India's EV Revolution: 3 Engineering Powerhouses Leading the Charge

Strategic Insights -

As India commits to reducing emissions intensity by 33-35% from 2005 levels by 2030, the country is witnessing a surge in electric vehicle (EV) adoption. The total global EV market is projected to reach $4,360 billion by 2033, with India's market expected to reach $164.4 billion by the same year. In India, EV sales grew 16.9% to 1.9 million units in fiscal year 2025, driven largely by electric two-wheelers. This growth is driving demand for advanced technology and infrastructure, creating opportunities for companies like KPIT Technologies, LTTS Technologies, and Tata Technologies.

Key Takeaways:

  • KPIT Technologies is diversifying across powertrain technologies, including electric (EV), hybrid, and conventional powertrains, to help OEMs address the transition to cleaner energy.
  • LTTS Technologies, a subsidiary of Larsen & Toubro, is expanding its presence in geographies and clean energy solutions, with a focus on developing the next-gen EV platform.
  • Tata Technologies is enabling the shift towards cleaner products, providing expertise in electrification (EVs), next-generation propulsion, and battery innovations.
  • PV IN units (1) (FY26 Q2) of 29,800 Cr.

- LTTS Revenue-Mix (FY26 Q2): Sustainability 30%, Mobility 32.9%.

- 12.6% Growth in the Sustainability segment (FY26 Q2).

  • KPIT Technologies is developing a breakthrough Sodium-Ion battery technology and expanding its footprint in India and China.
  • Both KPIT and LTTS are investing heavily in AI, with KPIT investing in AI, including Gen AI, Agentic AI, and Physical AI.
  • KPIT is seen as a high-growth stock with the potential to contribute to duo-digit revenue growth in the medium term.
  • Revenue grew 2.1% year-over-year to é 13.2 billion, led by the technology solutions segment, which rose 6.6%.
  • The services segment accounted for 77% of revenue, while 23% came from technology solutions.

Statistics:

  • The total global EV market is projected to reach $4,360 billion by 2033.
  • India's EV market is expected to reach $164.4 billion by 2033.
  • EV sales grew 16.9% to 1.9 million units in fiscal year 2025.
  • 20% year-over-year growth in electric two-wheers in FY25.

Sources:

  • Indian Brand Equity Foundation
  • http://www.Screener.in
  • Company investor presentation.