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₹1.37 L CrP/E 105.0 vs 33.9ROCE 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₹1.20 L CrP/E 33.8 vs 30.5ROCE 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”
+2 more quotes from the report
“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₹95,703 CrP/E 60.1 vs 22.3ROCE 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₹77,059 CrP/E 182.9 vs 22.3ROCE 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₹67,719 CrP/E 73.2 vs 25.2ROCE 21.9%
APAR's Speciality Oils division is the leading global supplier of specially formulated oils used in manufacturing polymer battery separators, positioning it as a supplier to the battery components value chain.
“We are the major supplier of specially formulated oils for polymer battery separators globally.”
UplPesticides & AgrochemicalsGrowing₹48,081 CrP/E 16.5 vs 25.0ROCE 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₹40,854 CrP/E 101.6 vs 57.6ROCE 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.”
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.”
Avalon TechnologiesOther Electrical EquipmentGrowing₹14,548 CrP/E 110.7 vs 25.2ROCE 20.0%
Manufacturing energy-storage system solutions as part of the Clean Energy vertical, with energy storage systems also listed as an in-development project.
“Clean Energy vertical is gaining momentum with progress in energy storage system solutions.”
V-guard IndHousehold AppliancesGrowing₹14,484 CrP/E 49.9 vs 57.6ROCE 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.”
Graphite IndiaElectrodes & RefractoriesGrowing₹13,879 CrP/E 57.1 vs 49.1ROCE 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.”
Kec Intl.Civil ConstructionGrowing₹11,620 CrP/E 18.1 vs 15.4ROCE 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.”
+1 more quote from the report
“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.”
Vikram SolarOther Electrical EquipmentGrowing₹6,279 CrP/E 15.0 vs 25.2ROCE 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.”
Kpi Green EnergyPower GenerationGrowing₹6,185 CrP/E 11.8 vs 22.3ROCE 8.8%
BESS is offered alongside solar/wind/hybrid projects as part of current solutions to mitigate intermittency, but no dedicated BESS capacity or revenue is disclosed yet.
“We provide solar, wind, hybrid energy solutions coupled with BESS which are designed to mitigate intermittent generation of standalone projects, and further broadening our service offerings.”
+2 more quotes from the report
“KPI Green Energy is developing a 5 MW captive BESS project and actively bidding in related tenders to strengthen grid resilience and project value.”
“establish, develop, own, acquire, operate, maintain, lease, transfer, manufacture, trade, or deal in Battery Energy Storage Systems (BESS), energy storage technologies and associated infrastructure”
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.”
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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