India is rushing towards a greener tomorrow. Electric vehicles (EVs), renewable energy, and consumer electronics are on the rise, and therefore, the need for batteries is skyrocketing. The Indian market for batteries will increase from $8.41 billion in 2025 to $18.28 billion by 2030 with a CAGR of 16.8%. Hence, battery stocks are the new subject of interest among investors.
Battery manufacturers play an important role in powering EVs, solar energy storage, and even regular devices such as smartphones. Investing in these shares can be a clever entry point into India’s clean energy revolution. In this blog, we’re going to examine the top 5 battery stocks in India for 2025, why they are considered top stocks, and how you can see the potential.
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Best Battery Stocks in India
1. Exide Industries Ltd.
Exide Industries is a household brand in India’s battery industry, founded in 1947. It’s a pioneer in producing lead-acid batteries for vehicles, industries, and even submarines. Exide is also venturing into lithium-ion batteries, which are highly important for EVs. Exide has 10 production facilities around India and a significant global presence in the Middle East and Europe.
In FY 2024, Exide generated revenue of ₹16,770 crore, compared to ₹15,078 crore in FY 2023, with a net profit of ₹883 crore. It is future-proof with its investment in green technology such as lithium-ion cells. Exide is spending ₹60 billion on constructing a 12 GWh lithium-ion plant, with production commencement by mid-2025. Strong R&D, with alliances such as SVOLT Energy and Furukawa Battery, places the company at the cutting edge of innovation. Even with high input prices such as antimony eating into margins, Exide is debt-free, which is a great benefit for investors. With a 60% market share in India’s organized battery industry, it’s a strong bet on long-term growth.
2. Amara Raja Energy & Mobility Ltd.
Amara Raja, formerly Amara Raja Batteries, is another monolith of India’s battery sector. It deals in lead-acid batteries for automobiles, telecom, and railways and is now venturing into lithium-ion batteries for EVs. Amara Raja collaborates with the likes of Hyundai, Maruti Suzuki, and Tata Motors. Its total revenues for FY 2024 were ₹11,818.85 crore, with a profit of ₹934.38 crore, demonstrating robust growth.
Amara Raja is going all out for the future. It is spending ₹2,000 crore on its subsidiary, Amara Raja Advanced Cell Technologies, to develop gigafactories for new-age batteries. The firm also quoted for India’s Production Linked Incentive (PLI) programme to support local battery production. Its diversified portfolio and emphasis on renewable energy solutions have made it a solid candidate. Competition and fluctuations in raw material prices can be threats. Nevertheless, Amara Raja’s partnerships and innovation rank it as a best choice in 2025.
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3. HBL Power Systems Ltd.
HBL Power Systems, established in 1977, deals in specialized batteries for defense, railways, and telecom. It’s expanding heavily into lithium-ion batteries, particularly for telecom and defense industries. HBL has five manufacturing units in India and exports to more than 50 countries across the Middle East and Southeast Asia. In FY 2024, its total revenue was ₹2,25,126.30 lakh, with a profit of ₹26,265.62 lakh, reflecting significant growth.
HBL’s 5-year CAGR of 106.27% is among the highest in the industry, making it a darling of growth-oriented investors. The company is also developing sophisticated technologies such as Pure Lead Thin Plate (PLT) batteries. Its Q3 FY25 revenue declined by 25.22% to ₹452.10 crore, which is worrisome. Nevertheless, HBL’s niche market concentration and international presence keep it going. Investors need to look for its cost control and competitiveness in the rapidly evolving battery industry.
4. Eveready Industries India Ltd.
Eveready is a household name for dry-cell batteries, flashlights, and illumination products. Established in 1905, it has a humongous network of more than 4 million retail points in India. Eveready dominates consumer batteries, energizing products such as remotes and toys. In FY 2024, its revenue from operations was ₹1,314.2 crore with a net profit of ₹66.7 crore, a staggering 231.5% increase from the last financial year.
The company’s concentration on household products provides it a stable market, but it’s also venturing into new spaces such as EV batteries. In Q2 FY25, its profit after tax increased 15.7% to ₹29.5 crore on a marginal decline in revenue. Eveready’s beta of 0.55 indicates that it is less risky than the market. But since it’s smaller than Exide or Amara Raja, growth in the EV sector will be slower. Nevertheless, its robust brand and consistent earnings make it a sure pick for 2025.
5. Panasonic Energy India Co. Ltd.
Panasonic Energy India, part of the global Panasonic Corporation, is a major player in dry-cell batteries and lighting products. It focuses on zinc-carbon and alkaline batteries for consumer electronics. In Q2 FY25, its revenue was ₹686.4 million, with a profit after tax of ₹38.81 million, up 17.39% from the previous year. The company benefits from Panasonic’s global expertise, giving it an edge in innovation.
Panasonic is diversifying into alkaline batteries and venturing new markets, which can drive its growth. Its lower market cap of approximately ₹500 crore makes it a smaller entity relative to Exide or Amara Raja. Nevertheless, its concentration on consumer electronics guarantees constant demand. Investors must realize that Panasonic’s growth within the EV space can be slower, but its solid financials and international support make it a safer pick for 2025.
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Best Battery Stocks in India: Comparison Table
| Company | Market Cap (₹ Cr) | 5Y CAGR | 1Y Return | Profit FY24 (₹ Cr) | Key Strength |
|---|---|---|---|---|---|
| Exide Industries | 30,400.25 | 19.74% | -5.14% | 883 | Market leader, lithium-ion focus |
| Amara Raja Energy & Mobility | 17,704.96 | 13.16% | 7.92% | 934.38 | EV and renewable energy expansion |
| HBL Power Systems | 13,531.27 | 106.27% | -3.01% | 262.65 | High growth, defense/telecom focus |
| Eveready Industries | 2,501.53 | Not listed | Not listed | 66.7 | Strong retail network, stable demand |
| Panasonic Energy India | ~500 | Not listed | Not listed | 3.88 (Q2 FY25) | Global backing, consumer electronics |
Note: Data as of February 2025, subject to change. Market cap and returns sourced from,,.
Conclusion
India’s battery sector is expanding rapidly, courtesy of EVs, green energy, and government initiatives such as the PLI scheme and exemption from customs duty. Exide Industries and Amara Raja are leaders in terms of size, innovation, and EV focus. HBL Power Systems has high growth potential, particularly in niche segments.
Eveready and Panasonic are safer bets on steady, consumer-driven demand. Before investing, research each company’s financials, watch raw material price trends, and stay updated on government policies. Battery stocks are a great way to invest in India’s green future, but they come with risks like competition and market volatility. Consult a financial advisor to make smart choices.
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FAQ: Best Battery Stocks in India
1. Why are battery stocks a good investment in 2025?
Battery stocks are promising due to the rising demand for EVs, renewable energy, and consumer electronics. India’s battery market is set to grow significantly, supported by government initiatives like FAME and PLI schemes.
2. What are the risks of investing in battery stocks?
Risks include competition, raw material price fluctuations, technological changes, and regulatory challenges. Always research thoroughly before investing.
3. How can I invest in battery stocks in India?
Open an account with a registered stockbroker like Dhan or Lemonn, research battery stocks, and place buy orders. Diversify your portfolio to reduce risk.
4. Which battery stock has the highest growth potential?
HBL Power Systems has a high 5-year CAGR of 106.27%, but Exide and Amara Raja are also strong due to their EV focus and market leadership.
5. Are battery stocks safe for long-term investment?
Battery stocks have strong growth potential but come with risks like market volatility and raw material dependence. They can be good for long-term investment if you research and diversify.
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