Top Electric Vehicle Battery Companies Stocks in India

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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.

Top Electric Vehicle Battery Companies Stocks in India
Exide Industries

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.

Top Electric Vehicle Battery Companies Stocks in India
Amara Raja Energy and Mobility

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.

Top Electric Vehicle Battery Companies Stocks in India
Tata Chemicals

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.

Top Electric Vehicle Battery Companies Stocks in India
Bharat Electronics

Bharat Electronics offers rechargeable Lithium-ion batteries with voltages ranging from 3.6V to 30V and capacities from 1.5Ah to 100Ah. Bharat Electronics supplies Lithium-ion batteries for electric trucks, 3-wheelers, 4-wheelers, electric rickshaws, and electric cycles, catering to various electric vehicle applications. BEL has partnered with NSTL (DRDO) to develop Lithium Iron Phosphate (LiFePO4) chemistry batteries with extended cycle life specifically for electric vehicle (EV) applications. To further advance Li-Ion cell technology, BEL has set up a pilot plant dedicated to the development and manufacturing of Li-Ion prismatic cells. It will be beneficial to stay informed about this stock.

Himadri Speciality Chemical Ltd.  

HSCL plays an indirect role in the electric vehicle (EV) battery industry as a significant producer of advanced carbon, essential for manufacturing anodes in Lithium-ion batteries. With the rapid growth in electric vehicle adoption, the company intends to expand its annual production capacity by an additional 20,000 metric tonnes per annum (MTPA) at its ACM factory. This expansion aligns with the increasing demand for materials used in Li-ion battery production. 

Top Electric Vehicle Battery Companies Stocks in India
Himadri Speciality Chemical Ltd.

In December 2023, the company announced an investment of Rs 4,800 crore over the next 5-6 years to establish a manufacturing facility for Lithium-ion Battery components. This facility, with a total annual production capacity of 200,000 tonnes, will be operated either directly or through its subsidiaries. It would be beneficial to stay informed about this stock.

HBL Power Systems Ltd

Established in 1977, HBL Power Systems Ltd is a prominent Indian company listed on the stock exchange, renowned for its engineered products and services. The company’s journey began with the successful development of aircraft batteries, setting the stage for HBL to become a global leader in specialized battery solutions. Building on its proficiency in battery technology, the company expanded its horizons and diversified its offerings. This strategic move led them to explore and ultimately enter the lithium-ion battery segment for electric vehicles, marking a significant milestone in our journey of innovation and growth.

HBL Power Systems Ltd

HBL specializes in the design and manufacturing of electric vehicle components, including the drive motor, motor controller, and battery modules. Leveraging extensive experience in battery technology, the company offers cost-effective electrification solutions using lithium-ion batteries. Additionally, HBL designs comprehensive powertrain systems tailored for the rapidly expanding electric vehicle market. The company is actively involved in making big investments in lithium-ion batteries. It would be beneficial to stay informed about this stock.

Ola Electric

Ola Electric, India’s leading electric vehicle company, has invested USD 500 million to establish its Battery Innovation Center (BIC) in Bangalore. This facility is poised to become one of the world’s largest and most advanced cell R&D centers, boasting over 165 state-of-the-art lab equipment units dedicated to comprehensive cell-related research and development. At Ola’s BIC, Proto lines will be implemented to produce various cell form factors, including Cylindrical, Pouch, Coin, and Prismatic cells, showcasing the company’s commitment to innovation in battery technology.

Moreover, Ola’s Battery Innovation Center will encompass cutting-edge capabilities for developing complete battery pack design, fabrication, and testing, all under one roof. This integration of research, development, and manufacturing processes signifies Ola’s dedication to streamlining the EV value chain and ensuring the highest standards of quality and performance in its battery products. Additionally, Ola has secured 20GWh capacity allocation under the ACC PLI scheme by the Indian Government, further bolstering its efforts to localize cell manufacturing and strengthen India’s position in the global electric vehicle market. The battery innovation center will be operational soon. 

Kabra Extrusion Technic Limited

Kabra Extrusion manufactures lithium-ion batteries under its brand Battrixx. Battrixx, the future technologies division of Kabra Extrusion, is dedicated to pioneering green energy systems and solutions for India’s transition into sustainable energy and electric transportation. Their flagship product line comprises advanced lithium-ion battery packs and modules for various e-vehicles. Through a strategic technological partnership with a renowned European entity, Battrixx benefits from patented designs and manufacturing processes. Operating from state-of-the-art facilities in Chakan, Pune, Battrixx boasts comprehensive capabilities in design, development, and production, supported by cutting-edge manufacturing, testing, and validation equipment sourced globally.

Kabra Extrusion Technic

Their expert teams in R&D, validation, and testing adhere to the industry’s best practices, ensuring top-notch quality and innovation across their product range, which includes electric bikes, 2-wheelers, 3-wheelers, cars, passenger vehicles, light commercial vehicles, electric tractors, customized solutions, and energy storage solutions. The capacity of the batteries batteries comes in a range of 25-32 Ah and 50-64 Ah, and voltage can be scaled from 36V to 72 V. 

In the year 2021, Kabra Extrusion raised Rs 301Cr for the expansion of its brand Battrixx which includes raising the annual battery packs production capacity to seven lakh by the end of FY24. 

Some more companies that are or will be active in lithium-ion battery manufacturing are as follows:

  • Eveready Industries India Ltd
  • Indo National
  • Panasonic Energy

FINAL THOUGHTS

As the electric vehicle revolution continues to gain momentum, the battery market in India stands at the forefront of innovation and growth. With increasing government support, technological advancements, and rising environmental consciousness, the future of electric mobility looks promising. The above-mentioned companies play a vital role in powering India’s transition towards a greener future, with innovations that drive the adoption of electric vehicles and renewable energy systems. By investing in these forward-thinking companies, investors can align their portfolios with the burgeoning EV market and contribute to the global shift towards cleaner transportation and energy storage solutions. 

Pranali Naik
Pranali Naik
An avid reader and an M.A. in English Literature. Currently, I'm on a journey to master the German language. I'm passionate about crafting natural, pure writing that reflects the world's unexpected surprises.

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