Best Battery Stocks in India

As India accelerates its shift towards electric mobility and renewable energy, the demand for high-performance batteries is surging. The battery industry is poised for significant growth, driven by government initiatives, rising EV adoption, and advancements in energy storage solutions. Investing in battery stocks presents an opportunity to capitalise on this booming sector. In this blog, we explore the best battery stocks in India for 2025, analysing their growth potential, market position, and future outlook.

Battery Industry in India - A Brief Overview

The battery industry in India is experiencing significant growth, driven by the increasing adoption of electric vehicles (EVs), renewable energy initiatives, and a surge in consumer electronics usage. The broader India battery market size is estimated at $ 8.41 billion in 2025 and is expected to reach $ 18.28 billion by 2030, reflecting a CAGR of 16.8% during this period.

This expansion is further bolstered by government policies promoting domestic manufacturing and sustainability.

Top Battery Stocks in India (2025) by Market Capitalisation

Investing in battery stocks in India presents a promising opportunity as the sector evolves. Here are the top battery stocks in India:

*Market capitalization equals the total number of free float shares * current market price of the stock (Figures as of March 2025).

Overview of Best Battery Stocks in India

Exide Industries

Exide Industries is a leading Indian manufacturer of lead-acid storage batteries, catering to automotive, industrial, and submarine applications. The company operates ten manufacturing plants, producing a wide range of batteries for various sectors, including automotive, power, solar, telecom, and submarines. Exide's extensive distribution network and commitment to quality have solidified its position as a trusted brand in the energy storage solutions market.

The exemption of basic customs duty on lithium-ion battery scrap, announced in the 2025-26 budget, is expected to reduce manufacturing costs and encourage domestic production, potentially improving Exide's competitiveness in the electric vehicle (EV) battery market.

Amara Raja Energy & Mobility

Amara Raja Energy & Mobility, formerly known as Amara Raja Batteries, is a significant player in India's automotive battery and energy sectors. The company manufactures lead-acid batteries for automotive and industrial applications and has been expanding into renewable energy solutions. Amara Raja's products are widely used in vehicles, UPS systems, and telecom industries, reflecting its diverse portfolio and commitment to innovation.

In 2024, Amara Raja Energy & Mobility was among the companies that bid under India's production-linked incentive (PLI) scheme to boost local battery manufacturing. Although Reliance Industries won the bid, Amara Raja's participation underscores its commitment to expanding its presence in the EV battery market.

The company's focus on research and development, coupled with its strong brand recognition, positions it well for future growth in the evolving energy storage industry.

HBL Power Systems

HBL Power Systems specialises in industrial and specialised batteries, serving sectors such as defence, aviation, railways, and telecom. The company offers a diverse product range, including lead-acid, nickel-cadmium, and silver-zinc batteries, catering to both domestic and international markets. HBL's commitment to quality and innovation has established it as a reliable supplier in critical sectors requiring dependable power solutions.

The company's strategic focus on expanding its product portfolio and entering new markets aligns with the increasing demand for energy storage solutions, positioning it well for future growth.

Eveready Industries India

Eveready Industries India is a household name known for its dry-cell batteries, flashlights, and lighting solutions. With a legacy spanning over a century, the company has established a strong brand presence in the consumer goods sector. Eveready's products are widely used across India, reflecting its extensive distribution network and commitment to quality.

In recent years, Eveready has been diversifying into newer energy storage technologies and expanding its product portfolio beyond conventional batteries. The company's focus on innovation and adaptation to changing consumer needs positions it well for future growth in the evolving energy market.

Indo National (Nippo Batteries)

Indo National, operating under the 'Nippo' brand, is recognised for its dry-cell batteries and lighting products. The company has a strong presence in the Indian market, offering a range of battery solutions for various consumer applications. Nippo's commitment to quality and affordability has made it a trusted brand among consumers.

The company's focus on new-age battery solutions, including rechargeable and high-performance batteries, indicates its efforts to stay relevant in the competitive energy market. Exploring opportunities in energy storage for off-grid and renewable applications could further enhance its market position in the coming years.

Benefits of Investing in Battery Stocks in India

Investing in battery stocks in India offers several advantages:

• Strong Industry Growth: The increasing adoption of EVs and renewable energy solutions is driving demand for batteries across various sectors.

• Government Support: Policies and incentives, such as the exemption of basic customs duty on lithium-ion battery scrap, are encouraging local production and reducing dependence on imports.

• Technological Advancements: Companies investing in research and development are well-positioned to benefit from the evolution of battery technology.

• Diversification: Many battery manufacturers cater to multiple industries, including automotive, defense, telecom, and energy storage, reducing risk for investors.

Factors to Consider Before Investing in Top Battery Stocks

Before investing in top battery stocks in India, consider these key factors:

• Industry Trends: Stay informed about emerging technologies, government policies, and market demand for different types of batteries.

• Company Strategy: Evaluate how well a company is adapting to new battery technologies, such as lithium-ion and solid-state batteries.

• Financial Health: Assess a company’s profitability, revenue growth, and investment in research and development.

• Competitive Landscape: Analyse how a company stands against its competitors in terms of market share, innovation, and strategic partnerships.

Conclusion

The battery industry in India is evolving rapidly, presenting lucrative opportunities for investors. With companies expanding their production capacities and focusing on new technologies, the sector is poised for sustained growth. By keeping track of market trends and company strategies, investors can make informed decisions and potentially benefit from India's battery revolution.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Market capitalisation figures are approximate and subject to change. Investors should conduct their research or consult financial advisors before making investment decisions.