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
ZF Com VE CTR SYS IndAuto Components & EquipmentsGrowing₹5,045 CrP/E 9.4 vs 26.9ROCE 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.”
+1 more quote from the report
“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.”
Develops and sells EV battery cooling fluids as part of its specialty ester portfolio, having launched a complete range of EV cooling fluids in 2025.
“Savita is developing advanced solutions for transformer fluids, EV battery cooling, immersion cooling for data centres and other specialised industrial applications.”
Polyplex manufactures polymeric films specifically engineered for lithium-ion battery (LiB) applications in electric vehicles as one of its industrial product applications.
“Film for Liners, Labels, PV and LiB for EV”
Jindal WorldwideOther Textile ProductsGrowing₹3,599 CrP/E 54.4 vs 15.3ROCE 9.0%
Through subsidiary Jindal Mobilitric (post-Earth Energy acquisition in May 2022), JWL has a stated 2.5 lakh annual electric two-wheeler production capacity and is actively building dealer/distribution networks as a diversification beyond its core textiles.
“Jindal Mobilitric has stated an annual electric two-wheeler production capacity of 2.5 lakh vehicles. This manufacturing platform is intended to support scale, quality, localisation, operating efficiency, and future market expansion.”
Spectrum has entered EV charger manufacturing as a new product vertical, listed in its product portfolio and ODM pipeline, but it is not yet a principal revenue driver versus its broader electrical-products base.
“Entered into the manufacturing of EV Chargers.”
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“The Company has recently started manufacturing of Electric Vehicle (EV) Chargers in order to meet market demands and enhance our business growth.”
The auto-component (gears/transmission) supplier is actively developing products and engaging customers for EV drivetrain and transmission platforms, though its single business segment remains gears and transmission components overall.
“the Company continued to strengthen its position in the electric mobility ecosystem by actively participating in new product development initiatives and engaging with customers across emerging EV platforms.”
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“The Company is continuously working in the direction of preparing parts for itself for the technological changes in the auto sector, including the electrification of vehicles, as mandated by the government.”
Salzer ElectronicsOther Electrical EquipmentGrowing₹1,005 CrP/E 22.2 vs 25.2ROCE 11.0%
Salzer markets EV chargers (AC residential and DC fast chargers) as part of its Building Segment product portfolio.
“EV CHARGERS
AC Residential Chargers
DC fast Chargers for commercial establishments”
Hitachi Energy IndiaHeavy Electrical EquipmentAnnounced₹1.52 L CrP/E 128.7 vs 33.9ROCE 24.7%
EV charging ecosystem is identified as a high-growth segment the company is assessing via its go-to-market strategy, with no stated current revenue.
“GTM strategy to assess the high growth segments like data center, energy storage, green hydrogen, EV charging ecosystem,etc.”
Torrent PowerIntegrated Power UtilitiesAnnounced₹62,811 CrP/E 32.7 vs 30.5ROCE 9.3%
Torrent Power has identified EV charging infrastructure as a new-age business to selectively build, prioritising charging point connections in its licensed and franchised distribution areas.
“Explore emerging business opportunities such as hydrogen, storage and EV infrastructure”
Company is building a new greenfield EV manufacturing facility on 150 acres near Hyderabad, indicating a committed expansion in electric-vehicle manufacturing.
“Greenfield EV Manufacturing Facility under Construction on 150 Acres of Land situated at Near by Seetharampur, Chevella, Via Shabad Road, Hyderabad-509 217, Telangana.”
Muthoot Cap ServNon Banking Financial Company (NBFC)Announced₹416 CrP/E 16.0 vs 17.5
MCSL has signed a Preferred Financier Agreement with Greaves Electric Mobility (and an MoU with BGauss Auto, p35) to finance electric two-wheeler purchases, representing newly announced EV financing partnerships.
“POWERING THE FUTURE OF E-MOBILITY TOGETHER Muthoot Capital Services Ltd. is delighted to announce the signing of a Preferred Financier Agreement with Greaves Electric Mobility Limited in Bengaluru.”
BhelHeavy Electrical EquipmentMention-only₹1.44 L CrP/E 42.8 vs 33.9ROCE 4.7%
E-mobility is listed as one of several industry segment areas served by BHEL, with no specific EV products, orders, or revenue mentioned in the provided text.
“The Industry Segment caters to major equipment supplies and EPC works for a number of industries including transportation, transmission, defence & aerospace, captive power plants, process industries, renewables, upstream and downstream oil & gas, e-mobility and energy storage, among others.”
CG Power And Ind SolHeavy Electrical EquipmentMention-only₹1.37 L CrP/E 105.0 vs 33.9ROCE 19.2%
CG's Stamping and Laminations product line is listed as supplying laminations for electric vehicles, but no dedicated EV programme or revenue scale is described.
“Railway motors, electric vehicle laminations.”
NHPCPower GenerationMention-only₹76,493 CrP/E 22.8 vs 22.3ROCE 2.7%
EV is referenced only as a future grid-integration theme in the CMD's vision statement; NHPC does not manufacture EVs or EV components.
“The vision also emphasizes meeting sustainable energy targets through the integration of Artificial Intelligence (AI), along with the adoption of other new and emerging technologies such as: EV integration into the grid, cybersecurity and digital protection, green hydrogen, bioenergy and energy storage.”
Navin Fluorine Int.Specialty ChemicalsMention-only₹41,943 CrP/E 52.7 vs 30.0ROCE 16.4%
EVs cited only as an industry tailwind driving demand for fluorochemicals; no direct EV exposure.
“emerging sectors like renewable energy and EVs, AI-driven hyper-data centres and semiconductor manufacturing are increasing demand for high-performance fluorochemicals and specialty chemicals.”
SJVNPower GenerationMention-only₹25,976 CrP/E 122.4 vs 22.3ROCE 2.8%
EV integration into the grid is mentioned only as part of the Chairman's aspirational vision, with no EV manufacturing, sales or component business disclosed.
“The vision also emphasizes meeting sustainable energy targets through the integration of Artificial Intelligence (AI), along with the adoption of other new and emerging technologies such as: EV integration into the grid, cybersecurity and digital protection, green hydrogen, bioenergy and energy storage.”
Carborundum UniversalAbrasives & BearingsMention-only₹22,231 CrP/E 188.8 vs 95.2ROCE 5.9%
Electric mobility is cited as an emerging customer-need area and 'Electric Vehicles' is listed as a downstream industry, but no specific EV product line, revenue or committed project is disclosed.
“Customers today are looking beyond standard products for specialised, high-performance solutions, especially in areas like electric mobility, electronics and precision manufacturing.”
Gabriel IndiaAuto Components & EquipmentsMention-only₹20,408 CrP/E 83.3 vs 26.9ROCE 21.9%
The SK Enmove JV product list includes E-fluids for EVs and E-thermal fluids, positioning Gabriel India in EV-adjacent lubricants, though no current EV-specific revenue exists.
GPIL operates an internal EV fleet (e-loaders, e-two-wheelers) for captive logistics use; it does not manufacture or sell EVs.
“Our growing EV fleet and clean energy initiatives are aligned with our long-term vision of achieving net-zero emissions by 2050.”
Cartrade TechE-Retail/ E-CommerceMention-only₹14,718 CrP/E 62.1 vs 14.7ROCE 10.5%
EVs listed only as a future adjacency focus area in their roadmap under 'Others', with no concrete plans, capex or revenue mentioned.
“Others y Electric Vehicles y Ownership/Rideshare y Connected Vehicles y Emerging Trends”
Ramkrishna ForgingsAuto Components & EquipmentsMention-only₹13,337 CrP/E 95.7 vs 26.9ROCE 2.0%
MD&A flags the EV transition as opening demand for forged motor shafts, drivetrains and structural parts, positioning EVs as a sector tailwind for the Company's forgings business.
“The transition towards electric vehicles (EVs) opened new avenues for forged components in motor shafts, drivetrains, and structural parts, even as internal combustion engine (ICE) platforms sustained volume.”
Balaji AminesSpecialty ChemicalsMention-only₹6,713 CrP/E 35.1 vs 30.0ROCE 9.9%
EV battery chemicals are listed as an emerging application/growth driver for the Indian aliphatic amines sector in which Balaji operates, but are not part of the company's current product portfolio.
“Emerging applications in automotive and electronics sectors, including EV battery chemicals, electronics-grade solvents, semiconductor cleaning agents, and lightweight material additives.”
Kiri IndustriesDyes And PigmentsMention-only₹2,863 CrP/E 0.3 vs 19.4ROCE 86.1%
EVs are cited only as an emerging end-market for the broader Indian specialty chemicals industry; no Kiri Industries-specific EV exposure is described.
“Emerging sectors, such as electric vehicles (EVs) and advanced materials, also present new avenues for specialty chemical applications.”
Zodiac-jrd-mkjGems, Jewellery And WatchesMention-only₹42 CrP/E 6.3 vs 13.1ROCE 5.3%
EVs are referenced only as a market rationale for acquiring Aerocom Automotives, an automotive component maker for Mahindra & Mahindra; no EV-specific products or components are described.
“In order to tap the growing market of the automobile industry and to benefit from the increasing demand of electric vehicles, we intend to grow and diversify our business operations by acquiring this Entity.”
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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