May 2026
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Largest Electric Vehicles Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Hyundai Motors India, Tata Motors, Tata Motors Passenger Vehicles, Ather Energy and Ola Electric.
 | Hyundai Motor India Ltd is an auto manufacturer. It manufactures and sells four-wheeler passenger vehicles and includes a portfolio of various different models across multiple passenger vehicle segments by body type, such as sedans, hatchbacks, sports-utility vehicles (SUVs), and battery electric vehicles (EVs). It also manufactures parts, such as transmissions and engines. The group has one operating segment, namely the manufacture and sale of motor vehicles, engine, transmission and other parts, related after-sales activities, related engineering and broking services. The group generates maximum revenue from India, followed by the Middle East and Europe, Latin America, Africa, and other regions. | $20 | -2% | $16B | $15B | 2.0x | 14.9x | ||
| Tata Motors Ltd is an automobile manufacturer, offering a diverse portfolio of smarter, integrated and safer mobility solutions. It designs, manufactures and sells a wide range of automotive vehicles. The company also manufactures engines for industrial applications. Its operating segments consist of: a) Automotive: The Automotive segment consists of four reportable sub-segments: Tata Commercial Vehicles, Tata Passenger Vehicles, Jaguar Land Rover and Vehicle Financing. Other operating segments do not meet the quantitative thresholds for disclosure and have been aggregated. b) Others: Others consist of IT services and Insurance Broking services. The majority of revenue is generated from the Tata Commercial Vehicles sub-segment of the Automotive segment. | $4 | -- | $15B | $14B | 1.6x | 13.6x | ||
| Tata Motors Passenger Vehicles Ltd Formerly Tata Motors Ltd is an automobile manufacturing company. It designs, manufactures, and sells a wide range of automotive vehicles. The company also manufactures engines for industrial applications, aggregates such as axles and transmissions for commercial vehicles, and factory automation equipment, and provides information technology services. Its operating segments include Automotive and Others. The Automotive segment, which derives key revenue, consists of four reportable sub-segments: Tata Commercial Vehicles, Tata Passenger Vehicles, Jaguar Land Rover, and Vehicle Financing. Geographically, it generates maximum revenue from India, and the rest from the United States of America, United Kingdom, Rest of Europe, China, and the Rest of the World. | $4 | -42% | $14B | $16B | 0.5x | 7.3x | ||
| Ather Energy Ltd is engaged in the Indian electric two-wheeler (E2W) market. It is a EV company that sells E2Ws and the associated product ecosystem, comprised of software, charging infrastructure and smart accessories, all of which conceptualized and designed. Its model include Ather 450S, Ather 450X, Ather 450 Apex, Ather Rizta Z, etc. | $10 | +184% | $4B | $3B | 9.0x | (127.0x) | ||
| Ola Electric Mobility Ltd is a pure EV player in India and is building vertically integrated technology and manufacturing capabilities for EVs and EV components, including cells. The company manufactures EVs and certain core EV components like battery packs, motors and vehicle frames at the Ola Futurefactory. Its business focuses on capturing the opportunity arising out of electrification of mobility in India and it also seeks opportunities to export its EVs in select international markets in the future. | $0 | -28% | $2B | $2B | 7.4x | (21.3x) | ||
| RattanIndia Enterprises Ltd is an investment holding company. The company focuses on businesses such as e-commerce, electric vehicles, fintech, and drones. The segments of the company are Retail- E-commerce business, EV (E-Motorcycles), and Investments. The company generates maximum revenue from the Retail- E-commerce business segment. | $0 | -- | $504M | $607M | 0.9x | 22.7x | ||
| MIC Electronics Ltd designs, develops, and manufactures light-emitting diode (LED) video displays, and other electronic components. The operating segments of the group are LED products; Medical appliances and E Vehicles. Its products include LED lighting, LED displays, Oxygen concentrators, and Batteries. The company predominantly operates in India. | $0 | -27% | $110M | $114M | 5.7x | 41.2x | ||
| Delta Autocorp Ltd manufacture and sell 2W & 3W EVs using components procured from reputed Original Equipment Manufacturers (OEMs) who use design & engineering specifications. It operates under the brand name Deltic, Specializing in the production of Electric 2W and 3W vehicles. Its product range encompasses electric scooters in the 2W category, along with electric rickshaws, electric loaders, and electric garbage carts in the 3W category along with spare parts and accessories of 2W and 3W like motors, DC-DC Converter, Speedometer etc. | $0 | -44% | $6M | $3M | 0.4x | 2.8x | ||
| Median | $2 | -27% | $3B | $3B | 1.8x | 10.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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