⚡ At a glance
India’s EV supply chain in 2025 is no longer just a “theme” — it’s a full-blown stock market genre. From semiconductors to charging stations, chemical dudes to connector bros, everyone’s got a shot at becoming the “next Tesla supplier.” The result? A red-hot, high-voltage rally across EV component stocks that’s melting valuations faster than your iPhone charger melts your palm.
🚙 Wait… What Exactly Is the “EV Supply Chain”?
Glad you asked. Most people think EV = electric car companies.
But the real money is in:
| Layer | What’s Hot | Examples |
|---|---|---|
| 🔋 Batteries | Lithium cells, BMS, pack assembly | Amara Raja, Exide Energy, Godi India |
| 🔌 Charging Infra | EV chargers, management systems | Servotech, Statiq, ChargeZone |
| 💻 Semiconductors | Controllers, sensors, chips | Kaynes, SPEL, Syrma SGS |
| ⚙️ Components | Axles, gears, connectors, wiring | Simmtech, Suprajit, SJS Enterprises |
| 🧪 Chemicals | Electrolytes, additives | Neogen Chemicals, Tatva Chintan |
| 🏭 Manufacturing | Assemblers, EMS providers | Dixon Tech, Avalon, Syrma again |
🔥 Why Is This Getting Hotter Now?
Let’s plug in some triggers (pun 100% intended):
1. Budget 2025: Big Boi Capex
- FM Nirmala dropped a fat 💰 on EV infra.
- ₹8,000 crore for EV charging infra and battery swapping.
- 50% viability gap funding extended to tier-2 cities.
2. FTA with UK & EU
- Customs duty relief for EV parts importers.
- Big win for companies sourcing tech from abroad.
3. PLI Schemes Galore
- PLI for Advanced Chemistry Cells (ACC) = ₹18,100 crore.
- EV auto + auto component = ₹26,000 crore.
Add this all up = India has more incentives than Tinder Premium for EV makers.
💼 Who’s Making the Real Money?
Let’s expose the hidden heroes (and some sneaky posers):
🔋 Battery Boys
| Company | FY25 Revenue | EV Biz Share | Comment |
|---|---|---|---|
| Amara Raja Energy | ₹11,275 Cr | ~20% EV | Gigafactory under construction |
| Exide Energy | ₹17,393 Cr | ~10% EV | Linked with Hyundai & Tata |
| Godi India (Unlisted) | — | Niche | India’s only solid-state R&D leader |
🔌 Charger Chargers
- Servotech Power Systems: Up 320% in 1 year, tied with Bharat Petroleum for 5,000+ chargers.
- Delta Electronics India: Big in commercial chargers. Boring name, massive margins.
🧪 Chemical Chaacha
- Neogen Chemicals: Making additives for batteries. EBITDA margin: 22%.
- Tatva Chintan: IPO darling now climbing slowly.
📉 What About The Losers?
- RattanIndia Enterprises: Still figuring out what exactly it does.
- Wardwizard Innovations (Joy e-bike): More hype than horsepower.
- SME EVs: 6 out of 10 are just “EV” by name, with no real product. Check if their website even loads.
🛠️ What’s Changing in 2025?
- From EV Vehicles to EV Ecosystem: No longer about who makes the car — it’s about who powers, charges, and manages it.
- India Stack 2.0: Just like UPI made banks obsolete, interoperable charging protocols might make brand loyalty obsolete.
- Smart Charging = Smart Stocks: Companies developing intelligent load balancing, dynamic pricing for chargers, and grid integration = 🧠💰
📈 Market Buzz — Who’s Riding the EV Surge?
| Stock | 1Y Return | Sector | Why It’s Buzzing |
|---|---|---|---|
| Servotech | +320% | Charging Infra | Big PSU tie-ups |
| Kaynes Tech | +180% | Semis/EMS | Domestic chip packaging hero |
| SJS Enterprises | +90% | Decorative EV Parts | Low-key EV beneficiary |
| Neogen Chem | +75% | Battery Chemicals | Consistent R&D and export orders |
🧮 Valuations — Getting Shocking?
| Company | P/E | EV Theme? | Overpriced? |
|---|---|---|---|
| Servotech | 150x | ✅ | Probably |
| Kaynes | 95x | ✅ | Maybe |
| Amara Raja | 22x | ✅ | Decent |
| Exide | 19x | ✅ | Attractive |
If it’s EV-related, the market’s treating it like it’s Tesla India. Even if it’s more like Tata Nano with LEDs.
⚠️ Red Flags in the EV Race
- SME EV pump & dumps: “EV” in the name, “Excel sheet” in the factory.
- Fad-based IPOs: Filing DRHP with just 1 prototype and 20 interns.
- Dependence on China: Lithium still mostly imported — geopolitical risk remains.
- Valuation Bubble: Most EV proxy stocks are now priced for perfection.
💭 EduInvesting Take
India’s EV supply chain today is like Flipkart in 2009 — chaotic, half-built, and full of knockoffs… but undeniably the future.
If Ola, Ather, Tata, and Hyundai are the actors, then companies like Servotech, Kaynes, and Neogen are the screenwriters. They don’t get all the limelight — but without them, the EV movie doesn’t run.
Real multibaggers won’t be the e-scooter brands with influencers doing wheelies on reels. They’ll be the companies making that invisible stuff — the sensors, ICs, charging panels, electrolytes, and power management software.
🧨 Final Words
“India skipped landlines and went straight to mobile.
Now we’re skipping ICE and going full EV.”
Just make sure you’re not buying the charger when the socket doesn’t exist. Pick wisely.
📅 Written by Prashant Marathe
📍 Date: 31 May 2025
Tags: EV supply chain, India electric vehicle stocks, battery stocks India, Servotech, Amara Raja, Kaynes Tech, Neogen Chemicals, EduInvesting sectors 2025
