Top 5 EV Stocks in India to Watch in 2026

#2 Hero MotoCorp (Two Wheelers)

Next on the list is Hero MotoCorp.

Hero MotoCorp is the world's largest manufacturer of motorcycles and scooters for 24 consecutive years.

Hero MotoCorp is strategically leading the electric mobility transition by manufacturing advanced battery packs and Vida electric scooters at its state-of-the-art facility in Sri City, Andhra Pradesh.

This plant boasts a fully integrated, highly automated assembly line dedicated to in-house battery pack production.

The company's partnership with Ather Energy further strengthens its presence in the premium electric segment while expanding access to one of India's largest EV charging networks. In its EV portfolio, VIDA's market share expanded by 6% year-on-year to 10.8% in Q3 FY26, driven by the recently introduced VIDA VX2 portfolio.

Going forward, the company sees significant growth headroom across scooters, premium motorcycles, global markets, EVs, and parts and accessories.

With one of the largest installed vehicle bases in the market, Hero MotoCorp aims to leverage its scale and distribution strength to expand its presence in the EV segment.

For more details, see the HERO MOTOCORP company fact sheet and quarterly results.

#3 Exide Industries

Next on the list is Exide Industries.

Exide has invested in the lithium-ion cell manufacturing business through its wholly owned subsidiary, Exide Energy Solutions Limited (EESL).

The company's investments in lithium-ion technology, combined with its strong lead-acid battery business, position it to cater to the evolving energy storage needs of the electric mobility market.

The company is setting up a 12 GWh greenfield lithium-ion cell manufacturing facility in two phases, aligned with its "molecule to megawatt" vision and covering the full value chain from cell to system.

As of April 2025, Exide Industries has invested Rs 36.2 bn in Exide Energy Solutions to support this development.

As of November 2025, the company aims to commence production at its lithium-ion cell facility by the end of FY26, with equipment installation and commissioning in the final stages.

Exide Industries is also in advanced discussions with large two-wheeler OEMs, with two companies likely to become its initial customers, supporting its entry into the fast-growing EV battery segment going forward.

For more details, see the EXIDE INDUSTRIES company fact sheet and quarterly results.

#4 HBL Engineering

Next on the list is HBL Engineering.

The company designs and develops key components required for electric vehicles, including drive motors, motor controllers, and lithium-ion battery modules. This integrated approach enables seamless system compatibility and improves overall vehicle performance and efficiency.

Backed by its strong experience in researching and developing battery technologies for mission-critical applications.

The company focuses on delivering reliable, cost-effective electrification solutions using lithium-ion batteries, positioning itself as a key player in India's growing electric mobility ecosystem.

For more details, see the HBL ENGINEERING company fact sheet and quarterly results.

#5 Amara Rajaj Energy & Mobility

Last on the list is Amara Rajaj Energy & Mobility.

The company is building a strong presence in the fast-evolving new energy space with a growing portfolio across lithium battery packs, EV charging infrastructure, and stationary energy storage solutions.

It continues to supply lithium battery packs to leading OEMs across two-wheelers, three-wheelers, and telecom segments.

Through its wholly owned subsidiary, Amara Raja Advanced Cell Technologies, the company is advancing its lithium-ion cell manufacturing roadmap and aims to be among the first to manufacture lithium-ion cells in India, reducing dependence on imports.

The company has already established pilot-scale manufacturing facilities as part of this initiative.

Amara Raja has also commenced construction of its Gigafactory (Giga-1) at the Amara Raja Giga Corridor, reinforcing its commitment to India's energy security goals.

The first phase of the Gigafactory is expected to become operational by 2027, marking a key step toward the company's ambition of becoming a leading lithium-ion battery manufacturer while supporting the government's Atmanirbhar Bharat vision.

For more details, see the AMARA RAJA ENERGY & MOBILITY company fact sheet and quarterly results.

Conclusion

According to the India Brand Equity Foundation, India is on track to become one of the largest EV markets by 2030, supported by rising investments over the next five years.

The country has set ambitious targets to increase EV adoption to 30% of private cars, 70% of commercial vehicles, 40% of buses, and 80% of two- and three-wheelers by 2030. This translates to nearly 80 million EVs on Indian roads, alongside a strong push for domestic manufacturing under the Make in India initiative.

This is set to bolster the company's performance going forward.

The sector also remains heavily dependent on government incentives and subsidies, and any reduction in policy support could impact demand.

Moreover, EV manufacturers rely on battery raw materials such as lithium and nickel, which are subject to global price fluctuations and supply chain disruptions.

Increasing competition from both traditional automakers and new entrants further adds pressure on margins.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

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Happy investing.

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