Top Battery Sector Stocks to Buy in India

The rise of electric vehicles (EVs), renewable energy, and the need for reliable power storage has led to significant activity in India’s battery sector. As the country shifts towards cleaner energy, battery manufacturers are stepping up to meet the growing demand. 

If you’re someone who wonders whether investing in this sector is an attractive opportunity, this article is for you. In this article, we’ll explore the top battery stocks in India, delve into their strengths, and highlight key factors to consider before investing. Let’s start!

Understanding the Battery Sector in India

The battery sector in India has a market size of US$12.68 billion in 2025, and it is expected to reach US$20.97 billion by 2030. It includes a range of batteries, from traditional lead-acid to advanced lithium-ion, catering to various applications like automotive, industrial, and consumer electronics. 

The industry is going through a transformation, driven by the government’s push for electrification and sustainable energy. With initiatives like the National Electric Mobility Mission Plan and the Production-Linked Incentive (PLI) scheme, there’s a strong emphasis on boosting domestic battery manufacturing. 

The listed battery stocks are also growing with the growing demand for batteries in India. The demand for lithium-ion batteries in India is expected to grow to 55 GWh by FY27 and 127 GWh by FY30. This is in line with India’s targets to meet 50% of the required primary energy from renewable energy by 2030. The demand and growth of the battery sector are also driven by the increasing adoption of EVs. 

Top Battery Stocks in India in 2025 as per Market Capitalisation

Overview of Top Battery Stocks in India

In this section, let’s look at the top battery sector stocks in detail: 

1. Exide Industries Ltd.

Exide Industries is among the top manufacturers of lead-acid storage batteries in India, serving sectors like automotive, power, telecom, and more. The company has a capacity of manufacturing 66 million automotive batteries along with 7.6 billion Ah industrial batteries. Exide is aiming to generate a revenue of ₹20,000 crore from its lead-acid battery business in the next 2 to 3 years, a jump from the current revenue generation of ₹16,500 crore. 

The company is also focusing on lithium-ion cell manufacturing and invested ₹149.99 crore in its subsidiary, Exide Energy Solutions Limited (EESL) in January 2025 and ₹300 crore in April 2025. Exide has invested ₹3,602.23 crore in EESL so far and plans to add ₹1,200 crore this year. 

Exide has a strong foothold in the battery market, thanks to its diverse product range and extensive distribution network. The company reported a standalone revenue from operations of ₹16,588 crore in FY25, up from ₹16,029 crore in the previous year. EBITDA and PAT stood at ₹1,893 crore and ₹1,077 crore in FY25, respectively.

2. Amara Raja Energy & Mobility Ltd.

Amara Raja is a leading manufacturer of lead-acid batteries in India, known for its brands like Amaron and PowerZone. It exports products to more than 60 companies across the globe. ARE&M is also the pioneer in Valve Regulated Lead Acid (VRLA) battery manufacturing in the country. Among the top battery companies in India, the company said its first gigafactory for lithium-ion batteries should start working before the end of this year. 

Amara Raja is also set to invest another ₹1,000 crore for its Li-ion business in FY26. ARE&M recorded a total revenue of ₹12,405 crore in FY25, up from ₹11,260 crore in the previous year. The company’s PBT also stood at ₹1,299 crore in FY25. During FY25, the company showed solid top-line growth, which was pushed by higher sales volumes in the UPS and automotive battery segments.

3. HBL Engineering Ltd.

Another one of the top battery stocks in India, HBL Engineering Ltd., specialises in batteries and electronic solutions for sectors like defence, railways, and industrial applications. HBL is a key player in niche battery markets, offering products like Nickel-Cadmium, Silver Zinc, and Lithium batteries. The company is the second-largest Nickel-Cadmium battery manufacturer in the world, the third-largest manufacturer of telecom batteries in India and the only company that has Pure Lead Thin Plate (PLT) battery technology in India. 

The company has also made its way into the EV market, focusing on lithium-ion cells and electric drive trains. HBL recorded a 36.4% QoQ increase in revenue in Q4 FY25, and the revenue growth stood at 51.2% on a YoY basis. The company’s net profit also rose by 133.4% YoY in FY25. HBL is leveraging its expertise to make waves in the battery sector. 

4. Eveready Industries India Ltd.

Eveready is a household name in India, known for its dry cell batteries and flashlights. Holding over 50% market share in the batteries segment, Eveready has a strong presence in the consumer market.  The company is focusing on expanding its product portfolio and strengthening its distribution network to maintain its leadership position. 

It recently acquired land in Jammu under the Make in India initiative. The land will be used for making a greenfield production facility for alkaline batteries, which is expected to be commissioned in the 2nd half of FY26. The company’s consolidated net profit stood at ₹10.42 crore in Q4 FY25, a 29.4% increase from the previous year. Revenue also jumped to ₹299.04 crore in Q4 FY25, a 6.5% jump from Q4 FY24. The revenue growth was due to the solid performance in batteries. 

Total sales of batteries were also at ₹203.7 crore in Q4 FY25, up 8.3%, and alkaline batteries continued their solid momentum with a 46.3% growth in sales in Q4. The company’s market share in alkaline batteries also expanded and crossed 14%.

5. Indo National Ltd. (Nippo)

Indo National, under the brand name Nippo, is a prominent manufacturer of dry cell batteries and lighting products in India. With a wide distribution network covering over 500,000 retail outlets, Nippo has a significant market presence. 

The company has produced more than 20 billion batteries, employing over 1,000 staff members across India. Nippo manufactures both alkaline and zinc-carbon batteries. Recently, the company’s CEO mentioned that they’re discussing terms with a lithium-ion battery manufacturer, aiming to expand beyond dry-cell battery manufacturing and become part of sustainable solutions to meet consumer needs. 

While the company is known for its legacy and trust, Indo National’s total income from operations stood at ₹97.11 crore in Q4 FY25, down 42.52% from ₹168.93 crore in the same period last year. The company’s EBITDA also stood at ₹1.26 crore in the quarter ended March 2025, down from ₹20.26 crore in Q4 FY24. 

Key Factors to Consider Before Investing in Battery Stocks

Investing in battery stocks in India is an exciting opportunity, but it’s also important for you to understand the key factors that can influence your investment decisions. Here’s a breakdown of what you should consider before deciding if the battery sector is good for investment in 2025:

Market Demand and Growth Potential

India’s power demand is projected to grow at a CAGR of 10.59% by 2030, primarily driven by the increased adoption of electric vehicles (EVs) and the development of green hydrogen projects. Reports suggest India is going to have more than 150 GWh cell capacity of lithium-ion batteries by 2030. The investments for the same are also expected to go over ₹75,000 crore. 

Technological Advancements and Innovation

Lithium-ion batteries (LIBs) have become the dominant energy storage technology due to their high energy density, long cycle life, and versatility across applications such as EVs and large-scale energy systems. However, factors like resource limitations and the high costs of lithium have prompted the exploration of alternative technologies. 

Sodium-ion batteries are also emerging as a promising alternative in the sector, particularly for a country like India that has abundant sodium reserves. While not yet matching lithium-ion in energy density, sodium-ion batteries offer comparable performance for many applications, are more environmentally sustainable, and hold potential for cost-effective, scalable energy storage solutions. 

Government Policies and Incentives

The Indian government has introduced several initiatives to promote battery manufacturing and EV adoption. The Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cells (ACC) aims to establish a competitive ACC battery manufacturing setup in the country, with a total budgetary support of Rs. 18,100 crores. 

Additionally, the FAME India Scheme focuses on manufacturing ACC batteries to bring down costs, and the GST on electric vehicles has been reduced from 12% to 5%, with similar reductions for chargers and charging stations. These policies are designed to reduce the cost of electric vehicles and simultaneously support the growth of battery manufacturing company shares. 

Financial Health and Performance Metrics

It is important to assess a company’s financial health before investing. You should look at key metrics, including revenue growth, profit margins, debt levels, and return on equity. These insights will help you understand which of the list of battery stocks in India are actually doing well and what the future of battery stocks in India is.

Moreover, companies with a diversified product portfolio can better navigate market fluctuations. For example, HBL Engineering Ltd. specialises in batteries and electronic solutions for sectors like defence, railways, and industrial applications, offering products like Nickel-Cadmium, Silver Zinc, and Lithium batteries. This diversification allows the company to get into multiple markets and reduce dependency on a single revenue stream.

Sustainability Initiatives and Environmental Impact

Sustainability is becoming increasingly important in investment decisions. Companies focusing on eco-friendly practices and recycling can appeal to environmentally conscious investors. The Indian government is also promoting battery recycling infrastructure to complement the extraction efforts of critical minerals. 

For instance, the Niti Aayog suggested scaling up lithium-ion battery recycling infrastructure to support the processing and refining of minerals used in lithium-ion batteries. 

By considering these factors, you can make informed decisions when investing in battery companies in India. It’s essential to stay updated with industry trends, company performance, and government policies to understand this dynamic sector effectively.

Final Thoughts

India’s battery sector is at the turning point of a significant transformation, fueled by technological advancements and a push for sustainable energy. Investing in the best battery stocks in India offers a good opportunity, but it’s essential for you to conduct thorough research and consider various factors before making investment decisions. 

By focusing on battery manufacturing companies that are innovating and adapting to market trends, you can position yourself to benefit from the sector’s growth. If you want to start investing, open a demat account with Share.Market right away!

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Registration granted by SEBI, enlistment as a Research Analyst with the Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities are quoted as an example and not as a recommendation.

This is for informational purposes and should not be considered as recommendations. Kindly refer to  https://share.market/ for more details. PhonePe Wealth Broking Private Limited, Research Analyst with SEBI Regn No: INH000013387, BSE RA Enlistment Number: 5887.