India’s EV sector is experiencing rapid growth, fuelled by government initiatives, rising demand, and technological advancements. The country aims to achieve 30% EV sales in private cars, 70% in commercial vehicles, 40% in buses, and 80% in two-wheelers and three-wheelers by 2030, targeting 80 million EVs on Indian roads.
To support this transition, the government has introduced incentives under FAME II, PLI schemes for EV manufacturing, and policies promoting charging infrastructure. Major automakers and technology firms are investing heavily in battery innovation, green mobility, and EV production. As a result, the sector has seen significant stock market momentum, making it an exciting space for investors.
With these ambitious targets and increasing adoption, tracking developments in the EV sector is crucial. Let’s explore the best EV companies in March 2025.
| Name | Market Cap (₹ Cr) | PE Ratio | 5Y CAGR (%) |
| KPIT Technologies Ltd | 34,811.47 | 58.55 | 71.04 |
| JBM Auto Ltd | 14,135.26 | 79.04 | 67.86 |
| Mahindra and Mahindra Ltd | 3,24,881.66 | 28.83 | 39.48 |
| Tata Motors Ltd | 2,45,995.47 | 7.83 | 34.71 |
| Ashok Leyland Ltd | 65,510.99 | 26.38 | 21.3 |
| Exide Industries Ltd | 30,982.50 | 35.34 | 16 |
| Maruti Suzuki India Ltd | 3,88,136.27 | 28.78 | 13.79 |
| Greaves Cotton Ltd | 5,986.40 | -44.26 | 12.67 |
| Hero MotoCorp | 77,701.21 | 20.75 | 12.21 |
| Amara Raja Energy & Mobility | 18,434.31 | 19.73 | 6.35 |
Note: The stocks mentioned above have been sorted based on 5Y CAGR as of February 25, 2025.
KPIT Technologies is a global software integration partner for the automotive and mobility sector, specialising in electric powertrains, battery management systems, and smart charging solutions. It collaborates with leading OEMs to accelerate the transition to clean and intelligent mobility.
For the December quarter (Q3 FY25), KPIT Technologies reported a 20.4% rise in net profit to ₹187 crore, compared to ₹155.3 crore last year. Revenue grew 17.6% YoY to ₹1,478 crore, reflecting strong demand for its mobility solutions.
Key Metrics:
JBM Auto is a key player in the EV ecosystem, manufacturing electric buses, EV aggregates, and charging infrastructure while focusing on sustainable and smart mobility solutions globally.
JBM Auto reported an 8% increase in net profit to ₹52 crore in Q3 FY25, up from ₹49 crore a year ago. Sales, including other operating income, rose 4% YoY to ₹1,396 crore.
Key Metrics:
M&M is expanding its electric vehicle portfolio with models like XEV 9e and BE 6, built on INGLO architecture, integrating AI and high-performance computing for next-gen mobility.
Mahindra & Mahindra (M&M) posted a 19.6% rise in consolidated net profit to ₹3,180.58 crore in Q3 FY25, driven by strong SUV and tractor demand. Revenue grew 17.7% YoY to ₹41,464.98 crore.
Key Metrics:
Tata Motors Group is a leading global automobile manufacturer, it offers a wide and diverse portfolio of cars, SUVs, trucks, buses and defence vehicles to the world.
Tata Motors reported a 22.5% decline in consolidated net profit to ₹5,578 crore in Q3 FY25, down from ₹7,415 crore last year. Revenue rose 2.7% YoY to ₹113,575 crore.
Key Metrics:
Ashok Leyland is expanding its EV portfolio with models like the Boss 14T EV, featuring a 201kWh battery, 230km range, and PMSM motor, catering to sustainable commercial mobility.
Ashok Leyland reported a 36% YoY increase in consolidated net profit to ₹761.92 crore in Q3 FY25, up from ₹560.21 crore, driven by strong truck and bus sales. Sequentially, net profit grew 8% from ₹705.64 crore.
Key Metrics:
| Company Name | Market Cap (₹ Cr) | Net Profit Margin (%) |
| KPIT Technologies Ltd | 34,811.47 | 12.06 |
| Hero MotoCorp | 77,701.21 | 9.69 |
| Maruti Suzuki India Ltd | 3,88,136.27 | 9.23 |
| Mahindra and Mahindra Ltd | 3,24,881.66 | 7.91 |
| Amara Raja Energy & Mobility | 18,434.31 | 7.91 |
Note: The stocks mentioned above have been sorted based on net margin as of February 25, 2025.
| Company Name | Market Cap (₹ Cr) | Debt-to-Equity Ratio |
| Maruti Suzuki India Ltd | 3,88,136.27 | 0 |
| Amara Raja Energy & Mobility | 18,434.31 | 0.02 |
| Hero MotoCorp | 77,701.21 | 0.03 |
| Greaves Cotton Ltd | 5,986.40 | 0.05 |
| Exide Industries Ltd | 30,982.50 | 0.09 |
Note: The stocks mentioned above have been sorted based on debt to equity as of February 25, 2025.
The EV sector in India is witnessing rapid growth however, investing in EV stocks requires careful consideration of individual financial goals, risk tolerance, and market trends.
Before making any investment decisions, it is essential to analyse the fundamentals, growth prospects, and industry trends. Always consult a financial advisor to ensure your investments align with your long-term financial objectives.
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.
Published on: Feb 25, 2025, 3:15 PM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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