4 Top EV Stocks in India’s Commercial Vehicle Sector in 2026 to Watch Out For

Synopsis: The shares of leading commercial vehicle EV companies are in focus as strong order books, rising electric vehicle adoption, and improving financial performance support long-term growth prospects.

India’s commercial vehicle industry is undergoing a major shift as fleet operators and state transport undertakings increasingly adopt electric buses, trucks, and three-wheelers. Government support, stricter emission norms, and the push for cleaner mobility are accelerating the transition, creating new growth opportunities for manufacturers.

Several listed companies have strengthened their position through large order books, capacity expansion, and new product launches in the electric commercial vehicle segment. Here are four commercial vehicle EV stocks that investors can keep on their radar in 2026. Here are the stocks that are in the commercial vehicles sector 

Olectra Greentech Ltd

Olectra Greentech is one of India’s leading electric bus manufacturers and a key player in the country’s clean mobility push. The company benefits from strong demand from state transport undertakings, a healthy order book, and government support for electric public transport, positioning it well for long-term growth.

With a market capitalization of Rs 11,419 crore, Olectra Greentech is India’s first company to launch an electric bus and has over eight years of experience in manufacturing and commercialising e-buses. In Q4 FY26, the company reported revenue of Rs 645 crore, up 43.7 percent from Rs 449 crore in Q4 FY25, while net profit jumped 171.4 percent to Rs 57 crore from Rs 21 crore. 

It has more than 3,800 electric buses on the road, an order book of over 10,000 buses, and manufactures 7-metre, 9-metre, and 12-metre electric bus models.

JBM Auto Ltd

JBM Auto has built a strong presence in the electric mobility space through its electric buses while also supplying auto components and manufacturing buses. The company is expanding its EV business with a growing order pipeline and is expected to benefit from rising adoption of electric public transportation across India.

With a market capitalization of Rs 15,592  crore, JBM Auto is one of India’s leading electric bus manufacturers with a 30 to 35 percent market share in the e-bus segment. In Q4 FY26, the company reported revenue of Rs 1,852 crore, up 12.5 percent from Rs 1,646 crore in Q4 FY25, while net profit increased 16.7 percent to Rs 84 crore from Rs 72 crore.

JBM has a consolidated order book of over 10,000 electric buses under deployment and execution and operates one of the world’s largest integrated electric bus manufacturing facilities outside China, with an annual production capacity of 20,000 buses.

Bajaj Auto 

Bajaj Auto is one of India’s largest two-wheeler and three-wheeler manufacturers, with a strong domestic and export presence. The company is steadily expanding its electric vehicle portfolio through the Chetak brand while maintaining healthy profitability, supported by premium products and robust international sales.

With a market capitalization of Rs 2,83,411 crore, Bajaj Auto reported revenue of Rs 17,832 crore in Q4 FY26, up 41 percent from Rs 12,646 crore in Q4 FY25, while net profit surged 93.8 percent to Rs 3,492 crore from Rs 1,802 crore. During FY26, its commercial vehicle business crossed the 5 lakh unit mark for the first time, with Q4 recording the highest-ever quarterly volumes, up 28 percent YoY. 

The company retained the number one position in the electric three-wheeler segment, held nearly 90 percent market share in CNG three-wheelers, expanded its E-Rickshaw business to over 100 cities, and launched the Bajaj GoGo 9018, India’s largest electric three-wheeler, offering a certified range of 296 km.

Tata Motors Commercial Vehicles 

Tata Motors’ Commercial Vehicles business is the market leader in India’s truck and bus segment. The company is strengthening its position in electric commercial vehicles with electric buses and cargo vehicles while benefiting from improving infrastructure spending, fleet replacement demand, and continued investments in cleaner mobility solutions.

With a market capitalization of Rs 1,53,443 crore, Tata Motors reported consolidated revenue from operations of Rs 26,098 crore in Q4 FY26, up 19.4 percent from Rs 21,863 crore in Q4 FY25, while net profit increased 33.8 percent to Rs 1,793 crore from Rs 1,340 crore. The company has more than 3,815 cumulative e-buses deployed with almost 59 crore kilometres covered and continues to deliver more than 96 percent uptime. 

During FY26, it secured orders for 5,000 buses from multiple State Transport Undertakings, recorded its highest-ever EV retail in Q4 since the FAME incentives were discontinued, signed an agreement with BillionE Mobility for 55-ton electric tractors, signed an MoU with V.O.C. Port for trials of 40 H2-ICE trucks, and received orders for around 250 electric buses.

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