4 EV Battery Stocks with Strong Growth Plans to Watch in India

#1 Amara Raj Energy & Mobility

First on the list is Amara Raj Energy & Mobility.

Amara Raja Energy & Mobility (ARE&M), formerly known as Amara Raja Batteries Limited, is one of India's leading manufacturers of automotive batteries and allied products, and has been steadily expanding its presence in the lithium-ion ecosystem.

Its portfolio now includes Li-ion cells, battery packs, and charging solutions catering to light electric vehicles and the telecom sector, with offerings aligned to support next-generation mobility and industrial energy needs.

It's already supplying lithium battery packs to several OEMs across these segments, using both LFP (Lithium Iron Phosphate) and NMC (Nickel Manganese Cobalt) chemistries.

At the same time, the company is working on strengthening its capabilities further through its subsidiary, Amara Raja Advanced Cell Technologies, which is leading its push into cell manufacturing.

Based in Telangana, ARACT has started executing its plans on the ground. Its Divitipally facility is already operational, assembling lithium-ion battery packs for two- and three-wheelers across both key chemistries.

Going forward, according to the company is aiming to start bulk production of lithium-ion cells by 2027. If this timeline is met, it would place Amara Raja among a handful of companies in India-after Ola Electric Mobility, to begin local cell manufacturing at scale.

Alongside this, the company is also scaling up its presence in energy storage. After crossing the 1 GWh mark in the telecom segment, it now plans to double this to 2 GWh in the near term.

Backing these plans, Amara Raja had earlier announced an investment of around Rs 95 (bn) over a 10-year period to build its lithium-ion battery research and manufacturing capabilities, signalling its intent to be a serious player in the EV and energy storage space going forward.

Further, as per the company's investor presentation for Q3 FY26, On the pack assembly side, it's looking to expand into new mobility applications and build a wider customer base.

The Divitipally plant is expected to reach a fully operational capacity of 1.5 GWh for the 2W and 3W segments, while the Tirupati plant will cater to the stationary segment with a capacity of 1 GWh.

On the cell manufacturing front, the company is setting up a giga cell plant with a planned capacity of 16 GWh by FY30.

For more details, see the AMARA RAJA ENERGY & MOBILITY fact sheet and quarterly results.

#2 Exide Industries

Next on the list is Exide Industries.

Exide is a leading player in battery manufacturing in India.

While the company has traditionally been known for its strong presence in lead-acid batteries, it's transitioning toward lithium-ion technology as part of its long-term strategy. Exide is building its lithium-ion business through its wholly owned subsidiary, Exide Energy Solutions Ltd.

The company has partnered with SVOLT, a leading lithium-ion cell manufacturer, to co-develop and supply lithium-ion battery cells.

At the same time, it is engaging with multiple OEMs across electric two-wheelers, three-wheelers, four-wheelers, and even stationary energy storage players.

To support this shift, Exide is setting up a large 12 GWh greenfield lithium-ion cell manufacturing facility in phases. Its ambition is to cover the entire value chain-from cell manufacturing to battery systems-aligned with its broader "molecule to megawatt" vision.

As of Q3 FY26, the company has invested over Rs 42 bn into this initiative, with construction and project execution already at an advanced stage.

On the operational front, product validation is currently underway for its cylindrical cell line, which is aimed at electric two-wheelers. Installation and commissioning of other production lines are also nearing completion.

Going forward, Exide plans to begin production with an NCM-based cylindrical cell line for the two-wheeler segment, followed by a prismatic LFP line targeting stationary energy storage.

At the same time, the company continues to strengthen its OEM partnerships.

For more details, see the EXIDE INDUSTRIES company fact sheet and quarterly results.

#3 Kabra Extrusiontechnik

Next on the list is Kabra Extrusiontechnik.

Kabra Extrusiontechnik (KET) is India's premier manufacturer and exporter of plastic extrusion machineries for manufacturing pipes & films and lithium-ion battery packs for electric mobility as well as energy storage applications.

Geon (erstwhile Battrixx) is the battery division of the company. Geon offers lithium-ion battery packs with smart BMS both for electric vehicles and other energy storage applications.

In FY22, KET fully acquired Varos Technology, a Pune-based company specialising in the development of comprehensive battery management systems. These systems use cloud-powered AI analytics to forecast battery lifespan and track their performance.

As per the FY25 annual report, Geon has forayed into E-3 wheelers and battery swapping. It's pursuing new industry segments, including E-Low Commercial Vehicles, E-4 wheelers, etc.

In parallel, the development of Battery Energy Storage Systems (BESS) is gaining momentum as a crucial component in the transition to renewable energy.

As the demand for sustainable energy solutions grows, the company's investments in BESS are expected to increase, supporting the integration of electric vehicles into the energy ecosystem.

It aspires to be an important player in the BESS sector in India.

For more details, see the KABRA EXTRUSION company fact sheet and quarterly results.

#4 Hero MotoCorp

Last on the list is Hero MotoCorp.

Hero MotoCorp has been the world's largest manufacturer of motorcycles and scooters for 24 consecutive years. Since inception in 1984, the company has sold over 124 million two-wheelers in more than 48 countries.

Hero MotoCorp is manufacturing advanced battery packs and Vida electric scooters at its state-of-the-art facility in Sri City, Andhra Pradesh. This plant has a fully integrated, automated assembly line for in-house battery pack production.

The company recently introduced a Battery-as-a-Service (BaaS) model, which helps reduce the upfront cost of owning an EV. This has made electric scooters more affordable and widened the potential customer base, especially among price-sensitive buyers.

In addition, VIDA scooters come with removable batteries, addressing a key challenge in India-limited access to dedicated charging infrastructure. This feature allows users without fixed parking or charging points to still adopt EVs, improving overall adoption.

Going forward, Hero MotoCorp is focusing on scaling its EV business. The company expects a ramp-up in capacity by FY27, supported by investments in manufacturing and distribution.

At the same time, it's expanding its presence in global markets, including Africa, Latin America, Europe, and newer regions like the Philippines.

For more details, see the HERO MOTOCORP company fact sheet and quarterly results.

Conclusion

India's electric vehicle (EV) story is clearly gaining momentum.

As per India Brand Equity Foundation, the sector is seeing strong growth, driven by government incentives, rising environmental awareness, and continuous technological improvements.

Policy support has played a big role. Initiatives like the FAME scheme helped accelerate adoption. The Make in India push is encouraging domestic manufacturing across the EV value chain.

Looking ahead, India has set ambitious targets-aiming for EVs to make up 30% of private cars, 70% of commercial vehicles, 40% of buses, and 80% of two and three-wheelers by 2030. This could translate into nearly 80 m EVs on Indian roads.

This is expected to significantly boost demand for EV batteries, making this segment a key focus area for companies and investors alike.

That said, there are still challenges to keep in mind. High battery costs, dependence on imported raw materials like lithium, and evolving technology standards could impact margins and scalability for companies in the near term.

Investors should carefully evaluate these companies' fundamentals, corporate governance, and valuations 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...