Everyone Knows About Tata Motors, Ola Electric & Olectra Greentech. But here are 4 EV Stocks Flying Under the Radar

While everyone's chasing the Teslas and Tatas of the electric vehicle (EV) world, there's a hidden segment of EV firms that are silently gaining momentum, by staying away from the limelight.

These companies do not make headlines, but work behind the scenes.

If you consider yourself as an investor looking beyond the obvious, under the radar EV stocks should be on your watchlist.

As the EV megatrend unfolds in India, overlooked EV stocks hold the potential to become future multibagger stories.

Let's take a closer look...

#1 Uniparts India

Uniparts India, incorporated in 1994, provides engineering systems and solutions to global OEMs across the off-highway vehicle, agricultural machinery, and construction equipment sectors.

While not an EV maker itself, Uniparts supplies critical components that are increasingly relevant as these sectors shift toward electric mobility.

The company currently holds a significant 16.88% share in the global 3-point linkage (3PL) tractor market, a niche where electrification is starting to take root, especially in higher horsepower segments.

Uniparts is also expanding internationally. It's in the advanced stages of setting up operations in Mexico, having secured a contract worth approximately US$ 6.5 million (m) from a major OEM for local supply. Operations are expected to begin in the fourth quarter of FY26.

With over 125 customers across 25 countries, the company is positioning itself as a reliable supplier in both traditional and emerging mobility ecosystems.

In Q3 FY25, Uniparts reported revenue from operations of Rs 2.08 billion (bn), with EBITDA of Rs 372 m. Operating cash flow for the quarter stood at Rs 460 m. Net working capital saw a reduction of about Rs 210 m, reflecting stronger internal efficiencies.

Strategically, the company is focusing on dual-shoring manufacturing and flexible delivery models to navigate evolving global supply chains.

The management expects performance in the coming quarters to improve, driven by seasonality and the ramp-up of new projects, many of which could support the broader EV transition.

#2 Lumax Industries

Lumax Industries, the flagship company of the DK Jain Group, has grown from a trading firm founded in 1945 into the market leader in automotive lighting within India's auto industry.

Since 1984, it has partnered with Japan's Stanley Electric Co. Ltd., which holds around 37.5% equity, while the remaining 37.5% is owned by Indian promoters, including the DK Jain family. The company operates 29 manufacturing facilities across seven Indian states.

It serves nearly all segments of the automobile sector - passenger vehicles, two-wheelers, buses, commercial vehicles, tractors, and off-highway equipment.

Lumax has established relationships with almost 90% of Indian OEMs. Major clients like Maruti Suzuki, Hero MotoCorp, Honda, Mahindra & Mahindra, and Audi are among its customers.

At present, the company's total order book exceeds Rs 26 bn with about one-third related directly to electric vehicles, highlighting its growing role in the EV ecosystem.

Revenue for the third quarter of FY25 hit a record Rs 8.87 bn a 40% YoY increase. The 9-month revenue grew 31% to Rs 24.77 bn.

The the management expects revenue growth of 25-30% for the full financial year is remains optimistic about the company's prospects as the EV market expands.

#3 Varroc Engineering

Third on the list is Varroc.

Varroc Engineering, a key player in the global auto component space, supplies lighting systems, polymer solutions, electronics, and forged parts across two, three, and four-wheelers.

Its clientele includes Bajaj, Hero, Mahindra, Ford, Volvo, Renault, and Tesla, for whom it provided the entire lighting system for the Model S and Model X. With Tesla exploring India, Varroc is seen as a local partner.

The company has streamlined operations by exiting its underperforming four-wheeler lighting business in Europe and North America, shifting focus to high-growth, EV-aligned areas.

In the third quarter of FY25, the company's revenue grew 10.1% YoY to Rs 20.75 bn, with EBITDA margin holding steady at 9.2%. For the nine-month period, India operations grew 11%, and EV-related products contributed around 10% of total revenue.

A major highlight is the Rs 10.85 bn worth of new business wins so far in FY25, with over 55% linked to EV programs. These include global orders for drive inverter electronics and ambient lighting for electric passenger vehicles, with production set to begin in FY27.

Domestic orders include power electronics for traction motors and controllers for a three-wheeler EV manufacturer, expected to commence next year.

#4 Indo National

On fourth we have Indo National.

Indo National has been prominent in the Indian dry cell battery sector since 1972, with the Nippo brand.

It has a production capacity of 785 m batteries a year and 30% market share. The company is the second-largest player in the segment.

An established name with batteries, torches, and LED products, the company is currently exploring energy storage and power solutions linked to India's growing e-mobility ecosystem.

It has gradually shifted its focus toward lithium-ion and rechargeable battery technologies, which are integral for EVs and infrastructure in the EV-related domains.

Recently, the company was in news for taking a stake in Medcuore Medical Solutions (MMSPL), marking a strategic investment of Rs 170 m in the company. In the first year, Indo National has agreed to subscribe to 70.70% of MMSPLs paid-up capital at a price of Rs 9,187 per share.

Coming to its financials, the company reported a consolidated net loss of Rs 120.7 m in Q3 FY25 as against a net profit of Rs 34.4 m in Q3 FY25. Its revenue from operations fell 27.7% YoY to Rs 1.2 bn.

The company also announced a dividend of Rs 5 per share.

Conclusion

The Indian EV ecosystem is rapidly evolving, and it isn't just the big names that are driving the momentum.

There are several small companies building the technologies, components, and infrastructure that usher in the shift towards electric mobility.

The growing order books of these businesses with niche capabilities and a strong focus on innovation, tell us that they are not just passively floating on the wave but are actively participating in riding the wave.

From an investor's perspective, it would be worth keeping an eye on them.

However, it's important to conduct thorough research on the financials and corporate governance of these companies before making any investment decisions.

Happy Investing.

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