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.”
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“30% Market Share E-bus segment”
Maruti Suzuki IndiaPassenger Cars & Utility VehiclesGrowing₹4.26 L CrP/E 28.9 vs 25.5ROCE 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₹2.20 L CrP/E 37.4 vs 37.4ROCE 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₹2.09 L CrP/E 64.7 vs 37.4ROCE 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₹1.87 L CrP/E 3.4 vs 5.2ROCE 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₹1.35 L CrP/E 48.0 vs 24.9ROCE 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.”
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₹1.20 L CrP/E 33.8 vs 30.5ROCE 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₹1.15 L CrP/E 21.0 vs 37.4ROCE 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.”
Ashok LeylandCommercial VehiclesGrowing₹1.02 L CrP/E 27.7ROCE 7.5%
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.”
Bharat ForgeAuto Components & EquipmentsGrowing₹98,639 CrP/E 93.0 vs 26.9ROCE 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”
Havells IndiaConsumer ElectronicsGrowing₹79,587 CrP/E 38.9 vs 26.2ROCE 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.”
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)”
Uno MindaAuto Components & EquipmentsGrowing₹73,047 CrP/E 60.5 vs 26.9ROCE 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₹70,970 CrP/E 108.6 vs 17.3ROCE 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₹62,658 CrP/E 50.2 vs 26.9
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₹57,759 CrP/E 17.3 vs 16.6ROCE 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₹50,754 CrP/E 120.1 vs 30.0ROCE 8.7%
EVs are a stated major end-application of GFL's battery chemicals portfolio, served through subsidiary GFCL EV Products with end-to-end EV battery value chain solutions.
“With end-applications across mobility (EV) batteries, energy storage systems (ESS), and advanced electronics (3C), our differentiated portfolio includes LiPF₆ salt, electrolyte formulations, PVDF and PTFE binders”
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“Capital investment remained a strategic priority, with ` 1,125 Crores deployed in FY 2024-25, ` 550 Crores for GFL and ` 575 Crores into our electric vehicle (EV) business.”
Endurance Techno.Auto Components & EquipmentsGrowing₹42,550 CrP/E 42.7 vs 26.9ROCE 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₹38,832 CrP/E 90.3 vs 26.9ROCE 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₹27,775 CrP/E 67.9 vs 23.8ROCE 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”
Indraprastha GasLPG/CNG/PNG/LNG SupplierGrowing₹20,713 CrP/E 14.1 vs 17.3ROCE 13.8%
IGL is operating EV charging infrastructure (33 chargers already commissioned, 8 standalone EV stations) as a diversification line beyond its core CNG/PNG business.
“your Company is developing Electric Vehicle (EV) charging infrastructure, including installations at IGL CNG stations. Your Company aims to commission at least 50 fixed EV chargers in the NCT of Delhi, out of which 33 EV chargers have already been commissioned.”
Belrise IndustriesAuto Components & EquipmentsGrowing₹20,601 CrP/E 38.8 vs 26.9ROCE 10.9%
Belrise derives INR 2,716.99 million in revenue from EV-specific products (battery containers, EV chassis, hub motors in pilot), and 73.2% of its revenue is from powertrain-agnostic products usable in both EVs and ICE vehicles, with a dedicated EV powertrain hub-motor facility being set up in Pune.
“` 2,716.99 million Revenue from products specifically designed for electric vehicles”
SPR Auto TechnologiesAuto Components & EquipmentsGrowing₹20,259 CrP/E 36.3 vs 26.9ROCE 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.”
Castrol IndiaLubricantsGrowing₹18,556 CrP/E 19.1 vs 17.3
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.”
Amara Raja Energy MobAuto Components & EquipmentsGrowing₹16,845 CrP/E 18.5 vs 26.9ROCE 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.”
Avalon TechnologiesOther Electrical EquipmentGrowing₹14,548 CrP/E 110.7 vs 25.2ROCE 20.0%
Supplying EV components such as 2W controllers, battery management systems, converters and motion control systems, expanded through the Zepco partnership.
“deepened capabilities through our collaboration with Zepco Technologies, entering emerging domains like motors, drives, controllers, and power solutions for drones, EVs, and defence.”
Sedemac MechatronicsAuto Components & EquipmentsGrowing₹14,352 CrP/E 222.0 vs 26.9ROCE 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.”
Lumax Auto TechAuto Components & EquipmentsGrowing₹13,543 CrP/E 42.3 vs 26.9ROCE 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.”
Varroc EngineeringAuto Components & EquipmentsGrowing₹12,445 CrP/E 105.2 vs 26.9ROCE 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”
Kec Intl.Civil ConstructionGrowing₹11,620 CrP/E 18.1 vs 15.4ROCE 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.”
Suprajit EngineeringAuto Components & EquipmentsGrowing₹6,955 CrP/E 41.6 vs 26.9ROCE 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.”
Wholly-owned EV subsidiary manufactures EV motors, controllers and chargers with FY26 revenue of ₹243 Mn and capacity for 2 lakh EV motors and 2 lakh controllers/chargers annually.
“Shakti EV Mobility Pvt. Ltd. - Formed 100% Subsidiary on Dec 2021 to enter into EV Solutions like Motors, Controller, Chargers FY26 Revenue: ` 243 Mn”
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“The EV motors and controllers facility positions Shakti EV Mobility for the commercial scale-up that OEM vehicle-level trials are now leading toward.”
Fiem IndustriesAuto Components & EquipmentsGrowing₹5,796 CrP/E 21.6 vs 26.9ROCE 26.2%
FIEM supplies LED head lamps, tail lamps and winkers as lighting components specifically for the Royal Enfield Flying Flea EV two-wheeler, and similarly for the Yamaha EC-06 EV (p28), giving it real (but small) EV-program exposure alongside its dominant ICE lighting business.
“Led Head Lamp, Tail Lamp, Winker & RR
FLYING FLEA - EV
ROYAL ENFIELD”
Ifb IndustriesHousehold AppliancesGrowing₹5,721 CrP/E 42.1 vs 57.6ROCE 15.5%
Engineering Division supplies EV-positive and EV-neutral components, with real FY26 order bookings including EV-specific parts, though EV is not yet the dominant share.
“Order bookings totalled ` 153 crore in FY 2025–26, with ` 71 crore in EV-negative (ICE) parts, ` 75 crore in EV-neutral modules and ` 7 crore in EV-positive components reflecting ~ 50 percent mix of EV-neutral and EV-positive bookings to de-risk against accelerating EV penetration.”
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“A greenfield project for setting up an EV Battery Can manufacturing business is also being contemplated in Sanand, Gujarat.”
Via its operational Pune facility, Shivalik supplies busbar and PCB assemblies targeted at EV battery packs, CCS assemblies, BMS and charging infrastructure — EV-specific components that are a growing but not yet principal revenue driver.
“END APPLICATIONS: EV battery packs and CCS assemblies, smart shunt centres and integrated PCBs on shunts, battery-management systems, smart metering, charging infrastructure and automotive electronics.”
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“the Company supplies: current-sensing shunts for battery-management, inverter and charger systems; busbars and joined assemblies that carry high currents through the powertrain; and contacts and bimetals for switching and protection.”
Gulf has real, growing EV exposure: 65.18% stake in Tirex (DC fast chargers, J100 Cr+ FY26 revenue, 40,000+ chargers, powers 1 in 3 e-buses in India), plus EV fluids and EV chargers (AC & DC) listed as product categories, with ~J185 Cr cumulative investment in the e-mobility portfolio.
“Tirex is building its presence in the EV charging market, while ElectreeFi is developing its software-as-a-service platform, with both brands gaining traction among marquee customers and OEMs.”
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“Our EV fluids and e-Mobility solutions address the requirements of electric vehicles, while AdBlue® helps reduce nitrogen oxide emissions from diesel vehicles.”
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.”
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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