Battery and storage exposure from cell plants to recycling, tiered by what is operating today versus committed for tomorrow.
Susten has identified Battery Energy Storage Systems as an emerging solution and is positioning to enter the segment alongside its solar and wind portfolio.
“This lays the foundation for Susten to scale further and make inroads into emerging solutions such as Battery Energy Storage Systems.”
Coal India has secured BESS projects in Odisha and Telangana as part of its diversification into next-generation power infrastructure, but these are not yet operational.
“It also secured Battery Energy Storage System projects in Odisha and Telangana, strengthening its presence in next-generation power infrastructure.”
POWERGRID has secured its first Battery Energy Storage System (BESS) project in Andhra Pradesh and is exploring further opportunities in energy storage.
“The Company also expanded into energy storage by securing its first-ever BESS project, in Andhra Pradesh.”
Lists zinc-nickel batteries within its value-added product portfolio as an energy storage product innovation; scale/revenue contribution not disclosed.
“Zinc-nickel batteries An energy storage product innovation”
Energy storage (including BESS) is identified as an emerging market the company is actively exploring to build presence, with no stated current revenue.
“Exploring emerging markets such as data centers, HVDC, renewables, EV charging, energy storage (PSP and BESS) and green hydrogen and enhancing presence in them.”
Polycab has announced plans to launch Battery Energy Storage Systems (BESS) and hybrid inverters as part of its FY26-27 solar portfolio expansion, with no current revenue yet.
“we will expand our product portfolio with the launch of Hybrid Inverters and Battery Energy Storage Systems (BESS) to strengthen our presence in the emerging distributed energy and backup power sectors.”
Ashok Leyland is building its own battery pack manufacturing plant near Chennai to support its EV business, but no commercial battery production revenue exists yet.
“During the fourth quarter, we broke ground on a greenfield battery pack manufacturing facility at Pillaipakkam near Chennai.”
Torrent Power has a contracted BESS component (112.5 MW / 450 MWh) embedded in its first FDRE project, representing a committed but not yet operational battery storage deployment.
“First FDRE project secured under competitive bidding: 250 MW contracted with own licensed DISCOM at ₹4.87 per unit, combining approximately 500 MWp (solar and wind), along with 112.5 MW/ 450 MWh Battery Energy Storage System (BESS)”
NLCIL has won a 250 MW/500 MWh BESS project in Tamil Nadu via subsidiary NIRL and is pursuing similar projects in other states — committed but pre-revenue.
“Through its subsidiary NIRL, NLCIL has won a 250 MW/500 MWh Battery Energy Storage System project in Tamil Nadu and also pursuing for the same in other States as well.”
CSL has formed a JV with HBL Engineering to commercialise maritime energy storage solutions, and is separately implementing a phased Battery Energy Storage System at its own facility targeted for completion by December 2027.
“A Joint Venture Company has been formed with HBL Engineering Limited to develop electric mobility technologies and energy storage solutions for the maritime sector.”
“During FY26, we forayed into a Joint Venture with HBL Engineering Limited to engineer electric mobility and energy storage technologies for the maritime industry.”
“CSL is in the advanced stages of forming a Joint Venture Company with HBL Engineering Limited (HBL) for the purpose of developing electric mobility technology and energy storage solutions in the maritime space”
HBL's subsidiary TTL Electric Fuel is intended to set up battery charging facilities, indicating committed plans in battery/charging with no current revenue yet.
“TTL Electric Fuel Pvt. Ltd Intended to set up battery charging facilities Subsidiary”
TCL is developing battery-grade lithium carbonate recovery and sodium-ion battery technology as R&D initiatives, and lists 'Battery and energy materials' among its target end markets, but there is no stated revenue or commercial production yet.
“Developed a commercially scalable process enabling recovery of battery-grade lithium carbonate with purity ≥ 99.5%.”
“Advanced battery-grade lithium carbonate recovery (>99.5% purity)”
GPIL is setting up a 20 GWh Battery Energy Storage System manufacturing facility via its wholly-owned subsidiary Godawari New Energy Pvt Ltd, with ~Rs 310 Crores of capex already incurred, Tier-1 supply chain tied up with EVE Power (LFP cells), ROCHE Energy (BOS) and FIMER India (PCS), targeting commissioning in March 2027 — committed but no revenue yet.
“20 GWh BESS manufacturing facility (commissioning March 2027): Tier-1 supply chain fully secured; the Company is the only integrated steel producer in India building a dedicated Battery Energy Storage manufacturing plant”
“20 GWh BESS manufacturing facility: executed through Godawari New Energy Private Limited (100% subsidiary); capex `1,400 Crores at 1:1 debt-equity; `310 Crores incurred to 31 March, 2026; land (112 acres, AURIC Industrial Area, Maharashtra) acquired; commissioning targeted March 2027”
The company has signed an LOI with Elementium Materials to supply fluorinated specialty chemicals for EV lithium-ion battery electrolytes, with deliveries beginning late FY26 — no revenue recognized yet.
“we signed a letter of intent with Elementium Materials, a US-based battery electrolyte Company, to supply advanced chemicals for electric vehicle (EV) battery electrolytes. Leveraging our expertise in chemical production, we will deliver this high-demand product starting late FY26”
Through 51%-owned JV Nanovace Technologies, PCBL is developing nano-silicon anode materials for lithium-ion batteries; pilot plant under construction in Palej targeting commissioning by end-2025, with no revenue yet.
“PCBL entered the battery materials space through Nanovace Technologies Limited, a joint venture with Kindia (Australia). This IP-led initiative is developing low-cost nano-silicon materials for lithium-ion battery anodes using a proprietary, single-stage electrochemical process. A pilot plant is under construction in Palej, with commercialisation planned ahead.”
MGL has set up a JV with International Battery Company Inc. USA to establish a lithium-ion battery cell manufacturing plant in India (1 GWh, scalable to 5 GWh), creating optionality in mobility and BESS for grid-scale storage.
“MGL formed a Joint Venture company with International Battery Company Inc. USA to establish a lithium-ion battery cell manufacturing plant in India.”
BESS capacity is committed via subsidiary PPAs (1,860 MWh with SECI and 4,000 MWh via SJVN-awarded projects), integrated with solar capacity, but no BESS revenue yet.
“Reliance NU Suntech Private Limited, a wholly owned subsidiary of the Company (WOS) has signed a Power Purchase Agreement with Solar Energy Corporation of India (SECI) to supply 930 MW of solar power integrated with 465 MW/1,860 MWh Battery Energy Storage System (BESS).”
GIPCL is repurposing an idle 165 MW gas station into a 20MW/120MWh Vanadium Redox Flow Battery BESS pilot, first-of-its-kind grid-scale in India, with GUVNL in-principle approval and EPC tender underway; no revenue yet.
“ENERGY STORAGE The 165 MW Station-II is being re-purposed as a Long Duration Battery Energy Storage System (BESS) using Vanadium Redox Flow Battery Technology for the first time on grid scale in the country.”
Battery storage is mentioned only as a planned clean-energy expansion area with no current operations or revenue disclosed.
“the Company is planing to strategically expand into high-growth areas such as defence manufacturing and clean energy solutions, including solar and battery storage, in alignment with national priorities.”
Rajesh Exports owns a 51.05% stake in subsidiary ACC Energy Storage Pvt Ltd, which carries total assets of Rs. 31,726.69 lakhs but generated only Rs. 13.66 lakhs of turnover in FY26, showing committed capital in energy storage with negligible operating revenue.
“ACC Energy Storage Pvt Ltd”
BESS EPC scope is proposed in the Object Clause amendment and referenced in solar+BESS hybrid tender commentary (p29), but no current BESS-specific revenue or executed projects are disclosed.
“Battery Energy Storage Systems (BESS), Data Centres, Telecom Infrastructure, Advance Metering, Water Infrastructure”
“develop, construct, own, operate, maintain, lease or transfer power plants and power generating stations of every kind, including solar, wind, hydro/hydel, thermal, nuclear, energy storage and other renewable energy systems”
The company has secured a composite block in nickel, chromium and cobalt, which the report identifies as minerals vital for EV batteries.
“Complementing this, securing the Vadakhol Asoli Composite Block in Maharashtra establishes our footprint in critical minerals vital for EV batteries, defense, and high-tech manufacturing.”
Sugs Lloyd is expanding into Battery Energy Storage Systems (BESS) and Solar + Storage solutions alongside its existing renewable-energy and power-infrastructure capabilities, but no BESS revenue is reported yet.
“The Company is expanding into EHV transmission and Battery Energy Storage Systems (BESS), creating significant opportunities for growth and business diversification.”
New controlling owners (Rawmin group) plan to build a BESS assembly and integration business in stages at the listed entity; no current revenue as the prior granites factory was sold and operations had stopped.
“That work is a battery energy storage assembly and integration capability, raised in stages, and a position in advanced materials drawn from what this group already knows.”
“battery materials, cathode materials, anode materials, electrolytes, separators, permanent magnets, semiconductor materials and all other minerals, compounds, alloys, intermediates, products, by-products and derivatives thereof”
Company is seeking shareholder approval at the AGM to alter its objects clause to add manufacturing of batteries and lithium-ion batteries as a permitted activity alongside its proposed EV business.
“To carry on the business of manufacturing, assembling, importing, exporting, buying, selling, leasing, distributing, servicing and dealing in electric vehicles, electric automobiles, e-rickshaws, electric two wheelers, three wheelers, four wheelers, commercial vehicles, batteries, lithium-ion batteries”
Company's proposed new main objects clause adds energy storage projects and battery energy storage systems as intended future businesses.
“energy storage projects, battery energy storage systems, transmission lines, substations, grids, distribution networks and allied infrastructure”
Proposed MOA amendment lists energy storage systems as a planned activity alongside solar/wind farms; no separate storage business or revenue exists today.
“To establish, develop, operate and maintain power plants, Solar Farms, wind farms, energy storage systems, grid infrastructure, substations and transmission lines for efficient generation and supply of renewable energy.”
Proposed objects clause expressly lists manufacturing and trading of batteries and energy storage systems as part of the planned renewable energy business, subject to AGM approval.
“manufacturing, developing, designing, constructing, operating, assembling, importing, exporting, maintaining, distributing, trading and dealing in solar panels, batteries, inverters, controllers, and energy storage systems”
Epic Energy is building a 2,500 TPA battery recycling and metal extraction plant plus a 100 MWh/year second-life battery assembly unit at Wada, with commercial production expected in Q3 FY27.
“During the year, the Company commenced construction and implementation of its 2,500 TPA Battery Recycling Plant at Wada, Maharashtra. Alongside, the Company also commenced implementation of its 100 MWh per annum Second Life Battery Testing and Assembly Plant.”
Energy storage systems are listed as part of the proposed new green/renewable energy objects clause — a planned business line, not a current revenue driver.
“To carry on the business of green and renewable energy, including solar energy and solar power projects, biogas, bio-energy, green hydrogen, energy storage systems, carbon capture, utilization and storage solutions”
Battery Energy Storage Systems (BESS) are included in the company's newly amended object clause as part of its energy-sector diversification, but no current revenue or operations are described.
“The amended objects, inter alia, provide for undertaking activities relating to generation, production, transmission, distribution, trading and supply of electricity and energy from renewable and conventional sources, energy storage systems, Battery Energy Storage Systems (BESS), electric vehicle (EV) charging infrastructure and allied technologies and services”
Batteries are explicitly listed as part of newly added EV-related objects in the MOA; no current operations or revenue.
“to undertake business activities relating to electric vehicles (EVs), including EVs, batteries, charging infrastructure, components, servicing and R&D”
The announced initial phase of the 20 MW solar project is planned to include battery energy storage systems; no revenue yet as project awaits approvals and financing.
“The initial phase is envisaged to comprise approximately 3 MW of solar power generation capacity along with battery energy storage systems.”
“the initial phase comprising approximately 3 MW capacity coupled with battery energy storage systems.”
Integra proposes to acquire 95% of South Korea's MagnaTech, a technology holding company whose capabilities include battery production technology/materials and energy storage systems; Integra intends to localize these in India alongside its existing switchgear manufacturing base.
“Its capability lies in four disciplines that are difficult to build and harder to buy: battery production technology and materials, energy storage systems, high-power LED lighting, and high thermal conductivity materials.”
Definition used: Manufactures battery cells/packs or energy-storage systems, operates BESS capacity, or supplies battery materials and recycling. Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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