The electric vehicle revolution is happening right now in India, and it’s creating exciting opportunities for investors. With rising fuel prices, growing environmental awareness, and strong government support, the EV industry is one of the fastest-growing sectors in the country.
India has set an ambitious goal—achieving 30% EV adoption by 2030. As we move toward this target, investors are looking for the best EV stocks to ride this wave of growth. In this article, we’ll explore five promising EV companies that are leading the charge, from innovative startups to emerging industry leaders.
We’ll look at their latest stock performance, market position, and why they could be your ticket to participating in India’s electric mobility revolution.
Top 5 EV Stocks in India 2025
Here’s a snapshot of five companies making waves in India’s EV space, along with their current market performance:
| Stock Name | Current Price (₹) | Market Cap (₹ Cr) | 52-Week Low (₹) | 52-Week High (₹) |
|---|---|---|---|---|
| Wardwizard Innovations & Mobility Ltd. | 14.3 | 372 | 10.0 | 58.0 |
| Goldstar Power Ltd. | 8.85 | 213 | 7.20 | 13.6 |
| Tunwal E-Motors Ltd. | 29.4 | 170 | 27.2 | 52.4 |
| Ola Electric Mobility Ltd. | 62.0 | 27,330 | 39.6 | 124 |
| RattanIndia Enterprises Ltd. | 61.5 | 8,502 | 37.4 | 84.7 |
Now let’s dive deeper into each of these companies and understand what makes them special.
1. Wardwizard Innovations & Mobility Ltd. (Joy e-Bike)
- Current Price: ₹14.3
- Market Cap: ₹372 crore
- 52-Week Range: ₹10.0 – ₹58.0
Wardwizard Innovations is known for its flagship brand, Joy e-Bike, and is one of India’s leading electric two-wheeler manufacturers. The company focuses on offering affordable e-bikes and e-scooters that appeal to both urban commuters and semi-urban markets.
Why This Stock Stands Out
Wardwizard is rapidly expanding its dealer network across India, making its products accessible to more customers. The company focuses on affordable EVs, which is crucial for mass adoption in a price-sensitive market like India. They’re also launching new high-speed EV models and working on battery-swapping technology, which could be a game-changer for reducing charging time concerns.
Growth Outlook
The company is expanding its manufacturing capacity in Gujarat and ramping up production volumes to meet growing demand. With its focus on entry-level EVs, Wardwizard is well-positioned to benefit from India’s booming electric two-wheeler segment.
Investment Verdict: Ideal for long-term investors looking for exposure to India’s growing EV scooter market with an affordable entry point.
2. Goldstar Power Ltd.
- Current Price: ₹8.85
- Market Cap: ₹213 crore
- 52-Week Range: ₹7.20 – ₹13.6
Goldstar Power Ltd. has been in the battery business for years, primarily producing lead-acid batteries for inverters, automobiles, and electric vehicles. Now, the company is making a strategic shift toward lithium-ion battery technology to serve India’s EV revolution.
Why This Stock Stands Out
Goldstar is an established player in battery and energy storage systems with decades of experience. The company is expanding into lithium-ion technology, which is essential for modern EVs. There’s strong demand potential from the EV charging sector and power backup segments, especially in tier-2 and tier-3 cities where power reliability is still a concern.
Growth Outlook
As more EVs hit the roads, the demand for battery replacements and affordable electric mobility solutions will grow. Goldstar is positioned to capture this demand, particularly in smaller cities where cost is a major factor.
Investment Verdict: A solid low-cost EV stock focusing on the battery ecosystem, which is critical for EV expansion.
3. Tunwal E-Motors Ltd.
- Current Price: ₹29.4
- Market Cap: ₹170 crore
- 52-Week Range: ₹27.2 – ₹52.4
Tunwal E-Motors is an emerging EV manufacturer with a diverse range of electric two-wheelers and three-wheelers. The company emphasizes sustainable mobility solutions that offer low maintenance costs and high energy efficiency.
Why This Stock Stands Out
Tunwal offers a wide product range including e-scooters, e-bikes, and e-rickshaws, giving them multiple revenue streams. They have a strong presence in semi-urban and rural India, where electric three-wheelers for commercial use are gaining traction. The company is increasingly focusing on battery efficiency and localizing component manufacturing, which helps keep costs competitive.
Growth Outlook
With growing consumer interest in low-cost electric two-wheelers and the commercial adoption of e-rickshaws, Tunwal’s affordable pricing model could help capture significant market share by 2025.
Investment Verdict: An interesting small-cap EV stock with high upside potential but moderate risk due to its smaller size.
4. Ola Electric Mobility Ltd.
- Current Price: ₹62.0
- Market Cap: ₹27,330 crore
- 52-Week Range: ₹39.6 – ₹124
Ola Electric is one of India’s most talked-about EV companies, revolutionizing the two-wheeler market with its S1 and S1 Pro scooters. The company has ambitious plans to expand into electric cars and battery manufacturing, aiming to become a global EV powerhouse.
Why This Stock Stands Out
Ola Electric is backed by the successful Ola Cabs parent company and major investors, giving it strong financial support. The company owns the “Futurefactory,” one of the world’s largest EV manufacturing plants, capable of producing millions of scooters annually. Ola plans to launch electric cars and start battery cell production by 2026, which would make them a vertically integrated EV player.
Growth Outlook
With rapid production scaling and strong brand popularity among young consumers, Ola Electric is expected to dominate the premium e-scooter market. Their vertical integration strategy—controlling manufacturing, battery production, and software—could create a multibagger story in the coming years.
Investment Verdict: A strong large-cap EV stock for investors looking for high growth potential with relative stability compared to smaller players.
5. RattanIndia Enterprises Limited
- Current Price: ₹61.5
- Market Cap: ₹8,502 crore
- 52-Week Range: ₹37.4 – ₹84.7
RattanIndia Enterprises is a diversified business group with ventures spanning electric mobility, drones, fintech, and renewable energy. Through its subsidiary Revolt Motors, the company is among India’s top electric motorcycle manufacturers.
Why This Stock Stands Out
RattanIndia owns Revolt Motors, India’s first AI-enabled electric bike brand, which brings technology innovation to the EV space. The company has strategic investments across EV technology, drones, and digital businesses, providing diversification beyond just vehicles. It’s backed by strong financials and professional management with a track record in multiple industries.
Growth Outlook
Revolt Motors is rapidly expanding its dealership network and introducing new high-performance EV models. RattanIndia’s investments in cutting-edge technologies like AI and drones could position it as a long-term EV ecosystem leader, not just a vehicle manufacturer.
Investment Verdict: Best mid-cap EV stock for investors looking for growth, innovation, and diversification across the electric mobility sector.
Top 5 EV Stocks in India 2025: Side-by-Side Comparison
| Company | Core Business | Market Cap (₹ Cr) | Focus Area | Outlook for 2025 |
|---|---|---|---|---|
| Wardwizard Innovations | Electric Two-Wheelers | 372 | E-Scooters, Bikes | High Growth |
| Goldstar Power | EV Batteries | 213 | Battery Manufacturing | Moderate |
| Tunwal E-Motors | E-Bikes, E-Rickshaws | 170 | Electric Two/Three-Wheelers | High |
| Ola Electric | EV Manufacturing | 27,330 | E-Scooters, Future Cars & Batteries | Excellent |
| RattanIndia Enterprises | Electric Motorcycles | 8,502 | EVs, Drones, Tech | Excellent |
Why 2025 Could Be a Turning Point for EV Stocks
Several factors are converging to make 2025 a pivotal year for India’s EV industry:
- Strong Government Support: The Indian government’s FAME II (Faster Adoption and Manufacturing of Electric Vehicles) and PLI (Production Linked Incentive) schemes are providing billions in incentives for domestic EV and battery manufacturing. This support reduces the financial risk for companies and encourages investment.
- Growing Consumer Adoption: Electric scooters and bikes are no longer novelties—they’re becoming mainstream, especially among urban commuters looking to save on fuel costs. The total cost of ownership for EVs is becoming competitive with traditional petrol vehicles.
- Falling Battery Costs: As lithium-ion battery technology improves and economies of scale kick in, EV prices are expected to drop further. This will make EVs accessible to millions more Indian consumers.
- Infrastructure Development: The rapid rollout of EV charging stations across cities and highways is addressing one of the biggest concerns consumers have about buying electric vehicles—range anxiety.
- Major Corporate Players Entering: Big names like Tata Motors, Hero MotoCorp, Bajaj Auto, and TVS are expanding their EV divisions. This validates the market and benefits the entire supply chain, including smaller companies like those we’ve discussed.
Investment Strategy: How to Approach These EV Stocks
Not all investors have the same risk tolerance or investment goals. Here’s how different types of investors might approach these stocks:
- For Conservative Investors: Focus on Ola Electric and RattanIndia Enterprises, which have larger operations, more established businesses, and better financial backing. These stocks offer exposure to EV growth with relatively lower risk.
- For Moderate Risk-Takers: Consider Wardwizard Innovations and Goldstar Power, which have affordable valuations and clear EV exposure but are smaller companies with less proven track records.
- For Aggressive Investors: Tunwal E-Motors offers high potential returns but with increased risk due to its small size and limited market presence. This is suitable only if you can stomach volatility and potential losses.
Pro Tip: Diversify your investments across 3-4 EV stocks to balance risk and reward. Don’t put all your money into one company, especially in a rapidly evolving sector like EVs.
Final Thoughts
The shift toward electric mobility isn’t just a trend—it’s the future of transportation. As India works to become a global EV manufacturing hub, the stocks listed above represent exciting opportunities across different parts of the value chain, from vehicle production to battery technology.
Ola Electric and RattanIndia Enterprises offer scale and growth stability, making them suitable for investors seeking relative safety. Wardwizard, Tunwal, and Goldstar Power could deliver multibagger returns if they execute their business strategies effectively, but they come with higher risk.
Remember, these smaller EV stocks can be highly volatile. Stock prices might swing dramatically based on news, policy changes, or quarterly results. Invest only what you can afford to lose, stay patient, and focus on the long-term growth story rather than short-term price movements.
The Indian EV market is expected to reach $113 billion by 2029. Early investors who choose wisely and hold patiently could see substantial long-term returns.
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Frequently Asked Questions on EV Stocks in India
1. Are EV stocks a good investment in 2025?
Yes, India’s EV industry is growing rapidly with strong policy support, rising consumer demand, and falling battery costs, making EV stocks a promising long-term investment opportunity.
2. Which EV stock is the safest to invest in?
Ola Electric and RattanIndia Enterprises offer relatively lower risk due to their larger scale, diversified operations, and stronger financial backing compared to smaller players.
3. What are the risks of investing in small EV stocks?
Small-cap EV stocks carry risks like high volatility, low liquidity (difficulty selling shares), uncertain profitability, and vulnerability to market manipulation. Always research thoroughly before investing.
4. Which EV company is the largest in India?
Ola Electric currently leads the electric two-wheeler segment by sales volume and market share, though Tata Motors dominates the electric car segment.
5. Can EV stocks deliver multibagger returns?
Yes, they can. With India’s EV market projected to grow exponentially by 2029, early investors in well-positioned companies could see their investments multiply several times over the long term.
Disclaimer: This article is for informational and educational purposes only and should not be considered as investment advice. Stock markets carry risks, and past performance doesn’t guarantee future results. The data provided is based on market conditions as of the publication date and may change. Always do your own research and consult with a certified financial advisor before making any investment decisions. Invest only what you can afford to lose.
