Top EV Charging Infrastructure Stocks in India: Why the Next EV Battle May Be Fought Beyond the Vehicle
- Team Autopunditz
- 6 minutes ago
- 6 min read
India’s EV story is usually told through cars, scooters and battery prices. But the bigger long-term enabler is not only the EV itself — it is the ecosystem that allows EVs to run conveniently every day. That ecosystem includes public fast chargers, home chargers, fleet charging depots, bus charging stations, battery storage, grid upgrades, power electronics, software and reliable after-sales support.
This is why companies linked to EV charging infrastructure are getting greater investor attention. A recent market-cap based list of seven EV charging-related stocks includes ABB India, Siemens, Tata Power, Schneider Electric Infrastructure, Exide Industries, HBL Engineering and Amara Raja Energy & Mobility. However, the list should be read carefully: these are not all direct “EV charging operators”. Some are equipment suppliers, some are power utilities, and some are battery or energy-storage plays.
India’s EV charging network is expanding, but still has a long runway
India’s public EV charging infrastructure has grown rapidly over the past few years. According to government data cited in Parliament, India had 27,737 installed public EV charging stations as of March 1, 2026, of which 22,753 were operational. The Ministry of Heavy Industries has also stated that under FAME-II, 9,332 EV public charging stations were sanctioned, with 6,645 operational as of March 1, 2026.
The next phase is being supported by the PM E-DRIVE scheme, which has a total outlay of ₹10,900 crore, including ₹2,000 crore specifically earmarked for EV public charging infrastructure, battery swapping stations and battery charging stations.
This matters because India’s EV adoption will not scale only through lower vehicle prices. Consumers also need confidence that charging will be available at home, in offices, on highways, at malls, at fuel stations and at fleet depots. For commercial vehicles, e-buses, e-three-wheelers and logistics fleets, charging infrastructure is even more critical because uptime directly impacts earnings.
Top EV charging-related stocks by market capitalisation
Rank | Company | Approx. market cap shown in image | EV charging / EV infra relevance |
1 | ABB India | ₹1.44 lakh crore | Charging equipment, electrification, automation, power systems |
2 | Siemens | ₹1.36 lakh crore | EV charging hardware, smart charging, grid and depot solutions |
3 | Tata Power | ₹1.32 lakh crore | One of India’s largest EV charging network operators |
4 | Schneider Electric Infrastructure | ₹32,720 crore | Grid, distribution, switchgear and energy-management infrastructure |
5 | Exide Industries | ₹29,070 crore | Batteries, energy storage and EV ecosystem exposure |
6 | HBL Engineering | ₹21,300 crore | Batteries, power electronics and rail/industrial energy systems |
7 | Amara Raja Energy & Mobility | ₹15,390 crore | Automotive/industrial batteries and new-energy mobility transition |
Market-cap validation shows that the image is broadly in the right range, but a few figures may have shifted. For example, Screener currently shows Tata Power at about ₹1.34 lakh crore, Siemens at about ₹1.37 lakh crore, ABB India at about ₹1.54 lakh crore, Schneider Electric Infrastructure at about ₹31,293 crore, HBL Engineering at about ₹22,802 crore, and Amara Raja Energy & Mobility at about ₹16,218 crore. Exide Industries is shown around ₹32,852 crore on Screener. (Screener)
1. ABB India: The premium electrification play
ABB India sits at the top of the list by market capitalisation and is one of the most important names in electrification, automation and power technologies. In the EV charging ecosystem, ABB’s relevance comes from its global expertise in AC and DC charging solutions, including high-power charging equipment. ABB’s EV charging portfolio ranges from AC wallboxes to DC fast chargers and bus charging systems.
ABB’s global Terra 360 charger is positioned as one of the fastest chargers in the market, with the ability to serve two cars simultaneously using dynamic power allocation. For India, ABB’s opportunity is not limited to car charging. It also sits at the intersection of industrial electrification, distribution systems, high-capacity charging, grid automation and energy efficiency — all of which become more important as EV penetration rises.
2. Siemens: Smart charging, grid technology and depot electrification
Siemens is another large-cap infrastructure and electrification company that benefits from the broader shift toward electric mobility. Its EV relevance comes from smart charging hardware, software, services, depot charging and public charging applications. Siemens describes its eMobility portfolio as covering chargers, smart charging software and services for efficient energy management and uptime.
In India, Siemens also strengthened its EV charging presence by acquiring the EV division of Mass-Tech Controls in 2023, which was engaged in AC chargers and 30 kW to 300 kW DC chargers. This gives Siemens a strong position in the parts of the EV infrastructure value chain that require reliability, grid integration and scalable deployment — especially for fleets, bus depots, logistics operators and commercial charging hubs.
3. Tata Power: The most direct EV charging network play
Among the companies in this list, Tata Power is arguably the most direct EV charging infrastructure play. Its EZ Charge network has expanded across public, semi-public, fleet, home and bus charging use cases.
Tata Power says its EZ Charge network spans 620+ cities, while a recent company update stated that the network had crossed 2 lakh+ home chargers, 6,700+ public/semi-public/fleet charging points and 1,200+ e-bus charging points across 690+ cities and towns. This makes Tata Power important because it is not merely selling charging equipment; it is helping build the operating layer of India’s EV ecosystem. Its presence across highways, residential complexes, offices, malls, hotels, bus depots and fleet locations gives it a broad role in solving range anxiety.
4. Schneider Electric Infrastructure: Grid readiness becomes the next big theme
Schneider Electric Infrastructure is not a consumer-facing EV charging brand in the same way Tata Power is. Its relevance is more structural. EV charging requires stronger local distribution networks, transformers, switchgear, power management systems and energy-efficiency solutions. Schneider Electric Infrastructure manufactures electrical distribution equipment including transformers and switchgear, while the broader Schneider Electric India business spans energy management, automation and digital infrastructure.
As charging demand rises, the bottleneck will not only be charger availability. It will also be whether the grid can handle high-load charging at apartments, highways, commercial hubs, bus depots and logistics parks. That is where companies like Schneider Electric become important.
5. Exide Industries: Battery and storage exposure
Exide Industries is traditionally known for automotive and industrial batteries, but its relevance in the EV charging theme comes from the larger battery and energy-storage ecosystem. Public charging networks will increasingly require storage support, especially where fast chargers create high peak loads.
Energy storage can help charging operators manage load, reduce grid stress and improve reliability. In this context, Exide should be viewed less as a charging-station company and more as a battery and storage-linked ecosystem player.
6. HBL Engineering: Niche battery and power systems play
HBL Engineering has exposure to batteries, industrial power systems and engineering applications. It is not a mainstream EV charging operator, but it fits into the broader electrification and storage-linked ecosystem. The company’s market cap has grown sharply, and it is almost debt-free with strong profit growth over the last five years.
Its role in the EV charging story is indirect, but important: as India electrifies transport, demand rises for reliable batteries, power electronics, backup systems and high-duty-cycle energy infrastructure.
7. Amara Raja Energy & Mobility: From batteries to new-energy mobility
Amara Raja Energy & Mobility is another battery-led company transitioning toward the new-energy value chain. It remains strongly associated with automotive and industrial batteries, but its future relevance depends on how successfully it scales newer mobility and energy-storage opportunities. The company has a market cap of about ₹16,218 crore and almost debt-free status.
For India’s EV ecosystem, companies like Amara Raja matter because charging infrastructure and battery infrastructure are deeply connected. As EV charging networks scale, energy storage, battery health, backup power and grid-balancing solutions become more important.
Why charging infrastructure is becoming a serious business opportunity
The first phase of India’s EV market was led by two-wheelers and early electric cars. The next phase will be more infrastructure-heavy. Electric buses need depot charging. Delivery fleets need high-utilisation charging points. Highway EV travel needs fast chargers. Apartment EV owners need reliable home charging approvals. Commercial parking spaces may become charging revenue assets.
This is why the EV charging opportunity is now moving from simple charger installation to a more complex ecosystem of:
Fast chargers on highways and expressways
Home chargers in apartments and villas
Fleet chargers for logistics and e-commerce
Bus depot charging for state transport and private operators
Battery swapping for two-wheelers and three-wheelers
Grid upgrades and transformers
Energy storage for peak-load management
Software platforms for payments, availability, booking and uptime
This also explains why the market-cap list includes diverse companies. The charging industry is not a single-sector opportunity. It cuts across power utilities, capital goods, batteries, grid equipment, automation, software and energy management.
Auto Punditz view
Tata Power has the clearest direct charging-network exposure, while ABB, Siemens and Schneider are broader electrification and infrastructure plays. Exide, HBL Engineering and Amara Raja are more battery/storage-linked ecosystem participants.
India’s EV market will need much more than new electric cars to scale sustainably. The bigger opportunity may lie in the invisible backbone: charging points, power distribution, fast-charging corridors, fleet depots, energy storage and software-led utilisation. As EV penetration rises, charging infrastructure will become one of the most important battlegrounds in India’s clean mobility transition.
Disclaimer: This article is for information and industry analysis only. It is not a stock recommendation or investment advice.