India's EV Boom Has a Plug Problem. These 4 EV Charging Stocks Aim to Fix It

#2 Tata Power

Second on the list is Tata Power.

If Servotech is a specialist, this is the company that owns the road.

Tata Power runs the EZ Charge network, which by the company's own count is the largest EV charging setup in the country.

It spans more than 5,500 public and captive charging points, over 1.4 lakh home chargers, and 1,200-plus bus charging points across 630-plus cities and towns, with Mumbai alone hosting over a thousand points.

What sets it apart from the smaller names on this list is that charging isn't a standalone bet, it sits inside a fully integrated power company.

Tata Power generates the electricity, distributes it, builds the renewable capacity behind it, and now operates the chargers at the end of the chain.

That vertical stack lets it do things a pure-play can't, like powering an entire fast-charging hub on renewable energy rather than buying grid power at commercial rates.

The MegaCharger push is where the ambition shows. On World EV Day, Tata Power opened one of Mumbai's largest charging stations, with eight fast DC chargers running up to 120 kW across 16 bays, letting 16 EVs charge at once.

It's also a named partner in the wider Tata group's plan to scale India's charging points aggressively over the next couple of years.

Tata Power has already facilitated over 7.5 lakh charging sessions, and it works across the full spread of demand, residential societies, malls, offices, highways, and commercial bus fleets, rather than chasing any single segment.

Coming to its financials, its sales and net profit have grown at a CAGR of 14% and 28% respectively over the past 5 years.

Its ROE and ROCE have averaged 13% and 14% during the same time.

Going forward, Tata Power plans to further expand its EV charging network, enhance digital customer solutions, and integrate renewable energy into its charging infrastructure to support electric mobility.

It also aims to transition to 100% clean and green power generation by 2045, while pursuing its long-term net-zero ambitions.

For more details, check out Tata Power's financial factsheet.

#3 Exicom Tele Systems

Third on the list is Exicom Tele Systems.

Exicom is one of India's largest EV charging manufacturer, sitting on the supply side of the theme rather than the operating side.

Where Tata Power runs a network and Servotech spans solar and EV, Exicom's edge is that it makes the hardware, across both AC and DC segments, for the charge point operators, auto OEMs, and fleet players building out the network.

It has sold over 1.33 lakh chargers worldwide and counts names like Tata Motors, Hyundai, Kia, MG, Audi, Volvo, and Ashok Leyland among its customers.

The company didn't start here. Founded in 1994, it spent two decades building critical power systems, DC power and lithium-ion battery backup, for telecom towers and data centers, the kind of gear that keeps networks running when the grid drops.

That power-electronics DNA is exactly what let it move into EV chargers in 2019 and scale fast.

Today it runs on two legs, the legacy critical power business and the newer electric mobility business, and management expects EV charging to contribute roughly half of revenue by the end of the decade.

Coming to its financials, its sales have grown at a CAGR of 26%, while the company has been posting losses for the past two consecutive years.

Its ROE and ROCE have averaged 9% and 11% respectively during the same time period.

While profitability remains moderate due to ongoing investment in capacity expansion, technology development, and scaling operations, the company continues to strengthen its position in a rapidly evolving market.

As the business scales and utilisation improves, operating leverage is expected to play out, supporting margin expansion over the medium term.

With EV charging forming a larger share of its revenue mix and continued investments in manufacturing and technology, Exicom is well positioned to benefit from the long-term structural growth in India's EV charging infrastructure.

For more details, check out Exicom's financial factsheet.

#4 HBL Engineering

Last on the list is HBL Engineering.

Formerly HBL Power Systems, this is the deep-engineering play that treats EV charging as one branch of a much larger power business.

HBL is a Hyderabad-based battery and power-electronics company, founded in 1977 by Dr A.J. Prasad to cut India's import dependence in specialised batteries.

Over four decades it has grown into a diversified supplier across three core verticals, batteries (lead-acid, nickel-cadmium, and thermal batteries for missiles), electronics (including its railway safety system Kavach and e-mobility products), and defence.

This isn't a company that appeared to ride the EV theme, it's an established engineering house that added charging to an existing power-systems catalogue.

On the charging side, HBL makes its own DC fast chargers rated up to 120 kW, built as an extension of its DC power-systems expertise.

The units are OCPP-compliant, meaning they slot into remotely managed charging networks, with modular hardware and built-in management software so operators can monitor uptime and troubleshoot from a distance.

It's the same picks-and-shovels logic as Exicom - HBL supplies the hardware rather than running the network, but wrapped inside a far broader defence-and-rail engineering base.

Coming to HBL's financials, its sales and net profit have grown at a CAGR of 13% and 60% respectively over the past 5 years.

Its ROE and ROCE have averaged 13% and 18% during the same period.

Going forward, improved export contributions from battery operations are expected to support earnings, which could result in a significant rise in both operating and net margins.

For more details, check out HBL's financial factsheet.

Conclusion

India's charging network will be built. That much is close to certain.

The vehicle base is finally crossing the point where public stations stop sitting idle, government tenders keep flowing, and the money is chasing the space.

But most of these companies are running with margins that are still unproven from this segment, and plenty of them are burning cash to plant flags they hope will matter later.

The ones that make it to the finish line will share a few traits worth memorising - genuine manufacturing capability rather than rebadged imports, real relationships with the agencies handing out contracts, and balance sheets clean enough to survive a slow stretch.

The trick is to find those, have conviction, and stay put. Treat this as a multi-year story, not a quarterly trade.

The exciting part is the beginning and, eventually, the payoff, but the middle is long and often boring, and that's precisely where most investors lose their nerve.

Do the unglamorous work first: read the order pipelines, check the debt, understand how much of the revenue is actually charging-related versus the legacy business dressed up for the theme.

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

Happy investing.

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