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
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.”
IFB IndustriesHousehold AppliancesGrowing₹4,929 CrP/E 30.2 vs 41.6ROCE 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.”
Fiem IndustriesAuto Components & EquipmentsGrowing₹4,588 CrP/E 17.4 vs 26.7ROCE 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”
SubrosOther Industrial ProductsGrowing₹4,316 CrP/E 25.9 vs 16.9ROCE 16.0%
Subros supplies EV-specific thermal management components (e-compressors, thermal systems for electric cars), and products aligned with CNG, hybrid and electric vehicles contribute meaningfully to revenue.
“Our work on localising e-compressors, in close collaboration with OEMs, is a step in this direction helping reduce dependency on imports while improving cost competitiveness and flexibility.”
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“Development of new products based on system level application engineering for ECM, HVAC systems of Car, Bus, Truck & Railways and EVs.”
Jindal WorldwideOther Textile ProductsGrowing₹4,316 CrP/E 51.3 vs 16.4ROCE 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.”
Company has introduced electric power tillers and power weeders and is developing next-generation electric mechanisation products, with EV power tiller/weeder prototypes expected by March 2027.
“VST has introduced electric power tillers and power weeders, while accelerating the development of next-generation sustainable mechanisation solutions”
Sandhar TechnologiesAuto Components & EquipmentsGrowing₹3,244 CrP/E 15.6 vs 26.7ROCE 13.9%
Sandhar runs an EV business serving 2-wheeler EV and EV commercial vehicle customers (p34), with operations actively progressing and revenue recognized separately from core auto components.
“Our EV business continued to gain ground, moving steadily toward its goal of profitability.”
Polyplex manufactures polymeric films specifically engineered for lithium-ion battery (LiB) applications in electric vehicles as one of its industrial product applications.
Divgi-TTS manufactures electric vehicle transmissions as part of its product portfolio, listed as one of four verticals (alongside traditional 4WD, manual transmission, and automatic transmission) that the company intends to scale globally, but EVs are not yet the dominant revenue driver.
“Its diversified product portfolio includes 4WD transfer cases, all wheel drive torque coupler synchroniser systems, automatic locking hubs, electric vehicle transmissions, and manual as well as automatic transmission systems.”
Supplies EV-specific components across multiple segments: heat shields and plastic moulded components for EVs/battery applications, BIW and chassis components for European BEV platforms via MTCS JV, battery hoses via TMR JV, and EV transmission components via the Forging division.
“These include control arm programmes for a European OEM serving the EMEA and NAFTA markets, alongside BIW components for European battery electric vehicle (BEV) platforms.”
Pennar IndustriesIndustrial ProductsGrowing₹2,321 CrP/E 16.3 vs 28.5ROCE 11.5%
Body in White structural sub-assembly supplier to OEMs across both ICE and electric vehicle platforms, with a dedicated BiW facility being commissioned and a portfolio explicitly positioned for the electrification shift.
“We are an end to end Body in White partner to global original equipment manufacturers, supplying complete structural sub assemblies with in house die making, automated body shops and proven capability in high strength and ultra high strength steels, for passenger, commercial and off highway vehicles, on both internal combustion and electric platforms.”
Easy Trip PlannersTour Travel Related ServicesGrowing₹2,307 CrP/E 22.3 vs 25.8ROCE -5.4%
EaseMyTrip has launched Easy Green Mobility (subsidiary) to manufacture electric buses, with a planned ₹200 Cr investment to scale the mobility business, complementing its YoloBus intercity operations.
“EaseMyTrip has expanded its presence in the mobility ecosystem with the launch of Easy Green Mobility, marking its entry into the electric bus manufacturing space.”
Specialty cable division manufactures cables for electric vehicles as one of several end-use applications served through the common materials platform.
“Its product portfolio includes cables for railway rolling stock, naval and defence applications, solar installations and electric vehicles”
Landmark Cars is an auto dealer that retails EVs through its BYD, MG Motor and Mahindra franchises, with EVs contributing over 24% of its sales in FY26.
“With BYD, Mahindra & Mahindra and MG Motor as important pillars, the Company has built strong exposure to new-energy vehicles. EVs contributed over 24% of the sales during the year.”
Alicon CastalloyAuto Components & EquipmentsGrowing₹1,403 CrP/E 29.1 vs 26.7ROCE 6.2%
Supplies EV-specific aluminium castings including e-axle housings, motor housings, motor stators, inverter casings and battery trays, and has secured a new e-Axle housing programme from a premium German OEM.
“We secured a new e-Axle housing programme from a premium German OEM for an electric vehicle platform, further strengthening our participation in the growing electric mobility ecosystem.”
Atul Auto manufactures electric three-wheelers across L3 and L5 categories (Atul Elite, Atul RIK EV, Atul Energie), completed a slump-sale acquisition of AGPL's L5 EV business effective Jan 15, 2026, and has strategic collaborations with Exponent and Honda on battery solutions — a material but still secondary business line vs its dominant ICE portfolio.
“Atul Auto continued to expand its strategic focus on electric mobility while strengthening its core ICE portfolio.”
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“The Company continued to strengthen its position in the electric vehicle segment, particularly within the L5 category.”
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₹899 CrP/E 20.6 vs 24.6ROCE 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”
HIL has commissioned EV charging infrastructure under its AICTSL contract in Indore, representing real but small-scale operational exposure to EV charging.
“The Company has also commissioned EV charging infrastructure under the AICTSL contract in Indore and is evaluating renewable energy EPC as a growth area.”
Kalyani ForgeCastings & ForgingsGrowing₹323 CrP/E 26.1 vs 26.9ROCE 10.3%
Kalyani Forge supplies EV-specific axle components and Gen 3 wheel hubs to electric vehicle platforms, with a ₹20 Crore EV axle order already won in Q4 FY26.
“These capabilities are validated by three major Q4 order wins, including an EV axle program worth ₹20 Crore in annual revenue, alongside key allocations from SKF and Schaeffler.”
HIM TeknoforgeAuto Components & EquipmentsGrowing₹264 CrP/E 157.1 vs 26.7
Active EV division: KAG Cheetah Super EV brand being rolled out via franchise outlets, alongside EV-specific components like electric axles in the product portfolio.
“During FY2025–26, we undertook extensive market research and developed a scalable, asset-light franchise model for our EV brand – KAG Cheetah Super, supported by a dedicated marketing and distribution framework.”
The company manufactures and supplies EV charging infrastructure solutions as part of its integrated product portfolio, complementing its core transformers and switchgear business.
“Busduct Systems & EV Charging Solutions Supporting the Energy Transition Our busduct systems ensure safe and efficient power transmission within critical facilities, while our EV charging infrastructure solutions contribute to the growing adoption of sustainable mobility and future-ready energy ecosystems.”
Manufactures aluminium EV battery housings as part of its value-added aluminium product range, supplying the electric vehicle industry alongside several other sectors.
“Its diversified product portfolio includes aluminium alloyed ingots, billets, slabs, sheets, circles, extrusion dies, and EV battery housings, catering to industries such as automotive, electric vehicles, consumer appliances”
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“Sharvaya Metals Limited (Formerly known as Sharvaya Metals Private Limited) was incorporated on March 11, 2014 as a manufacturer of Aluminum Alloyed Ingots, Billets, Slabs, Sheets, Circles and Aluminum Extrusion Dies and EV Battery Cases.”
Plastic component manufacturer has commenced supplying components for EV applications (notably two-wheeler EVs) and expects the EV segment to be an important growth driver, though it is not yet the main business.
“The rising adoption of Electric Vehicles ("EVs"), particularly in the two-wheeler segment, presents a significant opportunity for the Company to grow its volumes and offer value-added products to EV manufacturers. The Company has already commenced supplies for EV applications to two-wheeler manufacturers and expects this segment to be an important growth driver in the coming years.”
Epic EnergyNon Banking Financial Company (NBFC)Growing₹32 CrP/E 45.7 vs 18.9ROCE 4.6%
The company manufactures EV chargers at its Coimbatore facility, with over 1.5 MW of aggregate installed charging capacity deployed across multiple Indian states.
“Our EV Charging manufacturing facility at Coimbatore, Tamil Nadu has made substantial progress in increasing its footprint across India, including Karnataka, Andhra Pradesh, Kerala, Gujarat and Maharashtra, with the aggregate installed capacity of our Chargers exceeding 1.5 MW on a Pan India basis.”
Promax PowerCivil ConstructionGrowing₹29 CrP/E 32.1 vs 14.6
Associate company Promax PlugUp EV (20.83% equity) is actively designing, manufacturing and selling AC and DC EV chargers (up to 360 kW), pursuing US operations through PlugUp EV LLC (California), and offering white-label manufacturing.
“During FY 2025–26, Promax PlugUp EV Pvt. Ltd. continued to strengthen its position in the EV-charging infrastructure sector by expanding its product portfolio, enhancing its technology capabilities and progressing its domestic and international business initiatives.”
Company has expanded into EV charging infrastructure projects, listed as a current capability alongside power transmission, renewable energy and institutional infrastructure.
“Expanded into EV Charging Infrastructure projects.”
Poojaa supplies aluminium EV components (transmission housings, brackets, bearing sleeve assemblies) and reports EV revenue grew 2.7x over two years; an established but non-core growth segment.
“Revenue from electric-vehicle applications grew 2.7× over two years, demonstrating the adaptability of our engineering and manufacturing foundation as vehicle architectures and material requirements evolve.”
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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