in-house component production.
• Strategic industry partnerships: Collaborations with tech firms, battery manufacturers, and other automakers.
• Government policy support: Incentives, subsidies, and supportive policies to accelerate EV adoption.
• Solid financials: Stable revenue growth, profitability, and investment in R&D.
• Sustainability practices: Active engagement in sustainability and environmental responsibility.
• Extensive service network: Widespread service and charging infrastructure.
• Global market presence: Potential for tapping into international markets.
• Adaptability: Flexibility and adaptability to changing technology trends and consumer demands.

How to Invest in EV Stocks with BlinkX

With the advantages of a professionally managed portfolio, Investing with BlinkX is a hassle-free and economical way to enter the stock market.

It offers real-time investment tracking and rebalancing. If you're interested in investing in the best EV stocks in India for long-term growth, consider utilising BlinkX to create an efficient and diversified portfolio.

If you want to start your investing journey with BlinkX, follow these steps:

1. Register with BlinkX.
2. Select a portfolio.
3. Analyse the details of the portfolio.
4. To your BlinkX account, add money.
5. Put money into the portfolio.
6. Keep an eye on your portfolio.
7. That's all it takes to use BlinkX to create a low-cost, diversified portfolio.

Conclusion
The electric vehicle (EV) business in India is quickly developing, creating several opportunities for investors. However, the dynamic nature of this industry, marked by rapid technical advancements and regulatory changes, emphasises the significance of performing extensive research before making any investment decisions. By exercising caution and making educated decisions, you may capitalise on India's booming EV industry while contributing to a cleaner environment. Finally, before making any investment decision, it is important to open a Demat account with a reliable stock market app.