5 Electric Vehicle Stocks Down up to 65% from 52-week Highs

Amid broader market consolidation, the electric vehicle (EV) space has undergone a sharp reset over the past year, with several stocks correcting by as much as 65% from their 52-week highs.

A sectoral slowdown, softer EV adoption trends, persistent losses, and intense competition have continued to weigh on sentiment.

Investors are now more focused on execution, profitability, and balance-sheet strength than on growth narratives alone.

That said, not every decline represents an opportunity. Some companies face structural challenges, while some stocks are correcting after valuations ran ahead of fundamentals.

This editorial examines five EV companies that are down up to 65% from their recent peaks.

Let's take a look...

#1 Ola Electric

First on the list is Ola Electric, which is down by 64% from its 52-week high.

Ola's share price is down amid ongoing concerns around corporate governance, product quality, weak aftermarket service, and sales traction, with repeated controversies further elevating its risk profile.

Ola Electric is an electric two-wheeler vehicle (E2W) company that primarily manufactures electric vehicles and their key components. These components include battery packs, motors, and vehicle frames, all produced at the Ola Future factory.

Ola's revenue from operations declined 43% year-on-year (YoY) to Rs 6.9 billion (bn) in Q2 FY26, as sales volume plunged.

However, gross margins expanded to 30.9%, up from 18.5%, reflecting cost efficiency. EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) margin also improved by 310 basis points (bps) from negative 21.2% to negative 18.1%.

That is why, despite a sharp fall in revenue, Ola's profit after tax (PAT) declined just 15.6% to Rs 4.2 bn.

Looking ahead, the auto segment's profitability is expected to continue improving sequentially. Ola anticipates ending Q4 FY26 with auto gross margins of around 40%, driven by vertical integration and increased volume of Gen 3 products. EBITDA is targeted to be around 5% by the exit of Q4 FY26.

The management also expects to end FY26 with the auto segment becoming free cash flow (FCF) positive. The aim is to be among the top 1-2 E2W companies, with a 25% market share.

The HyperService initiative, which opens a parts catalogue to customers, is expected to enhance customer experience, reduce warranty costs, and unlock a high-margin parts business.

The company is also expanding into the battery segment with Ola Shakti; India's first residential Battery Energy Storage System (BESS) built with in-house 4680 cells. The product is expected to be launched into the market around mid-January (Q4 FY26).

Ola's 2.5 gigawatt-hours (GWh) gigafactory is currently operational. The plans are to expand to 5.9 GWh by March 2026 and to 20 GWh in FY27.

This cell business will begin contributing to revenue from Q4 FY26 onwards.

Check out Ola Electric's company factsheet and quarterly results to know more.

#2 JBM Auto

Second on the list is JBM Auto, which is down 36% from its 52-week high.

JBM Auto, the flagship company of the JBM Group, specialises in a fully integrated portfolio including automotive components and systems, EVs, and charging infrastructure.

Auto components and systems are the largest segment, accounting for about 50% of revenue in FY25.

JBM supplies chassis systems, suspension systems, fuel and air tanks, exhaust systems, skin panels, and truck cabins to leading global and domestic Original Equipment Manufacturers (OEMs).

Electric buses (30% market share) are the second-largest segment, accounting for 36.3% of revenue.

In addition, JBM's E-Mobility Platform (JBM E-Verse) offers an integrated electric mobility ecosystem covering vehicles, charging infrastructure, battery systems, digital fleet solutions, and services.

This end-to-end approach is designed to optimise the total cost of ownership and ensure high fleet uptime. JBM has over 1,000 DC chargers installed and under execution.

JBM also operates India's largest high-voltage Li-ion battery manufacturing facility with an annual installed capacity of 6 GWh.

From a financial perspective, revenue rose by 6.4% YoY to Rs 13.7 bn in Q2 FY26. The operating profit was up 1,947.2 million (m) up 11.4% YoY. The reported net profit was Rs 526.3 m, up 6.3% YoY.

Looking ahead, JBM is well-positioned to benefit from government programs such as the PM E-DRIVE scheme, which aims to procure 14,028 electric buses. It had reported an order book of over 11,000 e-buses globally, with 8,000 deployed and 3,000 currently under production.

JBM plans to prioritise deeper localisation of critical systems, differentiated product innovation, and a greater share in global revenues.

As of March 2025, this includes a major long-term contract secured under the PM e-Bus Sewa scheme for 2,411 electric buses, valued at over Rs 129 bn, providing revenue visibility.

The company is targeting cumulative operations of over 3 bn electric kilometers and serving 20 bn passenger touchpoints within the next 3-4 years.

JBM Auto is expanding its international presence too, focusing on entering new markets in Europe, the Middle East, and Australia.

Check out JBM Auto's company factsheet and quarterly results to know more.

#3 Tata Motors Passenger Vehicle

Third on the list is Tata Motors Passenger Vehicle, which is trading 29% above its 52-week low of Rs 347.5 (adjusted for the demerger).

It manufactures passenger vehicles (PVs) and utility vehicles (UVs) and has a presence in over 100 countries. It also sells premium PV brand Jaguar Land Rover (JLR).

Its business is affected by JLR's underperformance, which drives overall revenue growth. JLR is expected to remain subdued due to US tariffs and China's luxury tax, which is likely to reduce margins.

The company leads the four-wheeler EV market, with a 42% market share as of November 2025.

The EV segment witnessed a 59% YoY growth in Q2 FY26, reaching its highest-ever quarterly volume of 24,900 units, driven mainly by record-breaking sales of over 9,000 units in September 2025.

This growth was driven by the strong market response to the launch of the Harrier.ev and continued traction for the Nexon.ev.

The company is currently delivering close to 2,500 units of the Harrier.ev every month. This sustained demand has pushed waiting periods to nearly 16-18 weeks.

From a financial perspective, consolidated revenue declined 28.7% to Rs 723.5 bn in Q2 FY26, mainly due to a 24% decline in JLR revenue. This was partially offset by 15% growth in the India business and exchange rate benefits.

Of the consolidated revenue, EV revenue accounted for Rs 38 bn. EV EBITDA margin (excluding product development expenses) improved to 8% in Q2 FY26, up from 1.7% in the same quarter last year. The EV segment also reported a positive profit before tax (before exceptional items) of Rs 10 m.

The EV segment's profitability is beginning to improve due to increased operating leverage, an enhanced mix, and benefits under the Production-Linked Incentive (PLI) scheme.

Looking ahead, Tata plans to introduce new product interventions to strengthen the portfolio. This includes the launch of the new nameplate Sierra, which is expected to be a key driver of increased volume and improved profitability.

At the same time, it will keep stepping up volumes amid strong demand across the product portfolio, particularly for the Harrier.ev and Nexon.ev.

The company's long-term aim is to increase its PV market share to 18-20% by FY30.

Check out Tata Motors' 5-Year factsheet and quarterly results to know more.

#4 Olectra Greentech

Fourth on the list is Olectra Greentech, which is down 29% from its 52-week high.

Olectra Greentech is primarily engaged in the manufacturing of Electric Buses and Electric Trucks. Olectra manufactures 7-meter, 9-meter, and 12-meter electric bus configurations, as well as electric tippers.

The company is one of the largest manufacturers of electric buses in India and has been among the top two OEMs in the electric bus segment since its inception.

It ranked first in terms of bus deliveries in FY25. It's also the fastest-growing EV bus maker, growing at 63% CAGR during 2019-2025, outpacing the 35% CAGR of the overall Indian EV bus market.

As of September 2025, Olectra delivered a total of about 3,254 EVs, including around 92 e-tippers. The order book currently has over 9,000 electric busses.

The E-vehicle division accounted for around 87% of revenue. This was driven by a 13.8% increase in deliveries to 536 vehicles. However, the segment faced slight margin pressure.

Looking ahead, Olectra is expanding beyond buses into the heavy-duty commercial segment, anticipating that this will become a primary contributor to future revenue.

The company is developing advanced platforms, like a 28T E-Tipper and a 55T E-Tractor Trailer, which are currently undergoing testing and homologation.

The company has also obtained a homologation certificate for its Blade battery technology (a cell-to-pack concept) for use in its electric buses. The technology is expected to be delivered to customers by Q4 FY26 and is likely to rank among the most efficient bus solutions in the country.

Olectra's new greenfield EV facility in Telangana is partially operational. This plant has a capacity of 2,500 vehicles per shift, scalable to 5,000 vehicles with two shifts.

The company has a technology partnership with BYD until December 2030 and will continue to utilise its technology in its products. The company plans to focus on developing its own Olectra IPR powertrain while also leveraging the BYD partnership where necessary.

The company is also pursuing continuous localisation for battery pack assembly and key components to enhance cost efficiency and align with "Make in India" goals.

Check out Olectra's 5-Year factsheet and quarterly results to know more.

#5 Ather Energy

Last on the list is Ather Energy, which is down by 19% from its October high of Rs 790.

Ather Energy is an asset-light pure-play E2W manufacturer. It also offers an ancillary product ecosystem.

Ather maintains control over 80% of key hardware and 100% of its software stack. By Q2 FY26, Ather had a 17% market share and is a market leader in South India (25%) and Gujarat (23.8%).

The company sources 99% of E2W components domestically. Ather's Hosur factory in Tamil Nadu has an annual installed capacity of 420,000 E2Ws and 379,800 battery packs.

Ather operates a three-tier retail model, comprising 524 Experience Centers. It also has ExpressCare services for quick maintenance and is upgrading its service experience with Ather Gold Service Centres.

From a financial perspective, revenue increased by 64% to Rs 15.4 bn in H1 FY26, as volumes grew 78% to 111,673 units. About 12% of its revenue came from the non-vehicle (accessories) segment.

The EBITDA margin improved from negative 25% to negative 12%. As a result, the net loss declined to Rs 3.3 bn, from Rs 3.8 bn in H1 FY25.

Going ahead, the strong Q2 FY26 performance with EBITDA losses narrowing, bodes well for the company.

The management expects margins to expand further as higher accessory attach rates and service revenues from maturing stores kick in. Profitability is also expected to rise from reduced bills of materials and warranty costs, as well as the use of LFP batteries.

Ather is also launching the EL platform next year. This platform is designed for scalability and a better cost structure compared to the existing 450 and Rizta platforms.

The company aims to reach about 700 ECs by the end of FY26, which will help drive volume growth. For Ather, these distribution-led expansions, especially beyond its core South Indian markets, mark a critical next phase of growth.

The company is expanding into North, West, and Central India through a wider dealer network to tap into a much larger addressable market.

The company also aims to expand its charging network to enable intercity rides (e.g., between Mumbai and Pune, and Bengaluru and Mysore).

Check out Olectra's 5-Year factsheet and quarterly results to know more.

Conclusion

The sharp correction across EV stocks is evidence that the market is no longer willing to pay for growth without visibility on execution and profitability.

While some companies continue to struggle with structural and operational challenges, others are gradually moving towards scale-led margin improvement and stronger balance sheets.

For investors, the recent drawdowns offer a mixed picture. Select opportunities may emerge over time, but only where business models, cost structures, and capital discipline show durability and improvement.

Instead of relying solely on hype, investors need to carefully analyse the company's fundamentals, including financial performance, corporate governance practices, and growth strategies.

Happy investing.

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