Buy, Sell Or Hold: Olectra Greentech, JBM Auto, Exide Industries, Amara Raja Energy and Mobility, Ola Electric Mobility — Analyst Forecast

Updated: 24 Sept 2026 • 3:34 pm

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Buy, Sell Or Hold: Olectra Greentech, JBM Auto, Exide Industries, Amara Raja Energy and Mobility, Ola Electric Mobility — Analyst Forecast

India's EV sector stocks span electric bus manufacturing, battery making and pure-play electric two-wheelers, a theme that has attracted rich valuations across most names even as profitability varies widely between the established battery makers and the newer EV-only companies. This piece checks five listed names on valuation and profitability.

Sector Snapshot (24 September 2026)

Stock	LTP (Rs)	52W High	52W Low	P/E vs Industry	ROE	Our View
Olectra Greentech	1,241.40	1,714.20	866.60	58.04 / 25.43	14.46%	Hold
JBM Auto	594.15	790.00	477.00	58.49 / 38.96	14.22%	Hold
Exide Industries	426.65	496.40	287.00	38.72 / 38.96	6.14%	Hold
Amara Raja Energy and Mobility	795.40	1,027.25	670.00	16.11 / 38.96	8.75%	Buy on Dips
Ola Electric Mobility	42.29	59.20	22.25	N/A (loss-making)	-54.70%	Avoid / High Risk

Quick Answer

Amara Raja Energy and Mobility stands out among these EV sector stocks, trading well below the industry average valuation with reasonable return on equity. Olectra Greentech and JBM Auto both carry rich multiples relative to the industry, Exide Industries trades near a fair valuation with modest returns, and Ola Electric Mobility is deeply loss-making, which puts it in high-risk territory.

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Table of Contents

Olectra Greentech: Hold

Olectra Greentech, an electric bus maker, trades at Rs 1,241.40, down close to 28% from its 52-week high of Rs 1,714.20. It posts a return on equity of 14.46%, but its price-to-earnings ratio of 58.04 is more than double the industry average of 25.43. With the valuation already pricing in a lot of future growth, this looks like a hold rather than a fresh buy.

JBM Auto: Hold

JBM Auto is at Rs 594.15, down close to 25% from its 52-week high of Rs 790.00. It posts a return on equity of 14.22%, but its price-to-earnings ratio of 58.49 is well above the industry average of 38.96, and it carries a debt-to-equity ratio of 1.97, the highest in this group. That combination of a rich valuation and heavy leverage keeps this in hold territory.

Exide Industries: Hold

Exide Industries trades at Rs 426.65, down close to 14% from its 52-week high of Rs 496.40. It posts a price-to-earnings ratio of 38.72, almost exactly at the industry average of 38.96, with a return on equity of just 6.14%, on the weaker side. That combination of a fair valuation but modest profitability keeps this in hold territory.

Amara Raja Energy and Mobility: Buy on Dips

Amara Raja Energy and Mobility is at Rs 795.40, down close to 23% from its 52-week high of Rs 1,027.25. It stands out with a price-to-earnings ratio of just 16.11 against an industry average of 38.96, alongside a return on equity of 8.75% and a low debt-to-equity ratio of 0.05. That combination of a deep discount and a clean balance sheet makes it the standout EV sector stock to watch for accumulation.

Ola Electric Mobility: Avoid / High Risk

Ola Electric Mobility trades at Rs 42.29, down close to 29% from its 52-week high of Rs 59.20. The company is currently deeply loss-making, with a negative return on equity of 54.70% and no meaningful price-to-earnings ratio to lean on. Until profitability improves meaningfully, this is a stock to avoid rather than one to hold through the turnaround.

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What Ties These EV Sector Stocks Together

Across these EV sector stocks, Amara Raja Energy and Mobility currently offers the most attractive combination of a below-industry valuation and a clean balance sheet, while Olectra Greentech and JBM Auto both trade at rich multiples that already price in significant future growth. Exide Industries sits closer to fair value but with modest returns, and Ola Electric Mobility's deep losses set it apart as the clear high-risk name in the group. EV adoption rates, battery raw material costs and government subsidy programmes can all move these numbers meaningfully from one quarter to the next.

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Conclusion

EV sector stocks in India currently show Amara Raja Energy and Mobility as the standout pick for gradual accumulation among these EV sector stocks, while Olectra Greentech, JBM Auto and Exide Industries are more reasonable holds and Ola Electric Mobility's deep losses keep it in higher-risk territory. As always, treat this as a starting point rather than a final word.

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Stock market investments are subject to market risks. Please verify all data independently and consult a SEBI-registered investment adviser before making any investment decisions. Univest Financial Services Private Limited, SEBI Registered Investment Adviser, Registration No. INH000013776.

Frequently Asked Questions

A few common questions on these EV sector stocks, answered briefly below for quick reference.

Which EV sector stocks look attractive right now?

Amara Raja Energy and Mobility currently shows the most favourable combination of a below-industry valuation and a clean balance sheet among these EV sector stocks.

Is Ola Electric Mobility profitable?

No, Ola Electric Mobility is currently deeply loss-making, with a negative return on equity of 54.70%, which is why it is rated high risk rather than a turnaround candidate at this stage.

Why do Olectra Greentech and JBM Auto trade at rich valuations?

Both companies benefit from strong order books in electric buses, which has led the market to price in a great deal of future growth, pushing their price-to-earnings ratios well above the industry average.

Does JBM Auto carry a lot of debt?

Yes, JBM Auto has a debt-to-equity ratio of 1.97, the highest among these EV sector stocks, which is worth weighing alongside its rich valuation.

How does battery technology affect these stocks?

Established battery makers like Exide Industries and Amara Raja Energy and Mobility are investing in lithium-ion manufacturing to stay relevant as the market shifts away from traditional lead-acid batteries, making capacity expansion progress a key factor to track.

Where can I track these EV sector stocks in real time?

You can track live prices, set price alerts, and follow quarterly results for Olectra Greentech, JBM Auto, Exide Industries, Amara Raja Energy and Mobility and Ola Electric Mobility using the Univest iOS App and Univest Android App.