5 Battery Energy Storage System (BESS) Stocks to Keep on Your Watchlist

Picture this.

Your phone runs out of battery, but you've got a power bank handy to keep it going.

Now, imagine the same concept-but on a much larger scale-for the entire electricity grid.

That's exactly what a Battery Energy Storage System (BESS) does.

Acting like a giant power bank, BESS stores surplus electricity generated from renewable sources during periods of low demand and releases it when demand peaks. By bridging this gap, BESS makes renewable energy more reliable and ensures power availability around the clock.

Recognising its importance, the Indian government is actively supporting BESS adoption through initiatives like the Viability Gap Funding (VGF) and Production-Linked Incentive (PLI) schemes.

As India's energy needs continue to rise, the demand for efficient storage solutions is set to surge.

With that in mind, we've shortlisted 5 Battery Energy Storage System (BESS) stocks.

Take a look...

#1 Exide industries

First on the list is Exide Industries.

The company is a leading manufacturer of lead-acid batteries, storage batteries, and allied products in India.

Exide Industries has recently launched Exide BESS with the aim to meet the sustainability goals of customers while significantly reducing its own carbon footprint.

For this, it is investing heavily in research and development (R&D) and has adopted the advanced AGM (Absorbent Glass Mat) and Tubular Gel batteries for BESS applications.

Exide Industries aims to offer customised solutions to commercial, industrial, and retail users to ensure uninterrupted power supply and reduce electricity costs.

Given the higher adoption of renewable energy, the company is positive about the growth of its BESS solutions.

For more details, checkout Exide Industries financial factsheet and latest quarterly results.

Exide Industries Financials (2020-2025)

	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
Revenue (Rs m)	103,594	127,892	150,782	167,697	172,380
Revenue Growth (%)		23.5%	17.9%	11.2%	2.8%
Net Profit (Rs m)	7,334	6,943	8,228	8,828	8,000
Net Profit Margin (%)	7.1%	5.4%	5.5%	5.3%	4.6%
Debt to Equity (x)	0	0	0	0	0
Return on Equity (RoE)	10.1%	6.6%	7.4%	6.9%	5.9%
Return on Capital Employed (RoCE)	14.1%	9.6%	10.8%	10.3%	8.9%

Source: Equitymaster

#2 Oriana Power

Second on the list is Oriana Power.

The company is engaged in providing renewable energy services on an engineering, procurement, and construction (EPC) and BOOT (build, own, operate, transfer) basis.

It offers low carbon energy solutions involving on-site solar project installations such as rooftop and ground-mounted systems, and off-site solar farms.

Recently, the company diversified into BESS, compressed biogas, and green hydrogen verticals and is actively undertaking projects. Oriana Power has won auctions for standalone BESS projects in Karnataka, Telangana, and Assam.

So far, the company has delivered over 254 MW of projects and has another 1,500+ MW worth of projects in pipeline, of which 300 MWh (Megawatt hour) are BESS projects.

It's rapidly scaling its BESS solutions business to drive 10-20% of next year's revenue from it. Moreover, it aims to become a key player in BESS with a total capacity of 3.5 GWh by 2030.

For more details, check out Oriana Power's financial factsheet.

Oriana Power Financials (2019-2024)

	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
Revenue (Rs m)	NA	308	1,240	1,347	3,829
Revenue Growth (%)	NA	-	302.6%	8.6%	184.3%
Net Profit (Rs m)	NA	10	69	106	543
Net Profit Margin (%)	NA	3.2%	5.6%	7.9%	14.2%
Debt to Equity (x)	NA	2.9	1.4	1.8	0.9
Return on Equity (RoE)	NA	19.3%	45.3%	33.3%	37.1%
Return on Capital Employed (RoCE)	NA	15.9%	35.0%	21.9%	29.3%

Source: Equitymaster

#3 Tata Power

Next on the list is Tata Power, India's largest integrated power company.

The company is involved in the business of generation, transmission, and distribution of electricity. It also manufactures solar roofs and builds EV charging stations.

Tata Power is a pioneer in adopting BESS technology. It set up BESS facility in 2019. Ever since it has made efforts towards developing and adopting best practices in operation and maintenance.

The company has also developed facilities for in-house repair of BESS equipment which brings with it benefits of self-sufficiency and reduced costs.

In February 2025, it signed an MoU with ONGC to explore joint opportunities in the BESS value chain.

In April 2025, the company announced that its installing 100 MW battery energy storage system in Mumbai over the next two years. It also plans to integrate BESS at its renewable sites to enable a round-the-clock supply of clean power.

In May 2024, its subsidiary commissioned India's largest solar and battery energy storage project comprising of 100 MW solar PV project and 120 MWh utility scale battery energy storage system.

For more details, checkout Tata Power's financial factsheet and latest quarterly results.

Tata Power Financials (2020-2025)

	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
Revenue (Rs m)	327,033	428,157	551,091	614,489	654,780
Revenue Growth (%)		30.9%	28.7%	11.5%	6.6%
Net Profit (Rs m)	14,849	26,234	38,097	42,801	47,750
Net Profit Margin (%)	4.54%	6.13%	6.91%	6.97%	7.29%
Debt to Equity (x)	1.5	1.5	1.1	1.2	1.8
Return on Equity (RoE)	7.1%	11.7%	13.2%	13.2%	11.9%
Return on Capital Employed (RoCE)	11.5%	12.4%	16.5%	14.9%	11.3%

Source: Equitymaster

#4 Gensol Engineering

Fourth on the list is Gensol Engineering.

The company is engaged in the business of solar consulting and EPC. It also offers 100% EV focussed leasing solutions and manufactures EV through its manufacturing facility in India.

It has expanded its offerings over the years to include ground-mounted and rooftop solar power plants, solar tracker technology, and BESS.

In 2024 it won Gujarat Urja Vikas Nigam's (GUVNL) auction to set up pilot projects of 250 MW/500 MWh standalone battery storage energy storage systems in Gujarat under tariff based global competitive bidding.

It also secured additional 250 MW/500 MWh under greenshoe option increasing the total project capacity to 500 MWh/1 GWh.

The project is set up to provide electricity on a demand basis to Gujarat power distribution companies during peak and off-peak hours and can provide battery backup for more than an hour, giving a total output of 1,000 MW.

Gensol Engineering is currently facing significant scrutiny. The Securities and Exchange Board of India (SEBI) has issued an interim order against the company and its promoters, Puneet Singh Jaggi and Anmol Singh Jaggi, barring them from participating in the securities markets until further notice due to concerns related to fund diversion and corporate governance.

For more details, checkout Gensol Engineering's financial factsheet and latest quarterly results.

Gensol Engineering Financials (2019-2024)

	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
Revenue (Rs m)	807	640	1,604	3,980	9,631
Revenue Growth (%)		-20.7%	150.6%	148.1%	142.0%
Net Profit (Rs m)	22	32	111	233	535
Net Profit Margin (%)	2.7%	5.0%	6.9%	5.9%	5.6%
Debt to Equity (x)	0.2	0.1	0.8	2.1	2.6
Return on Equity (RoE)	6.7%	8.8%	23.9%	11.3%	16.4%
Return on Capital Employed (RoCE)	14.1%	14.2%	23.2%	8.9%	15.9%

Source: Equitymaster

#5 JSW Energy

Last on the list is JSW Energy.

The company is in the business of generation of power from thermal and renewable sources.

In 2024, it entered into the energy storage services businesses. It won a 1 GWh storage project by the Solar Energy Corporation of India (SECI) which is expected to be commissioned by June 2025.

This project includes two installations each with 500 MWh designed for two hours of storage in one cycle. The project will be developed under a Build Own Operate and Transfer (BOOT) mechanism.

JSW Energy aims to reach 20 GW of generation capacity and 40 GWh of energy storage capacity before 2030, with an ambitious target of achieving carbon neutrality by 2050.

For more details, checkout JSW Energy's financial factsheet and latest quarterly results.

JSW Energy Financials (2020-2025)

	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
Revenue (Rs m)	69,222	81,672	103,318	114,859	117,450
Revenue Growth (%)		18.0%	26.5%	11.2%	2.3%
Net Profit (Rs m)	8,227	17,435	14,801	17,247	19,830
Net Profit Margin (%)	11.9%	21.3%	14.3%	15.0%	16.9%
Debt to Equity (x)	0.5	0.4	1	1.3	1.8
Return on Equity (RoE)	5.7%	10.0%	8.0%	8.3%	8.1%
Return on Capital Employed (RoCE)	9.3%	12.4%	7.4%	8.7%	6.8%

Source: Equitymaster

Conclusion

With India's ambitious goal to reach net zero by 2070, and generate 500 GW of renewable energy 2030, the number of solar and wind projects in the country have gone up significantly.

To support these solar and wind projects, and ensure the electricity generated through these projects is not wasted, BESS is essential.

With rising electricity demand, growing adoption of EVs, and ESG mandates by the government, the demand for storage systems is set to go up. This makes BESS the backbone of India's green energy transition.

However, it's essential to conduct thorough research before making any investment decisions. Factors such as technological advancements, government policies, market competition, corporate governance, project-specific risks, and fundamentals of the companies should be carefully evaluated.

Happy Investing.

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...