By 2030, India aims to have electric vehicles makeup 30% of private car sales, 70% of commercial vehicle sales, 40% of bus sales, and 80% of two-wheeler and three-wheeler sales. This ambitious goal will translate to about 80 million road EVs by 2030. India also aims to produce domestically EVs through its ‘Make in India’ initiative. As technology improves and the government offers strong support, the electric vehicle market is likely to grow significantly. In this article, let’s look at some of the best electric vehicle-related stocks in India for September 2024 based on the 5-yr CAGR.
| Name | Market Cap (₹ in crore) | 1Y Return (%) | 5Y CAGR (%) | PE Ratio |
| HBL Power Systems Ltd | 16,939.38 | 137.46 | 96.24 | 60.31 |
| Apar Industries Ltd | 39,813.03 | 82.23 | 76.56 | 48.25 |
| Linde India Ltd | 72,793.50 | 45.35 | 76.29 | 167.69 |
| Solar Industries India Ltd | 1,03,227.89 | 147.32 | 59.15 | 123.49 |
| Polycab India Ltd | 1,00,124.90 | 27.87 | 57.56 | 56.12 |
| Deepak Nitrite Ltd | 39,033.64 | 33.85 | 56.94 | 48.14 |
| Hindustan Copper Ltd | 33,057.72 | 117.19 | 55.38 | 111.94 |
| PCBL Ltd | 20,020.62 | 229.65 | 51.82 | 40.78 |
| Olectra Greentech Ltd | 13,933.21 | 39.27 | 51.82 | 181.3 |
| Himadri Speciality Chemical Ltd | 31,838.36 | 160.95 | 49.13 | 77.51 |
Note: The top electric vehicle stocks list provided here is selected from the Nifty 500 universe and sorted as per the 5-yr CAGR as of September 25, 2024.
HBL Power Systems Limited, formerly Sab Nife Power Systems, is a prominent battery and power systems company based in Hyderabad, India. It is now a leading supplier of specialised batteries and power electronics in India and has a strong international presence. Over the years, the company has expanded its portfolio to include uninterrupted power systems (UPS), sealed lead acid (SLA) batteries, and nickel-cadmium batteries, with exports from its 100% Export-Oriented Unit (EOU).
For the quarter ended June 2024, the company’s revenue decreased to ₹511.23 crore from ₹604.28 crore in the preceding quarter. Meanwhile, the net profit increased to ₹74.26 crore from ₹70.58 crore in the previous quarter.
Key metrics:
Apar was founded by Mr. Dharmsinh D. Desai in 1958 and has grown into a market leader in India with a global reach. Initially focused on making power transmission cables, the company now operates in three main business areas: Conductors, Transformer and Specialty Oils (TSO), and Power/Telecom Cables. Apar has played an important role in supporting India’s electrification efforts.
For the quarter ended June 2024, the company’s revenue decreased to ₹3,746.54 crore from ₹4,225.59 crore in the preceding quarter. Meanwhile, the net profit decreased to ₹195.56 crore from ₹238.44 crore in the previous quarter.
Key metrics:
Linde India Limited, a subsidiary of the UK-based BOC Group (which holds a 75% stake), mainly produces industrial and medical gases. The company also builds both cryogenic and non-cryogenic air separation plants.
For the quarter ended June 2024, the company’s revenue increased to ₹653.23 crore from ₹630.07 crore in the preceding quarter. Meanwhile, the net profit increased to ₹111.54 crore from ₹104.33 crore in the previous quarter.
Key metrics:
Solar Industries is one of the largest manufacturers of bulk and cartridge explosives, detonators, detonating cords, and related components in India. These products are used in the mining, infrastructure, and construction sectors. The company also produces high-energy explosives, delivery systems, ammunition filling, and pyrotechnic fuses for the defence industry.
For the quarter ended June 2024, the company’s revenue increased to ₹1,044.59 crore from ₹1,001.67 crore in the preceding quarter. Meanwhile, the net profit increased to ₹194.20 crore from ₹179.39 crore in the previous quarter.
Key metrics:
Polycab is a top manufacturer of cables, wires, and related products like uPVC conduits, lugs, and glands in India. They offer a wide variety of cables and wires for almost any application. Recently, Polycab has also introduced a range of consumer electrical products, including fans, switches, switchgear, LED lights, solar inverters, and pumps.
For the quarter ended June 2024, the company’s revenue decreased to ₹4,601.48 crore from ₹5,432.70 crore in the preceding quarter. Meanwhile, the net profit decreased to ₹387.67 crore from ₹458.14 crore in the previous quarter.
Key metrics:
India’s electric vehicle (EV) sector is growing quickly, driven by government incentives, increasing environmental awareness, and advancements in technology. The country is implementing initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme to boost EV adoption and make transportation more sustainable and innovative.
In 2023, the global electric vehicle market was valued at approximately $255.54 billion and is expected to grow to around $2,108.80 billion by 2033, with a strong compound annual growth rate (CAGR) of 23.42% from 2024 to 2033. According to NITI Aayog and Rocky Mountain Institute (RMI), India’s EV finance sector is projected to reach ₹3.7 lakh crore (about $50 billion) by 2030.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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