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Companies Benefiting from Electric Vehicles

Over the past few years, demand for EVs has been increasing in India. Some of the automobile manufacturers like Mahindra electric, Tata motors, and Hyundai have been actively working on EVs to meet the needs of Indian customers. India government has already launched several policies ensuring that by 2030, India becomes a 30% EV nation. There has to be a sufficient supply of lithium-ion batteries to power the EVs. Lets take a peek at some of the battery manufacturers.


amararaja ( Amara Raja Batteries Ltd) is the most prominent company of the Tirupati based Amara Raja Group. Furthermore, it is one of the biggest manufacturers of lead-acid batteries in Indian storage battery industries. Their client list consists of some leading manufacturers like Hyundai Motors India Ltd, Maruti Suzuki India Ltd, Ford India Ltd, Tata motors Ltd, Royal Enfield, Mahindra & Mahindra Ltd, Bajaj Auto Ltd and so on.

They export their products to over 32 countries worldwide. Another fact about it is that Taj Mahal is driven by Amara Raja Batteries. Over the past 5 years, they’ve been able to achieve a stable rise in their overall sales.

Having EPS as 38, the company announced a total revenue of ₹ 6,839 crore in FY 2019-20. Their revenue has been growing at a yearly rate of 10.14% over the last 5 years. Also, the industry average stayed at 7.61% during this time period. They have been able to hold a market share of over 28%. They have increased the functions at their manufacturing facilities to keep up with the high demands. From beginning of FY 21, the company’s share price has increased by over 94%.


Initially, HBL Power Systems was a manufacturer of aircraft batteries. They have been able to achieve diversity in their batteries’ demands. Their battery demand was extended to Defense Electronics, Railway Electronic Signaling and Industrial Electronics.

At present, they manufactures Nickel-Cadmium Batteries, Lead-Acid Batteries and specialized Defense Batteries. HBL has confirmed its presence in UK, US and other European countries.

In FY 20, their total income stayed at ₹ 1,114 crore. Over the last 5 years, their revenue has been growing at a yearly rate of -4.09% while the industry average stayed at 7.61%. Their market share has decreased to 4.54% over the same period. Since April 2020, HBL’s share price has increased by over 235%.


EIL( EXIDE Industries Ltd) is one of the prominent manufacturers of lead-acid batteries in the world. Their batteries range from 1.5Ah to 20,600Ah capacity. They manufactures batteries for telecom, power, infrastructure projects, automotive and computer industries.

They have achieved a market share of about 59%. Most of the automobiles we see everyday are powered by Exide battery. Their unique Research & Development activities have made them grow and construct a wide range of batteries. They have subsidiaries in Singapore, UK & Sri Lanka. Their products have been exported to over 50 countries.

Over the past few years, Exide has been showing stable financial growth. In FY 20, their total revenue stayed at ₹ 9,857 crore. Their revenue has been growing at a yearly rate of 8.58% over the last 5 years. Industry average of the company stayed at 7.61%. From the beginning of FY 21, their share price has surged by over 41% significantly.


Eveready Industries India Ltd is the prominent company of B. M. Khaitan Group. Primarily, the company manufactures zinc-carbon batteries, alkaline batteries and rechargeable batteries.

Their production also includes LED bulbs and Li-ion torches. It is the world’s third largest producer of carbon-zinc batteries, supplying over 100 crore units per year. The company’s functioning facilities are in Bengaluru, Kolkata, Hyderabad, Chennai, Gurgaon, Navi Mumbai and Noida.

Moreover, Eveready’s revenue has been growing at a yearly rate of 2.04% while the industry average stayed at 7.61% over the last 5 years. During this time period, their market share has declined to 5.79%. In the current financial year, Eveready’s share price has increased by 290% so far.


High energy Batteries (India) Ltd functions through two sections: Naval, Aerospace, Power System Batteries and Lead-acid Storage Batteries. Their primary products consist of aerospace, naval, power system batteries, nickel-cadmium batteries & lead-acid storage batteries.

They also offers torpedo batteries, missile batteries, helicopter batteries and aircraft batteries for the defense sector. their hi-tech batteries have been used by army, air force, navy and in launch vehicles. The company batteries are also used in underwater propulsion, communication, control guidance and aerospace.

High Energy Batteries’ revenue has been growing at a yearly rate of 9.48% over the last 5 years. The company achieved a market share if 3.34%. In the current financial year, High Energy’s stock price surged by more than 177%.

We have only discussed about the top 5 battery manufacturers in India. Li-ion battery is the heart of EVs. Sadly, India does not have the necessary capabilities for such products. Particularly, most of the Indian EV manufacturers import cells from China, world’s largest Li-ion cells producer.

The Indian government has launched a Production-Linked Incentive scheme to support Li-ion cell production. This would also subsidize the mentioned companies to domestically produce such batteries. We could say that these companies will have to go through a tough competition to hold on in a highly promising market.


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