India’s electric vehicle industry continued to expand in FY26, supported by rising adoption, policy support and investments in charging infrastructure and battery manufacturing. Industry estimates suggest the domestic EV market could grow at more than 40% CAGR through 2030, making EV-linked stocks a closely watched segment for investors.
Among selected listed companies, Ather Energy Ltd posted the strongest revenue growth in FY26, while Olectra Greentech Ltd recorded the highest growth in net profit.
Ather Energy posts strongest revenue growth
Ather Energy Ltd, which manufactures electric two-wheelers and operates the Ather Grid charging network, reported revenue from operations of Rs 3,672 crore in FY26, up 62% from Rs 2,255 crore in FY25.
The company’s operating loss narrowed to Rs 408 crore from Rs 581 crore, while net loss reduced to Rs 517 crore from Rs 812 crore.
With a market capitalisation of Rs 38,530 crore, the stock was trading at around Rs 1,006.55, about 6% below its 52-week high of Rs 1,068.80. The company reported negative return on capital employed (ROCE) of 19.8% and return on equity (ROE) of 33.4%.
Olectra Greentech reports strong earnings growth
Olectra Greentech Ltd, a manufacturer of electric buses and composite products, posted revenue of Rs 2,312 crore in FY26, compared with Rs 1,802 crore a year earlier, representing growth of 28%.
Operating profit increased 26% to Rs 330 crore from Rs 262 crore, while net profit rose 29% to Rs 180 crore from Rs 139 crore.
The company had a market capitalisation of Rs 10,501 crore, with shares trading around Rs 1,279, about 34% below their 52-week high of Rs 1,712.50. The stock was trading at a price-to-earnings ratio of 59.8, compared with the industry average of 28.4.
JBM Auto delivers moderate growth
JBM Auto Ltd, which manufactures electric buses and automotive components, reported revenue from operations of Rs 6,088 crore in FY26, up 11% from Rs 5,472 crore in FY25.
Operating profit rose 5% to Rs 673 crore, while net profit increased 10% to Rs 238 crore from Rs 215 crore.
With a market capitalisation of Rs 15,700 crore, the stock was trading at Rs 663.90, about 19% below its 52-week high of Rs 790. JBM Auto was trading at a P/E ratio of 71.4, compared with the industry average of 27.6.
Exide Industries posts steady growth
Exide Industries Ltd, which manufactures automotive and industrial batteries and is expanding into lithium-ion cells, reported revenue of Rs 17,995 crore in FY26, up 4.3% from Rs 17,238 crore in FY25.
Operating profit increased 3.6% to Rs 1,870 crore, while net profit rose 7.5% to Rs 860 crore from Rs 800 crore.
The company had a market capitalisation of Rs 33,264 crore, with shares trading at Rs 391.35, around 10% below their 52-week high of Rs 430.85. Exide was trading at a P/E ratio of 39.8, compared with the industry average of 27.6.
FY26 growth comparison
| Company | Revenue Growth | Net Profit Growth |
|---|---|---|
| Ather Energy | 62% | Loss narrowed |
| Olectra Greentech | 28% | 29% |
| JBM Auto | 11% | 10% |
| Exide Industries | 4.3% | 7.5% |
Among the companies reviewed, Ather Energy recorded the highest revenue growth during FY26, while Olectra Greentech delivered the strongest increase in net profit.
TL;DR:
India’s EV sector continued to expand in FY26. Among selected stocks, Ather Energy reported the highest revenue growth at 62%, while Olectra Greentech posted the strongest net profit growth at 29%.
AI summary:
- Ather Energy’s revenue rose 62% in FY26, the highest among the companies reviewed.
- Olectra Greentech reported 28% revenue growth and 29% growth in net profit.
- JBM Auto posted 11% revenue growth and 10% profit growth.
- Exide Industries recorded 4.3% revenue growth and 7.5% profit growth.
- EV adoption and infrastructure investments continued to support sector growth.
