Best EV Stocks in April 2025 Based on 5Y CAGR: Tata Motors, M&M, Exide and More

India’s electric vehicle (EV) industry is experiencing rapid growth, driven by strong government support, increasing investments, and rising consumer demand. With policies like the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) and Production Linked Incentive (PLI) schemes, India has emerged as a key player in the global EV revolution.

As of August 2024, over 4.4 million EVs were registered in the country, with market penetration reaching 6.6%. Leading automakers and startups are expanding their EV portfolios, backed by foreign direct investments ($36 billion in the last 4 years) and reduced GST rates on EVs (from 12% to 5%).

With this momentum, several EV-related stocks are gaining attention. In this blog, we explore the top EV stocks in India in April based on 5-year CAGR performance, focusing on companies leading the charge in electric mobility, battery manufacturing, and auto components.

Top EV Stocks in April 2025 Based on 5Y CAGR

Note: The stocks mentioned above have been sorted based on 5Y CAGR as of March 28, 2025.

Overview of 5 Best EV Stocks Based on 5Y CAGR

1. KPIT Technologies Ltd

KPIT Technologies is a global software integration partner for the automotive and mobility industry, specialising in electric powertrains, battery management systems, and smart charging solutions. It works closely with leading OEMs to drive the shift toward clean and intelligent mobility.

In the December quarter (Q3 FY25), KPIT Technologies posted a 20.4% increase in net profit, reaching ₹187 crore, up from ₹155.3 crore in the previous year. Revenue saw a 17.6% YoY growth, rising to ₹1,478 crore, driven by strong demand for its mobility solutions.

Key Metrics:

• ROE: 31.08%
• ROCE: 33.08%

2. JBM Auto Ltd

JBM Auto plays a crucial role in the EV ecosystem, producing electric buses, EV components, and charging infrastructure while emphasising sustainable and smart mobility solutions on a global scale.

In Q3 FY25, JBM Auto recorded an 8% rise in net profit, reaching ₹52 crore, compared to ₹49 crore in the same period last year. Total sales, including other operating income, grew 4% YoY, amounting to ₹1,396 crore.

Key Metrics:

• ROE: 16.09%
• ROCE: 21.66%

3. Tata Motors Ltd

Tata Motors Group is a leading global automobile manufacturer, offering a diverse range of cars, SUVs, trucks, buses, and defence vehicles worldwide.

In Q3 FY25, Tata Motors reported a 22.5% drop in consolidated net profit, falling to ₹5,578 crore from ₹7,415 crore in the previous year. However, revenue grew 2.7% YoY to ₹113,575 crore.

Key Metrics:

• ROE: 43.1%
• ROCE: 19.37%

4. M&M Ltd 

Mahindra & Mahindra (M&M) is expanding its electric vehicle lineup with models like the XEV 9e and BE 6, built on the INGLO architecture, which incorporates AI and high-performance computing to enhance next-generation mobility.

In Q3 FY25, M&M reported a 19.6% increase in consolidated net profit, reaching ₹3,180.58 crore, fuelled by strong SUV and tractor sales. Revenue rose 17.7% YoY, totaling ₹41,464.98 crore.

Key Metrics:

• ROE: 15.37%
• ROCE: 14.74%

5. Ashok Leyland Ltd

Ashok Leyland is strengthening its electric vehicle lineup with models like the Boss 14T EV, equipped with a 201kWh battery, 230km range, and a PMSM motor, aimed at advancing sustainable commercial mobility.

In Q3 FY25, Ashok Leyland recorded a 36% YoY surge in consolidated net profit, reaching ₹761.92 crore, up from ₹560.21 crore, driven by robust truck and bus sales. Sequentially, net profit rose 8% from ₹705.64 crore.

Key Metrics:

• ROE: 21.97%
• ROCE: 17.32%

Best EV Stocks in April 2025 Based on Net Margin

Here are the top EV stocks in April 2025, ranked by net profit margin, offering insights into key players across various segments of the electric mobility ecosystem.

Note: The stocks mentioned above have been sorted based on net margin as of March 28, 2025.

Top EV Stocks in April 2025 Based on Debt to Equity

Here are the top EV stocks in April 2025, ranked by debt-to-equity ratio, highlighting companies with strong financial stability and lower leverage in the electric mobility space.

Note: The stocks mentioned above have been sorted based on debt to equity as of March 28, 2025.

Conclusion

India’s electric vehicle sector has been evolving rapidly, supported by policy initiatives, technological advancements, and growing industry participation. Various companies across the EV ecosystem, from automakers to battery manufacturers and technology providers, have shown diverse financial performances based on metrics such as 5-year CAGR, net profit margin, and debt-to-equity ratio. 

With any sector, financial and market conditions are subject to change, requiring continuous monitoring and evaluation.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.