4 EV Growth Stocks to Add to Your Watchlist

#2 Hero MotoCorp

Last on the list is Hero MotoCorp.

Hero MotoCorp has been the world's largest manufacturer of motorcycles and scooters for 24 consecutive years. Since inception in 1984, the company has sold over 124 m two-wheelers in more than 48 countries.

Hero MotoCorp leads its EV push through its electric mobility arm, VIDA. Their lineup features the newly launched Vida VX2 Plus, the Vida VX2 and premium models like the Vida V1.

Further, the company is manufacturing advanced battery packs and Vida electric scooters at its state-of-the-art facility in Sri City, Andhra Pradesh. This plant has a fully integrated, automated assembly line for in-house battery pack production.

The company recently introduced a Battery-as-a-Service (BaaS) model, which helps reduce the upfront cost of owning an EV. This has made electric scooters more affordable and widened the potential customer base, especially among price-sensitive buyers.

Its revenue has grown at a CAGR of 11.6%, while profit has grown 27.3% in the past three years.

Its 3-years average ROE stands at 23.6%.

Hero Motocorp- Financial Snapshot (FY23-26)

Going forward, Hero MotoCorp is focusing on scaling its EV business. The company expects a ramp-up in capacity by FY27, supported by investments in manufacturing and distribution.

At the same time, it's expanding its presence in global markets, including Africa, Latin America, Europe, and newer regions like the Philippines.

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

#3 Mahindra & Mahindra (M&M)

Next on the list is Mahindra & Mahindra (M&M).

It's the flagship company of the Mahindra Group and one of India's leading automobile manufacturers. Since rolling out its first vehicle in 1947, the company has built a strong presence across SUVs, pickup trucks, commercial vehicles, tractors, and construction equipment.

It's the market leader in SUVs by revenue market share and also has a leadership position in the tractor and light commercial vehicle segments.

Its patent portfolio has grown from just 56 patents in FY16 to 1,334 in FY26, while the conversion rate of patent applications has improved from 8% to 65%.

According to Annual Report FY26, Mahindra is betting big on the transition to cleaner mobility as electric vehicle adoption gains momentum in India.

Its electric SUVs have been built on dedicated EV platforms and are designed to combine technology, performance, and modern design. The strategy appears to be paying off, with Mahindra emerging as India's No. 1 electric SUV player by revenue market share in FY26.

Mahindra is also strengthening its presence in electric last-mile transportation through Mahindra Last Mile Mobility (LMM).

The business has emerged as India's leading electric three-wheeler manufacturer, with FY26 marking its fourth consecutive year as the country's No. 1 electric commercial vehicle player.

With more than 3.4 lakh electric vehicles sold to date, LMM remains the only commercial EV player to achieve this scale.

Its revenue has grown at a CAGR of 11.6%, while profit has grown 27.3% in the past three years.

Its 3-years average ROE stands at 23.6%.

M&M- Financial Snapshot (FY23-26)

Beyond launching new EVs, the company is also supporting the ecosystem by expanding its fast charging network, aiming to make EV ownership more convenient and accelerate adoption.

For more details, see the M&M company fact sheet and quarterly results.

#4 Bharat Electronics

Next on the list is Bharat Electronics.

Established in 1954, BEL is one of India's leading aerospace and defence electronics companies. The government-owned defence PSU, with a 51.14% promoter stake, supplies advanced electronic systems to the Indian Army, Navy, and Air Force.

In EV space, Bharat Electronics (BEL) has been expanding its presence in the electric mobility space through a range of EV-related products and solutions.

The company develops compact lithium-ion battery power packs for electric two and three-wheelers, equipped with features such as smart battery management systems, state-of-charge indication, and longer battery life.

In addition to battery solutions, BEL has developed the Bharat AC001 EV charging station, an indigenously designed compact charger built in line with the Ministry of Power's guidelines.

The charging station is suitable for homes, offices, public parking areas, and commercial locations, supporting the growth of India's EV charging infrastructure.

On the financial front, over the past three years, the company's revenue has grown at a CAGR of 15.9%. Meanwhile, net profit grew at 27% CAGR. The company is debt-free.

Bharat Electronics Financial Snapshot

For more details, see the BHARAT ELECTRONICS company fact sheet and quarterly results.

Conclusion

These stocks look attractive as they offer more than just exposure to India's fast-growing EV market. While the electric vehicle theme is gaining momentum, the companies featured in this list have also demonstrated strong business performance.

Each has delivered revenue and net profit CAGR of over 10% in recent years, along with an average return on equity (ROE) of more than 15%, indicating that they have been able to grow while generating healthy returns for shareholders.

That said, the EV opportunity alone should not be the sole reason to invest. Stock prices often reflect future expectations, making valuations an important factor to consider.

Investors should evaluate a company's fundamentals, valuations, and growth prospects before making any investment decisions.

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...