Everyone’s watching the electric vehicle (EV) makers in the current market. The Tatas, the Mahindras, the two-wheeler disruptors soaking up headlines every time a new model drops.

But there’s a quieter question almost nobody’s asking: where do all these vehicles actually charge? That’s the thing that doesn’t make it to the front page.

While India sold record numbers of electric vehicles last year, the public charging network is still a patchwork of half-empty stations and missing links on highways where they matter most.

That gap, between the cars already on the road and the plugs that don’t yet exist, is exactly the kind of mismatch that builds fortunes for the companies filling it.

And a handful of Indian listed names are quietly doing just that.

Some are infrastructure specialists laying down charging points station by station. Some are old-school power equipment makers who stumbled into a fast-growing new revenue line.

Here, we’ll walk through some EV charging stocks that actually have order books, real manufacturing depth, and government contracts.

Servotech Renewable Power Systems

First on the list is Servotech Renewable Power Systems.

The company is engaged in the end-to-end manufacturing, procurement, and distribution of advanced solar products and EV chargers.

In recent years, its business has grown exponentially on the back of the promoters’ experience of over two decades, and established relationships with suppliers and key customers.

The company’s growth has also been driven by deeper penetration in the solar and EV segments as these segments are highly supported by government initiatives and subsidies.

It also develops ultra-fast DC chargers and home AC chargers.

The company started its business with the introduction of Sine- wave inverters used for commercial and domestic purposes.

After developing expertise over years, they launched a new series into their business and started providing LED lightning solutions, solar streetlights, solar- hybrid inverters, etc.

In addition to PSUs like IOC, BPCL, and HPCL, the company works with various nodal agencies from different states, including UP NEDA, BREDA, Nashik Corporation, and others. These agencies have consistently floated tenders for solar and EV projects.

Coming to Servotech’s financials, the company’s sales and net profit have grown at a compounded annual growth rate (CAGR) of 53% and 109% respectively over the past 5 years.

Its ROE and ROCE have averaged 10% and 17% during the same period.

The company’s financial numbers have improved on account of a decline in raw material costs along with salary expenses and higher margins earned on DC chargers.

Going forward, this trend is expected to continue as it draws support from the government for solar and EV related projects.

For more details, check out Servotech’s financial factsheet.