India has no pure-play listed EV charging company, but several NSE and BSE listed companies have EV charging exposure, from charger makers such as Exicom and Servotech to Tata Power, which runs the EZ Charge network. For almost all of them, charging is one segment of a larger business, so the question is not "which are EV charging stocks" but "how big is the charging part, and how does it earn?" This guide lists the top 10 listed companies with EV charging exposure, explains what each does, shows which major networks are private, and gives a checklist for reading the numbers. It contains facts only and is not investment advice.
Top 10 listed EV charging companies in India (with exposure)
The list is not a ranking and not a recommendation. It is ordered by how directly each company is linked to EV charging.
| Company | Ticker | Role | How EV charging fits |
|---|---|---|---|
| Exicom Tele-Systems | NSE: EXICOM | Charger manufacturer | Two businesses: critical power for telecom and EV chargers. It supplies AC and DC chargers to vehicle makers, charge point operators and fleets, and has said it is the first in India to make liquid-cooled power modules for EV chargers |
| Servotech Renewable Power System | NSE: SERVOTECH | Charger manufacturer and network | Makes AC and DC chargers and solar products and runs the Incharz network. Its presentations cite supply orders from oil and gas companies such as BPCL and Adani TotalEnergies |
| Tata Power | NSE: TATAPOWER | Operator | Runs EZ Charge, which it describes as India's largest public EV charging network, within a large power generation, distribution and solar business |
| HBL Engineering | NSE: HBLENGINE | Diversified electronics | Batteries and electronics with EV charging infrastructure exposure, alongside railway and defence electronics |
| ABB India | NSE: ABB | Diversified electrification | Supplies high-power DC fast chargers as part of a larger electrification and automation business |
| Siemens | NSE: SIEMENS | Diversified industrial | Offers charging hardware as a small part of a broad industrial portfolio |
| Schneider Electric Infrastructure | NSE: SCHNEIDER | Grid equipment | Makes power distribution equipment that supports charging infrastructure; the link to charging is indirect |
| Adani Total Gas | NSE: ATGL | City gas retail with charging | States it is building EV charging alongside its CNG and city gas retail network |
| Reliance Industries | NSE: RELIANCE | Conglomerate | Indirect: a joint venture with bp runs Jio-bp pulse, a large charging network |
| Exide Industries | NSE: EXIDEIND | Battery maker | Adjacent: batteries for the EV ecosystem rather than charging itself |
Tickers and listings can change, so confirm them on the NSE and BSE websites before you rely on them. The shorter version of this table, together with franchise costs, is in our guide to EV charging station companies in India.
Three types of exposure
- Charger makers (Exicom, Servotech): earn when they sell chargers. What matters is order flow, customer mix and margins.
- Operators (Tata Power, Adani Total Gas): earn when drivers buy electricity at their stations. What matters is utilisation, meaning how often chargers are actually used, and the cost of electricity.
- Diversified companies (ABB, Siemens, Schneider, HBL, Reliance): charging is a small part, so the share price depends mostly on other businesses.
Large charging networks you cannot buy on the exchange
Several of India's best-known networks are privately held, including Statiq, ChargeZone, Bolt.Earth and Kazam. Glida is part of a foreign group. Public investors cannot buy these directly. See their profiles and many more in the EV Charging & Networks directory.
How to read EV charging exposure: a 7-point checklist
- Segment revenue: open the annual report or quarterly results and find the revenue by business segment. How much comes from EV charging?
- Manufacturer or operator: they earn in different ways and face different risks.
- Customers: does the company depend on a few large buyers, such as vehicle makers or oil companies?
- Utilisation (for operators): low charger usage is the sector's main weakness.
- Profitability and debt: check whether the charging segment makes a profit, and how the company is funded.
- Policy dependence: government schemes such as PM E-DRIVE can change. Support is aimed mainly at public and government-linked projects.
- Competition and pricing: the market is crowded, and charger prices and tariffs vary widely.
Where to find reliable information
- NSE and BSE announcements: results, investor presentations and corporate filings.
- Annual reports: segment reporting and risk disclosures.
- Company investor-relations pages: presentations and press releases.
- A SEBI-registered investment adviser: for advice about your own situation.
Where charging stocks sit in the bigger picture
India now has tens of thousands of public charging stations, but the number of vehicles using each charger decides whether a charging business is profitable. To understand how the network works, read EV Charging Station in India, and to see the difference between the charger and the station business, read EV Charging Station vs EV Charger. Thinking of a direct business instead of shares? See EV charging investment opportunities.
Is your EV charging company on TRANDS?
Drivers, buyers and investors look for charging companies by city and category. List your business free or claim your profile. Browse all providers in the Companies directory.
Conclusion
If you are looking at listed companies, remember that none is a pure EV charging business. Decide whether you want exposure to charger makers, operators or diversified companies, check how much of each company's revenue actually comes from charging, and verify every fact on the exchanges and in company filings.
Disclaimer: This guide provides general information from public sources and company statements. It is not investment, financial or legal advice, and it does not recommend buying, holding or selling any security. Company descriptions, tickers and listings change. Verify details on NSE, BSE and company filings, and consult a SEBI-registered investment adviser before making any investment decision. Read the TRANDS investment disclaimer. TRANDS is an independent directory.