India’s EV adoption trends are approaching an inflection point amid the prolonged Middle East conflict, said international brokerage Nomura which in its note highlighted that sales data shows EV penetration continued to rise across segments. It named six stocks that will likely be the key beneficiaries from the renewable move.Nomura highlighted that the policy environment has turned incrementally more supportive for electric vehicles. Prime Minister Narendra Modi recently appealed to citizens to reduce petrol and diesel usage, and increase the use of EVs. “Our dealer surveys indicate that EV bookings have increased materially after recent fuel price hikes. Many consumers are of the view that they should own one EV. EV scooters are nearly stocked out, while demand for EV cars has also increased meaningfully,” it added. These are the stocks that the international brokerage sees benefitting from the “electrification theme”.
Mahindra & Mahindra (M&M)
Nomura has a ‘Buy’ rating on the shares of Mahindra & Mahindra with a target price of Rs 4,580 apiece. This implies an upside potential of 49% from previous closing price of Rs 3,081.30 apiece on NSE. Notably, this is the stock with the highest upside potential on Nomura’s list. The shares of the XEV and BE-maker have declined over 1% in one week, 2% in one month and 18% so far in 2026. In the longer term, the stock has delivered 3% returns over one year, 144% in three years and 277% in five years.
Hyundai Motor India
Nomura has a ‘Buy’ rating for the shares of Hyundai Motor India with a target price of Rs 2,407 apiece. This implies an upside potential of 30% from the stock’s previous closing price of Rs 1,848.60 apiece on NSE. The shares of the Creta Electric-maker have gained over 1% in one week but are down over 20% so far in 2026.
TVS Motors
Nomura has a ‘Buy’ call on the shares of TVS Motor Company with a target price of Rs 4,105 apiece. This implies an upside potential of 20% from previous closing price of Rs 3,417.50 apiece. The shares of the two-wheeler maker have declined over 1% in one week, 7% in one month and 10% so far in 2026. In the longer term, the stock delivered 22% returns in one year, 176% in three years and 447% in five years.
Ather Energy
Nomura has a ‘Buy’ rating for the shares of Ather Energy, with a target price of Rs 1,120 apiece. This implies an upside potential of 27% from previous closing price of Rs 883.80 apiece. The electric scooter-maker’s shares have declined 6% in one week and over 2% in one month. The stock however rallied 183% in one year, and is up 20% so far in 2026.
Sona BLW Precision Forgings
Nomura has a ‘Buy’ rating for the shares of Sona BLW Precision Forgings with a target price of Rs 720 apiece. This implies an upside potential of 21% from previous closing price of Rs 593.75 apiece. The shares of the company have gained more than 3% in one week and 25% so far in 2026. The stock delivered over 12% returns over one year as well as three years.
