Kerala Ranks 6th in EV Penetration: How Can You Profit From India’s EV Boom?
- Kiran S N
- Jul 6
- 5 min read
FY25 was a landmark year for India’s electric vehicle (EV) journey, with penetration reaching 7.77% along with a growth rate of 15.31% for the year. States like Tripura (15.87%), Goa (11.94%), Assam (11.06%), and Kerala (10.54%) emerged as frontrunners along with UTs Like Chandigarh (12.03%) and Delhi (11.58%).
On the flip side, and ironically, Tripura's neighbours - Nagaland (0.06%), Sikkim (0.08%), and Arunachal Pradesh (0.15%) had the lowest EV penetration.
What’s working for the frontrunners?
States like Kerala and Delhi benefited from strong government support, including subsidies, better infrastructure, and focused policies like Delhi’s anti-pollution measures. Even smaller states like Tripura made strides by prioritizing charging infrastructure. On a national level, initiatives like FAME II gave the needed push to states leading the way.
At the national level, India aims to have EVs account for 30% of private cars, 40% of buses, 70% of commercial vehicles, and 80% of two- and three-wheelers by 2030 under the EV30@2030 initiative. This translates to approximately 50 million EVs on Indian roads by the end of the decade. The government’s push includes the FAME II scheme, which offers subsidies for electric two-wheelers, three-wheelers, and buses, and a reduced GST of 5% on EVs to make them more affordable. Additionally, charging infrastructure expansion is a priority, with plans to install charging stations every 25 kilometres on highways and within urban centres.
This brings us to how you and I can benefit from this boom....
When most people think about investing in the EV industry, their minds jump to automakers like Mahindra & Mahindra, Bajaj, or Ola. However, what often gets overlooked is the vast potential in EV ancillaries. While still in its early stages, the ancillary segment - spanning components, batteries, and infrastructure which offers exciting opportunities. Beyond just the vehicles, a lot goes into enabling the manufacturing and operation of EVs in India. For this article, let’s dive into the opportunities provided by EV infrastructure, a critical yet underexplored piece of the puzzle.
India's EV infrastructure is rapidly evolving, driven by the government's ambitious push for electrification. As of April 2025 the country has over 26,367 public charging stations, with plans to scale this to 100,000 by 2030 under the FAME II scheme and state EV policies. This growth is vital to support the target of 30% EV penetration by 2030.
Key Players in India's EV Infrastructure:
Tata Power Company Limited
Tata Power is a leading electricity generation, transmission, distribution, and trading company in India.
Key facts
o EV Charging Infrastructure Leadership: Over 6,500+ public and bus charging points across 600+ cities and towns and complemented by more than 1,35,000 home chargers.
o Highway Coverage: Presence on over 550 major national highways, facilitating long-distance EV travel.
o Technology: Operates a state-of-the-art Network Operations Centre (NOC) in Mumbai for real-time monitoring and management of charging stations.
o User Experience: Offers the award-winning EZ Charge mobile app and RFID-enabled charging cards for seamless access and payment.
The company aims to install approximately 25,000 EV charging points over the next five years. The company also says that its business strategy aligns with national policies such as the National Electric Mobility Mission Plan (NEMMP) and the EV30@30 campaign.
Financials: The company currently has a market capitalization of ₹1.29 trillion, supported by consistent performance across key financial indicators. With ₹65,478 Cr in sales and a net profit of ₹4,775 Cr in FY25, it has demonstrated strong operating leverage.
ABB India Limited
ABB India is a key player in the electrification infrastructure space (includes EV infra), leveraging its global expertise in electrification and automation to provide advanced EV charging solutions tailored for the Indian market.
Key facts
Network, Infrastructure & recent developments
The company has installed over 14,000 DC fast chargers globally. ABB in collaboration with BYPL and EV Motors India opened their first public DC fast charging station in Delhi.
Financials: Market cap of ₹1,24,368 Cr, sales of ₹12,188 crore (FY24), high profitability as net profit stands at ₹1,872 Cr.
Servotech Power Systems Ltd
Servotech Power Systems is a leading provider of electric vehicle (EV) charging infrastructure, contributing to India's transition to sustainable mobility.
Key Facts
o Network: Their EV charging solutions include over 5,800 chargers installed nationwide, including AC chargers (3kW to 22kW), DC fast chargers (15kW to 120kW), and ultra-fast DC chargers (240kW and 360kW)., including large contracts with oil marketing companies (BPCL, IOCL, HPCL).
Financials: Market cap of ₹3,280 Cr, sales of ₹674 crore (FY25), strong growth in net profit.
Exicom Tele-Systems Ltd
Key Facts
Network: Exicom has deployed over 75,000 chargers across 400+ cities in India, holding a 60% market share in residential chargers and 25% in public chargers. Their portfolio includes AC and DC fast chargers for home, public, and fleet applications.
Partnerships: Tied up with Tata Motors for home charger solutions.
Recent development: New EV charger manufacturing plant in Hyderabad is under development, targeting high-volume production with green building certification.
Financials: The company has a market capitalization of ₹2,467 crore with sales of ₹868 crore in FY25.However, the fiscal year ended with a net loss of ₹110 crore.
Company | Market cap | Share price |
Tata Power | ₹1,30,050 Cr | ₹407 |
ABB India | ₹1,24,368 Cr | ₹5,869 |
Servo Tech Power Systems | ₹3,280 Cr | ₹146 |
Exicom Tele-systems | ₹2,467 Cr | ₹204 |
(as on 2nd July, 2025)
Special Mention: Ather Energy’s EV Infrastructure
Ather Energy, while primarily known for its electric scooters, has also emerged as a notable player in the EV infrastructure space with its proprietary charging network, Ather Grid. Focused on urban areas, Ather has set up 1,500+ fast-charging points across 75 cities as of FY25. These chargers are designed to cater primarily to two-wheelers but are open to all EVs, fostering inclusivity in the charging ecosystem. By combining seamless app-based navigation, real-time availability updates, and free charging for Ather users, the company has successfully positioned itself as a customer-centric innovator in India’s EV charging landscape.
Weakness and Threat
Weaknesses: The EV infrastructure space in India is highly capital-intensive, requiring substantial upfront investments to establish charging stations, with long payback periods. Moreover, a lack of detailed financial transparency from many companies makes it challenging to assess the profitability of their EV ventures. Operational challenges like securing prime locations and the absence of widespread charging standards further complicate the scalability of infrastructure.
Threats: The sector faces significant risks from an underdeveloped electricity grid, which may struggle to handle the demand for high-power chargers, especially as adoption scales. Regulatory hurdles, delays in clearances, and land acquisition issues add layers of complexity to expansion. Additionally, the slow pace of EV adoption and rising competition from both domestic and international players could exert pressure on pricing and margins, making the long-term viability of some projects uncertain.
That being said, India’s EV infrastructure is on the cusp of a remarkable transformation. With over 10,000 public charging stations already in place and plans to scale this to 100,000 by 2030, the foundation for growth is strong. The challenges, ranging from regulatory hurdles to grid limitations are significant, but they’re far from insurmountable. With the government’s backing and the rising demand for EVs, this sector offers immense opportunities for investors and businesses alike. As charging stations expand across highways, cities, and homes, they will not just power vehicles but also drive India’s vision of a cleaner, greener future.
Disclaimer: This content is for educational purposes only; please conduct your own research and consult with a qualified investment advisor before making any investment decisions.
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