India's electric vehicle (EV) industry is shifting gears rapidly, fueled by government incentives, rising environmental consciousness, and technological innovation. The sector saw robust growth in FY24, with passenger vehicles dominating 57% of total EV sales. Electric two-wheelers (E2W) followed with 38%, while electric three-wheelers (E3W) made up the remaining 5%.

This varying pace of adoption across vehicle types is part of a much larger boom: India's EV market is expected to grow from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, at a staggering CAGR of 66.52%. Annual sales could hit 10 million units by 2033, with the government targeting 30% electrification of private cars and 70% for commercial vehicles by 2030. As investment pours in, India is on track to become the world’s largest EV market by 2030.

Here’s a look at the top EV stocks to watch following the March 2025 sales update for the 2-wheeler segment:

1. Bajaj Auto Limited

• Market Cap: ₹2,22,530.61 crore
• Stock Price: ₹7,968.65 (↑ 1.20%)
• March 2025 EV Sales: 34,863 units
• YoY Growth: +93% (vs. 18,089 units in March 2024)
• MoM Growth: +62% (vs. 21,537 units in February 2025)

Insight:

Bajaj Auto’s strong YoY and MoM numbers reflect growing consumer trust and demand in their EV portfolio, positioning it as a key player in the market’s expansion.

2. TVS Motor Company Limited

• Market Cap: ₹1,16,301.33 crore
• Stock Price: ₹2,448 (↑ 1.14%)
• March 2025 EV Sales: 30,453 units
• YoY Growth: +14% (vs. 26,645 units in March 2024)
• MoM Growth: +61% (vs. 18,911 units in February 2025)

Insight:

TVS continues to show steady growth, with strong month-on-month momentum, suggesting solid traction for its electric offerings like the iQube series.

3. Ola Electric Mobility Limited

• Market Cap: ₹23,267.13 crore
• Stock Price: ₹52.75 (↓ 0.42%)
• March 2025 EV Sales: 23,430 units
• YoY Growth: 56% (vs. 53,646 units in March 2024)
• MoM Growth: +171% (vs. 8,653 units in February 2025)

Insight:

Despite a steep YoY dip, Ola Electric’s sharp MoM rebound reflects a potential turnaround. New models, offers, or better distribution may be driving this recovery.

4. Hero MotoCorp Limited (Vida + Ather Energy)

• Market Cap: ₹75,229.08 crore
• Stock Price: ₹3,761.25 (↑ 1.05%)

5. Ather Energy (40.39% stake by Hero MotoCorp)

• March 2025 Sales: 15,446 units
• YoY Growth: 11% (vs. 17,429 in March 2024)
• MoM Growth: +29% (vs. 11,944 in February 2025)

6. Vida (Hero MotoCorp’s in-house EV brand)

• March 2025 Sales: 7,977 units
• YoY Growth: +95% (vs. 4,085 in March 2024)
• MoM Growth: +196% (vs. 2,692 in February 2025)

Insight:

While Ather saw a slight annual decline, its monthly numbers are picking up. Hero’s Vida brand, however, is clearly gaining traction with an explosive rise in demand.

7. Greaves Cotton Limited (Greaves Electric Mobility)

• Market Cap: ₹4,986.73 crore
• Stock Price: ₹214.50 (↑ 0.09%)
• March 2025 EV Sales: 5,641 units
• YoY Growth: +87% (vs. 3,010 in March 2024)
• MoM Growth: +52% (vs. 3,703 in February 2025)

Insight:

Greaves is steadily building its presence in the EV space with strong year-on-year and month-on-month growth, indicating increasing market acceptance and scalability.

The March 2025 sales updates clearly show that India’s EV sector is entering a high-growth phase, especially in the two-wheeler segment. Companies like Bajaj Auto, TVS Motor, and Hero MotoCorp (Vida) are witnessing strong consumer interest, while Ola Electric and Greaves Cotton are making comebacks with sharp MoM recoveries.

As India accelerates toward its ambitious 2030 targets, these companies—and their stock movements—are worth tracking for both investors and industry watchers.