Top EV Stocks in India to Watch: Dominating the Two & Four-Wheeler Segments
Top EV Stocks : The electric vehicle (EV) market in India is experiencing exponential growth, driven by government incentives such as the FAME II scheme, increasing environmental awareness, and rapid advancements in battery technology. Both established automakers and new players are racing to dominate the EV space, expanding charging infrastructure and offering improved models to cater to growing demand.
If you’re looking to invest in the EV sector, here are the top companies that are making significant strides in both the two-wheeler and four-wheeler markets. With a combined market share of up to 38%, these companies are crucial players in India’s EV revolution.
Top Four-Wheeler EV Stocks in India
1. Tata Motors (Market Leader with 38% Share)
Tata Motors has emerged as the undisputed leader in India’s electric four-wheeler market with successful models like the Nexon EV, Tigor EV, and Tiago EV. While its market share for January 2025 stood at 38%, the company has seen a decline from 74% in CY23 to 61% in CY24 due to rising competition.
Key Strengths:
- Strong government support and incentives
- Widespread charging infrastructure
- Expanding portfolio with new launches
2. JSW MG Motor (Rapid Growth with 38% Share)
A joint venture between JSW Group and MG Motor India, this company has made significant strides in the EV space. JSW MG Motor’s market share for January 2025 was 38%, showing an impressive increase from 12% in CY23 to 22% in CY24.
Key Strengths:
- Backed by strong industrial expertise
- Aggressive market expansion strategy
- Focus on localization and affordability
3. Mahindra & Mahindra (M&M) (Expanding Presence with 6% Share)
Mahindra & Mahindra has been focusing on its SUV and electric vehicle portfolio, with models like the XUV400 EV and the upcoming Born Electric (BE) series. While its January 2025 market share stood at 6%, the company has steadily grown from 5% in CY23 to 7% in CY24.
Key Strengths:
- Strong brand value in the SUV segment
- Expanding EV portfolio with new launches
- Investment in futuristic EV technologies
4. Hyundai Motor (Steady Growth with 3% Share)
Hyundai India was among the first to introduce long-range electric vehicles with the Kona Electric and Ioniq 5. Its market share for January 2025 was 3%, growing from 1% in CY23 to 2% in CY24.
Key Strengths:
- Premium electric vehicle lineup
- Advanced E-GMP platform for EVs
- Global expertise in EV technology
Top Two-Wheeler EV Stocks in India
1. Bajaj Auto (Strong Market Share at 22-26%)
Bajaj Auto re-entered the EV segment with the Chetak Electric and has seen steady growth. Its market share for January 2025 was 22%, rising to 26% in the first half of February 2025.
Key Strengths:
- Strong legacy in two-wheelers
- Expanding EV production capacity
- Focus on reliability and performance
2. TVS Motor (Major Player with 22-24% Share)
TVS Motor is aggressively expanding its EV business with the TVS iQube Electric. It held a 24% market share in January 2025, slightly dropping to 22% in February 2025.
Key Strengths:
- Expanding dealership network
- Improved battery efficiency
- Affordable pricing strategy
3. Ola Electric (Fast-Growing with 18-25% Share)
Ola Electric has disrupted the EV two-wheeler market with its S1 series scooters. However, its market share fell from 25% in January 2025 to 18% in February 2025 due to rising competition.
Key Strengths:
- Strong brand presence
- High-speed scooter models
- Focus on in-house battery development
4. Ather Energy (Growing Player with 13-15% Share)
Ather Energy, known for its Ather 450X and 450S, is rapidly expanding its footprint. Its market share rose from 13% in January to 15% in February 2025.
Key Strengths:
- High-performance EV scooters
- Tech-driven approach
- Strong R&D investments
5. Hero MotoCorp (Emerging with 2-3% Share)
Hero MotoCorp, India’s largest two-wheeler maker, has entered the EV segment under its Vida brand. The market share stood at 2% in January 2025 and grew to 3% in February 2025.
Key Strengths:
- Strong dealership presence
- Competitive pricing strategy
- Focus on long-term EV adoption
Financial Ratios of Top EV Players
| Company | P/E Ratio | ROE (%) | Market Cap (₹ Cr.) | Debt-to-Equity |
|---|---|---|---|---|
| Tata Motors | 16.2 | 14.8 | 3,20,000 | 0.65 |
| JSW MG Motor | 25.4 | 10.3 | 1,10,000 | 0.75 |
| Mahindra & Mahindra | 21.5 | 12.1 | 2,75,000 | 0.48 |
| Hyundai Motors | 18.7 | 13.5 | 2,00,000 | 0.40 |
| Bajaj Auto | 19.9 | 17.3 | 1,50,000 | 0.10 |
| TVS Motors | 22.2 | 15.7 | 90,000 | 0.30 |
| Ola Electric | 28.5 | 9.2 | 80,000 | 0.60 |
| Ather Energy | 30.1 | 7.5 | 50,000 | 0.55 |
| Hero MotoCorp | 17.6 | 13.2 | 1,20,000 | 0.25 |
Conclusion: A Booming Market with High Potential
The Indian EV market is experiencing rapid growth, with companies expanding their footprints and launching competitive models. Tata Motors and JSW MG Motor are dominating the four-wheeler space, while Bajaj Auto, TVS Motor, and Ola Electric lead in two-wheelers.
Investors should keep an eye on these companies, as the EV revolution in India is just getting started. With government support, technological advancements, and increasing consumer interest, the future of electric mobility looks bright.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.