Batteries & Energy Storage

Battery and storage exposure from cell plants to recycling, tiered by what is operating today versus committed for tomorrow.

Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Exide IndustriesAuto Components & EquipmentsCore business₹34,204 CrP/E 46.4 vs 27.0ROCE 8.1%

Exide is a leading battery manufacturer with lead-acid as its core business across automotive, industrial, and new-energy segments.

“Exide stands as a leading player in battery manufacturing and energy solutions. We are driving innovation in lead-acid solutions with a diverse portfolio that serves a wide range of industries.”

Annual Report · p. 8
Amara Raja Energy MobAuto Components & EquipmentsCore business₹13,396 CrP/E 14.5 vs 27.0ROCE 13.9%

Amara Raja is a principal battery business spanning lead-acid (automotive and industrial), lithium-ion cell manufacturing (16 GWh footprint), battery packs and BESS assembly (10 GWh capacity), plus battery recycling.

“the development of our Giga Corridor, progress on our lithium ion cell manufacturing facility, and the foundation stone laying of our Battery Energy Storage Systems (BESS) assembly plant stand as milestones in this ascent”

Annual Report · p. 10
+2 more quotes from the report

“Lithium deployment scale increased significantly during the year. Our LiB packs are now powering more than 50,000 telecom towers, taking cumulative installation base to 1 GWh within two years, with majority deployments executed during FY 2025-26 itself.”

Annual Report · p. 22

“We have built leading positions in automotive and industrial energy storage through sustained investment in technology, manufacturing capabilities and market development.”

Annual Report · p. 30
Fujiyama Power SystemsUTLSOLARCore business₹13,227 CrP/E 229.3

Manufactures lithium-ion and tubular lead-acid batteries as integral components of its solar power generating systems, and won the 'Renewable Energy Excellence Award - Solar Battery Manufacturing' in 2025.

“Lithium-ion battery 1.2 KWh-48 KWh Tubular lead acid battery 40 Ah-300 Ah”

Fujiyama Power Systems Ltd - 544613 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 31
+1 more quote from the report

“Our Lithium battery operations produce Battery Management System (BMS) cards including Electronics Manufacturing Services (EMS), Modbus communication boards, cabinets, busbars, displays, wire harnesses and other critical assembly components in-house- giving us complete control over quality, customisation speed and cost structure.”

Fujiyama Power Systems Ltd - 544613 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 10
Belding IndiaAluminium, Copper & Zinc ProductsCore business₹1,332 CrP/E 388.2 vs 12.7ROCE 0.1%

BESS is one of Belding's core business verticals — it designs, assembles and tests integrated battery energy storage systems, including containerized solutions and BMS, and was recognised as 'Emerging BESS OEM' at India Energy Storage Week 2026.

“BESS focuses on advanced energy storage solutions, with its business centerd around integrated Battery Energy Storage Systems (BESS) and related components for commercial, industrial and utility-scale applications.”

Belding India Ltd - 513307 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 13
+1 more quote from the report

“Battery Energy Storage Systems (BESS) – In-house design, engineering, manufacturing, installation, testing, commissioning and lifecycle management of BESS supported by warranty and maintenance solutions.”

Belding India Ltd - 513307 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 33
Shah FoodsCore business₹802 CrP/E 58.7ROCE 2.5%

Through its wholly-owned subsidiary Tandhan Power Technologies, Shah Foods manufactures industrial, automotive, generator, SMF, solar and lithium battery products as its principal business.

“We stands as a distinguished powerhouse in the realm of industrial batteries and inverters, commanding a global presence as a premium manufacturer.”

Shah Foods Ltd - 519031 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 4
CLN EnergyAuto Components & EquipmentsCore business₹498 CrP/E 24.2 vs 27.0ROCE 23.6%

CLN Energy's stated industry is manufacturing lithium-ion battery packs and energy storage/mobility solutions, which is the principal business driving its ~Rs. 345 Cr standalone turnover in FY25-26.

“Manufacturing of lithium-ion battery packs / energy storage and mobility solutions.”

CLN Energy Ltd - 544347 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 23
Indo-nationalHousehold ProductsCore business₹238 CrROCE -7.8%

The company's core business is manufacturing and selling primary dry cell batteries and alkaline batteries (NIPPO brand) from its Tada, Andhra Pradesh factory, making it a battery cell manufacturer.

“Nature of Industry : Manufacturing and sale of primary dry cell batteries, sale of Alkaline batteries, Torches and lighting products, mosquito bats, electrical products, Dorco brand razors and blades and other FMCG products.”

Indo National Ltd - 504058 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 18
+1 more quote from the report

“DRY CELL BATTERIES: Your company managed a 3% value growth backed by price increases & change in product mix. The input costs have been on a higher side all through the year which had an impact on margins.”

Indo National Ltd - 504058 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 21
How this list is built

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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