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Indian market · Previous close · 19 Oct, 3:30 pm IST
Themes / EV

EV

Electric vehicle, component, battery, and mobility-adjacent exposure.

EVAuto-built
Theme price path

EV vs Nifty 500

Weekly basket performance over the latest 52 observations. Green is ahead of Nifty 500; red is behind.

Through 19 Oct 2026
Coverage healthy
Theme aheadTheme behindNifty 500Base 100 at the first visible weekLatest: Underperforming -12.6%
7280889610431 Oct 2025 | EV 100.0 | Nifty 500 100.0 | In line 0.0% | breadth 48% | coverage 94%07 Nov 2025 | EV 97.9 | Nifty 500 99.2 | Underperforming -1.3% | breadth 21% | coverage 94%14 Nov 2025 | EV 97.0 | Nifty 500 100.5 | Underperforming -3.5% | breadth 43% | coverage 94%21 Nov 2025 | EV 94.3 | Nifty 500 100.3 | Underperforming -6.0% | breadth 24% | coverage 94%28 Nov 2025 | EV 93.8 | Nifty 500 100.9 | Underperforming -7.0% | breadth 38% | coverage 95%05 Dec 2025 | EV 90.9 | Nifty 500 100.5 | Underperforming -9.6% | breadth 19% | coverage 95%12 Dec 2025 | EV 90.0 | Nifty 500 100.1 | Underperforming -10.1% | breadth 34% | coverage 95%19 Dec 2025 | EV 88.9 | Nifty 500 99.9 | Underperforming -11.0% | breadth 30% | coverage 95%26 Dec 2025 | EV 90.1 | Nifty 500 100.3 | Underperforming -10.2% | breadth 56% | coverage 95%02 Jan 2026 | EV 91.7 | Nifty 500 101.6 | Underperforming -9.7% | breadth 71% | coverage 95%09 Jan 2026 | EV 86.6 | Nifty 500 99.0 | Underperforming -12.5% | breadth 12% | coverage 95%16 Jan 2026 | EV 85.6 | Nifty 500 99.1 | Underperforming -13.6% | breadth 32% | coverage 95%23 Jan 2026 | EV 80.0 | Nifty 500 95.8 | Underperforming -16.5% | breadth 12% | coverage 96%01 Feb 2026 | EV 81.9 | Nifty 500 95.4 | Underperforming -14.2% | breadth 62% | coverage 97%06 Feb 2026 | EV 84.0 | Nifty 500 98.8 | Underperforming -15.0% | breadth 69% | coverage 97%13 Feb 2026 | EV 84.2 | Nifty 500 98.3 | Underperforming -14.3% | breadth 51% | coverage 97%20 Feb 2026 | EV 83.4 | Nifty 500 98.7 | Underperforming -15.5% | breadth 39% | coverage 97%27 Feb 2026 | EV 82.1 | Nifty 500 97.7 | Underperforming -16.0% | breadth 35% | coverage 97%06 Mar 2026 | EV 78.7 | Nifty 500 94.8 | Underperforming -17.0% | breadth 9% | coverage 97%13 Mar 2026 | EV 76.3 | Nifty 500 90.2 | Underperforming -15.4% | breadth 25% | coverage 98%20 Mar 2026 | EV 76.9 | Nifty 500 90.0 | Underperforming -14.6% | breadth 56% | coverage 98%27 Mar 2026 | EV 74.5 | Nifty 500 88.7 | Underperforming -16.0% | breadth 19% | coverage 98%02 Apr 2026 | EV 76.1 | Nifty 500 88.3 | Underperforming -13.8% | breadth 63% | coverage 98%10 Apr 2026 | EV 82.9 | Nifty 500 94.2 | Underperforming -12.0% | breadth 95% | coverage 98%17 Apr 2026 | EV 88.0 | Nifty 500 96.5 | Underperforming -8.8% | breadth 87% | coverage 98%24 Apr 2026 | EV 88.6 | Nifty 500 95.2 | Underperforming -6.9% | breadth 47% | coverage 98%30 Apr 2026 | EV 90.2 | Nifty 500 95.7 | Underperforming -5.7% | breadth 62% | coverage 100%08 May 2026 | EV 92.3 | Nifty 500 97.5 | Underperforming -5.3% | breadth 61% | coverage 100%15 May 2026 | EV 88.1 | Nifty 500 95.0 | Underperforming -7.3% | breadth 14% | coverage 100%22 May 2026 | EV 88.6 | Nifty 500 95.5 | Underperforming -7.2% | breadth 45% | coverage 100%29 May 2026 | EV 89.8 | Nifty 500 95.6 | Underperforming -6.1% | breadth 54% | coverage 100%05 Jun 2026 | EV 88.9 | Nifty 500 94.8 | Underperforming -6.2% | breadth 42% | coverage 100%12 Jun 2026 | EV 87.6 | Nifty 500 95.3 | Underperforming -8.1% | breadth 28% | coverage 100%19 Jun 2026 | EV 90.3 | Nifty 500 97.7 | Underperforming -7.6% | breadth 80% | coverage 100%26 Jun 2026 | EV 89.7 | Nifty 500 97.5 | Underperforming -8.0% | breadth 38% | coverage 100%03 Jul 2026 | EV 90.9 | Nifty 500 98.3 | Underperforming -7.5% | breadth 57% | coverage 100%10 Jul 2026 | EV 91.0 | Nifty 500 98.5 | Underperforming -7.6% | breadth 44% | coverage 100%17 Jul 2026 | EV 90.0 | Nifty 500 98.4 | Underperforming -8.5% | breadth 32% | coverage 100%24 Jul 2026 | EV 88.7 | Nifty 500 96.7 | Underperforming -8.3% | breadth 31% | coverage 100%31 Jul 2026 | EV 88.8 | Nifty 500 98.9 | Underperforming -10.2% | breadth 46% | coverage 100%07 Aug 2026 | EV 91.3 | Nifty 500 100.0 | Underperforming -8.7% | breadth 65% | coverage 100%14 Aug 2026 | EV 90.5 | Nifty 500 99.5 | Underperforming -9.0% | breadth 32% | coverage 100%21 Aug 2026 | EV 89.5 | Nifty 500 99.1 | Underperforming -9.7% | breadth 34% | coverage 100%28 Aug 2026 | EV 89.1 | Nifty 500 99.2 | Underperforming -10.2% | breadth 40% | coverage 100%04 Sept 2026 | EV 87.6 | Nifty 500 98.1 | Underperforming -10.7% | breadth 22% | coverage 100%11 Sept 2026 | EV 86.1 | Nifty 500 96.4 | Underperforming -10.7% | breadth 23% | coverage 100%18 Sept 2026 | EV 85.5 | Nifty 500 96.3 | Underperforming -11.2% | breadth 40% | coverage 100%25 Sept 2026 | EV 85.9 | Nifty 500 95.3 | Underperforming -9.9% | breadth 48% | coverage 100%01 Oct 2026 | EV 83.4 | Nifty 500 92.2 | Underperforming -9.5% | breadth 20% | coverage 100%09 Oct 2026 | EV 82.4 | Nifty 500 92.2 | Underperforming -10.6% | breadth 34% | coverage 100%16 Oct 2026 | EV 82.8 | Nifty 500 93.9 | Underperforming -11.8% | breadth 58% | coverage 100%19 Oct 2026 | EV 81.3 | Nifty 500 93.0 | Underperforming -12.6% | breadth 10% | coverage 99%Underperforming -12.6%31 Oct 202524 Apr 202619 Oct 2026
Theme return
-18.7%
Nifty 500
-7.0%
Vs Nifty 500
-12.6%
Latest coverage
94/95
How this plot is calculated

The theme line is green when its cumulative rebased performance is above Nifty 500 and red when it is below. The chart callout shows the latest relative performance as the theme level divided by the benchmark level, minus one.

The basket uses the theme's current reviewed companies. For each available week, we calculate every valid constituent's close-to-close return and give each company the same weight. If a weekly rollup is missing or lags the daily series, the final available daily close in that week is used.

For baskets with at least 10 valid stocks, the highest and lowest 5% of weekly returns are trimmed to reduce split, corporate-action, and single-stock distortions. Weekly basket returns are then compounded and rebased to 100 beside the Nifty 500.

Breadth is the share of valid constituents that rose that week. Coverage is the number with usable aligned prices divided by current membership. Weekly moves above 80% are excluded as likely data or corporate-action outliers.

Limitation: this is a current-membership historical reconstruction, not a point-in-time investable index. It can contain survivorship bias and excludes costs, liquidity impact, dividends, and rebalancing turnover.

Model note: Current-member weekly equal-weight returns (5% tails trimmed for baskets of 10+), compounded and rebased to 100 against Nifty 500; lagging weekly rollups are patched with the final available daily close, and rotation uses 13-week excess return with four-week acceleration.

Theme scorecard

Measures whether this idea is investable today by blending cohort quality, valuation cushion, and price momentum. It is a research filter, not advice.

Build portfolio from this theme
Theme
43
Stretched
Quality
35
Valuation
49
Momentum
50
Positive MoS
54%
P/E 42.8 · ROCE 17%
Curated research view

EV & Battery

A focused investor view: high-conviction names first, then small/micro exposure only as controlled satellite risk. Live U-Score and MoS still come from the current database.

61/100
Theme score
Selective
Investability
45.9
Live avg U
-52.9%
Live avg MoS

High-conviction shortlist

#1WAAREEINDO
Indosolar Limited
95
U
SmallMoS +86.5%Piotroski 8/9
#2VIKRAMSOLR
Vikram Solar Limited
80
U
MicroMoS +63.7%Piotroski 8/9
#3WEBELSOLAR
Websol Energy System Limited
79
U
MicroMoS +77.2%Piotroski 8/9
#4ECOSMOBLTY
Ecos (India) Mobility & Hospitality Limited
79
U
SmallMoS +72.2%Piotroski 8/9
#5DDEVPLSTIK
Ddev Plastiks Industries Limited
77
U
SmallMoS +62.7%Piotroski 8/9
#6SUZLON
Suzlon Energy Limited
75
U
MidMoS +55.5%Piotroski 8/9
#7SOLARWORLD
Solarworld Energy Solutions Limited
73
U
SmallMoS +65.5%Piotroski 6/9
#8AUTOAXLES
Automotive Axles Limited
73
U
SmallMoS +63.5%Piotroski 8/9
#9EKC
Everest Kanto Cylinder Limited
72
U
SmallMoS +76.8%Piotroski 8/9
#10WAAREERTL
Waaree Renewable Technologies Limited
72
U
MicroMoS +53.9%Piotroski 8/9
#11WAAREEENER
Waaree Energies Limited
71
U
MidMoS +51.8%Piotroski 8/9
#12GENUSPOWER
Genus Power Infrastructures Limited
71
U
SmallMoS +49.4%Piotroski 5/9

Curated company map

Names from the curated theme note. Solid chips are present in the live eligible cohort; dashed chips need membership review, ticker verification, or may be indirect/unlisted exposure.

8/9 live eligible
TATAMOTORSM&MEXIDEINDARE&MKPITTECHMOTHERSONUNOMINDABELSUZLON

Investment thesis

EV adoption, battery manufacturing, component localisation, charging infrastructure, and software/electronics create a broad but early-stage ecosystem.

1-2 year outlook: Moderate to positive. Use diversified OEMs and proven component makers first.
Recommended allocation: 4-8%.

Key triggers

  • FAME/state policies
  • Gigafactory capacity
  • 2W/3W adoption
  • Fleet electrification

Major risks

  • Subsidy changes
  • China import dependence
  • Charging gaps
  • Technology disruption
Small, micro, and SME names should be opt-in exposure. Suggested filters: U-Score above 65, positive MoS, Piotroski 7+, debt/equity below 0.8, promoter pledge below 10%, and enough traded value to exit without slippage.

Thesis

A data-generated EV basket from tagged stocks. It focuses on investable listed beneficiaries while keeping valuation and balance-sheet checks visible.

  • ▸EV adoption and supply-chain localization
  • ▸Component makers can be cleaner plays than OEMs
  • ▸Profitability dispersion is high

Top picks · ranked by U-Score within this cohort

#1WAAREEINDOSmall
Indosolar Limited
Industrials
DEEP VALUE

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +86.5%Piotroski: 8/9ROCE: 124%P/E: 5.1D/E: 0.01
95
U-Score
₹211.65
Open →
#2VIKRAMSOLRMicro
Vikram Solar Limited
Industrials
DEEP VALUE

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +63.7%Piotroski: 8/9ROCE: 31%P/E: 14.8D/E: 0.19
80
U-Score
₹140.83
Open →
#3WEBELSOLARMicro
Websol Energy System Limited
Industrials
DEEP VALUE

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +77.2%Piotroski: 8/9ROCE: 63%P/E: 9.6D/E: 0.21
79
U-Score
₹65.33
Open →

Full cohort

ECOSMOBLTYSmall
Ecos (India) Mobility & Hospitality Limited
Auto
DEEP VALUE

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +72.2%Piotroski: 8/9ROCE: 28%P/E: 10.8D/E: 0.03
79
U-Score
₹105.10
Open →
DDEVPLSTIKSmall
Ddev Plastiks Industries Limited
Consumer
DEEP VALUE

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +62.7%Piotroski: 8/9ROCE: 31%P/E: 12.0D/E: 0.06
77
U-Score
₹256.29
Open →
SUZLONMid
Suzlon Energy Limited
Industrials
DEEP VALUE

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +55.5%Piotroski: 8/9ROCE: 34%P/E: 18.3D/E: 0.06
75
U-Score
₹40.38
Open →
SOLARWORLDSmall
Solarworld Energy Solutions Limited
Power
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +65.5%Piotroski: 6/9ROCE: 24%P/E: 9.2D/E: 0.30
73
U-Score
₹121.73
Open →
AUTOAXLESSmall
Automotive Axles Limited
Auto
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +63.5%Piotroski: 8/9ROCE: 22%P/E: 13.9D/E: 0.01
73
U-Score
₹1621.90
Open →
EKCSmall
Everest Kanto Cylinder Limited
Industrials
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +76.8%Piotroski: 8/9ROCE: 12%P/E: 8.9D/E: 0.14
72
U-Score
₹101.62
Open →
WAAREERTLMicro
Waaree Renewable Technologies Limited
Industrials
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +53.9%Piotroski: 8/9ROCE: 83%P/E: 18.1D/E: 0.16
72
U-Score
₹826.20
Open →
WAAREEENERMid
Waaree Energies Limited
Industrials
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +51.8%Piotroski: 8/9ROCE: 38%P/E: 18.0D/E: 0.22
71
U-Score
₹2515.00
Open →
GENUSPOWERSmall
Genus Power Infrastructures Limited
Power
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +49.4%Piotroski: 5/9ROCE: 25%P/E: 13.1D/E: 1.04
71
U-Score
₹282.75
Open →
ARKADESmall
Arkade Developers Limited
Real Estate
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +62.5%Piotroski: 6/9ROCE: 19%P/E: 12.5D/E: 0.11
69
U-Score
₹114.12
Open →
CIEINDIAMicro
CIE Automotive India Limited
Auto
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +59.5%Piotroski: 8/9ROCE: 15%P/E: 16.1D/E: 0.07
66
U-Score
₹371.40
Open →
SAATVIKGLMicro
Saatvik Green Energy Limited
Industrials
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +49.1%Piotroski: 6/9ROCE: 33%P/E: 20.7D/E: 0.69
64
U-Score
₹387.40
Open →
PREMIERENEMid
Premier Energies Limited
Industrials
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +37.7%Piotroski: 8/9ROCE: 33%P/E: 24.7D/E: 0.86
64
U-Score
₹899.00
Open →
LODHALarge
Lodha Developers Limited
Real Estate
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +25.1%Piotroski: 8/9ROCE: 16%P/E: 25.6D/E: 0.42
64
U-Score
₹1030.00
Open →
SHREEOSFMSME
Shree OSFM E-Mobility Ltd.
Auto
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +72.6%Piotroski: 8/9ROCE: 12%P/E: 12.3D/E: 0.15
63
U-Score
₹52.00
Open →
ASALSmall
Automotive Stampings and Assemblies Limited
Auto
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +42.0%Piotroski: 6/9ROCE: 25%P/E: 21.9D/E: 3.44
63
U-Score
₹420.35
Open →
HINDUNILVRLarge
Hindustan Unilever Limited
FMCG
UNDERVALUED

Auto-included from the EV tag. Use the scorecard and metrics to decide whether it fits your thesis.

MoS: +35.3%Piotroski: 8/9ROCE: 28%P/E: 40.3D/E: 0.03
61
U-Score
₹1853.20
Open →
Sign in for the full theme cohort

The first 20 ranked names are open. Sign in to see every company attached to this theme. 75 more rows available after sign-in.

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The rationale above is editorial — the ranking uses our U-Score engine so the names you see first are the strongest fundamentals fit, not the most popular or most-mentioned. Re-rank yourself if you weigh valuation or quality differently. All information is for study purposes only — consult your financial advisor before investing.