Companies making electric vehicles or supplying EV-specific components, per their own annual reports — tiered so an EV maker and a company with an announced EV plan never look the same.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Electric bus OEM business is a core revenue driver with ~₹1,985 Cr in FY25 revenue, 11,000+ e-bus order book, and large PM e-Bus Sewa contract for 2,411 buses across 19 cities.
“Our OEM business, the core of our e-mobility offering clocked revenues of ` 1,984.9 Crores, up 14% from the previous year. With over 11,000 electric buses either operational & under execution and 2,500+ already in service across 14 states, our reach and reliability are growing steadily.”
Electrotherm operates an Electric Vehicle Division (Yobykes brand) manufacturing electric scooters, with the Palodia plant address matching the company's registered office.
“BHARAT'S PIONEER ELECTRIC SCOOTER MANUFACTURER”
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“Special Steel Division & Electric Vehicle Division”
“It also manufactures Ductile Iron Pipe, Electric Bikes, Steel, Induction Heating Equipment, Hydraulic Grab, Transformers, Continuous Casting Machine, and has also handled Turnkey Projects.”
The company's principal business is manufacturing electric vehicles and EV spare parts, supported by EV-related subsidiaries including DC2 Mercury Cars (car design/manufacturing) and Go Evexia (e-vehicle rentals).
“Mercury Ev-Tech limited a holding Company is engaged in, interalia, in the business activities of Manufacturing Electric Vehicles, Spare Parts for Electric Vehicles.”
EV charging solutions (trading, installation, commissioning, O&M of chargers and charging infrastructure), plus newly entered E-truck and E-cab fleet operations, are the stated principal business of the company.
“The Company is engaged in the business of providing comprehensive Electric Vehicle (EV) charging solutions, including the trading, installation, commissioning, operation, and maintenance of EV chargers and charging infrastructure.”
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“The Company, engaged in installation of electric vehicle (EV) charging infrastructure, has undertaken significant efforts towards technology absorption during the year.”
Supertech EV2/3 WheelersCore business₹41 CrP/E 17.8 vs 32.2ROCE 10.3%
Supertech EV is a pure-play EV manufacturer that designs, develops, manufactures and distributes E-Scooters and E-Rickshaws across India through a B2B network of 500+ distributors.
“Our company has rapidly evolved to become a significant player in the market, specializing in the design, development, manufacturing, and distribution of high-quality electric two-wheelers and E-rickshaws.”
Maruti Suzuki IndiaPassenger Cars & Utility VehiclesGrowing₹3.53 L CrP/E 24.6 vs 28.0ROCE 16.8%
Maruti Suzuki has launched its first BEV (e VITARA) and operates a multi-powertrain portfolio that includes BEVs, SHEVs, CNG, CBG, ethanol and flex-fuel vehicles, though EVs are not yet its main revenue driver.
“While e VITARA marked the Company's entry into the battery electric vehicle segment, it further strengthened its multi-powertrain portfolio with the introduction of the WagonR Flex Fuel Vehicle.”
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“The Company launched its first Battery Electric Vehicle (BEV) SUV, the e VITARA, along with a comprehensive charging ecosystem.”
Hindalco's Chakan battery enclosure plant is fully ramped up, supplying EV-specific components as part of its downstream aluminium portfolio.
“the full ramp up of the Chakan battery enclosure plant are enhancing our presence in new-age applications such as electric vehicles, packaging, and aerospace.”
Eicher Motors2/3 WheelersGrowing₹1.86 L CrP/E 32.2 vs 32.2ROCE 23.2%
Royal Enfield has launched its Flying Flea electric motorcycle brand (FF.C6) with retail operations starting in India, representing real but early-stage EV operations alongside its core petrol motorcycle business.
“One of the most significant steps we took this year was the launch of our first electric motorcycle – the Flying Flea C6 – in April 2026, and the opening of our first Flying Flea store in Bengaluru.”
TVS Motor Company2/3 WheelersGrowing₹1.82 L CrP/E 53.2 vs 32.2ROCE 19.9%
TVS sold 371,000 electric two-wheelers (33% YoY growth) with a 1,000+ EV dealer network, ~5,000 public charging points, and a Battery-as-a-Service model spanning iQube, Orbiter, and King Kargo HD EV models — a major sales pillar but still a minority of total revenue versus ICE two-wheelers.
“We sold 3.71 lakh electric two-wheelers this year, a 33% growth year-on-year, retaining our leadership in India's EV space.”
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“FY 2025-26 marked a defining year in our electric mobility journey as we expanded from a successful EV presence into a broader and more differentiated electric mobility portfolio.”
Indian Oil CorpRefineries & MarketingGrowing₹1.78 L CrP/E 5.2 vs 7.5ROCE 17.1%
IndianOil operates a growing EV charging and battery-swapping network of over 15,000 locations as part of its clean mobility build-out, though this is not yet a core revenue driver.
“EV charging and battery-swapping facilities growing to over 15,000 locations, the CNG network increasing by 204 stations to 2,641 stations.”
Polycab IndiaCables - ElectricalsGrowing₹1.23 L CrP/E 42.6 vs 26.8ROCE 28.9%
Polycab supplies wiring harnesses and EV-specific charging components (TÜV-certified AC and DC charging gun assemblies) to nearly all major Indian automotive and EV manufacturers.
“Automotive and Electric Vehicles (EV): Supplying nearly all major Indian automotive and EV manufacturers, we achieved TÜV certification for new AC charging gun assemblies and DC charging solutions.”
Bharat Petroleum CorpRefineries & MarketingGrowing₹1.22 L CrP/E 7.1 vs 7.5ROCE 23.2%
BPCL operates a nationwide EV fast-charging network of 4,500+ chargers, an integrated offering at its retail outlets alongside core fuel sales.
“We also accelerated the development of EV fast-charging corridors across the country, expanding our network to over 4,500 EV fast chargers and making long-distance electric mobility more accessible and convenient.”
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“6,800+
EV charging stations across India”
Tata Power CoIntegrated Power UtilitiesGrowing₹1.07 L CrP/E 27.8 vs 25.4ROCE 3.4%
Tata Power operates India's largest EV charging network as a real, scaling business line within its new-age energy solutions cluster.
“Our EV charging business, the largest network in India, crossed the milestone of 2 lakh home charger installations, 7,000+ public, semi-public and bus charging points across 700+ cities pan-India”
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“Scaled the EZ Charge platform to 5.64 lakh registered users, 30.22 lakh charging sessions, and 259.64 million units of energy delivered”
Hero Motocorp2/3 WheelersGrowing₹97,179 CrP/E 17.8 vs 32.2ROCE 29.9%
Hero MotoCorp sells electric two-wheelers under the VIDA brand (VX2, V2 Pro/Plus, Dirt.E K3, Surge S32), builds EV charging infrastructure and Battery-as-a-Service, with VIDA posting 190% YoY retail growth in FY26 — a real but secondary business line to its ICE motorcycle core.
“VIDA, our electric mobility business, delivered a landmark year with record year-on-year retail growth of 190%. We introduced the 'EVOOTER' category with the launch of the VIDA VX2 and debuted our first young riders, electric vehicle (first of its kind in India) Dirt.E K3 at EICMA 2025. We are building a comprehensive ecosystem for electric vehicles, charging infrastructure, and Battery-as-a-Service offerings to grow rapidly and gain share in electric mobility.”
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“We introduced the VIDA VX2 EVOOTER, a mass-market offering designed to accelerate EV adoption through affordable pricing and flexible ownership models.”
Bharat ForgeAuto Components & EquipmentsGrowing₹85,615 CrP/E 121.2 vs 26.7ROCE 13.2%
Through K Drive Mobility, Bharat Forge designs and assembles axles for electric LCV platforms, adding e-mobility to its product mix.
“Reorienting K Drive Mobility towards LCV, SUV and Bus axles, won new orders for E-LCV platforms”
Subsidiary Switch Mobility India sells electric buses and 2-4 tonne electric LCVs and turned net-profitable in FY26, while OHM Mobility operates a 1,400+ e-bus fleet; EVs remain an adjacent business to the core diesel CV portfolio.
“Our EV subsidiary, Switch Mobility India, achieved net profitability during the year, a milestone that validates the economics of the business. Switch India delivered 1,530 electric buses during the year”
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“the Company initiated EV portfolio trials in select international markets and entered a strategic partnership with PT Pindad (Indonesia) for EV bus assembly and deployment under Trans Jakarta, taking first major steps towards its ASEAN growth strategy.”
“Deployment of BOSS BEV (Battery Electric Vehicle) Haulage and AVTR BEV 55T vehicles has enabled on-road validation covering over 30 lakh km, while hydrogen fuel cell buses are progressing towards commercial adoption, reinforcing a multi-fuel decarbonisation approach.”
HPCL operates an EV charging network across its retail outlets, including battery swapping stations, as part of its diversification into electric mobility.
“5,533 EV Charging Facilities installed by HPCL (Including battery swapping stations)”
Havells IndiaConsumer ElectronicsGrowing₹64,247 CrP/E 39.3 vs 31.1ROCE 21.5%
EV chargers are listed as one of Havells' 24 product categories and the company is addressing consumer EV charging needs, though this is not a primary business.
“With its entry into renewables space, the Company is also addressing rooftop solar and EV charging needs of the consumers.”
Uno MindaAuto Components & EquipmentsGrowing₹62,653 CrP/E 52.0 vs 26.7ROCE 15.7%
Uno Minda operates a growing EV-specific component portfolio (2W/3W EV products, 4W EV powertrain, X-in-1 E-Axle/EDU, EVSE chargers, Intelligent Battery Disconnect Units), launched dedicated high-voltage EV powertrain facilities in FY 2025-26, and announced a ₹550 crore greenfield EV powertrain facility in Chhatrapati Sambhaji Nagar.
“we have proactively developed EV-specific components for the 2W, 3W, and 4W segments, capturing incremental growth as electrification accelerates”
Adani Total GasLPG/CNG/PNG/LNG SupplierGrowing₹61,568 CrP/E 97.4 vs 14.4ROCE 11.8%
ATGL operates 5,100 e-mobility charging points as a distinct business line alongside its core CNG and PNG gas distribution operations.
“5,100
Installed E-mobility
charging points”
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“In FY 2025-26, we added 1,699 charge points (CP), thus growing our EV charging network to 5,100 CP (installed), with 4,265 CP energised and operational across the country.”
Schaeffler IndiaAuto Components & EquipmentsGrowing₹58,417 CrP/E 46.7 vs 26.7ROCE 14.1%
Schaeffler India's Automotive Technologies division supplies EV-specific components including E-axles, E-motors, E-drives and power electronics, with a dedicated E-Axle production line inaugurated at Talegaon in 2025 and reported business wins in E-Mobility.
“The Automotive Technologies Division - spanning E‑mobility and Powertrain and Chassis is shaping the future of mobility. We deliver advanced, sustainable solutions for cars and commercial vehicles, offering hybrid, fully electric, and fuel cell technologies”
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“Inaugurated the electric e-axle production line at Pune, marking a strategic shift from component manufacturing to comprehensive EV drive system solutions.”
Jindal StainlessIron & SteelGrowing₹58,173 CrP/E 17.9 vs 15.2ROCE 15.8%
Supplies EV-specific stainless steel tubes for electric buses via partnership with JBM Auto, enabling over 500 e-buses.
“Partnered with JBM Auto to support over 500 electric buses using JT Tubes made from N7-Grade stainless steel”
Gujarat FluorochemSpecialty ChemicalsGrowing₹48,950 CrP/E 79.9 vs 24.3ROCE 8.7%
GFCL EV manufactures EV battery materials (LiPF6 salt, LFP cathode, binders) with Phase-1 capacities commissioned, contracted with anchor customers and commercial sales scaling; medium-to-long term growth driver with ₹6,000 Crores cumulative capex by FY27-28.
“Our advanced battery materials business, GFCL EV, reached an important inflection point during the year, with all Phase-1 capacities commissioned and contracted with marquee anchor customers”
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“We are well into our commitment to invest a cumulative ₹6,000 Crores in GFCL EV by FY 2027-28, with approximately ₹1,900-2,000 Crores already deployed.”
KEI IndustriesCables - ElectricalsGrowing₹43,785 CrP/E 43.9 vs 26.8ROCE 17.9%
KEI manufactures EV charging cables and cables for EV charging infrastructure as part of its diversified wire and cable product portfolio, alongside house wires, EHV cables and other categories.
“Our product range includes solutions for renewable power, EV infrastructure, marine applications, fire safety and specialized industrial use.”
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“expand solutions for renewable energy, EVs and resilient infrastructure.”
Endurance Techno.Auto Components & EquipmentsGrowing₹34,124 CrP/E 35.2 vs 26.7ROCE 15.6%
Supplies EV-specific components (battery packs, BMS, machined aluminium castings for EV platforms) and owns Maxwell Energy Systems (electrification) plus a Pune battery pack plant serving a two-wheeler EV OEM.
“During the year, we increased our stake in Maxwell Energy Systems to 100%, strengthening our position in the electrification ecosystem. Maxwell recorded its highest-ever turnover of H161 crore, more than doubling from H70 crore in FY 2024-25.”
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“Collectively, these initiatives position us to respond to the increasing adoption of advanced braking technologies across both two-wheeler and electric vehicle platforms.”
Exide IndustriesAuto Components & EquipmentsGrowing₹33,575 CrP/E 45.6 vs 26.7ROCE 8.1%
Exide supplies auxiliary batteries for EVs and is building a Li-ion cell gigafactory in Bengaluru through subsidiary EESL to participate in the EV value chain.
“Substantial developments have been made in Auxiliary Batteries for EV, designed to provide reliable back-up to critical electronics with superior micro-cycle performance and rapid charge recovery.”
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“we continue to supply lithium-ion battery packs and modules to several established customers through the Prantij, Gujarat facility.”
Syrma SGS TechnologyIndustrial ProductsGrowing₹32,374 CrP/E 87.3 vs 28.5ROCE 13.4%
EV is a growing part of the automotive vertical, with PCBA and box-build for EV powertrain ECUs (BMS, VCU, MCU, TCU), on-board chargers, grid/e-mobility charging stations and EV battery-swapping chargers.
“automotive sector rose 39% on sustained demand for EV components, battery management systems and charging infrastructure”
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“India's EV story is shifting from vehicle assembly to the manufacture of core powertrain electronics, battery management systems, on-board chargers and motor control”
ZF Com VE CTR SYS IndAuto Components & EquipmentsGrowing₹23,686 CrP/E 9.6 vs 26.7ROCE 18.4%
Supplies EV-specific components including e-compressors for electric buses and trucks, and EBS/ECAS systems for electric buses, with domestic e-compressor supplies scaled up during FY25-26 as the EV bus and CV market enters accelerated growth.
“Hydraulic and pneumatic ESC systems were scaled up, e-compressor supplies for the domestic market were expanded and the global footprint was strengthened through higher-capacity compressor exports to Europe.”
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“New manufacturing lines were commissioned at Oragadam plant for next-generation e-mobility products, enabling production of e-Compressor Lite, Brake Signal Transmitters, wheel-end actuators for Indian OEMs, and vacuum pumps for exports.”
Amber Enterprises (I)Household AppliancesGrowing₹23,118 CrP/E 240.2 vs 41.6ROCE 5.3%
Subsidiary Power-One Micro Systems manufactures EV Chargers (AC & DC) as part of its Power Electronics portfolio.
“The strategic investment in Power-One Micro Systems expands our addressable market in the growing Power Electronics segment, encompassing Solar Inverters (On-grid, Off-grid, and Hybrid), UPS Systems, EV Chargers (AC & DC), and Battery Energy Storage Systems.”
Castrol IndiaLubricantsGrowing₹19,399 CrP/E 18.3 vs 12.7ROCE 40.4%
Castrol sells EV-specific lubricants (battery coolants, EV gear oils) and signed an MoU with VinFast Auto India to support EV after-sales service, representing real but non-core exposure as ICE lubricants remain the dominant business.
“The EV segment growth is driving demand for specialised fluids such as battery coolants and EV gear oils. Although reliance on internal combustion engines (ICEs) is expected to remain strong until 2040, hybrid vehicles are likely to serve as a bridge in the transition from ICEs to EVs.”
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“our manufacturing sites have developed EV fluids capability and upgraded infrastructure to support advanced lubricants — positioning Castrol to meet evolving market demands and next-generation mobility solutions.”
SPR Auto TechnologiesAuto Components & EquipmentsGrowing₹18,810 CrP/E 33.4 vs 26.7ROCE 16.6%
SPR's step-down subsidiary SPR EMFI has commissioned a Coimbatore facility to manufacture motors and controllers for electric mobility solutions, obtained ICAT certification for its PM E-Drive initiative, and commenced production.
“A world class state of the art manufacturing facility at Coimbatore under the step-down subsidiary SPR EMFI for manufacturing of motors and controllers for electric mobility solutions”
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“SPR EMFI has evolved into a top provider of EV powertrain solutions, fueled by innovation, localization, and strategic partnerships.”
Sedemac MechatronicsAuto Components & EquipmentsGrowing₹14,316 CrP/E 218.1 vs 26.7ROCE 29.3%
Tier-I supplier of Motor Control Units (power electronics) for electric 2&3-wheelers, with EV-related MCU revenue at 7.4% of Mobility segment revenue in FY25-26.
“the ramp-up of our MCUs for e-2&3-wheeler market led to a rapid growth in our electric vehicles related revenue, which rose to 7.4% of our Mobility revenue in FY 2025-26”
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“During FY 2025-26, revenue from sale of MCUs for electric 2&3-wheelers increased substantially to INR 68.28 crores which was about 7.4% of the total Mobility segment revenue during the year. The corresponding sales figure for MCUs in FY 2024-25 was 9.67 crores.”
Amara Raja Energy MobAuto Components & EquipmentsGrowing₹13,139 CrP/E 14.3 vs 26.7ROCE 13.9%
Beyond its lead-acid core, the company is building real revenue lines in EV-specific lithium battery packs and EV charging solutions as part of its growing portfolio.
“This momentum is powered by our strong distribution backbone, trusted product performance and a growing portfolio that includes next-gen lithium battery packs and EV charging solutions.”
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“lithium-ion technologies are expanding into new use cases across mobility and energy storage.”
Manufactures a range of EV chargers (298 W-1080 W) as part of its power supply solutions portfolio, though it is a minor line within a much broader solar/power products business.
“Chargers EV charger 298 W-1080 W”
Varroc EngineeringAuto Components & EquipmentsGrowing₹12,193 CrP/E 61.8 vs 26.7ROCE 15.0%
Dedicated E-Mobility Solutions business supplying EV components (traction motors, motor controllers, chargers, DC-DC converters, BMS) for 2W/3W EVs; EV revenue is ~13% of consolidated revenue and 65%+ of new order wins are EV-linked.
“Varroc is driving the future of electric mobility with high performance, energy-efficient solutions for 2-Wheeler and 3-Wheeler EVs. With expertise in traction motors, motor controllers, chargers, DC converters, and battery management systems (BMS), we optimize vehicle functionality for better performance.”
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“E-mobility Solutions”
Lumax Auto TechAuto Components & EquipmentsGrowing₹12,097 CrP/E 37.3 vs 26.7ROCE 19.6%
Supplies EV-specific telematics and eCAN solutions through Lumax Ituran JV, and derives revenue from Mahindra & Mahindra's EV platforms via the IAC interior division, with 40% of the order book earmarked for future/clean mobility.
“Telematics (Lumax Ituran) Supplying Telematics Control Units (TCUs) and EV-specific eCAN solutions.”
KEC Intl.Civil ConstructionGrowing₹9,317 CrP/E 16.8 vs 14.6ROCE 11.0%
KEC Asian Cables manufactures and supplies EV charging cables as a specialised product line supporting EV charging infrastructure.
“we deliver extra-high voltage, power, telecom and highly specialised solutions, including EV charging, green cables, elastomeric and conductors, serving global infrastructure and industrial markets.”
Subsidiary Jupiter Electric Mobility manufactures and commercially launched the JEM TEZ e-LCV from its Pithampur plant, representing a real but secondary revenue vertical.
“Our Jupiter Electric Mobility plant in Pithampur, Madhya Pradesh, starts to deliver electric light commercial vehicles with an initial annual capacity of 8,000–10,000 units.”
Subsidiary Evigo Charge provides EV charging solutions across homes, workplaces, fleets and e-buses; listed as a separate revenue segment.
“Through our subsidiary, Evigo Charge Pvt. Ltd., we are pioneering next-generation charging solutions across homes, workplaces, fleets, and e-bus segments.”
Suprajit EngineeringAuto Components & EquipmentsGrowing₹6,330 CrP/E 33.9 vs 26.7ROCE 15.8%
Real, named-program business with global electric vehicle manufacturers (smart clusters for an electric superbike, switches for an EV customer), though not the group's main business.
“Key smart cluster wins included a new electric superbike platform and a major construction equipment manufacturer, and the team is poised to launch a switch programme for one of our key electric vehicle customers.”
Definition used: Manufactures or sells electric vehicles, or supplies EV-specific components: traction motors, power electronics, EV batteries, charging infrastructure. Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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