India’s electric vehicle market is surging, and with it, the demand for advanced EV batteries.
This article presents a comprehensive overview of the top 10 EV battery companies listed on the Indian stock market in 2025.
We analyze the factors driving their growth, the latest developments in battery technology, and the investment potential in this rapidly expanding sector.
Learn which companies are leading the charge in powering India’s electric future.
Batteries play an important role in the cost of any electrical vehicle. They account for almost 40-50% of the electric vehicle cost.
When it comes to electric vehicles, batteries are their most intrinsic part, making battery manufacturers and suppliers a key sector in the electric industry.
So, investing in electric vehicle battery manufacturing company stocks becomes the top choice of any investor.
In this article, we shall discuss the Top 10 Electric Vehicle Battery Company Stocks in India in 2025.
Exide Industries, Amara Raja Batteries Ltd, HBL Power Systems, Bharat Electronics, Tata Chemicals and Himadri Speciality Chemical Ltd are some of the top electric vehicle battery manufacturers in India. Other notable companies include Hero MotoCorp, Maruti Suzuki, etc.
So let’s take a closer look at them
Established in 1947, Exide Industries is the largest manufacturer of industrial and automotive lead-acid batteries in the country.
It is actively investing in EV battery tech through its subsidiary, Exide Energy Solutions Limited (EESL). It is also establishing its lithium-ion battery manufacturing facility in Bengaluru. with the plan of producing battery cells, modules, and packs for electric vehicles.
The company caters to various segments such as automotive, industrial, etc building trust and a strong legacy over the years.
Market Cap ₹30,745 Cr
Dividend Yield 0.55%
PE Ratio 38.77
Share Price ₹360.55
Amara Raja Energy & Mobility Ltd, previously known as Amara Raja Batteries, is a flagship company of the Amara Raja Group and is one of the largest manufacturers of lead-acid batteries in India.
The company has now expanded its focus into lithium-ion battery technology and electric vehicle battery manufacturing as well.
It has established its lithium-ion battery manufacturing facility in Telangana for the same purpose. It manufactures batteries for both automotive and industrial purposes in the country.
Market Cap ₹17,362 Cr
Dividend Yield 1.04%
PE Ratio 17.14
Share Price ₹947.95
Headquartered in Bangalore, Bharat Electronics Limited (BEL) is a leading public sector company under the Ministry of Defence, specialising in advanced aerospace and defence electronics. BEL has now expanded its focus into non-defence areas like electric vehicle battery manufacturing.
Leveraging its expertise in advanced technology and manufacturing, BEL is actively manufacturing lithium-ion batteries and management systems for various electric vehicles such as trucks, three-wheelers, four-wheelers and cycles.
Market Cap ₹1,81,685 Cr
Dividend Yield 0.89%
PE Ratio 36.39
Share Price ₹244.60
Hero MotoCorp, one of the largest two-wheeler manufacturers in the country, is actively engaged in the development and manufacturing of EV batteries.
Even though Hero MotoCorp does not have an in-house battery cell manufacturing facility, it has formed partnerships and acquired stakes in companies to strength it’s presence in the electric vehicle battery manufacturing space. Additionally, it has filed various patents regarding the designs and manufacturing of batteries.
The company has signed a Joint venture and also majorly invested in Ather Energy for the manufacturing of lithium-ion batteries. Hero has already acquired 34% stake in Ather Energy. It has also partnered with Gogoro to establish a battery-swapping network in the country.
Market Cap ₹77,535 Cr
Dividend Yield 3.61%
PE Ratio 18.67
Share Price ₹3840.50
Maruti Suzuki, a subsidiary of the Japanese Automotive Manufacturer Suzuki, is one of the largest four-wheeler manufacturers in the country. It is actively engaging in the development and manufacturing of EV batteries.
Maruti Suzuki has established it’s own EV battery manufacturing facility in partnership with it’s parent company in Gujarat, to strength it’s presence in the electric vehicle battery manufacturing space.
Additionally, it has signed a joint venture with Toshiba and Denso known as ‘TDSG’ (Toshiba Denso Suzuki Gujarat) to localize battery production further.
Market Cap ₹4,01,134 Cr
Dividend Yield 0.98%
PE Ratio 27.59
Share Price ₹12,786.20
HBL Power Systems Ltd is one of the leading manufacturers in the country, specialising in designing, developing and manufacturing of batteries and power electronics.
The company present in both domestic and international markets, manufactures batteries for industrial, military and aerospace purposes.
Market Cap ₹13,244 Cr
Dividend Yield 0.10%
PE Ratio 42.25
Share Price ₹457.30
Tata Chemicals, a subsidiary company of Tata Group is a popular battery manufacturer in the country, with a growing focus on electric mobility and EV battery manufacturing.
The company is actively working on battery designing, manufacturing technologies and multiple chemistries. It also is working on recycling used lithium-ion batteries to recover valuable metals like manganese, nickel, cobalt, lithium, etc.
Market Cap ₹21,779 Cr
Dividend Yield 1.76%
PE Ratio -38.97
Share Price ₹856.60
Himadri Speciality Chemical Ltd is indirectly associated with EV battery manufacturing. It does not manufacture electric batteries directly, rather it produces advanced carbon for lithium-ion battery anodes.
It is one of the largest producers of advanced carbon in the country, which is used in making anodes for electric batteries.
Market Cap ₹20,621 Cr
Dividend Yield 0.12%
PE Ratio 40.01
Share Price ₹414.65
Kabra Extrusion Technic Limited, manufacturing electric batteries under the brand name “Battrixx”, is among one of the leading EV battery manufacturers in the country.
The company started as a plastic extrusion company but now has expanded its focus towards electric vehicle battery manufacturing as well.
Market Cap ₹1,276 Cr
Dividend Yield 0.82%
PE Ratio 31.61
Share Price ₹356.25
Uno Minda is one of the leading brands in the electric industry, with a growing presence in the electric vehicle battery manufacturing segment.
It specializes in manufacturing batteries and other components for various electric vehicles such as two-wheelers, three-wheelers, etc.
It has also established its own EV battery manufacturing facility, along with a joint venture plant with FRIWO AG Germany in Haryana, to strengthen its presence in the electric vehicle battery manufacturing space.
Market Cap ₹51,227 Cr
Dividend Yield 0.22%
PE Ratio 53.04
Share Price ₹865.40
In conclusion, here is the list of the Top 10 Electric Vehicle Battery Company Stocks in India in 2025.
Battery manufacturers such as Exide Industries, Amara Raja Batteries Ltd, HBL Power Systems, Bharat Electronics, Tata Chemicals, Himadri Speciality Chemical Ltd, etc are at the forefront of the country’s transition to electric mobility.
They are actively shaping the future of electric mobility in the country, contributing significantly to the development of battery tech and manufacturing of EV batteries. Thus, providing investors with promising growth opportunities and returns in this rapidly growing industry.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. All information presented is based on publicly available data. Investing in the stock market carries inherent risks, and readers should conduct their own thorough research before making any investment decisions.
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