Top 10 Battery Companies in India 2026

Did you know Exide Industries is currently building a lithium-ion gigafactory targeting 12 GWh of capacity by FY28, while its rival Amara Raja is racing to hit 16 GWh at its Divitipally facility, and both of them started out as basically just car battery makers? India’s battery industry is genuinely in the middle of a massive transformation right now, shifting from your grandfather’s lead-acid car battery toward full-blown lithium-ion gigafactories, and the government’s throwing serious money behind it too, ₹18,100 crore under the PLI scheme for Advanced Chemistry Cells alone. So let’s get into the top 10 battery companies in India 2026.

1. Exide Industries

Exide’s basically the OG of Indian batteries, founded way back in 1947 and headquartered in Kolkata, and it’s still India’s largest lead-acid battery manufacturer by market share, with around 25 lakh battery replacement touchpoints across the country. What’s genuinely exciting though is its pivot into lithium-ion through its Exide Energy subsidiary, they’ve got an operational gigafactory in Bengaluru already supplying multiple EV manufacturers, and they’re targeting 12 GWh capacity by FY28. With a market cap around ₹17,119-20,000 crore and revenue growing at a steady 8-10%, Exide’s basically transformed itself from a legacy battery brand into a genuine central node in India’s EV and energy storage ecosystem.

2. Amara Raja Energy & Mobility

Amara Raja’s Exide’s closest rival, and honestly, the rivalry’s been going on for decades in the lead-acid space. They supply automotive batteries to basically every major carmaker you can think of, Maruti Suzuki, Hyundai, Tata Motors, Mahindra, Honda, you name it. But the real story right now is their ₹9,500 crore bet on lithium-ion cell manufacturing, they’re building one of India’s largest gigafactories with a planned 16 GWh capacity, and they’ve already locked in supply agreements with Ather Energy and Piaggio India, which is genuinely rare in an industry where most players are still figuring out demand visibility.

3. HBL Power Systems (HBL Engineering)

HBL’s carved out a genuinely unique niche, specialised batteries for defence, aerospace, and railway applications, think Indian Air Force, submarine systems, and railway backup power. It’s growing at around 25% annually and boasts the highest ROE among all the major battery stocks, at a striking 36.80%. It’s not chasing the flashy EV headlines the way Exide and Amara Raja are, but for high-margin, high-barrier-to-entry work, HBL’s genuinely hard to beat.

4. Eveready Industries

Eveready’s the name most Indian households actually grew up with, dry cell batteries, flashlights, and other everyday electrical products. It doesn’t have any real EV exposure, which makes it a bit of a defensive pick compared to the more growth-hungry names on this list, but its brand recall is genuinely massive, decades of household trust don’t disappear overnight.

5. Ola Electric Mobility

Ola Electric’s taken a genuinely aggressive approach here, pushing hard on vertical integration to control its own battery supply chain rather than relying on outside suppliers. There’s even talk it could eventually become a standalone cell supplier to other manufacturers, not just for its own scooters. It’s a bold bet, and honestly, one of the more ambitious battery plays in the entire Indian EV ecosystem right now.

6. Tata Chemicals

Tata Chemicals has entered the battery conversation as part of the broader Tata Group’s push into lithium-ion cell manufacturing, joining a growing list of established Indian conglomerates diversifying into battery tech. Having that kind of deep-pocketed backing genuinely matters in an industry where gigafactory-scale investment takes years to pay off.

7. Reliance Industries

Reliance is also named among the major players investing in India’s battery ecosystem, leveraging its massive scale and existing energy business to move into lithium-ion and broader energy storage. When a company with Reliance’s resources decides to get serious about batteries, it’s genuinely worth paying attention to, even if the specifics are still unfolding.

8. Waaree ESS

Waaree ESS, an offshoot of the solar giant Waaree Energies, is named among the largest lithium battery producers in India, which makes a lot of sense given how closely solar and battery storage are linked. If you’re already scaling solar panel manufacturing, moving into energy storage batteries is a genuinely logical next step.

9. Munoth Industries

Munoth Industries set up what’s been called “India’s maiden lithium cell manufacturing unit” in Tirupati, Andhra Pradesh, through a technology partnership with China’s Tianjin Lishen Battery. It’s a smaller player compared to Exide or Amara Raja, but being first to actually produce lithium cells domestically genuinely counts for something in an industry this new.

10. KPIT Technologies

KPIT’s a genuinely different kind of “battery company” on this list, it doesn’t manufacture cells at all, instead it writes the battery management software, the code controlling charge, discharge, cell balancing, and thermal management, for global auto OEMs including BMW. It’s a clever position honestly, earning recurring software licence revenue without carrying any of the capital-intensive manufacturing risk that Exide or Amara Raja have to shoulder.

Frequently Asked Questions

Q1. Which company leads India’s battery industry right now, Exide or Amara Raja?

A: Exide leads in lead-acid battery market share and has a larger overall market cap, but Amara Raja is investing more aggressively per-project in lithium-ion, ₹9,500 crore toward its 16 GWh gigafactory, so the “lead” genuinely depends on whether you’re looking at legacy lead-acid business or future lithium-ion ambitions.

Q2. Is India’s battery industry actually shifting away from lead-acid batteries?

A: It’s transitioning gradually rather than suddenly, lead-acid still serves automotive replacement, telecom backup, and industrial applications reliably, but nearly every major player, Exide, Amara Raja, and even Ola Electric, is now investing heavily in lithium-ion capacity for EVs and energy storage.

Q3. What government support exists for battery manufacturers in India?

A: The PLI scheme for Advanced Chemistry Cells allocates ₹18,100 crore in qualification-linked incentives, and the Union Budget 2026-27 also doubled the PLI Auto and Auto Components scheme to ₹5,940 crore, plus extended customs duty exemptions on capital goods used specifically in lithium-ion cell manufacturing.

Q4. Which battery company has the highest profit margins right now?

A: HBL Power Systems (HBL Engineering) stands out with the highest ROE among major battery stocks at 36.80%, largely thanks to its specialised, high-barrier defence, aerospace, and railway battery segment, which carries considerably better margins than commodity lead-acid or lithium-ion manufacturing.

Q5. Why is KPIT considered a battery company if it doesn’t manufacture batteries?

A: KPIT develops the battery management software, the code that controls charging, discharging, cell balancing, and thermal safety, for global automakers including BMW, making it a genuinely important part of the battery ecosystem without carrying any manufacturing capex risk itself.