5 EV Stocks for the Long-Term

India's electric vehicle ecosystem is finally beginning to mature.

In 2025, the focus is now on building a robust supply chain; from lithium refining and battery materials to localised component manufacturing and power electronics.

Recent moves by the government are accelerating this shift. A new policy window invites global carmakers to manufacture EVs locally in exchange for lower import duties.

Meanwhile, early investments in lithium refining are starting to materialise. Players like Lohum and Vardhaan Lithium are laying the groundwork for India's battery material supply chain.

This is opening up new opportunities. Not just for automakers, but also for chemical, electronics, and auto component companies enabling the transition.

For investors willing to look beyond the obvious names, this segment offers a quieter, yet potentially rewarding way, to ride India's EV push.

#1 Minda Corporation

First on our list is the Minda Corporation.

Minda Corporation is a leading auto component supplier offering system solutions across vehicle access, clusters, wiring harnesses, sensors and EV electronics. It caters to two-wheelers, passenger vehicles and commercial vehicles, with a growing emphasis on electric mobility.

FY25 was its best year. Revenue rose 9% to Rs 51 bn and PAT rose 12%. Margins improved as well, with EBITDA margin expanding to 11.4%. The company posted its highest-ever quarterly revenue of Rs 13.21 bn in Q4FY25.

Net profit, however, declined sequentially due to higher finance and depreciation costs resulting from the Flash Electronics acquisition.

The company acquired a 49% stake in Flash in January 2025. This adds scale in EV and powertrain electronics. Flash clocked Rs 15.4 bn in FY25 revenue with a 14.5% EBITDA margin and 23% of sales from EVs. Its global footprint offers export upside.

Synergies in sourcing, R&D, and cross-selling are expected to accelerate profits by FY27.

Looking ahead, Minda's growth is backed by order wins. It secured over Rs 80 bn in lifetime orders in FY25, with a quarter linked to EVs.

Minda is also expanding capacity through two greenfield plants. Capex will remain Rs 2.5-3.5 bn annually, with order execution set to ramp up in FY26.

Net debt jumped to Rs 12 bn, but promoter warrants worth Rs 4.2 bn are expected to ease leverage.

To know more about the company, check out its financial factsheet and latest quarterly results.

#2 Lumax Auto Technologies

Next on our list is Lumax Auto Technologies.

Lumax Auto Technologies is an auto parts maker with offerings across plastic modules, gear shifters, lighting, telematics and electronics.

It operates both independently and through JVs with global players like Jopp, Ituran, and Alps Alpine.

In FY25 revenue rose 5% to Rs 20 bn, though PAT declined 21%. Margins came under pressure due to mix shift and higher fixed costs linked to capacity expansion and R&D.

The company commissioned two new plants, one in Pune for gear shifters, another in Chennai for telematics and electronics, both of which are now ramping up.

The company's joint venture with Ituran clocked Rs 2 bn in revenue with 12.5% margins. Its electronic telematics business is already profitable and serves over 1.1 m vehicles in India.

Meanwhile, the Alps JV is expected to break even in FY26. Combined, the electronics business (including JVs) contributes over 25% of consolidated revenue.

Order inflow in FY25 stood at Rs 10 bn, of which nearly half came from EV programs. Rs 4 bn capex is planned over FY26-27.

The management is targeting Rs 30 bn in consolidated revenue over the next three years.

To know more about the company, check out its financial factsheet and latest quarterly results.

#3 Hero MotoCorp

Third on our list is Hero MotoCorp.

Hero MotoCorp is India's largest two-wheeler company by volume, with a strong market position.

Its product mix spans motorcycles, scooters, and electric vehicles. Its recent focus has shifted toward premiumisation, global markets, and EV adoption.

In FY25 revenue rose 7% to Rs 370 bn, driven by 5.7% volume growth. PAT rose 28%. Operating margin expanded to 11.5% on better product mix and cost control.

In Q4FY25, revenue was flat, but net profit rose 18% YoY.

Premium motorcycles (150 cc and above) crossed the 100,000 units per quarter mark for the first time in Q4, led by new launches like Mavrick 440. The company is also ramping up exports, with volumes growing 20% YoY in Q4, though they still account for under 4% of total sales.

In EVs, Hero is expanding the Vida brand and its charging ecosystem. It also holds a 35% stake in Ather Energy. EV sales touched 10,000 units in Q4FY25 and new models are slated for launch in FY26. The upcoming EV plant in Andhra Pradesh will support scale-up.

The company ended FY25 with Rs 53 bn net cash and has announced a Rs 10 bn buyback. Capex guidance stands at Rs 10 bn for FY26, focussed on premium bikes, EVs, and global growth.

To know more about the company, check out its financial factsheet and latest quarterly results.

#4 Endurance Technologies

Fourth on our list is Endurance Technologies.

Endurance Technologies is a diversified auto component supplier with presence across suspension, braking systems, aluminium die casting and EV parts.

It serves Indian two-wheeler and three-wheeler OEMs. Through its European arm, it supplies powertrain components to global passenger vehicle makers.

In FY25 revenue rose 9% to Rs 116 bn, with India contributing 78% and Europe 22%. PAT rose 12% to Rs 8 bn. Margins were stable at 14.3%.

Cost control and rising contribution from premium products helped offset softness in Europe. In Q4FY25, revenue rose 8% and EBITDA climbed 11% YoY.

The company's business growth is being driven by robust order wins and a rising share of EV programs. In India, Endurance secured Rs 12 bn worth of new orders in FY25, of which 49% were linked to EVs.

Its Maxwell unit, which focuses on EV power electronics, contributed Rs 700 million (m) in revenue during the year. In Europe, the company won EUR 208 m worth of new business tied to EVs and hybrids, accounting for 84% of total new orders over the next five years.

Going ahead, Endurance is guiding for a capex of Rs 5-6 bn in FY26, aimed at expanding capacity for EV systems and aluminium castings. It is also enhancing Maxwell's platform to support higher-voltage applications.

To know more about the company, check out its financial factsheet and latest quarterly results.

#5 Himadri Speciality Chemical

Last on the list is Himadri Speciality Chemical.

Himadri Speciality Chemical is a carbon-based chemical manufacturer with a growing portfolio in advanced materials for lithium-ion batteries, speciality black and performance chemicals. It supplies to end-markets like aluminium, rubber, textiles and increasingly, energy storage, and EVs.

In FY25 revenue declined 7% to Rs 31 bn on the back of falling volumes and soft realisations. Gross margins improved, though, as raw material costs cooled but the net profit dropped 23%.

What is drawing investor interest, however, is the company's aggressive pivot toward the energy transition. Himadri has committed Rs 48 bn in capex over five years for advanced carbon materials used in lithium-ion batteries.

This includes an integrated anode plant of 200,000 tonnes per annum and a speciality carbon black plant of 30,000 TPA. Construction for phase 1 has begun and trial production is to start by mid-FY26.

The company has already signed offtake agreements with leading global players and 60-70% of the project is expected to be export-linked. It holds net cash of over Rs 10 bn, with additional fund-raise likely through debt and strategic investors.

The management expects peak revenue potential of Rs 80 bn from the battery material business by FY30.

To know more about the company, check out its financial factsheet and latest quarterly results.

Conclusion

The EV industry's huge opportunity is impossible to ignore. As the planet embraces cleaner mobility, an increasing number of companies are establishing their presence in battery materials.

Some are adding capacity. Others are entering worldwide partnerships. Many are developing new chemistries that meet the requirements of lithium-ion batteries.

But though the story of growth is exciting, investors need to proceed with caution. Business potential is only one aspect of the equation. Valuations, profit margins, debt, R&D expenditure and return ratios need to be considered before making an investment decision.

Future preparedness is crucial but so is current-day financial resilience.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...