Top EV Stocks in India Under 10 Rupees for 2024
EV Stocks
As we step into 2024, the electric vehicle (EV) EV Stocks market in India is buzzing with excitement. We’re seeing a surge in interest from investors looking to get in on the ground floor of this rapidly growing sector. With the government’s push for cleaner transportation and advancements in EV technology, now might be the perfect time to consider adding some EV stocks to our investment portfolio. But here’s the catch – not everyone has deep pockets to invest in high-priced shares.
That’s why we’ve put together a list of top EV stocks in India that are priced under 10 rupees. We’ll be taking a closer look at companies like Amara Raja Energy & Mobility Ltd, Indo National Ltd, Panasonic Energy India Co Ltd, and HBL Power Systems Ltd. These companies are making waves in different areas of the EV sector, from battery technology to charging infrastructure. By the end of this article, we’ll have a better understanding of these affordable EV-related stocks and their potential in the Indian market.
Amara Raja Energy & Mobility Ltd
Amara Raja Energy & Mobility Ltd Overview
When we talk about leading players in the EV space, Amara Raja Energy & Mobility Ltd stands out as a powerhouse. They’ve made a name for themselves in the lead acid battery sector, becoming the silent partners that keep everything from motorcycles to telecom towers running smoothly .
What’s impressive is their manufacturing prowess. They’ve got seven facilities in Andhra Pradesh, and four of these have struck gold in international-level quality circle competitions held in Jakarta, Indonesia . But that’s not all – Amara Raja has also claimed some serious firsts in the industry. They’re the pioneers in India when it comes to AGM manufacturing for two-wheelers and VRLA battery production .
The company’s leadership is equally noteworthy. Vikramadithya Gourineni, heading the New Energy Business, is steering the company through the industry’s rapid changes. His strategic vision has positioned Amara Raja as a serious contender in advanced cell technology . Then there’s Vijayanand Samudrala, a 30-year veteran of the group, who’s championing the adoption of new technologies in E-Mobility, Renewable Energy, and Advanced Energy Storage .
Amara Raja Energy & Mobility Ltd Financials
Let’s talk numbers. In the 2023-24 financial year, Amara Raja Energy & Mobility reported a profit before tax of ₹1,211.03 Cr . Their revenue for FY24 stood at ₹11,260.30 Cr, up from ₹10,389.71 Cr in FY23 . That’s some solid growth right there.
Looking back at FY 2023, we saw a significant revenue increase of 19.44%, reaching 10,388 crores compared to 8,697.15 crores in FY 22 . What’s more, they managed to boost their net profit margin by 35.49% to 694.53 crores, up from 512.57 crores in FY 22 .
The company’s financial health looks robust too. In FY 23, they maintained a Return on Equity (ROE) of 14.10% and a Return on Capital Employed (ROCE) of 18.49% . These figures suggest that Amara Raja is not just growing, but doing so efficiently.
Amara Raja Energy & Mobility Ltd EV Initiatives
Amara Raja isn’t just resting on its laurels. They’re making big moves in the EV space. They’ve got plans for a new Giga Corridor in Divitipally, Telangana, with a whopping capex of Rs 9,500 crore . This project includes setting up a lithium-ion manufacturing facility with a 16 GWh capacity over the next decade .
But that’s not all. They’re also establishing the E Positive Energy labs facility in Hyderabad for new energy solutions . This facility will manufacture EV charging products along with lithium-ion cells and packs, aiming to provide comprehensive EV solutions .
In a significant move, Amara Raja has inked a comprehensive technology licensing agreement with Gotion InoBat Batteries (GIB), a subsidiary of Gotion High-Tech from China . This partnership gives them access to Gotion’s LFP battery technology, including the less common cylindrical form factor . It’s a strategic move that reduces their dependence on solely Chinese suppliers and opens up diverse markets .
As we look ahead, Amara Raja is positioning itself as a key player in India’s energy transition, especially in energy storage and mobility spaces. With their diverse range of products and solutions catering to various automotive and industrial applications, they’re certainly a stock to watch in the EV sector.
Indo National Ltd
Indo National Ltd Overview
When we talk about established players in the Indian battery market, Indo National Ltd (INL) immediately comes to mind. This public limited company has made a name for itself in the manufacture and marketing of batteries, torches, LED products, mosquito bats, electrical accessories, and even razors and blades . What’s impressive is their extensive reach across the country. With 20 depots and a distribution network of over 3,200 distributors, Nippo, their brand, has a solid presence throughout India .
One of the interesting aspects of INL is its partnership with Matsushita, which holds a 40% stake in the company . This collaboration, along with the Indian partner Obul Reddy, brings a blend of international expertise and local market knowledge to the table.
INL isn’t just about batteries, though. They’ve diversified their product range, offering flashlights under the Nippo brand . This diversification strategy shows their adaptability to changing market demands.
What really catches our eye is INL’s commitment to innovation and national security. Their R&D department has developed batteries for India’s defense forces, showcasing their technical prowess and contribution to the country’s strategic needs .
Indo National Ltd Financials
Let’s dive into the numbers. As of now, Indo National Ltd boasts a market capitalization of Rs 444 crore . This figure gives us an idea of the company’s size and market value.
Looking at their recent performance, we see some interesting trends. In the quarter ended 2024, on a consolidated basis, INL reported a profit of Rs 1.01 crore on a total income of Rs 112.72 crore . These figures give us a snapshot of their quarterly performance.
For a broader perspective, let’s look at their annual numbers. For the year ended June 2024, INL posted a profit of Rs 131.77 crore on a total income of Rs 302.80 crore . These annual figures show a significant improvement compared to the quarterly results, indicating potential seasonal variations in their business.
An interesting point to note is the change in promoter holding. As of June 2024, the promoter holding in Indo National Ltd stands at 65.35%, unchanged from September 2023 . This stability in promoter holding could be seen as a sign of confidence in the company’s prospects.
Indo National Ltd EV Potential
Now, let’s talk about INL’s potential in the electric vehicle (EV) space. While INL isn’t directly manufacturing EVs, their expertise in battery technology positions them well for the EV revolution.
We’re seeing some exciting developments through INL’s subsidiaries. For instance, M/s. Kineco Kaman Composites India Private Ltd, a step-one subsidiary of INL, has successfully completed the delivery of the first OMA Assembly for the Human Space Flight mission – Gaganyaan . This achievement showcases their technical capabilities in advanced manufacturing, which could be valuable in the EV sector.
Moreover, INL has been making strategic moves in its subsidiary structure. They’ve appointed a new CFO in M/s. Kineco Ltd, a material subsidiary of the company . This could indicate a focus on strengthening financial management across their group companies.
In a significant development, Helios Strategic Systems Ltd, a wholly-owned subsidiary of INL, has divested its entire equity interest in Kineco Ltd, a step-down material subsidiary of the company . Such restructuring could be part of a larger strategy to streamline operations and focus on core competencies, potentially including EV-related technologies.
While INL hasn’t made any direct announcements about EV production, their strong foundation in battery technology and strategic corporate moves suggest they’re positioning themselves for future opportunities in the rapidly evolving EV market.
Panasonic Energy India Co Ltd
Panasonic Energy India Co Ltd Overview
We’ve got our eyes on another exciting player in the EV market – Panasonic Energy India Co Ltd. This company is a subsidiary of the global electronics giant, Panasonic Corporation, and it’s making waves in the battery industry . They’re not just about your everyday batteries; they’re diving deep into automotive, industrial, and consumer battery production .
What’s impressive about Panasonic Energy India is their reach. They’ve got manufacturing facilities in Jhajjar, Haryana, and Pondicherry . This strategic placement allows them to cater to both domestic and export markets, ensuring they’re well-positioned to meet the growing demand for high-quality battery solutions .
Panasonic Energy India Co Ltd Financials
Now, let’s talk numbers. In the 2021-22 financial year, Panasonic Energy India reported a revenue of Rs. 1,806.32 crore . That’s a whopping 26.5% growth compared to the previous year . But it gets better – their profit after tax stood at Rs. 92.91 crore, up from Rs. 72.41 crore in the previous year . These figures show a company that’s not just growing, but thriving.
Looking at more recent data, in March 2024, the company reported a revenue from operations of Rs. 292.42 crore . Their total revenue, including other income, reached Rs. 295.48 crore . What’s particularly encouraging is their profit after tax, which stood at Rs. 11.64 crore for the same period .
Panasonic Energy India Co Ltd EV Opportunities
Here’s where things get really exciting for us EV enthusiasts. Panasonic Energy India is perfectly positioned to capitalize on the booming electric vehicle market in India . They’re not sitting idle; they’re actively investing in research and development to create advanced battery technologies tailored for EV applications .
But that’s not all. Panasonic Group is making big moves in the EV space. They’re forming a joint venture with Indian Oil Corporation Ltd (IOCL) to manufacture cylindrical lithium-ion batteries . This partnership is driven by the anticipated expansion of demand for batteries in two- and three-wheel vehicles and energy storage systems in the Indian market .
What’s really interesting is their focus on cylindrical lithium-ion batteries. These are commonly used in consumer electronics, power tools, and, you guessed it, electric vehicles . By partnering with IOCL, Panasonic Energy aims to address environmental challenges, reduce CO2 emissions, and contribute to establishing a complete supply chain ecosystem for India’s self-reliance in the energy sector .
This move isn’t just good for Panasonic; it’s great for India’s battery industry as a whole. It’s expected to enhance cell technology, create domestic demand for raw materials, and attract new entrants to the market . With their expertise in battery development and manufacturing, Panasonic Energy is poised to play a significant role in India’s energy transition and the growth of the lithium-ion battery industry .
HBL Power Systems Ltd
HBL Power Systems Ltd Overview
We’re excited to dive into HBL Power Systems Ltd, a powerhouse in India’s industrial landscape. This company has made a name for itself in the manufacture and distribution of batteries, electronics, and electrical engineering products under the HBL Power System brand . What’s really impressive is their knack for innovation, especially in battery technology. They’ve applied their expertise across various sectors, including telecommunication, rail, and defense .
HBL’s strategy is built on six pillars, rooted in the founder’s background in technology development and management . They’ve applied this strategy to specialized batteries for defense and industry, and later expanded into defense electronics, railway signaling, artillery fuzes, and even electric truck drive trains .
One of the things that sets HBL apart is their commitment to in-house technology development. They’ve got the freedom to export and sell technology, backed by existing physical and intellectual infrastructure . This approach has positioned them as a market leader in India, holding the #1 or #2 spot in most of their product lines .
HBL Power Systems Ltd Financials
Let’s talk numbers. HBL Power Systems has been showing some impressive financial growth. In the second quarter of FY24, they reported a revenue of ₹557 Cr, contributing to a market cap of ₹11,777 Cr . That’s quite a feat for a small-cap company!
Looking at their recent performance, we see some exciting trends. In March 2024, their basic and diluted EPS stood at 9.46, a significant jump from 3.42 in the previous year . Their revenue from operations per share also saw a substantial increase, rising from 48.69 in March 2023 to 79.68 in March 2024 .
What’s really catching our eye is their profitability. The net profit margin increased from 7.07% in March 2023 to 11.94% in March 2024 . Their return on equity also saw a remarkable improvement, jumping from 9.99% to 21.88% in the same period .
HBL Power Systems Ltd EV Prospects
Now, let’s talk about HBL’s potential in the electric vehicle (EV) space. We’re seeing some exciting developments here. HBL has been investing in in-house development of all parts of the technology for motors and controllers since 2017 . They’re planning to test these products on highways in 2023, which could open up new opportunities in the EV market .
What’s really interesting is their innovative approach to the EV market. They’re planning to convert old diesel trucks to electric drive using HBL’s electric drive trains . This could be a game-changer for truck operators, potentially saving them up to Rs. 100,000 per month . The best part? This solution doesn’t need any subsidy to be viable .
Looking ahead, HBL is expecting to start sales in FY 2025 . While their solution might only be viable for a small percentage of old trucks, the scope is still huge given the large number of old trucks in India . At this time, they don’t have any competitors in this specific area, mainly because there’s no subsidy for electric trucks .
With their expertise in battery development and manufacturing, HBL Power Systems is well-positioned to play a significant role in India’s energy transition and the growth of the EV industry. We’re excited to see how their innovative approaches will shape the future of electric mobility in India.
Conclusion
The electric vehicle sector in India is brimming with potential, and these affordable stocks under 10 rupees offer an exciting entry point for investors. Companies like Amara Raja Energy & Mobility, Indo National, Panasonic Energy India, and HBL Power Systems are making significant strides in battery technology, EV components, and infrastructure development. Their financial performances and strategic initiatives show promise, positioning them well to capitalize on the growing EV market in India.
As we look ahead, it’s clear that the EV revolution is gaining momentum in India. These companies are not just riding the wave but actively shaping the future of electric mobility. While investing in penny stocks comes with its risks, the potential rewards in this rapidly evolving sector could be substantial. For those looking to dip their toes into the EV market without breaking the bank, these stocks might just be worth keeping an eye on.
FAQs
Q: What are some of the top electric vehicle (EV) stocks to consider in India?
A: Here are some notable EV stocks in India:
- Olectra Greentech Ltd
- Servotech Power Systems Ltd
- JBM Auto Ltd
- Avance Technologies Ltd
- Tata Motors Pvt Ltd
- Hindustan Copper Ltd
- Greaves Cotton Ltd
- Vedanta Ltd
Q: Which shares priced under 10 rupees are considered the best?
A: The article specifically details top EV stocks in India under 10 rupees, including companies like Amara Raja Energy & Mobility Ltd, Indo National Ltd, Panasonic Energy India Co Ltd, and HBL Power Systems Ltd.
Q: What is the anticipated market share of electric vehicles in India by 2025?
A: By 2025, it is expected that three-wheelers (3W) will achieve around 40% market penetration, potentially reaching 70% by 2030. For four-wheelers (4W), commercial vehicles are predicted to dominate this category with about 10% market penetration in 2025, increasing to about 25% by 2030.
Q: What are the expected trends in the electric vehicle market by 2025?
A: The electric vehicle market is expected to experience significant growth by 2025. Factors such as technological advancements in EVs, supportive government policies, and increasing consumer acceptance are driving this trend, as noted by analysts including those from Goldman Sachs.
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