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
Hindalco operates a battery enclosure plant at Chakan (full ramp-up) and a battery foil plant at Aditya supplying global cell manufacturers, marking its participation in the energy storage ecosystem.
“the full ramp up of the Chakan battery enclosure plant are enhancing our presence in new-age applications such as electric vehicles, packaging, and aerospace. Additionally, the battery foil plant at Aditya has commenced supplies to global cell manufacturers, marking a milestone in our strategy to participate in the fast-growing energy storage ecosystem.”
CG Power and Ind SolHeavy Electrical EquipmentGrowing₹1.41 L CrP/E 92.0 vs 37.7ROCE 19.2%
CG's Drives & Automation division sells Emotron Power Conversion Systems and customized products specifically targeted at the Battery Energy Storage market.
“The division has also introduced Emotron Power Conversion Systems (PCS) tailored for the growing Battery Energy Storage market. These high-power converters provide flexible solutions designed to unlock the full potential of energy storage systems.”
Tata Power CoIntegrated Power UtilitiesGrowing₹1.10 L CrP/E 28.5 vs 26.6ROCE 3.4%
Tata Power sells MySine battery storage products and is developing pumped storage (1,000 MW Bhivpuri) and BESS solutions as part of its energy portfolio.
“we launched MySine batteries, developed in partnership with TACO, providing a storage solution along with rooftop solar”
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“In FY26, we secured our first standalone Battery Energy Storage Purchase Agreement (BESPA) from NHPC Limited for Kerala State Electricity Board Limited. The project involves the development of a 30 MW/120 MWh battery energy storage system in Kerala and marks a significant milestone in our energy storage journey.”
“Established a digital foundation for observability and monitoring of Battery Energy Storage Systems (BESS), enabling real-time insights, optimised dispatch, enhanced grid reliability, and support for renewable integration and peak demand management”
JSW EnergyPower GenerationGrowing₹89,350 CrP/E 43.5 vs 21.2ROCE 1.9%
Operates a 5 GWh battery container assembly plant in Pune (operationalised) and has 3.2 GWh of locked-in BESS capacity, part of broader energy storage strategy.
“By 2030, the Company will create 40 GWh of energy storage and energy products.”
“Enhancing RE capacity, Battery Energy Storage Systems, Pumped Storage Hydro Power”
NTPC Green EnergyPower GenerationGrowing₹74,742 CrP/E 124.9 vs 21.2ROCE 1.2%
Group has built a 1,920 MWh BESS portfolio with first standalone 80 MW/320 MWh project under implementation in Kerala and a 250 MW solar+BESS project for defence land.
“The Group has also established a Battery Energy Storage Systems (BESS) portfolio aggregating 1,920 MWh as on 31st March 2026.”
Apar IndustriesOther Electrical EquipmentGrowing₹73,025 CrP/E 61.8 vs 25.4ROCE 21.9%
APAR supplies engineered POWEROIL process-oil grades used by polymer battery-separator manufacturers, positioning it as a materials supplier to the EV and energy-storage value chain.
“We are the third-largest manufacturer and supplier of process oils to polymer battery-separator manufacturers.”
Waaree EnergiesOther Electrical EquipmentGrowing₹68,921 CrP/E 18.1 vs 25.4ROCE 29.0%
Operational 5.15 GWh BESS container capacity at Rola, Gujarat gigafactory (targeting 20 GWh), with dedicated Waaree Energy Storage Solutions subsidiary.
“Commenced operation of 5.15 GWh of BESS container at Rola, Gujarat”
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“Commissioned 5.15 GWh of BESS container at Rola, Gujarat”
Gujarat FluorochemSpecialty ChemicalsGrowing₹50,328 CrP/E 82.2 vs 25.2ROCE 8.7%
GFL's Battery Materials Business (via subsidiary GFCL EV Products) supplies LiPF6 salt, electrolyte formulations, LFP cathode active material, PVDF/PTFE binders and natural graphite anode material for EV and ESS batteries, with LiPF6 commercial sales underway and Phase I capacities contracted.
“Commissioned the LFP Cathode Active Material facility and received initial customer approvals for product samples; offtake agreements covering the entire installed capacity support commercialisation as the qualification process progresses”
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“Our advanced battery materials business addresses the structural demand for BESS, which plays a vital role in stabilising renewable energy grids worldwide.”
“₹2,300 Crores is earmarked for GFCL EV to expand capacities across our existing battery materials portfolio and advance our natural graphite anode active material project.”
UPLPesticides & AgrochemicalsGrowing₹41,828 CrP/E 20.5 vs 20.1ROCE 5.5%
SUPERFORM supplies phosphorus derivatives as battery materials for energy storage applications and is actively pivoting its specialty chemicals portfolio toward advanced battery chemicals.
“Phosphorus: Largest phosphorus and phosphorus derivative handling capacity in India. Application across high-growth segments such as agrochemicals, advanced flame retardants, battery energy storage and lubricant additives.”
VoltasHousehold AppliancesGrowing₹34,899 CrP/E 77.8 vs 42.7ROCE 9.9%
Voltas' Infrastructure Solutions has diversified into utility-scale BESS projects and aims to capture market share in green energy / BESS as a stated priority.
“Diversified the solar portfolio into utility-scale Battery Energy Storage Solutions (BESS), aligning with the evolving energy transition landscape.”
Sansera EngineeringAuto Components & EquipmentsGrowing₹26,691 CrP/E 76.4 vs 27.0ROCE 12.5%
Sansera has entered energy storage solutions and secured an annual business order from a North American EV player.
“Entered the energy storage solutions segment, securing a significant annual business order from a leading North American EV player”
Acutaas ChemicalsPharmaceuticalsGrowing₹25,984 CrP/E 67.3 vs 32.0ROCE 27.5%
Through its 90%-owned subsidiary Acutaas Chemicals Electrolytes Private Limited (ACEPL), Acutaas Chemicals has exposure to the manufacture of electrolyte additives and battery chemicals, with the parent extending financial assistance up to Rs 1,000 million for ACEPL's principal business activities.
“Manufacture, sale & supply of speciality chemicals interalia including electrolyte additives & battery chemicals”
Amber Enterprises (I)Household AppliancesGrowing₹24,077 CrP/E 250.2 vs 42.7ROCE 5.3%
Subsidiary Power-One Micro Systems manufactures Battery Energy Storage Systems (BESS) as part of its Power Electronics portfolio.
“The strategic investment in Power-One Micro Systems expands our addressable market in the growing Power Electronics segment, encompassing Solar Inverters (On-grid, Off-grid, and Hybrid), UPS Systems, EV Chargers (AC & DC), and Battery Energy Storage Systems.”
Ola Electric operates a Cell Gigafactory in Krishnagiri producing indigenous 4680 lithium-ion cells (Bharat Cell), with 51,000+ cells produced in trial phase and mass production approaching — a real but not yet main revenue driver.
“FY25 marked a major step forward in this strategy, with cell manufacturing nearing mass production at our Gigafactory in Krishnagiri.”
Graphite IndiaElectrodes & RefractoriesGrowing₹16,223 CrP/E 46.8 vs 32.2ROCE 4.0%
Has developed graphite speciality applications targeted at energy storage systems as a product line within its speciality carbon portfolio.
“The Company has also developed cost-effective applications of Graphite Specialities for use in energy storage systems, thereby expanding its product utility in emerging and sustainable energy-related applications.”
Avalon TechnologiesOther Electrical EquipmentGrowing₹16,187 CrP/E 121.0 vs 25.4ROCE 20.0%
Avalon's energy storage systems program ramped up during FY2026 as planned, with production continuing to scale.
“Our energy storage systems program continued to ramp up as planned”
V-guard IndHousehold AppliancesGrowing₹13,179 CrP/E 36.3 vs 42.7ROCE 15.5%
V-Guard manufactures inverter batteries and is expanding its Hyderabad Batteries facility; it also raised its stake in Gegadyne Energy Labs to 30.35% for next-gen battery tech.
“In house manufacturing initiatives in Batteries and DUPS began yielding visible benefits during the year. In May 2025, we also initiated a major expansion at our Hyderabad Batteries facility.”
Quality Power participates in the BESS value chain via its Turkey-based subsidiary Endoks, which manufactures Power Conversion Systems (PCS) for utility-scale battery storage, leveraging its established STATCOM/FACTS converter platform; BESS orders have been secured in FY26.
“The Group participates in the BESS value chain through the Power Conversion System capabilities of Endoks Enerji, our Turkey based subsidiary specialising in power electronics and power quality.”
Inox WindHeavy Electrical EquipmentGrowing₹11,641 CrP/E 27.9 vs 37.7ROCE 8.0%
Inox Wind offers EPC services for BESS (battery energy storage system) projects alongside its wind and solar EPC work as part of its integrated renewable solutions portfolio.
“We provide integrated EPC and commissioning services, permitting seamless execution of wind, hybrid, BESS and renewable energy projects through a single-point delivery approach.”
KEC Intl.Civil ConstructionGrowing₹9,658 CrP/E 17.4 vs 14.6ROCE 11.0%
Battery Energy Storage Systems (BESS) execution is offered as part of KEC's Renewables EPC portfolio.
“Accelerating the global clean energy transition, we provide integrated EPC solutions across solar, wind, Battery Energy Storage Systems (BESS) and emerging green hydrogen infrastructure.”
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“we are exploring opportunities in energy storage, where we have begun participating in tenders”
Manufactures LFP batteries and BESS units for railways, C&I, utility and residential use at Bengaluru, with initial direct BESS exports to the USA.
“We commenced the first direct export of advanced Battery Energy Storage Systems (BESS) to the USA, backed by a strong order book through December.”
Waaree Renewable TechOther Electrical EquipmentGrowing₹8,503 CrP/E 16.7 vs 25.4ROCE 61.2%
BESS EPC is a stated business line with 90 MWh under execution and 1,520 MWh in recent orders, treated as an extension of core EPC capabilities rather than the main business.
“We are also expanding our presence in BESS EPC. As renewable penetration rises, storage will become essential for grid stability, peak power delivery and round-the-clock renewable solutions. We see BESS as a natural extension of our EPC capabilities.”
Launched a complete range of cooling fluids for Battery Energy Storage Systems (BESS) in 2025 as a new product line within its specialty fluids portfolio.
“2025
Launched Complete Range of Cooling Fluids for BESS and EVs.”
Vikram SolarOther Electrical EquipmentGrowing₹5,410 CrP/E 14.7 vs 25.4ROCE 17.2%
The company has set up subsidiary VSL PowerHive with VION LFP brand products (residential UPS, C&I cabinets, utility-scale containerised BESS, e-mobility packs) and a phased roadmap to 30 GWh of integrated BESS capacity by FY30.
“We are establishing BESS as a solutions-led extension of our energy platform through our subsidiary VSL Powerhive Pvt Ltd.”
+1 more quote from the report
“The Board-approved Phase-1 investment into Battery Energy Storage Systems marks a strategic, measured entry into an adjacent segment that complements our core manufacturing strengths.”
MOILIndustrial MineralsGrowing₹4,812 CrP/E 75.8 vs 15.9ROCE 0.4%
MOIL produces Electrolytic Manganese Dioxide (EMD), a cathode material used in alkaline/zinc-carbon batteries, supplying to the battery sector as a small side business alongside its core manganese ore mining.
“We also produce electrolytic manganese dioxide (EMD) and ferromanganese (FeMn). The demand for EMD from the battery sector was not encouraging in FY 2025-26”
Manufactures BESS for C&I and grid-utility applications through a dedicated subsidiary, has completed grid-scale BESS projects (50 MW for GUVNL), and is building 2.5 GWh of BESS assembly capacity at the upcoming Gangad facility.
“Whether in electrolysers, Battery Energy Storage Systems, fuel cells or advanced energy management solutions, our objective is not merely to assemble imported technologies but to progressively localise manufacturing, develop domestic supply chains”
Subsidiary Atul Greentech Private Limited (AGPL) manufactures battery packs, battery management systems and battery chargers for L5 EVs and other applications; AGPL recorded ex-L5 revenue of Rs 606 lakhs in FY26 and is being repositioned as a battery manufacturing entity.
“AGPL will be able to focus its resources on its battery manufacturing business, thereby enabling both entities to pursue their respective growth strategies more effectively.”
ECO RecyclingWaste ManagementGrowing₹809 CrP/E 34.8 vs 15.6ROCE 26.2%
Ecoreco operates lithium-ion battery processing and battery recycling as part of its integrated e-waste/resource-recovery platform, recovering materials like cobalt, lithium and nickel from end-of-life batteries.
“Its comprehensive, integrated solutions span reverse logistics, IT Asset Disposition (ITAD), refurbishment, scientific recycling, lithium-ion battery processing, precious metal recovery, and Extended Producer Responsibility (EPR) compliance.”
Under the INVERGY brand the company sells and contract-manufactures LFP batteries alongside hybrid solar inverters as a real product line within its solar business.
“we sell hybrid solar inverters and lithium ferro phosphate (LFP) batteries. INVERGY deals in OEM manufacturing for hybrid and LFP products.”
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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