The battery market in India is flourishing, driven by a myriad of factors such as government initiatives to encourage the adoption of electric vehicles, the increasing demand for energy storage systems powered by renewable energy deployment, and the growing usage of consumer electronics. This upward trajectory is further fueled by rising environmental consciousness, urbanization, and ongoing technological advancements. Nevertheless, there are obstacles to overcome, including the high costs of batteries, the absence of standardization, and the limited infrastructure for recycling. Despite these challenges, India remains steadfast in its commitment to reducing carbon emissions, placing a strong emphasis on renewable energy sources and the adoption of electric vehicles.
Government initiatives like Make In India and the National Program on ACC Battery Storage are instrumental in supporting the development of a robust domestic battery production ecosystem. The recent introduction of the Production-Linked Incentive (PLI) program further bolsters battery manufacturing capacity. With a projected Compound Annual Growth Rate (CAGR) of 16.80%, the Indian battery market is forecasted to reach USD 15.65 billion by 2029, a substantial increase from its value of USD 7.20 billion in 2024.
With India’s EV sector on the rise, investors are eyeing top EV battery manufacturers. Success in this market requires a deep understanding of EV battery stocks and their fundamentals. To know where the right opportunity lies, here we are providing you with the top electric vehicle battery stocks in India.
Top 6 EV Battery Companies Stocks in India
Exide Industries
Amara Raja Energy and Mobility
Tata Chemicals
Bharat Electronics
Panasonic Energy India
Himadri Speciality Chemical Ltd
HBL Power Systems Ltd
Ola Electric
Kabra Extrusion Technic Limited- E
Eveready Industries India Ltd- E
Indo National- E
Exide Industries
Headquartered in Kolkata, Exide is a prominent manufacturer and distributor of lead acid storage batteries, offering a diverse range of products including automotive batteries, inverter batteries, industrial batteries, and more. In addition to batteries, Exide provides home UPS systems, solar solutions, e-rickshaw vehicles, and demineralized water. Exide manufactures batteries with a capacity ranging from 2.5Ah to 20,600Ah. With nine factories spread across India, the company caters to various brands and maintains a global presence in regions like the Middle East, Asia, Africa, Europe, and North America.
Exide Industries leads in lithium-ion batteries, with strong customer relationships and a Rs 600-700 crore order book. The company has invested nearly Rs 40 crore in its wholly-owned arm advanced chemistry battery cells manufacturer Exide Energy Solutions Ltd. EESL is in the process of setting up a plant for manufacturing and selling lithium-ion battery cells, modules, and pack business. Exide Industries is constructing a lithium-ion cell manufacturing facility in Bengaluru, Karnataka, India, slated for completion by the end of 2024-25. The initial phase of the Rs 6,000 crore project will feature a 6 gigawatt hours (GWh) capacity, evenly split between lithium nickel cobalt manganese oxide (NCM) and lithium iron phosphate (LFP) chemistry, each having 3 GWh. The project’s overall capacity is targeted at 12 GWh. It would be beneficial to stay informed about this stock.
Amara Raja Energy and Mobility
Amara Raja Energy & Mobility Limited, a key player within the Amara Raja Group, holds a significant position in India’s storage battery sector. Renowned for its lead-acid batteries catering to both industrial and automotive needs, the company enjoys strong partnerships with major original equipment manufacturers such as Maruti Suzuki India Limited, Hyundai Motors India Limited, and Ford India Limited, among others. Its products are not only trusted domestically but also exported to more than 50 countries worldwide. Moreover, Amara Raja Energy and Mobility is actively engaged in Li-ion cell production and charging solutions for Light Electric Vehicles and the telecom sector, marking its commitment to innovation and technology advancement. It has already given out its plans to invest US$ 1 billion in the next 5-7 years.
Notably, it stands among the pioneering companies to invest in Li-ion technologies in India, with a state-of-the-art Gigafactory in the works. Its first Giga factory will start operating before the end of 2025. The company has set its sights on achieving a lithium-ion battery cell capacity of 16 GWh, coupled with a battery capacity of up to 5 GWh. It would be wise to observe this stock closely.
Tata Chemicals
Tata Chemicals Limited, an Indian multinational conglomerate, has diversified interests spanning chemicals, crop protection, and specialty chemistry products. The Tata Group had finalized a preliminary agreement with the Gujarat government for the establishment of a lithium-ion cell factory, involving an investment of approximately Rs 13,000 crore ($1.6 billion). With an initial capacity of 20 Gigawatt hours (GWh), the plant is slated to be operational by 2025. Furthermore, Tata Chemicals Limited, in collaboration with ISRO, had signed a Memorandum of Understanding (MoU) for the transfer of Lithium-ion cell technology. Additionally, the company has initiated a battery recycling program to recover valuable metals like manganese, nickel, cobalt, and lithium from used Lithium-ion batteries. It will be beneficial to stay informed about this stock.
Bharat Electronics
Established in 1954 under the Ministry of Defence, Bharat Electronics Limited (BEL) was founded to address the unique electronic requirements of the Indian Defence sector. As a government-owned entity, BEL is a key player in India’s aerospace and defense electronics industry. Its core focus lies in developing cutting-edge electronic systems for both ground and aeronautical purposes. Notably, BEL is among the nine Public Sector Undertakings (PSUs) operating under India’s Ministry of Defence.