Comments: 0 | Likes: 0
India EV market is set for rapid growth in 2025, driven by strong government support, rising demand, and a maturing ecosystem. This article highlights 10 undervalued EV stocks—from OEMs (Original Equipment Manufacturer) to battery makers—that offer strong growth potential and analyst backing, making them top picks for forward-looking investors.
India's EV transition is finally finding its footing—and not just in the metros. From scooters in small towns to electric buses in city fleets, the shift is real. While the headlines focus on big-ticket names, there are quite a few undervalued players quietly setting themselves up for long-term growth. If you're someone who likes to get in before the crowd, this list is for you.
According to industry trackers and NITI Aayog estimates:
20% of two-wheelers
15% of passenger cars
5% of commercial vehicles
will be electric by FY25. That puts the overall EV industry close to ₹1.5 lakh crore in value.
If you're building a watchlist, prioritize these:
| Company Name | Sector | Market Cap (₹ Cr) | Key EV Play |
| Tata Motors | Auto OEM | 2,70,000 | EV Passenger Cars |
| Mahindra & Mahindra | Auto OEM | 2,10,000 | SUVs, Last-Mile Electric Mobility |
| Greaves Cotton | Auto Components/EV | 3,000 | 2W/3W Electric Vehicles |
| Olectra Greentech | EV Buses | 9,500 | EV Buses, Govt Orders |
| Sona BLW Precision | EV Auto Components | 27,000 | Differential Gears for EVs |
| Amara Raja Energy | Battery Manufacturing | 13,000 | Lithium-Ion Cell Manufacturing |
| Exide Industries | Battery Manufacturing | 21,000 | Battery Plants for EVs |
| Himadri Speciality Chem | Chemicals for Batteries | 6,500 | Anode material for EV batteries |
| Ashok Leyland | CV OEM | 50,000 | EV Buses & Light Commercial EVs |
| JBM Auto | EV Buses & Components | 12,000 | Full-stack EV Bus Manufacturing |
Source: Moneycontrol, Trendlyne, Analyst Consensus Reports (as of Q1 FY25)
| Company Name | BUY Rating (%) |
| Tata Motors | 85% |
| Mahindra & Mahindra | 88% |
| Greaves Cotton | 70% |
| Olectra Greentech | 76% |
| Sona BLW Precision | 90% |
| Amara Raja Energy | 72% |
| Exide Industries | 78% |
| Himadri Speciality Chem | 65% |
| Ashok Leyland | 82% |
| JBM Auto | 68% |
Source: Bloomberg Consensus, ICICI Direct, HDFC Securities Research (April 2025)
Tata Motors and Mahindra clearly lead the pack—big brands, growing sales, and future-ready models. Sona BLW and Amara Raja are more on the backend side but just as important in the supply chain. Greaves Cotton and Himadri may be smaller, but they're picking up steam with niche plays. If you're looking for exposure beyond cars, Olectra and JBM Auto are solid bets in the electric bus space.
EVs are no longer just a trend—they’re becoming the default for the future of mobility. India is at the cusp of a major shift, and investors who spot early movers could see meaningful upside. But don’t just chase the hype. Look for companies with strong fundamentals, clear execution plans, and staying power. With the right picks, 2025 could be the year your EV portfolio really takes off.
Sharescart.com is India’s leading platform for investing in pre-IPO and unlisted shares, helping investors discover high-growth opportunities before they hit the mainstream market. Our in-house research team dives deep into private companies and emerging sectors—like EVs—to bring you data-backed insights, not hype.
Whether you're looking to invest in the next breakout company or explore hidden gems in private equity, Sharescart bridges that gap with transparency, tech, and trusted research.
I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.
I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.
Articles
Comments
