Energy Storage Stocks Down up to 50% from 52-Week Highs

Over the past year, the excitement around energy storage stocks has built up fast.

Backed by tailwinds like rising EV sales, grid modernisation, and renewable integration, several listed companies saw their valuations surge.

But as market reality sets in, the momentum has reversed sharply. Many energy storage players are now trading 30-50% below their 52-week highs.

The correction, though steep, reflects a growing disconnect between short-term investor expectations and long-term sectoral economics.

Energy storage remains a core pillar in India's energy transition strategy. Whether it's lithium-ion battery makers, BESS integrators, or companies dealing with power electronics-each plays a part in building future-ready infrastructure.

However, delays in policy clarity, slow uptake of commercial-scale storage, and funding constraints have affected near-term sentiment. Investors who entered these stocks at the peak are now facing sharp drawdowns.

And yet, this downcycle may be laying the groundwork for the next leg of growth. As regulatory approvals pick up and storage becomes central to both renewable and EV policy roadmaps, a revival is not far away.

In this article, we take a closer look at which listed energy storage stocks have corrected the most, and what investors should watch out for next.

#1 Eveready Industries (India)

First on the list on Eveready Industries (India).

Incorporated in 1934, Eveready Industries dominates India's organised flashlight market with a share of over 65%, selling more than 20 million flashlights annually.

The company is involved in marketing dry cell batteries, rechargeable batteries, general lighting products and small home appliances. It also distributes various electrical products, small home appliances and confectioneries.

As of 11 April 2025, Eveready Industries is trading 44.4% below its 52-week high price of Rs 504.9.

The company delivered only a 2.9% revenue CAGR and a 12.8% net profit CAGR over the past three years.

In FY24, the company reported a ROE of 17.3% and RoCE of 21.3%.

Eveready is stepping up in energy storage with a Rs 1.8 billion (bn) greenfield alkaline battery plant in Jammu, expected to start by end-2025. This will be India's only dedicated alkaline facility, aimed at cutting import reliance, unlocking 8-10% margin gains, and enabling long-term scale.

With rising demand from high-drain devices, Eveready's alkaline market share has doubled to 11%. The new plant will support its Ultima and Ultima Pro brands and is planned as a multi-product site. It also offers fiscal incentives and significant cost savings through domestic sourcing.

The company aims to eventually match its 53% overall battery market share in the alkaline space. As BIS certification kicks in, the unorganised sector may shrink-giving Eveready, with its strong brand and distribution, a clear edge.

To know more about Eveready Industries, check out its fact sheet and its latest quarterly results.

#2 ABB India

Next on the list is ABB India.

ABB India Limited is an integrated power equipment manufacturer supplying the complete range of engineering, products, solutions and services in areas of automation and power technology.

ABB India is a subsidiary of ABB which is a leading electrification and automation company globally. The company derives significant benefits from its parent in the form of access to centralised R&D facilities of ABB for which it pays royalty to ABB.

As of 11 April 2025, ABB India is trading 44.1% below its 52-week high price of Rs 9,200.

The company delivered a 12.5% revenue CAGR and a 22.3% net profit CAGR over the past three years.

In FY24, the company reported a ROE of 26.5% and RoCE of 35.8%.

ABB India is gearing up to play a bigger role in energy storage by leveraging its strengths in electrification, automation, and grid integration. Its modular switchgear, smart substations, and power conversion systems are well-suited for battery-linked infrastructure.

The IIT Bombay collaboration on EV drivetrains and wind systems signals deeper tech development for storage use cases. With 86% reduction in Scope 1 and 2 emissions and growing digital capabilities, ABB is positioned to offer cleaner, smarter energy storage solutions.

Its wide presence across EVs, data centres, and renewable-linked grids gives it a strong launchpad for future storage innovations.

To know more about ABB India, check out its fact sheet and its latest quarterly results.

#3 Rajesh Exports

Next on the list is Rajesh Exports.

In 2022 Rajesh Exports entered the energy storage sector through its subsidiary, ACC Energy Storage. The subsidiary is part of the ACC PLI scheme and is setting up one of India's first large-scale Advanced Chemistry Cell gigafactories.

This marks the company's strategic diversification beyond gold into the fast-growing green energy ecosystem.

As of 11 April 2025, Rajesh Exports is trading 44% below its 52-week high price of Rs 333.

The company delivered a 4.9% revenue CAGR over the past three years but in the same time frame its net profit has declined from Rs 10.1 bn in March 2022 to Rs 3.3 bn In March 2024.

In FY24, the company reported a ROE of 2.2% and RoCE of 3.3%.

Rajesh Exports has already entered the energy storage space through its subsidiary Sungold in 2024, with a focus on lithium-based battery manufacturing for EVs and stationary storage. As operations begin to take shape, the focus now shifts to execution and commercial scale.

Backed by strong financials and global sourcing capabilities, the company is aiming to capitalise on India's battery localisation push.

If Sungold delivers on its roadmap, energy storage could become a meaningful second engine of growth-positioning Rajesh Exports beyond just gold, and into the future of power.

To know more about Rajesh Exports, check out its fact sheet and its latest quarterly results.

#4 Exide Industries

Last on the list is Exide Industries.

Exide Industries, established in 1947, is a leading Indian manufacturer of automotive and industrial batteries. It offers products for sectors like power, telecom, infrastructure, and energy storage.

As of 11 April 2025, Exide Industries is trading 40.5% below its 52-week high price of Rs 620.

The company delivered a 17.4% revenue CAGR and a 6.4% net profit CAGR over the past three years.

In FY24, the company reported a ROE of 6.9% and RoCE of 10.3%.

Exide is actively reshaping its growth strategy by entering the EV space and strengthening its industrial reach.

Through its subsidiary, Exide Energy Solutions, it is setting up a 12 GWh lithium-ion cell plant, expected to go commercial by FY26. This move marks its commitment to localised, large-scale battery production.

The company has also expanded its footprint across telecom, energy storage, and power sectors, ensuring steady demand beyond automotive. In December 2024, Exide partnered with GreenLine to adopt green logistics, targeting lower scope 3 emissions from transportation.

On the technology front, Exide continues to focus on battery innovation, boosting both efficiency and output.

With government backing for EVs and lithium-ion batteries now recognised as core auto components, the regulatory environment has become more cost-friendly, supporting smoother, future-focused operations.

To know more about Exide Industries, check out its fact sheet and its latest quarterly results.

Conclusion

In India, rising demand for electrification, clean mobility, and grid stability is pushing the sector from niche to necessity.

The sharp correction in stock prices may seem discouraging, but it also creates potential entry points into a space that could reshape multiple industries over the next decade.

However, this is not a one-size-fits-all story. The path forward depends heavily on execution, technology tie-ups, regulatory clarity, and capital commitment. Some companies will scale, others may stumble.

Investors looking to participate in this transformation should look beyond the headlines. A comprehensive analysis of fundamentals, project visibility, and strategic intent is essential before making a move.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...