India’s electric vehicle (EV) industry is currently valued at $18.79 billion in revenue, and by 2034, it is projected to reach over $1,053 billion. That’s more than 56x growth in just nine years, a sign of the significant EV shift in India expected to occur in the coming years.
With this kind of momentum, it makes sense that EV-related stocks are gaining attention. There are many big names in the EV space that get most of the spotlight. However, when we dig deeper, we can uncover some smaller companies that are flying under the radar. They might seem small now, but with the way the market is growing, some of them could turn into something much bigger. Let’s take a look at some of these small yet up-and-coming EV sector penny stocks in India for 2025.
Company-wise overview of the best EV penny stocks in India
As per market capitalisation, the top 5 penny stocks in the EV industry of India as of 1st July, 2025 are:
| Company | Market Cap (₹ Cr) | PE Ratio | PB Ratio | ROE (%) | ROCE (%) | EPS |
| Uniparts | 1,796 | 20.39 | 2.02 | 24.67% | 17.95% | 24.92 |
| Exicom Tele-Systems | 2,395 | 78.24 | 3.88 | – | 14.95% | – |
| Lumax Industries | 3,438 | 24.3 | 4.39 | 17.66% | 19.14% | 130.57 |
| Greaves Cotton | 4,691 | 80.95 | 3.38 | -21.94% | -14.87% | 7.96 |
| Fiem Industries | 5,042 | 25.1 | 4.89 | 18.70% | 24.12% | 68.05 |
Also read: Are Penny Stocks Worth the Risk in 2025?
Uniparts India Ltd
Uniparts India is a global manufacturer of precision components for off-highway vehicles. Uniparts makes over 80% of its money by selling parts to big global companies outside India. It supplies important components used in tractors, construction, and heavy vehicles, especially in the US and Europe.
It has 6 manufacturing facilities and 3 warehouses across the US, Europe and India, and its products reach over 25 countries. As of July 1, 2025, the market capitalisation of the company stands at ₹1,796 crores.
| Particulars | Mar 2024 | Mar 2025 |
| Sales | ₹1,140 Cr | ₹964 Cr |
| Expenses | ₹938 Cr | ₹818 Cr |
| Operating Profit | ₹201 Cr | ₹146 Cr |
| OPM % | 18% | 15% |
| Net Profit | ₹125 Cr | ₹88 Cr |
| EPS | ₹27.63 | ₹19.50 |
Exicom Tele-Systems Ltd.
Exicom Tele-Systems makes EV chargers and power solutions, mostly for telecom and electric vehicles. They’ve installed over 70,000 AC chargers across India and Southeast Asia.
The EV part of their business is growing fast and could make up 50% of their revenue by 2030. They’re also expanding with a new factory in Hyderabad and just bought a global EV charger brand, Tritium. As of July 1, 2025, the market capitalisation of Exicom stands at ₹2304 crore.
| Particulars | Mar 2024 | Mar 2025 |
| Sales (₹ Cr) | 1,020.00 | 868.00 |
| Expenses (₹ Cr) | 907 | 905 |
| Operating Profit (₹ Cr) | 113 | -37 |
| OPM % | 11% | -4% |
| Net Profit (₹ Cr) | 64 | -110 |
| EPS (₹) | 5.29 | -9.11 |
Also read: Best Penny Stocks in IT Sector of India
Lumax Industries
Lumax Industries makes lighting systems for vehicles, like LED headlamps and tail lamps.
They supply most major car and bike companies in India, including Maruti, Hero, and Honda.
Over 58% of their revenue now comes from LED lights, which are in high demand in EVs.
They’ve partnered with Japan’s Stanley Electric and are growing as EV adoption rises.
As of July 1, 2025, the market capitalisation of Lumax stands at ₹3398 crore.
| Particulars | Mar 2024 | Mar 2025 |
| Sales (₹ Cr) | 2,637 | 3,400 |
| Operating Profit (₹ Cr) | 231 | 279 |
| OPM % | 9% | 8% |
| Tax % | 30% | 21% |
| Net Profit (₹ Cr) | 111 | 140 |
| EPS (₹) | 119 | 150 |
Greaves Cotton
Greaves Cotton is a 165-year-old engineering company in India, known for engines and now expanding into electric mobility through its EV arm. Greaves Electric Mobility (Ampere brand) is the EV arm of Greaves Cotton and has filed DRHP for a ₹1,000 crore IPO to fuel its growth. The IPO proceeds will support R&D, battery pack assembly, and production expansion across its Ranipet, Greater Noida, and Toopran plants.
As of July 1, 2025, the market capitalisation of Greaves Cotton stands at ₹4749 crore.
| Particulars | Mar 2024 | Mar 2025 |
| Sales (₹ Cr) | 2,633.00 | 2,918.00 |
| Expenses (₹ Cr) | 2,543 | 2,783 |
| Operating Profit (₹ Cr) | 91 | 136 |
| OPM % | 3% | 5% |
| Net Profit (₹ Cr) | -367 | -6 |
| EPS (₹) | -5.83 | 2.51 |
Fiem Industries
Fiem Industries makes lighting, indicators, and mirrors for two-wheelers and commercial vehicles. It supplies key parts to major brands like Honda, TVS, and Yamaha.
In 2023, it signed an MoU with Gogoro India to supply parts for electric scooters and battery-swapping tech. The company is actively growing in the EV and LED lighting space, riding on strong industry demand.
As of July 1, 2025, the market capitalisation of Fiem Industries stands at ₹5127 crore.
| Particulars | Mar 2024 | Mar 2025 |
| Sales (₹ Cr) | 2,029.00 | 2,423.00 |
| Expenses (₹ Cr) | 1,760 | 2,100 |
| Operating Profit (₹ Cr) | 269 | 322 |
| OPM % | 13% | 13% |
| Net Profit (₹ Cr) | 166 | 205 |
| EPS (₹) | 62.96 | 77.86 |
Also read: The Risks and Rewards of Investing in Penny Stocks in India
Conclusion
The government is very keen on growing the EV industry because it’s not just about selling more EVs. This is about cleaner air, energy independence, less pollution and dependence on non-renewable sources of energy, and turning India into a global hub for electric mobility. The EV industry is right at the heart of that mission, and that’s why it’s gaining serious attention from investors, big and small, and getting in by investing in their stocks now could be very beneficial for investors.
FAQs
As of July 1, here are the top 5 penny stocks in the EV sector in India as per market capitalization are Exicom Tele-Systems, Lumax Industries, Uniparts India, Fiem Industries, and Greaves Cotton. They are mainly from industries like EV charging, auto components, precision engineering, and electric mobility. With India’s strong push toward the electrification of transport, these companies are well-positioned to benefit in the coming years.
As of July 1, 2025, the five largest EV-related companies in India by market capitalisation are: Tata Motors, Hero MotorCorp, Bosch, Bharat Electronics, and Samvardhana Motherson International. Tata Motors is the market leader in electric passenger vehicles. Hero MotoCorp is a major 2W brand. Bosch is a key EV component supplier. Bharat Electronics (BEL) supplies power electronics and EV battery solutions. Samvardhana Motherson International supplies EV wiring, modules, and systems globally.
As of July 1, Bharat Electronics has the highest market cap among EV-related companies in India. The market capitalization stands at ₹3,15,965 cr. It isn’t a manufacturer of EVs, but it plays a key role in the charging and power systems. Currently working with multiple government projects for setting up charging infrastructure, Bharat Electronics is slowly becoming the backbone of the entire ecosystem in India.
EV penny stocks can be exciting because they’re part of a fast-growing electric vehicle space and are available at lower prices. But they also come with more ups and downs and may not have a long business history. Since the industry is in its formation stage it is difficult to understand the foundational stocks. However, good in-depth research and calculated risks can be extremely helpful for investors to yield big yields.
India’s EV sector is expected to grow from $18.79 billion today to over $1,050 billion by 2034. That’s nearly 56 times growth. The government is backing this with policies and funding by giving subsidies and tax benefits for local EV manufacturers. While penny stocks are smaller and come with more risk, some are in the right space, like EV charging, batteries, and auto parts, and could grow fast as demand for electric vehicles rises.
