Top 5 Indian Electric Bus Stocks in 2024 Poised Multibagger Performance

Complete list of the Best Electric Bus Stocks in India

Electric buses, once a glimmer on the horizon, are now charging onto the scene. This sector is no longer cruising; it’s hurtling towards multibagger territory, fueled by government initiatives, booming demand, and environmental imperatives.

For astute investors seeking alpha opportunities, electric bus stocks in 2024 present a thrilling, multiagger potential waiting to be unleashed.

Now is the Best Time to Buy Electric Bus Stocks

India’s ambitious electrification push, targeting 50% of all new bus sales to be electric by 2030, paints a vibrant picture of exponential market growth.

Moreover, a recent report by The Economic Times (ET) reveals that the government is formulating a strategy to transition 800,000 diesel buses, constituting approximately one-third of the current bus fleet, to electric alternatives within the next seven years.

This translates to lucrative opportunities for investors who recognize the potential of electric bus stocks before the herd stampede begins.

But this growth story isn’t solely fueled by government mandates; several potent tailwinds are converging to create a perfect storm for profits:

Electric Bus Stocks Poised for Multibagger Glory

With the landscape painted, let’s turn our attention to the frontrunners in this electrifying race for multibagger potential. Each company brings its unique strengths and strategies to the table:

1. Olectra Greentech Ltd.

Olectra is one of the pioneer electric bus manufacturers in India.
An Olectra Greentech electric bus in KSRTC’s fleet.

Olectra boasts a dominant market share in the electric bus market with their diverse portfolio that caters to every urban need. With a consistent track record of strong financials and aggressive expansion plans, Olectra takes pole position in the race of electric bus stocks in India.

In the preceding five years, Olectra has witnessed remarkable annual revenue growth at a rate of 45.57%, outpacing the industry’s average of 13.61%.

Additionally, the company’s net income has experienced a substantial yearly increase of 49.14%, far exceeding the industry’s average growth rate of 4.5% during the same period.

2. Tata Motors Ltd.

Image of the newly inducted Electric buses in Guwahati
Tata Motors delivered 100 Stata Starbus Electric to ASTC on January 1, 2024

Tata Motors is another strong contender from the listed electric bus manufacturers in India.

Tata Motors’ stock has witnessed an impressive 100% surge in 2023, standing out as the sole performer in the Nifty 50 index to achieve such remarkable growth this year.

The brokerage firm Sharekhan by BNP Paribas expresses optimism towards the stock, maintaining a buy recommendation with a target price of ₹840.

Sharekhan outlines its positive outlook on Tata Motors, citing factors such as the expected improved performance of Jaguar Land Rover (JLR) in the second half of the financial year 2024, consistent reduction in net automotive debt, enhanced EBITDA margin in the domestic passenger vehicle (PV) segment, and sustained EBITDA margin in the domestic commercial vehicle (CV) space.

Furthermore, Sharekhan anticipates that the projected price hike in the domestic commercial vehicle (CV) segment, scheduled for January 2024 (up to 3%), will contribute to sustaining a high-margin trajectory for Tata Motors.

3. Ashok Leyland Ltd.

Top 5 Indian Electric Bus Stocks in 2024 Poised Multibagger Performance
Ashok Leyland’s subsidiary Switch Mobility is the only manufacturer of electric double decker buses in India.

The third largest bus manufacturer in the world, Ashok Leyland is revving up its game with its electric bus subsidiary Switch Mobility.

Over the years, Ashok Leyland has demonstrated good growth. Especially in the long term, the company promises good growth options, especially as it continues to tie up with STUs for electric buses.

Sharekhan expresses a bullish sentiment towards Ashok Leyland, providing a buy recommendation in its research report dated November 20, 2023. The report emphasizes several positive aspects:

  1. Robust industry fundamentals, characterized by a favorable demand-supply scenario and consistent growth within the sector.
  2. Increasing investments contributing to a positive outlook.
  3. Higher entry barriers enhancing the company’s competitive advantage.

Furthermore, the report acknowledges Ashok Leyland‘s position as a sector leader with strong management capabilities.

4. JBM Auto Ltd.

The JBM Galaxy 12 meter luxury coach launched in Busworld 2023
JBM Galaxy 12 meter luxury coach launched in Busworld 2023

JBM Auto, positioned as the fourth name on the list of electric bus stocks in India, has consistently maintained a bullish stance throughout the last financial year. JBM Auto exhibits strong fundamentals, with notable profit growth and a positive return on equity over the past three years.

The company’s performance reflects robust momentum, evident in its share price consistently being above short, medium, and long-term moving averages.

Tickertape’s examination of the financial metrics of JBM Auto Ltd., over the last five years reveals a commendable growth trajectory:

  • Revenue has experienced an annual growth rate of 18.58%, surpassing the industry average of 8.49%.
  • Net income has shown a robust yearly growth rate of 12.03%, outperforming the industry average of 4.3%.

5. Eicher Motors Ltd.

Eicher IntrCity 12 meter electric bus
Eicher IntrCity 12 meter electric bus launched at Auto Expo 2023

Eicher Motors exhibits a trailing twelve-month (TTM) Price-to-Earnings (P/E) ratio of 26.33, outperforming the sector’s P/E of 18.49. In its last quarter, the company reported a net profit of 1,016.25 Crores.

As per Live Mint’s assessment, Eicher Motors possesses several strengths:

  1. High TTM EPS Growth: The company demonstrates notable growth in its trailing twelve months Earnings Per Share (EPS).
  2. Strong Annual EPS Growth: Eicher Motors showcases robust annual growth in its Earnings Per Share.
  3. Improving Cash Flow: The company exhibits improving cash flow, emphasizing durability and sustainability.
  4. Consistent Quarterly Revenue Growth: Eicher Motors has achieved increasing revenue for the past eight consecutive quarters.
  5. Profit Margin Growth: The company demonstrates growth in net profit with an increasing profit margin on a quarter-over-quarter (QoQ) basis.
  6. Consistent Quarterly Profit Growth: Eicher Motors has experienced growth in quarterly net profit for the past four consecutive quarters.


The electric bus revolution in India is not a fleeting trend; it’s a transformative wave reshaping the transportation landscape.

With a clear roadmap, comprehensive research, and a mix of established leaders and innovative players, investing in electric bus stocks in 2024 offers a thrilling opportunity to ride the crest of this green wave and potentially reap multibagger rewards.

Remember, it’s not just about profits; it’s about investing in a cleaner, greener future for India and beyond.

Disclaimer: We are not investment experts. The stock targets, forecasts, or predictions provided are solely for reference and educational purposes. This information may not be reliable for making investment decisions, and its use is at your own risk. This does not constitute an offer to buy or sell stocks. and its operators/authors do not assume liability for any losses incurred. It is not investment advice, and subscribers are urged to consider their own circumstances and seek professional advice before acting on any recommendation.

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