EV battery stocks in India

Best EV Battery Stocks in India for the Long Term [2022]- Complete Sectoral Analysis

Electric vehicles (EVs) are soon going to be mainstream in India and around the world.

There is no doubt about that!

One of the most promising sectors to invest in right now is the EV sector.

And one of the key components that will drive the growth and competition in the EV space is the battery used in electric vehicles and the technology behind the batteries.

This makes the top battery stocks in India a favorable investment choice for the long term.

EV battery stocks are likely to be wealth multipliers in the coming 5-10 years and might end up making you a lot of money.

But the EV industry in India is currently in its nascent phase, and every day there is some new development. More and more companies are jumping into this space, and hence it is a bit difficult to predict which particular battery stock is going to be the winner.

This is still a highly volatile market, but we can definitely compile a list of the top battery manufacturing companies in India, that are likely to gain from the EV boom.

Therefore in this post, we will look at the best EV battery stocks in India to buy in 2022, that are well-positioned to grow in the coming years.

Since this is a highly volatile industry make sure you read the whole post, so that you are able to make changes in your investment strategy with changes in the battery industry.

I’ll give a proper analysis of the battery sector and the factors to consider while investing in battery stocks. But at the same time, the final decision has to be yours, so use your own research before you make any investments.

Skip the detailed analysis and jump to the EV battery stock list (Not Recommended).

Let’s begin!

Why you should Invest in Battery Stocks in India Right NOW?

You have probably heard about Elon Musk’s Tesla and how it became the largest automobile manufacturer in the world with more than a trillion-dollar market cap.

Unfortunately, Tesla is not listed on NSE or BSE!

But, considering that the EV sector has just started to evolve in India, you might see a similar growth story here as well.

Let’s have a look at a couple of stats that will make you consider investing in the Indian EV space:

The Indian automobile market is currently the fourth largest in the world and is poised to become the third-largest by 2030, while some reports suggest it will be achieved by 2026.

Now, this makes India one of the best marketplaces for EVs, because of organic growth in automobile sales, and transition to EV on top of that.

The EV space has just begun to evolve in the country and being an early investor, if you stay invested for the long term you’ll definitely benefit a lot.

Early investor quote by Thomas Rowe Price, explaining why you should invest early in a new opportunity.

The Indian Government is actively encouraging the EV manufacturing industry. The Government is working to streamline the regulatory and investment mechanism for the EV sector.

Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India), is an initiative by the Government of India, which has been rolled out in phases to promote EV manufacturing and adoption in the country.

When an industry is supported by the government to this extent, it is reasonable to expect phenomenal growth and ROI (Return on Investment) for retail investors.

To sum up, it can be said that external factors impacting the EV space are becoming more and more conducive and enabling and are likely to continue to do so.

Now let’s come back to why I am focusing on EV battery stocks today specifically.

When you consider the technological innovations happening in the EV space, you will realize that there are only two areas where much of the work is being done. First, the battery, and second, the software and automation being used.

Now between these two, the battery is something that specifically affects the electric vehicle segment.

Did you know that the battery pack accounts for 40-50% of the cost of an EV?

This shows how significant the battery is in an electric car. It is the main differentiator to judge the performance of different electric vehicles.

Along with that, the move towards clean and green energy is also likely to boost the demand for storage batteries in India, that can store large amounts of renewable energy.

A lot of innovation is happening in the battery space. The goal is to make the batteries more efficient, smaller in size, fast charging, lightweight, and long-lasting.

The EV battery market in India is projected by India Energy Storage Alliance (IESA) to grow at 30% CAGR until 2026, which is a fairly conservative estimate.

The Indian government also realizes the importance of the battery manufacturing industry and has introduced a Production Linked Incentive scheme to promote battery manufacturing in the country.

The National Mission on Transformative Mobility and Battery Storage, is also a commendable step.

All this goes to show how lucrative battery stocks can be for the next 5 to 10 years.

Factors to Consider while Investing in EV Battery Stocks

It is quite reasonable to be a staunch believer in the future of EV and battery stocks.

But at the same time being a super volatile sector, it is important that you are aware of the factors you should keep in mind while investing in the battery sector in India.

1. How will Tesla’s Entry Impact Indian EV Companies?

First and foremost, you might be wondering what will happen to Indian EV stocks or Battery companies, if in future Tesla enters the Indian market.

That is what about the threat of Tesla!

There are a few things you need to understand here.

First, the Indian automotive market is dominated by two-wheelers, and a bunch of companies has already started to cater to the two-wheeler EV segment in the country, like Ola Electric and Ather Energy.

Second, the passenger vehicle market is dominated by the small car segment, compared to big and luxury car makers.

SegmentPercentage Share
Passenger Vehicles14.6%
Commercial Vehicles3.1%
Share Of Each Segment In Total Production Volume (FY21) [Source]

Now, Tesla makes four-wheeler luxury vehicles (compared to Indian standards), expected to start selling at around Rs 60-70 lakhs.

This means that a lot of domestic EV manufacturers are not going to be affected by Tesla’s entry into the Indian market.

Elon Musk has already said that Tesla is not going to make road bikes, so no competition at all for two-wheeler EV manufacturers in the country. And Tesla cars, until they drastically cut the cost down are not going to dominate the Indian EV market.

Also considering the sheer size of the projected automotive market in India, no one player can be the sole winner.

2. Which is the Best Battery for an Electric Car?

The EV battery sector is evolving fast and a lot of innovation is happening as we speak.

While the Indian battery manufacturing companies have just started working on battery technology improvement and research, some major global companies are already ahead in the race.

Different types of batteries used in electric vehicles, and which one will win in the future.

Although Lithium-ion batteries are the most suited as of now, with rapid technological advancement some better options might come up.

Reliance’s venture into Sodium-ion batteries, and Indian Oil’s partnership with Israeli Phinergy to set up Almunium-air battery plant, indicates this possibility.

3. Who will make Batteries for Indian EV Companies?

When automobile manufacturers start making EVs, it might happen that they themselves will develop their own electric car batteries.

Take Tesla, for example, they make their own batteries.

This is because, as I said earlier, there isn’t much to mess around with an EV. All major innovations a car company can do lie with the battery itself. And the battery is what will give them an edge over competitors.

Also, the battery is what drives the cost of an electric car (40-50%).

So as the EV industry in India matures, domestic EV makers like Tata Motors, Mahindra & Mahindra, etc. might start making their own batteries.

Tata Chemicals has already signed an MoU with ISRO to work on lithium ion battery tech.

And if you look at how Tata Sons Pvt. Ltd. has dramatically increased its stakes in Tata Chemicals, Tata Power, and Tata Motors over the last 3 to 4 years you might just see a pattern exemplifying my above point.

Tata Chemicals23.47 %28.51 %31.90 %
Tata Power31.05 %35.27 %45.21 %
Tata Motors35.30 %39.52 %43.73 %
TCS72.02 %72.02 %72.16 %
Tata Elxsi42.22 %42.22 %42.22 %
Source: FedUp Chronicles

Try to understand how stakes have been significantly increased in these three companies, but not in other Tata Group companies, and what this might mean.

Thus, when you invest in battery stocks in India, don’t just invest in companies that are solely working with batteries like Exide Industries, Amara Raja Batteries Ltd., etc. make sure you invest in EV car manufacturers in India as well.

This will give you a chance to invest in battery stocks as well as electric car makers at the same time.

However to smaller automakers like those catering to the three-wheeler segment or much of the two-wheeler market, battery companies might still remain the major contributors, so you can not completely ignore them as well.

4. Profitability of EV Battery Companies in India

One key factor to consider before investing in a company, or a sector is its profitability.

Electric car battery manufacturers in India will take a couple of years before they become profitable.

This is because, for a start, the companies are going to focus on capacity building in the coming 3 to 5 years, for which they are going to need huge investments or huge loans.

Luckily the government has announced a couple of schemes to facilitate that.

But to become profitable it will still take a couple of years. However, it is certain that they will become profitable ultimately as production costs come down, raw-material procurement becomes streamlined, and a proper supply chain is established in the country.

Next is the cost of electric vehicles right now.

5. Why are EVs so Expensive?

You must’ve noticed that even the small BEVs (Battery Electric Vehicles) are costlier than their counterparts, the small cars of the ICE (Internal Combustion Engine) variant (the ones that run on petrol and diesel).

In simple terms, EVs are more expensive than conventional options, as of now.

And much of this cost is driven by the battery used in electric vehicles (40-50%).

But it is safe to say that the cost of batteries will come down in near future. This is because of a couple of reasons:

  • Currently, the demand for lithium batteries is very high compared to the supply. But this is going to be balanced as more comapanies start manufacturing batteries in India.
  • As a proper ecosystem for EV manufacturing develops in the country, the dependancy on imports for raw materials used in battery manufacturing will reduce, again bringing down the costs.

Have a look at how the cost of lithium ion batteries has been reducing globally over the years:

A graph depicting reducing cost of lithium ion batteries from 2013.
Source: BloombergNEF

Now one last thing to consider is the threat of new entrants!

6. EV Battery Startups and New Players

Have you heard of Porter’s Five Forces?

If not, then this is basically a framework for analyzing a company’s competitive environment.

One of the five forces is the “potential of new entrants into the industry”.

I’ve already discussed how car manufacturers like Tata Motors are working on developing their own batteries for electric cars.

Further, new companies, both domestic and global, might jump into this space in the coming years, posing a threat to already established battery companies in India.

We are already seeing a bunch of battery manufacturing startups coming up in India.

Recently, Hero Electric has partnered with Bengaluru-based battery technology start-up Log9 Materials, to offer the Log9InstaCharging battery packs for its entire range of EVs.

Large conglomerates like Reliance Industries Ltd. and Adani Enterprises might also jump in.

In fact, Reliance is already on board!

So make sure that before you invest in any of the top battery stocks in India, you have this threat of large companies like RIL coming up with their EV battery business in mind.

Before we look at the best battery stocks for EV in India, let’s have a look at the current scenario of the battery sector in the country.

Battery Industry in India: An Overview

The following image shows a list of battery manufacturing companies in India. These companies are the ones that are specifically working in this space.

Battery Stocks in India.
Source: Tickertape Screener (Market Cap figures are in Crores)

The COVID-19 pandemic and the lockdowns had an adverse impact on the growth of the battery sector in India.

Some of the top battery stocks in India gave negative returns in 2021.

Exide industries current stock price and performance in last one year.
Source: Google Finance

The Indian battery market is highly dependent on imports of both raw materials and finished products. And the global supply chain disruption of recent years also had an impact on domestic manufacturing.

However, with the opening of markets, vaccinations, and government schemes to boost manufacturing, this is likely to change soon.

Currently, Indian battery makers are primarily engaged in producing lead-acid batteries.

However, their power density is low, compared to Li-ion batteries, which makes them quite unsuitable for hybrid or electric vehicles.

Lead-acid batteries are used for SLI (Starting, Lighting, and Ignition) applications and almost every conventional vehicle uses them.

The Lead-acid battery market in India is currently consolidated (dominated by a few major battery makers), with Exide Industries and Amara Raja Batteries accounting for more than 70% market share.

Despite the dominance of lithium-ion batteries in EV, the lead-acid battery market in India is likely to grow at 9.47% CAGR between 2021-26.

Other than that, almost all top battery makers in India, startups, new entrants, and foreign players are gradually shifting their focus on lithium ion battery manufacturing for EV in India.

A large section of the lithium ion battery industry in India is unorganized, with small players accounting for 30-40% of the market share. This is due to the cheap imported options they provide.

However, with market consolidation, this is likely to change and big players are expected to dominate and take over the small battery companies.

In the next two sections, I will cover the lithium ion battery sector in India, and a list of the best battery stocks for EV in India.

Lithium Ion Battery Manufacturers in India

Indian electric vehicle battery market share, by battery type.
Source: imarcgroup (approx. values)

Lithium-ion batteries are by far the best for electric vehicles.

JMK Research projects the annual lithium-ion battery market in India to increase at a CAGR of 37.5% to reach 132 GWh in 2030.

As I have mentioned earlier, the battery pack accounts for around 40-50% of the cost of an EV. And the cell accounts for 75% of the cost of a battery pack.

Unfortunately, India doesn’t have any lithium ion cell manufacturing capability as of yet and is dependent on imports from China and Taiwan.

The cells are then assembled into battery packs locally. And in some cases, the complete pack is imported.

However, with the ongoing efforts of the government and other stakeholders to make India an EV manufacturing hub, the situation is likely to change.

Currently, the lithium-ion battery market in India is ‘fragmented’ (a highly competitive market without dominant players), and the market is likely to get consolidated in the coming years, with big players jumping in.

Lithium-ion battery market share in India by application.
Lithium-ion battery market share in India, 2020, by application. Source: Mordor Intelligence

A major portion of the lithium-ion battery demand in India comes from the portable battery segment (batteries used in electronic devices, such as cell phones, laptops, etc.), and the demand from this segment is going to continue to surge in the near future.

Enough with the background analysis, now let’s have a look at some of the lithium ion battery stocks in India.

Chemical Companies

Two publicly-listed Indian chemical companies have declared CAPEX plans for the electric vehicle segment: Neogen Chemicals Ltd. and Gujarat Fluorochemicals Ltd.

Here’s a list of the top EV battery chemical stocks in India:

1. Neogen Chemicals

Neogen Chemicals has recently started manufacturing electrolytes for lithium-ion batteries and has experience and expertise in lithium salts.

Demand for electrolytes is expected to grow to 70,000 million tonnes by 2030.

The company has announced a Rs 35 crore CAPEX target at their Vadodara facility for 250 MT of Electrolyte capacity for lithium-Ion batteries.

2. Gujarat Fluorochemicals

The company has announced CAPEX plans of Rs 2,500 crore towards expanding its capacities for Bulk & Specialty Chemicals, Fluoropolymers, and New Age Products, till 2024.

These new-age products include battery chemicals for EVs.

Gujarat Fluorochemicals is a manufacturer of fluoro-specialty chemicals and has recognized a growing demand for polyvinylidene fluoride, because of its applications as a cathode binder in EV batteries.

The company is expanding its capacity for the production of chemicals needed for EV batteries, especially PVDF Electrode Binders, LiPF6 and Electrolyte formulations.

The company is also catering to chemical demands in new-age sectors like solar panels and hydrogen fuel cells.

Plastic Companies

In this segment, we only have one company, that has announced its plans to work in the EV battery sector.

3. Polyplex Corporation

Polyplex Corporation Ltd. is engaged in the production of PET films and has the seventh-largest capacity of polyester (PET) film globally.

The company is looking at manufacturing outer PET films for lithium-ion batteries and has recently won a Korea-based lithium-ion battery manufacturer as a customer.

The three stocks I have discussed above are not battery manufacturers but are going to be indirectly involved in the EV battery manufacturing sector in India.

However, it’s too early to tell to what extent these stocks are going to gain from the EV boom, but you should definitely keep an eye on these stocks, and look for the latest developments.

In the next segment, while discussing the top EV battery stocks, I will also cover the lithium ion battery stocks in India, as in most cases the top battery companies in India are the ones engaged in lithium ion battery manufacturing.

Best EV Battery Stocks in India to Buy in 2022

EV car charging.

Now one thing I want to make clear before jumping into the list of battery stocks, is that we’re looking at these stocks from a long-term perspective.

How long? At least 3 to 5 years, preferably 5 to 10 years!

So you can not analyze these stocks based on their past performance, or current ratios and indicators.

Rather the focus should be to take up fundamentally strong and financially stable companies that are actively working to grasp the EV opportunity.

And mind you, the transition into EV is inevitable and just a matter of time now.

To sum up, sight tight, and take a journey into the future with me, as we look at the best battery stocks to buy in 2022!

The top EV battery stocks in India are Exide Industries Ltd., Amara Raja Batteries Ltd., and Tata Chemicals. These three stocks are currently the most talked-about battery sector stocks in the country.

Let’s take a deep dive.

Also Read: 7 Best EV Charging Station Stocks in India [2022]: Complete Sectoral Analysis

4. Exide Industries Limited

Here are a bunch of developments in the company’s EV battery space:

  • Exide Industries’ board has recently given approval to set up a multi-gigawatt lithium-ion cell manufacturing facility in India.
  • The comapany has formed a 75:25 joint venture with Switzerland-based Leclanché SA, one of the world’s leading lithium-ion cell manufacturing and energy storage companies, to produce lithium-ion batteries in their plant near Ahmedabad, Gujarat ,with around 1.5 GWh capacity. The JV is called Nexcharge.
  • Exide enjoys 55% market share in the lead-acid battery segment and is the largest producer of lead-acid batteries in the country.
  • Exide Industries has also applied for the production-linked incentive scheme for “National Programme on Advanced Chemistry Cell battery Storage” issued by the Ministry of Heavy Industries.

Exide Industries Ltd. is the largest battery manufacturer in India, but its lithium ion battery production is not yet considerable, however, the picture is expected to change, making it one of the best stocks for EV batteries in India.

The company’s financials are strong and is expected to cash on the EV opportunity.

5. Amara Raja Batteries Ltd.

Amara Raja Batteries’ EV plans:

  • Back in 2019, ISRO chose 10 companies to transfer its indigenously developed lithium ion cell technology. Amara Raja Batteries is one of those companies.
  • The company has plans to invest between $800 million to $1 billion over next five to eight years to build a Tesla-styled gigafactory. The plans however depend on the bidding process for Centre’s PLI scheme.
  • Amara Raja Batteries is investing €10 million in InoBat Auto, a European Group focused on research and development in the field of batteries for electric vehicles and production of lithium-ion battery cells.
  • Early in 2021, the company opened a technology hub to develop lithium ion cells at its Tirupati facility in Andhra Pradesh.
  • In June 2021, the company announced establishment of a New Energy Strategic Business Unit covering lithium cell and battery pack, EV chargers, EV storage systems, etc.
  • The company is also working closely with IIT Chennai for R&D for EV batteries.
  • The comapny has also applied for the ACC PLI scheme.

The company is the second largest automotive battery manufacturer in the country after Exide, and is also the second largest producer of lead-acid batteries in India.

The Debt-to-Equity ratio of Amara Raja Battery is quite low.

The company has an extensive sales network of retailers and distributers and has been in the battery business for a long time, making it one of the best EV battery stocks in India.

6. Tata Group Stocks- Tata Chemicals & Tata Power

Tata Group is creating a complete ecosystem for EVs.

From electric vehicles to batteries and charging infrastructure, the group is playing it all.

As I have noted above, Tata Sons’ dramatic increase in stakes in Tata Power, Tata Motors, and Tata Chemicals, is an indicator of the group’s plans to dominate the EV market in India.

  • Tata Motors’ Nexon EV is currently dominating India’s EV sales, with Tata’s Tigor EV in third place. Overall, Tata Motors accounts for 70.57 percent of the total EV sales in H1 FY2022.
  • Tata Power was the first company in India to achieve a milestone of 1000 EV charging stations across India. The company has taken up several other initiative in EV charging infrastructure domain.

However, today we are focussing on Tata’s plans for EV batteries:

  • Tata Chemicals is one of the 10 companies to recieve lithium cell technology from ISRO.
  • Tata Chemicals’ CEO & MD, R. Mukundan has said that the company has the ability and expertise to buid a circular economy around lithium ion battery technology, starting from active raw materials, to cell and battery manufacturing and then finally lithium ion battery recycling.
  • Tata Chemicals has launched a lithium-ion battery recycling initiative, and plans to recycle 500 tonnes of used Li-ion batteries.
  • The company’s 127 acres plant site in Dholera, Gujarat can house manufacturing of active materials, lithium-ion cells, and batteries of upto 10 GW per annum, along with recycling capabilities.

Tata’s overall plan for an EV ecosystem is something that makes Tata Chemicals and Tata Power a part of this list of EV battery stocks to invest in.

7. Reliance Industries Limited

Reliance Industries’ entry into the EV battery sector in India will certainly affect the current market dynamics, considering how Jio disrupted the telecom industry!

Although it cannot be said as of now, that Reliance is a battery maker. But the conglomerate has big plans for EV battery manufacturing.

Here are a couple of reasons why RIL might be one of the best EV battery stocks to invest in:

  • Fossil fuels and their by products contribute to 60% of RIL’s consolidated revenue, and the company is gradually shifting their focus to new and renewable energy avenues.
  • Over the next 3 years, Reliance will spend ₹60,000 crore to construct four ‘giga factories’ to manufacture integrated solar PV modules, electrolyzers, fuel cells and batteries, in their Green Energy Giga Complex in Jamnagar.
  • Mukesh Ambani has clearly stated his intention to jump into the EV space, not as an electric car manufacturer, but as a maker of EV batteries.
  • The company’s renewable energy wing, formed in 2021, Reliance New Energy Solar Limited (RNESL), has already applied for the government’s Advanced Chemistry Cell (ACC) PLI Scheme for battery manufacturing.
  • The conglomerate has acquired a UK-based sodium-ion battery technology startup, Faradion. The $135 million acquisition makes Relaince one of the early players in sodium-ion battery segment globally. RIL will further invest $35 million in Faradion for commercialization of its products, including batteries for electric vehicles.
  • Update 14/03/2022:
    Reliance New Energy Solar Limited (RNESL) has announced acquisition of all assets of Lithium Werks BV, including its portfolio of patents and manufacturing facility in China, for USD 61 million. This acquisition, along with that of Faradion gives a RIL an edge in Lithium Iron Phosphate batteries and LFP solutions.

Now you might be wondering, why is it that Mukesh Ambani is betting on sodium-ion battery tech, while lithium-ion batteries still remain the favorite.

Here’s are a few reasons why sodium-ion batteries are an attractive alternative to Li-ion batteries:

ParametersLithium-ion BatteriesSodium-ion Batteries
(Cheaper option)
(low chance of EVs catching fire)
Availability in
Earth’s Crust
(300 times more sodium than lithium)
EfficiencyHigh (90% +)High (90% +)
Temperature Range-25 °C to 40 °C-40 °C to 60 °C
(wider temperature range)
Energy DensityHighModerate-High

One major disadvantage is that their energy density is considerably lower than that of lithium-ion batteries.

However, with decreasing lithium reserves, experts believe sodium-ion batteries may be a viable alternative to lithium-ion batteries.

It doesn’t mean that sodium-ion is going to completely replace lithium-ion batteries. In all probabilities, li-ion is going to continue to dominate the EV battery market. And it is quite possible for the two technologies to co-exist.

Faradion has technological expertise and a number of patents in this field

The acquisition makes Reliance one of the early players in the sodium-ion battery segment globally.

But before you invest in Reliance Industries from an EV battery point of view, remember that the company is involved in several unrelated sectors, and their stock’s performance will be determined by the overall performance of the conglomerate.

That is, don’t invest in RIL just with their battery segment in mind, you need a wider perspective here.

Before you move on and think about investing, check the recent developments as well, as some new companies are likely to come up in the battery sector.

Recent Developments

  • Update 15-01-2022:

The application process ended for Centre’s Production-Linked Incentive (PLI) scheme for ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ for a financial outlay of Rs 18,100 crores over a 5 year period, on January 14, and saw 10 bids for 130 GWh capacity.

What’s interesting is that most of these companies aren’t existing battery makers.

This shows how more and more companies are willing to jump into the EV battery segment.

Following are the companies that applied for the ACC PLI scheme:

1. Reliance New Energy Solar Limited

2. Hyundai Global Motors Company Limited

3. Ola Electric Mobility Private Limited

4. Lucas-TVS Limited

5. Mahindra & Mahindra Limited

6. Amara Raja Batteries Limited

7. Exide Industries Limited

8. Rajesh Exports Limited

9. Larsen & Toubro Limited

10. India Power Corporation Limited

So before you invest in existing battery makers in India, keep in mind some new players might come up.

Especially if companies like RIL are interested, you must take extra caution!

Why are Battery Stocks Falling in India?

Battery stocks in India like Exide Industries and Amara Raja Batteries have given negative returns in last one year, and the stocks have seen above 30% correction in recent past.

This is due to global semiconductor shortage denting OEM (original equipment manufacturer)  demands and a rise in cost of raw materials.

Also in April 2021, the Indian government hiked import duties on battery cells and battery packs to boost local manufacturing, even though the Indian battery market is currently heavily dependent on imports.

Moreover, the last few months of 2021 saw a correction in the market, which also affected battery stocks.

In the long run, however, these factors are expected to wane out amid growing demand of EV batteries, and as the markets go back to normalcy from COVID disruption.

My Investment Strategy for EV Battery Stocks in India

I have already made enough points as to why you should consider investing in battery stocks for EV in 2022. And why now is the right time!

The change is already happening, and it’s still early to reap the benefits as an early investor.

So am I investing in battery stocks in India?

Yes, I am! and you should as well, after doing your own research of course.

However, new players are expected to jump into EV battery manufacturing in the coming years. As I have mentioned Reliance Industries’ plans to foray into this sector. So be cautious before you invest in battery stocks in India, as of now.

Now here’s my approach in terms of investing in this space:

Invest in Multiple Companies

The industry is still in its nascent phase and it is impossible right now to determine who will be the winner.

But one thing for certain, there are going to be many winners. It’s just too early to identify them.

However, it is possible to recognize the best-suited players and analyze how they are working towards building capacity for manufacturing EV batteries.

This is what I’ve done throughout this post.

My approach towards investing in EV battery stocks is to invest in multiple battery makers in India, and other companies that are likely to gain from this emerging industry.

Don’t put all your eggs in one basket. Classic advice!

Electric Mobility Smallcase

I haven’t personally invested in this one. But since it’s difficult to find one EV stock that’s going to give massive returns, if you are a new investor, a good approach for you could be to invest in the Electric Mobility Smallcase.

This smallcase covers the top listed companies in India engaged in the EV sector.

However, make sure to properly study the allocation before you invest.

Watch Carefully and Regularly

Rapid innovation is going on in this area, and every day there is some news about a company getting orders, or announcing CAPEX plans for EV batteries.

A lot is happening as we speak.

And when a sector is evolving this rapidly, and you wish to stay invested in it for the long term, it is important that you keep an eye on the latest developments once in a while.

You can bookmark this post, and visit it once a month to see the latest updates.

Make sure you adjust your investment approach according to changes in the industry.


Phew! that was some research.

It took me more than a week to come up with this detailed analysis of battery stocks in India, and the future of EV battery sector in the country.

If you have read the whole post, congratulations! I hope I could add some value.

The idea was not just to give a stock list, but to explain how analyzing an industry or sector works, and I hope you’ve learned something.

Let me know in the comments below, what you think about the EV battery sector in India, and which are the top EV battery stocks according to you.

I would appreciate your feedback!

Until next time, Adios.

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