Four EV battery stocks with strong future roadmap

In this editorial, we examine four listed companies with significant battery-related ambitions and clearly defined roadmaps. Their businesses span EV batteries, advanced battery technologies, and key materials used in battery manufacturing.

This is not a stock recommendation.

Exide Industries Ltd

Exide Industries is one of India's largest battery companies, with more than seven decades of operating history. Its core business remains lead-acid storage batteries, but it’s now investing heavily in lithium-ion technology, creating a second growth platform.

Exide Energy Solutions, a wholly owned subsidiary, is engaged in lithium-ion cells, modules and battery packs, with applications across electric vehicles and stationary energy storage.

The company’s new plant is progressing rapidly. At the Bangalore gigafactory, equipment across all four production lines has been delivered, installed, and is fully operational. The company’s first NCM cylindrical line has commenced customer sample deliveries.

The LFP prismatic line has also started sample supplies for three-wheeler and telecom applications. Management says it has completed key certifications and testing requirements, including multiple BIS standard registrations. They expect revenue contribution from the Bengaluru plant to commence during FY27.

According to the company, Exide is building a genuinely Indian advanced chemistry cell platform, with multiple chemistries, multiple form factors, strategic sourcing partnerships for raw materials, automation-led manufacturing, and a global technology partnership.

The company’s lithium-ion modules and packs are designed for two-wheelers, three-wheelers, passenger vehicles and commercial vehicles, among other applications.

Consolidated financial highlights

On the financial front, the company reported revenue of ₹5,528.4 crore for Q1 FY27 vs ₹4,695.1 crore year-on-year. Net profit at Exide Industries was ₹350.7 crore vs ₹274.2 crore on-year.

Q1 FY27 saw broad-based growth across Exide Industries' key businesses. The automotive OEM business marked its third consecutive quarter of 25% year-on-year growth.

According to the management, this reflected sustained momentum in automotive OEM demand and our strong position across key vehicle platforms.

Home inverters and solar also grew over 20% on-year, aided by strong summer demand and focused market initiatives. Solar achieved its highest-ever quarterly revenue of ₹400 crore plus.

Industrial Infrastructure, excluding telecom, maintained its double-digit growth trajectory, supported by industrial UPS and traction business. However, management said government tenders remained muted during the quarter, though they expect them to pick up in the second half.

The exports business, on a low base after five consecutive quarters of decline, grew revenue by more than 20%. The company says that it continues to closely monitor the evolving global macro environment, as the global situation remains volatile.

Amara Raja Energy & Mobility Ltd

Amara Raja Energy & Mobility, formerly Amara Raja Batteries Ltd, is one of India's largest manufacturers of lead-acid batteries.

The company changed its name in 2023 to reflect its broader vision to lead India’s energy transition in the energy and mobility space by providing comprehensive energy solutions. Amara Raja Energy & Mobility has strong brands like ‘Amaron’, ‘PowerZone’, ‘Quanta’, and exports to 70 countries.

The company has evolved considerably over the last few years. While the lead acid battery business continues to hold a strong position across automotive and industrial applications, it now extends beyond its traditional areas of operation.

Investments in battery packs, cell technologies, energy storage solutions, recycling and power electronics have broadened its presence across the energy and mobility landscape. The company has manufacturing infrastructure that has 1.5 GWh of EV battery pack capacity.

Amara Raja Advanced Cell Technologies (ARACT) is leading initiatives across lithium-ion cell manufacturing and next-generation energy storage technologies.

The business is supported by manufacturing infrastructure, R&D capabilities, strategic partnerships and a phased scale-up roadmap aligned to evolving market requirements.

The new energy business has a capex plan of ₹9,500 crore for setting up a Giga Corridor in Telangana.

On the financial front, for the quarter ended 30 June 2026, Amara Raja Energy and Mobility achieved robust growth of around 24% on a consolidated basis, with revenue of around ₹4,215 crore, with about 95% of revenue coming from the lead-acid business, which grew around 22%.

The net profit for Q1 FY27 was ₹190.9 crore vs ₹164.8 crore on-year.

The new energy business grew by more than 70%, recording revenue of around ₹209 crore. Management said revenue has remained strong, driven by sustained volume momentum in both the aftermarket and OEM segments.

Lithium-ion telecom volumes grew by around 50%, and the company maintained a combined market share of over 60% in the telecom segment during the quarter.

Consolidated financial highlights

During FY27, Amara Raja Energy & Mobility expects to spend around ₹1,700 crore on its capex projects, with a major outlay of around ₹1,300 crore towards the new energy business and the rest towards the lead-acid business, including recycling capex.

This capex outlay is mainly for its upcoming Giga 1 plant, expected to commercialize during H1 FY28, and for other projects, including the 10-gigawatt-hour and E Positive plant.

Ola Electric Mobility Ltd

Ola Electric Mobility is an Indian electric-vehicle company founded by Bhavish Aggarwal. It primarily manufactures electric two-wheelers and is pursuing a vertically integrated EV strategy, developing vehicles, motors, battery packs, software and battery cells in-house. Its future factory in Tamil Nadu is its main vehicle manufacturing facility.

Ola Electric is doing much more than assembling EV batteries. It’s developing and manufacturing the lithium-ion cells that go inside its electric-vehicle battery packs.

In fact, the cell business is now entering a more commercial phase. Ola Electric has moved from developing and validating its cell technology to deploying it in its vehicles, broadening the chemistry roadmap and building demand beyond auto.

The gigafactory is to be operational with 6 GWh soon. This capacity will support deeper own-cell integration across the vehicle portfolio while enabling Ola Electric to serve external demand across energy storage and specialised applications.

The 4680 NMC Bharat Cell is commercially deployed across its performance two-wheeler portfolio and has demonstrated strong field performance and overwhelmingly positive customer feedback since its integration into Ola Electric’s own vehicles.

The 46100 LFP cell has now received BIS certification and is vehicle-ready. According to the company, this will progressively integrate LFP into vehicles below 4 kWh, where its lower battery BOM will support improved affordability across the mass-market scooter portfolio.

Beyond EV batteries, the company also recently signed an MoU with Axis Energy for the potential deployment of up to 20 GWh of battery storage by 2032.

This is one of the largest announced domestic deployments of indigenous battery-storage technology and gives Mahashakti a clear pathway into utility and industrial-scale projects.

The agreement connects the company’s storage platform with Axis Energy’s renewable-generation pipeline and establishes a significant external demand anchor for the cell business.

Beyond Auto and energy storage, the company is also leveraging new demand pools for Ola cells through MoUs across defence and UAV applications, near-space constellation platforms, and IPP-led Mahashakti applications.

Defence and UAV applications require high energy density, reliability, safety, and domestic supply security. Near-space constellation platforms expand the relevance of the company’s cells into advanced aerospace applications.

These are strategically important sectors where domestic capability in critical battery technology supports the broader objective of Atmanirbhar Bharat.

The company’s products broaden the application base for Ola cells beyond electric two-wheelers and conventional energy storage.

According to the company, they demonstrate the relevance of its in-house cell platform across advanced mobility, defence-adjacent applications, aerospace and energy infrastructure, creating an additional demand layer for the cell business.

Consolidated financial highlights

On the sales front, orders increased from 22,522 in Q4 FY26 to 44,071 in Q1 FY27, while deliveries nearly doubled from 20,256 to 39,192.

This broad-based step-up in volumes marked a clear return of momentum across the company’s auto business and created the foundation for meaningful share gains during the quarter.

This execution translated into growth materially ahead of the category. While the broader electric two-wheeler market grew 17% quarter-on-quarter, Ola Electric’s registrations increased 97%, driving market share from 5.1% in Q4 FY26 to 8.4% in Q1 FY27.

The company is still making losses, and anxious investors are waiting for a turnaround.

Hindalco Industries Ltd

Hindalco Industries Ltd is a major Indian aluminium and copper producer, and it’s also relevant to the EV-battery system because its aluminium business is increasingly moving into EV components and lightweight materials.

Hindalco Industries supports businesses in the transition to clean energy through innovative solutions. For Hindalco Industries, applications in electric vehicles (EV) and energy storage systems (ESS) for renewables are strategic growth areas.

The company began producing battery foils in 2018. The first-generation battery foil, distinguished by its high conductivity and purity, was validated for defence and space applications.

In 2022, Hindalco Industries forayed into the EV and ESS market with battery foils of high mechanical strength, elongation and conductivity, characteristics necessary for lithium-ion batteries.

The current portfolio includes battery-grade aluminium foil (battery foils), structural components of prismatic cells, bus bars, battery enclosures and speciality alumina for separators.

Hindalco Industries has committed to investing $100 m to establish a cutting-edge facility dedicated to producing battery cathode foils, a crucial raw material for lithium-ion cells. The initiative aims to cater to the burgeoning EV and ESS sectors.

This advanced facility is designed with an annual production capacity of 25,000 tonnes. It can support the manufacturing needs of 100 GWh of lithium-ion cell production.

Consolidated financial highlights

Moving ahead, the company is making significant progress on its growth agenda. Novelis’ 600 KT Bay Minette greenfield rolling and recycling facility, on track for completion this year, represents a transformational milestone for its international subsidiary, Novelis.

With the initial commissioning of key assets already underway, Bay Minette will further strengthen Hindalco’s operating footprint, expand its recycling capabilities and position Novelis for its next phase of long-term profitable growth.

Hindalco’s Aditya Alumina refinery and aluminium smelter expansions are progressing well and remain on track. These projects are integral to the company’s strategy to double upstream capacities while strengthening integration and cost leadership.

Conclusion

India’s EV battery industry is still evolving, but today's investments could shape the country’s battery ecosystem over the coming decade.

Many companies have different strategies, ranging from cell manufacturing and advanced batteries to critical materials, giving investors exposure to different parts of the value chain.

However, a promising EV or battery roadmap alone does not make a stock attractive.

Investors should also examine fundamentals, including revenue growth, profitability, cash flows, debt levels, capital expenditure requirements, valuations, and execution track record.

The battery opportunity is significant, but investors should carefully assess each company’s fundamentals along with the stock’s valuations, when considering its investment potential.

Happy investing.