List of EV Stocks in India – 2022

1) Tata Power

 
Tata Power is India’s largest EV charging infrastructure provider.
The company has already set up 961 charging stations. It has targeted to more than double this number to 2,000 charging stations by year end and a target of 5x in 5 years.Apart from charging stations, the company is also looking to provide battery swapping stations. Tata Power has signed an agreement with HPCL to provide end to charging stations at its petrol pumps. This makes Tata Power a strong play in the EV eco system. The pedigree of Tata group also gives comfort from the corporate governance point of view.

 2) Minda Industries:

 
Minda Industries, the UNO Minda group flagship company which makes auto components such as switches, lighting, and seating.It’s increasing its focus on transition to electric vehicles. The company is working on new products like sensors and controllers for the electric power train.
The existing products are protected from transition to EVs. Besides the company is looking to increase content per vehicle as the share of EVs increase. The company is actively looking to increase its share from the EV segment by 2025 with multiple new products.

3) Lumax Industries:
 

Lumax Industries , the leading manufacturer of automotive lighting is expected to be a beneficiary from the transition to EVs.
The company is a market leader with a 50% plus market share in the passenger vehicle segment in front and back lighting and has a 30% market share in the 2-wheeler market. The transition to EVs is likely to lead to shift towards LEDs which will increase realisations and margins going forward. Besides, Lumax falls in the category of auto companies which are not only unaffected by the EV transition but will aid in terms of higher content and realisations. The latest update and view on the stock is available here.

4) Bharat Electronics :

Bharat Electronics, a Navratna PSU, manufactures advanced electronic products for ground and aerospace applications. The company has signed a MOU with Triton Electric Vehicle for developing EVs and energy
storage systems. BEL will be the exclusive manufacturing partner to Triton in India for identified products. Triton will provide the know-how and technical support. Also, the opportunity in the energy storage space is huge with BEL being the prime contractor under the Make in India scheme. A strong balance sheet along with superior technical know-how makes BEL a good bet to play the EV eco system.
 

5) Greaves Cotton

Greaves Cotton an engineering company which makes engines for heavy vehicles is looking to transform itself in to a green energy entity focused on electric vehicles. With 3 acquisitions in the EV space – Ampere scooters, ELE Rickshaws, and MLR autos, the company is looking to position itself as a pure EV player. It has lined up a capex of Rs 7 bn over the next 10 years in that regard. The plant is likely to have a capacity of 1 million units annually. With a strong workforce of 7,000 retailers and 12,000 mechanics who are being reskilled in EV technology, Greaves Cotton is setting up a strong infrastructure and supply chain.
 

 6) JBM Auto

   Bus manufacturer JBM Auto has an EV vertical which has rolled out JBM EV buses. It has launched the first Make in India electric bus in 2016. The company’s focus is to be a one stop solution provider for electric vehicle segment by providing a complete ecosystem
for e-mobility i.e. electric buses, charging infrastructure, and battery technology. The company has already incurred a capex of Rs 2-2.5 bn over the past 2 years and is looking to incur Rs 2.5 bn for capacity expansion, technology development, charging technology, and battery technology. 

  

7) Himadri Chemicals

Himadri Chemicals is a multi-chemical manufacturer with focus on coal tar pitch and carbon black. The company has developed both natural and synthetic varieties of anode material for Li-ion Batteries. Li-ion batteries are used in cell phones, EVs, and energy storage systems. 

8) Gabriel India

 
Gabriel India is one of the leading auto component suppliers of shock absorbers and suspension products. It’s the preferred supplier to majority of 2-wheeler and 3-wheeler OEMs. The company has a 25% market share in the 2-wheeler and passenger vehicle segments. It’s well poised to capitalise on the EV opportunity. EV players like Ampere, Mahindra Electric, OLA electric, Ather are among its key customers in the EV space. This makes it a strong play in the EV segment. Besides its current product portfolio is EV agnostic making it immune to any unexpected shocks.

9) HBL Power Systems :

 
HBL Power first produced and successfully developed aircraft batteries, which led to the company offering the world's widest range of specialised batteries. Their knowledge of batteries generated opportunities and ideas for diversification. The company expanded into new businesses and markets that relied upon its batteries. HBL Power can synergise on its strengths in battery, electronics, and motors in the EV space.
 

10) Exide Industries

Exide is India's leading storage battery manufacturer. It dominates practically every category in the automotive, industrial, and submarine industries. Currently, the automotive industry generates 73% of the segment's revenue, followed by industrial (26%), and submarine (3%).
With the transition to EVs, the company plans to set up set up the first lithium ion battery cell manufacturing facility in India.
This is in addition to the plant to be set up in Gujarat in collaboration with Leclanche. The estimated capex to be incurred is Rs 2.3 bn.

11) Bharat Forge:

 Bharat Forge is a leading forging manufacturing company in the automobiles, oil and gas,aviation sectors. It makes forgings and casting products. To adapt to the EV transition opportunity, Bharat Forge has set up a new company Kalyani Powertrain. The newly formed company will look at organic and inorganic opportunities in the EV space Bharat Forge also has entered the electric 2-wheeler space with investment in Tork Motors,which produces and sells electric motorcycles.
Bharat Forge with its investment in Tork Motors and setting up a new company for EV product development could increase its EV plans going ahead.

 
12) Bosch

 
Bosch, a leading manufacturer of powertrain systems is preparing itself for transition to EVs, especially 2 wheeler EVs.With majority of its products likely to be affected due to the transition to EV, the company is developing products in the EV segment.It has several offerings ranging from electric machines, inverters, DC convertors along with vehicle control units and battery management systems for the passenger and commercial vehicle segments.Bosch India has support from its global parent which has invested huge sums in the R&D and has developed products for EVs.Bosch supplies to almost every auto maker in India and is a trusted supplier for EVs in the future with its range of products. Besides, it’s also likely to play a key role in the charging space, with DC chargers.

 
13 & 14) HEG and Graphite India

Graphite is the largest component in a lithium Ion battery.
With its weightage being little less than 50% of battery minerals in the lithium ion battery,graphite becomes a very important element in a battery.Companies like HEG and Graphite India are the country’s leading graphite manufacturers.As Indian auto firms start making Lithium Ion batteries locally, the requirement of graphiteis expected to shoot up.
This will, in turn, benefit HEG and Graphite.
 

15) Ramkrishna Forgings

Ramkrishna Forgings one of the leading suppliers of rolled forged and machined productshas entered the EV segment by winning an order from a foreign based Tier 1 OEM in India.Besides the order, the company has also signed an agreement with a US based technology partner for the development of electric vehicle power train components for the Indian EV
market. The technology partner is a leading expert in magnetic engineering innovations. Their expertise lies in efficiency enhancement which bestows a superior hallmark over its peers in the various industries they operate in. These developments strengthen the company’s capabilities in the EV space. This could lead to increased share of EV revenues in the future.

 
16) Sona Comstar

Sona Comstar is a leading auto component manufacturer supplying power train products. It is one of the few Indian companies whose current product portfolio has a 20% contribution from EVs. It is a supplier to marquee names across the globe. EV contribution from the
current order book is at 57% which is expected to be fulfilled over the next 8-10 years. Sona Comstar is a global EV play with strong balance sheet and operational profile (ROCE>30%).
 

17) Olectra Greentech

Olectra Greentech is a leading manufacturer of electric buses and insulators in India. The company is backed by one of the largest EV manufacturers in the world i.e. BYD. Over the past 1 year the company has received many order from the state transport undertakings of
various states in India, making it one of the preferred supplier of buses.
As State transport undertakings procure new buses, the share of inter city buses is likely to be skewed towards electric buses. Olectra Greentech is likely to be the biggest beneficiary of this shift.
 

18) Endurance Technologies

Endurance Technologies is a leading supplier of 2 wheeler and 3 wheeler auto components. The company currently supplies casting parts to majority of OEMs and is engaged with major EV players to supply castings and ABS to electric 2 wheelers. The adoption of EVs especially in the 2W space is likely to open up opportunities as the company is a preferred suppliers of most of the 2W OEMs

 

19)Kabra Extrusiontechnik

Kabra Extrusiontechnik has been the country’s largest manufacturer of plastic extrusion machinery for more than 4 decades and has recently ventured into manufacturing of lithium-ion battery packs.
Kabra Extrusiontechnik’s battery division Batrixx manufactures battery packs for 2 wheeler EVs. Battrixx is positioned to provide wide range of advanced lithium-ion battery packs with smart Battery Management System (BMS) to power the growth of India’s transition to green
energy storage and electric transportation. Batrixx has received its single largest order of 8000 battery packs to be supplied to Joy E bikes.
The latest update and view on the stock is available here.

 
20) Motherson Sumi

 
One of India’s largest wiring harness manufacturer, Motherson Sumi , is well-poised to benefit from the increase in electronics content per vehicle in passenger vehicles and the shift towards electric vehicles globally. In virtually all applications of an electric vehicle, such as the EV battery, transmission, lights, braking, air conditioners and various dashboard
applications like speedometer, fuel meter, etc., wiring harness serves a major function. With a capex of Rs 20 bn in financial year 2021-22, Motherson Sumi is prepared to scale up its EV offerings. The company has a vision of tripling revenues by FY25 to US$ 36 bn from US$10 billion clocked in financial year 2019-20 under the Vision 2025 plan