India’s battery industry is expanding beyond conventional automotive batteries. Electric vehicles, renewable-energy storage, telecom networks, data centres, railways and defence equipment are creating demand for different battery technologies.
However, investors should distinguish between established lead-acid battery manufacturers and companies developing lithium-ion products. New battery plants require heavy investment, while returns may take several years to appear. The following companies have been selected based on their FY26 performance, market position, technology, expansion plans and exposure to future energy-storage demand.
| Company | Business Profile | FY26 Key Figure | Main Strength | Investment Profile |
| Exide Industries | Automotive and industrial batteries | Sales: ₹17,269 crore | Market leadership | Established battery leader |
| Amara Raja Energy & Mobility | Automotive and new-energy batteries | Revenue: ₹13,549 crore | Lithium-ion expansion | Diversified growth opportunity |
| HBL Engineering | Industrial batteries and railway electronics | Profit: Around ₹797 crore | Specialised technology | Higher-growth diversified play |
| Eveready Industries | Consumer batteries and lighting | Revenue: ₹1,455 crore | Strong consumer brand | Turnaround opportunity |
| High Energy Batteries | Defence and specialised batteries | Net profit: ₹15.39 crore | Niche battery technology | High-risk small-cap play |
1. Exide Industries
Best for: Market leadership and diversified battery exposure
- FY26 net sales: ₹17,269 crore
- Operating profit: ₹1,943 crore
- Profit before tax: ₹1,500 crore
- Net profit: ₹1,111 crore
Exide Industries is one of India’s largest manufacturers of automotive and industrial batteries. Its products are used in passenger vehicles, commercial vehicles, two-wheelers, inverters, telecom systems, railways and other industrial applications.
The company’s extensive distribution network and relationships with vehicle manufacturers provide a dependable base business. FY26 sales increased to ₹17,269 crore, while net profit rose to ₹1,111 crore. Exide is also investing in lithium-ion cell manufacturing through its subsidiary, which could provide exposure to electric vehicles and stationary energy storage.
Advantage: Strong brand, nationwide replacement network and established automotive relationships.
Limitation: The lithium-ion business requires significant investment and may take time to produce meaningful profits.
2. Amara Raja Energy & Mobility
Best for: Conventional battery strength combined with new-energy expansion
- FY26 standalone revenue: ₹13,548.86 crore
- FY26 profit: ₹970.43 crore
- New-energy business revenue: ₹808.71 crore
- Core brand: Amaron
Amara Raja Energy & Mobility manufactures batteries for automobiles, telecom systems, UPS equipment, railways, solar installations and industrial applications. Its Amaron brand is one of the leading names in India’s automotive replacement market.
The company is developing a broader new-energy business covering lithium-ion cells, battery packs, chargers and energy-storage solutions. New-energy revenue reached approximately ₹809 crore in FY26, while total standalone revenue grew around 9%.
Its planned gigafactory and technology investments could create long-term growth. However, the expansion will require sustained capital expenditure and successful customer acquisition.
Advantage: Profitable lead-acid operations can help finance the transition towards lithium-ion technology.
Limitation: High project costs and strong competition may delay returns from the new-energy business.
3. HBL Engineering
Best for: Specialised industrial batteries and railway-electronics growth
- FY26 standalone profit: Approximately ₹797 crore
- Q4 FY26 consolidated revenue: ₹604.12 crore
- Q4 FY26 consolidated profit: ₹63.75 crore
- Additional growth area: Kavach railway safety systems
HBL Engineering manufactures specialised batteries for defence, aviation, railways, telecom and industrial applications. Its product portfolio includes nickel-cadmium, lead-acid and other purpose-specific battery systems.
The company has increasingly diversified into railway electronics, particularly India’s Kavach automatic train-protection system. Strong Kavach execution significantly supported FY26 earnings, with standalone profit reaching approximately ₹797 crore.
This diversification reduces dependence on batteries and creates a larger railway opportunity. However, it also means that HBL can no longer be evaluated as a pure battery company.
Advantage: Specialised products, limited competition and strong railway order opportunities.
Limitation: Earnings may be uneven because large railway and industrial orders are recognised according to project schedules.
4. Eveready Industries India
Best for: Consumer-brand strength and alkaline battery expansion
- FY26 revenue from operations: ₹1,454.61 crore
- Operating profit before other income: ₹163.55 crore
- FY26 profit after tax: ₹171.5 crore, including exceptional gains
- Businesses: Dry-cell batteries, flashlights and lighting products
Eveready is one of India’s best-known consumer battery brands. Its products have a wide retail presence, especially in dry-cell batteries used in remote controls, toys, clocks, flashlights and other household devices.
The company is strengthening its alkaline battery portfolio through a new manufacturing facility developed with an investment of approximately ₹200 crore. The facility gives Eveready an opportunity to increase its presence in higher-performance batteries and explore exports.
Investors should note that FY26 reported profit included exceptional gains. Operating performance should therefore be examined separately from one-time income.
Advantage: Strong brand recognition, retail distribution and leadership in India’s dry-cell battery market.
Limitation: Consumer battery demand grows more slowly than electric-vehicle and energy-storage demand.
5. High Energy Batteries India
Best for: Niche exposure to defence and specialised batteries
- FY26 net profit: ₹15.39 crore
- Silver-zinc battery turnover: ₹76.60 crore
- Recommended dividend: ₹3 per share
- Primary customers: Defence, aviation and specialised industrial users
High Energy Batteries is a small manufacturer specialising in silver-zinc, nickel-cadmium and other high-performance batteries. These batteries are used in defence, naval, aerospace and specialised industrial applications where reliability is more important than mass-market volume.
The company earned a net profit of ₹15.39 crore in FY26. Its silver-zinc battery turnover was approximately ₹76.60 crore, slightly lower than the previous year.
The specialised nature of its products creates entry barriers, but the company’s small size and dependence on a limited number of orders increase volatility.
Advantage: Niche technology and exposure to strategically important defence applications.
Limitation: Low trading liquidity, customer concentration and uneven order execution make it considerably riskier.
Key Risks for Investors
Battery companies face risks from lead, lithium and other raw-material prices. Technology can also change quickly, making older manufacturing facilities less competitive. Lithium-ion expansion requires heavy capital expenditure, technical partnerships and reliable access to raw materials.
Exide provides the most established battery exposure, while Amara Raja offers a stronger transition towards lithium-ion products. HBL Engineering combines specialised batteries with railway electronics. Eveready provides consumer-battery exposure, and High Energy Batteries represents a niche small-cap opportunity.
Investors should compare valuations, debt, operating cash flow, capacity utilisation and the expected returns from new plants before investing. This article is for informational purposes only and should not be treated as investment advice.
