Top Electric Vehicle Component (EV) Stocks in India

Electric vehicles (EVs) are reshaping the automotive landscape globally, and India is no exception. With the increasing popularity of EVs on Indian roads, there’s a rising demand for the essential parts that make these vehicles run smoothly. Companies specializing in making these crucial components are becoming significant players in the market.

Let’s take a closer look at some top Electric Vehicle Component (EV) Stocks in India

1- Sona Comstar

Established in 1995 as Sona Okegawa through a joint venture with Mitsubishi Materials, Sona Comstar embarked on its journey in component manufacturing. The company has since honed its focus on research and development, crafting mechanical and electrical hardware systems, components, and software solutions to meet evolving customer needs. In 2016, Sona Comstar embarked on its electric vehicle (EV) journey, supplying EV differential gears. By 2020, the company achieved a significant milestone of producing 250 million gears and secured contracts for EV motors. Notably, Sona Comstar stands out globally for its capability to design high-power density EV systems capable of handling high torque requirements with lightweight designs, while adhering to stringent durability, performance, and NVH (noise, vibration, and harshness) specifications demanded by EV manufacturers.

Sona Comstar manufactures a range of EV components for electric two-wheelers and three-wheelers. For electric two-wheelers, their product lineup includes 360° short-range radar sensors, drive motors, controllers, hub wheel motors, and integrated motor & controller units. For electric three-wheelers, they produce 360° short-range radar sensors, drive motors, controllers, and E-Axis systems.

Top Electric Vehicle Component (EV) Stocks in India
Sona BLW Precision Forgings Ltd.

Last year, Sona Comstar collaborated with UK-based Equipmake to produce electric vehicle components. Equipmake licensed its patented spoke motor and inverter technology (100kW to 440kW) to Sona BLW Precision Forgings (Sona Comstar) for manufacturing and selling EV powertrains, sub-systems, and components for electric cars, buses, commercial vehicles, and off-road vehicles. Sona Comstar will handle business development and customer sales in India, Thailand, and select South Asian countries, while Equipmake will manage sales worldwide. Sona Comstar recently inaugurated its new manufacturing plant in the Fipasi Industrial Park, Silao, Mexico of which Tesla Inc. is believed to be an EV manufacturer but the officials confirm nothing. The company has also raised its capex to Rs 1,200 crore for its EV business. 

Read More: Top Electric Vehicle Battery Companies Stocks in India

2- Uno Minda

Uno Minda Limited is a leading global manufacturer of proprietary automotive solutions and systems, serving OEMs as a Tier-1 supplier. Established in 1958, the company is renowned for producing automotive switching, lighting, acoustics, seating, and alloy wheels. Uno Minda has developed a robust portfolio of electric vehicle-specific products, spearheading the automotive industry’s transition to electric mobility. The company manufactures and supplies over 20 automotive components and systems to prominent OEMs in India, Asia, South and North America, and Europe. 

In the two-wheeler electric vehicle segment, the company manufactures a variety of products like alloy wheels, off-board chargers, battery management systems, two-wheeler lights, switches, horns, battery packs, DC-DC converters, motor controllers, traction motors, telematics, smart plugs, seats, RCD cables, sensors, and actuators. In electric three-wheelers, UNO Minda manufactures components like LED DRL, LED Headlamps, LED indicators, Cabin Lamp, Telematics Control Unit, DC Converter, Battery packs, onboard chargers, etc.

Top Electric Vehicle Component (EV) Stocks in India
UNO MINDA

The company’s share witnessed a 4.6% surge in its shares recently. This surge is due to the tie-up with Starcharge Energy to manufacture and sell electric vehicle supply equipment in the country. The company has entered into a technical license agreement with Starcharge Energy Pte for wall-mounted AC chargers designed for home charging.

3- Gabriel India

Gabriel, the flagship company of the Anand Group, is a leading manufacturer of suspension components. Its portfolio includes ride control products such as shock absorbers, struts, and front forks for all automotive segments. The company is said to be the largest domestic manufacturer of suspension components and is well-positioned to benefit from the growing EV market, particularly in the two-wheeler segment. The company is selectively partnering with startups and established players in the e-2W and e-3W segments. Gabriel is developing products for EV OEMs like OLA Electric, Okinawa, Ather Energy, Bajaj Auto, M&M, and Tube Investment of India. Gabriel has a stronghold in the aftermarket with a 40% market share in the products it sells through its outlets. The company plans to increase its market share across segments by leveraging established relationships with domestic and global OEMs and OESs.

Gabriel India

4- Pricol

Pricol Limited, established in 1975, is a leading Indian manufacturer of automotive components, offering products like instrument clusters, sensors, telematics solutions, pumps, wiper systems, and infotainment systems for various vehicle segments. With three international offices, nine manufacturing units, and a presence in over 45 countries, Pricol serves major OEMs such as Honda, Yamaha, and Hero MotoCorp. The company emphasizes innovation through significant investment in R&D and is committed to sustainability and eco-friendly practices.

Pricol

A few months ago the company showcased its range of EV-ready products and technologies in the 4th Edition of the Global Summit & Exhibition EVs in New Delhi. The products are as follows:

  • Actuation and Control System which includes Cabin Tilting System, Disc Brake, Electrical Oil Pump, Coolant Pump 
  • Driver Information Solution which includes LCD, TFT Display, Hybrid Display (TFT+LCD)
  • Connected Vehicle Solution which includes Integrated Display & Infotainment Solutions, Telematics
  • Battery Management Systems

Pricol’s current customers include prominent names like BMW, Bajaj, Hero MotoCorp, Mahindra, Maruti Suzuki, TVS, Ashok Leyland, Tata, and JCB etc. While it is not confirmed that Pricol is selling its showcased EV components to these major companies, its established partnerships suggest the potential for supplying EV-ready products to these and other firms in the future. Pricol is actively seeking collaborations and exploring business opportunities with global players in the e-mobility segment, aiming to solidify its position as a preferred partner for leading automotive OEMs worldwide.

Read More: Top Electric Two-Wheeler Stocks to Watch in India

5- Talbros Automotive Components

Talbros Automotive Components Limited, established in 1956, is a leading Indian manufacturer of a wide range of automotive components, including gaskets, heat shields, forgings, suspension systems, anti-vibration products, and hoses. With a global presence in over 50 countries and multiple manufacturing facilities in India, Talbros supplies major OEMs like Maruti Suzuki, Tata Motors, and Honda.

Talbros Automotive Components

Talbros’ joint venture firm- Marelli Talbros Chassis Systems (MTCS), recently secured a multi-year contract worth around Rs 1,000 crore from a European OEM to supply suspension arms for both ICE and EV platforms. Production will be carried out at the Pune plant of MTCS, with a planned capex investment of Rs 65 crore in FY25. Last year, the company and its JV firm received orders totaling Rs 980 crore across various product segments. 

6- Varroc Engineering 

Varroc, a global tier-1 automotive component company, started its operations in India in 1990 with the Polymer business. It specializes in designing, manufacturing, and supplying exterior lighting systems, plastic and polymer components, electrical-electronic components, and precision metallic components to OEMs worldwide. 

Varroc Engineering

Varroc manufactures traction motors, controllers, and DC-DC converters for Electric Vehicles (EVs). Additionally, the company prioritizes lightweight technologies and efficiency to minimize battery consumption. This strategy enables Varroc’s customers to reduce battery size while extending the range of EVs at the current capacity. As a key provider for leading two-wheeler brands such as Bajaj Auto, Royal Enfield, KTM, and many others, Varroc Engineering operates at around 60–65% capacity The company has established a Surface-Mount-Technology (SMT) plant dedicated to electric vehicles in 2019. At present, they have eight, state-of-the-art SMT lines and related assembly lines.

Varroc’s centralized electronics manufacturing hub can produce and supply 35 million PCBAs annually. Varroc Engineering announced orders totaling over Rs 5178 crore during FY23. Notably, business wins from seven prominent EV customers accounted for Rs 1,796.8 crore of the total amount.

FINAL THOUGHTS 

As EVs gain traction on Indian roads, the demand for essential components is surging. Companies that specialize in producing these vital parts are emerging as key players in the market. Sona Comstar, Uno Minda, Gabriel, Pricol, Talbros, and Varroc are at the forefront of this transformation, presenting compelling opportunities for investors interested in the EV sector. Monitoring their stocks and staying informed about their latest advancements could lead to substantial benefits for those looking to invest in the rapidly growing electric vehicle industry. 

Read More: Top Four Wheeler EV Stocks in India