India’s electric vehicle (EV) market is charging ahead, driven by government incentives, rising environmental awareness, and technological advancements. The EV ecosystem, particularly battery manufacturing and related industries, is witnessing significant growth. Below, we explore key players in India’s EV and battery sector, including Amara Raja Batteries, Exide Industries, Panasonic Nic Energy, Tata Motors, Mahindra & Mahindra, Maruti Suzuki, and others, highlighting their roles in this transformative industry.
1. Amara Raja Batteries (Amara Raja Energy & Mobility)
Amara Raja Energy & Mobility, a flagship of the Amara Raja Group, is a leading manufacturer of lead-acid batteries under the Amaron brand, the second-largest automotive battery brand in India. With a market cap of ₹18,206 crore as of May 2025, the company serves major OEMs like Maruti Suzuki, Tata Motors, and Hyundai. Its upcoming lithium-ion battery plant, set to be operational by late 2025, positions it as a key EV battery player. In FY23, Amara Raja reported revenue of ₹12,405 crore and a profit of ₹964 crore.
2. Exide Industries
Exide Industries is India’s largest automotive battery manufacturer, commanding a dominant market share. It supplies batteries to OEMs like Tata Motors and Mahindra & Mahindra. Despite a higher turnover than Amara Raja, its profitability lags, with a PE ratio of 38 compared to Amara Raja’s 19 in FY25. Exide is also investing in lithium-ion battery production to capture the EV market.
3. Panasonic Nic Energy
Panasonic Nic Energy, a subsidiary of Panasonic, focuses on advanced battery solutions for EVs and energy storage. Known for its global expertise in lithium-ion batteries, the company is expanding its presence in India, partnering with automakers to support the EV ecosystem. Its technological edge makes it a critical player in India’s EV battery supply chain.
4. Tata Motors
Tata Motors, a pioneer in India’s EV market, leads with models like the Nexon EV and Tigor EV. The company is scaling its EV portfolio, aiming for 50% of its sales to be electric by 2030. Tata Motors collaborates with battery manufacturers like Amara Raja and Exide to ensure a robust supply chain, driving its leadership in EV adoption.
5. Mahindra & Mahindra (M&M)
Mahindra & Mahindra is a key EV player with models like the XUV400. The company is investing heavily in EV R&D and battery technology, partnering with suppliers like Amara Raja and Exide. M&M’s focus on sustainable mobility and its strong OEM relationships make it a vital contributor to India’s EV growth.
6. Maruti Suzuki
Maruti Suzuki, India’s largest carmaker, is entering the EV market with its first electric SUV planned for 2025. The company collaborates with battery suppliers like Amara Raja and Exide to support its EV ambitions. Maruti’s extensive dealership network and brand trust position it for significant EV market share.
7. Himadri Speciality Chemical (HSCL)
Himadri Speciality Chemical is a leading producer of carbon black and other materials critical for lithium-ion battery manufacturing. As EV battery demand grows, HSCL’s role in supplying anode materials makes it a vital player in the EV supply chain. Its stock has gained attention for its EV-related growth potential.
8. Hero MotoCorp
Hero MotoCorp, India’s largest two-wheeler manufacturer, is entering the electric two-wheeler market with its Vida brand. The company is partnering with battery suppliers to develop high-performance EV batteries, aiming to capture the growing electric scooter market.
9. Greaves Cotton
Greaves Cotton is diversifying into EV components and electric two- and three-wheelers through its Ampere brand. Its focus on affordable EVs and battery technology makes it a notable player in the EV ecosystem, with partnerships enhancing its supply chain.
10. Tata Power
Tata Power is a leader in EV charging infrastructure, with over 1,000 charging stations across India. Its renewable energy expertise and investments in battery storage solutions complement the EV market’s growth, making it a key enabler of EV adoption.
11. Tata Chemicals
Tata Chemicals is exploring lithium-ion battery materials, including cathode and anode production, to support India’s EV ambitions. Its R&D efforts and chemical manufacturing expertise position it as a potential leader in EV battery components.
12. NTPC
NTPC, India’s largest power producer, is venturing into EV charging infrastructure and renewable energy integration. Its efforts to support EV adoption through clean energy solutions make it a critical player in the ecosystem.
13. Power Grid Corporation
Power Grid Corporation supports EV growth by enhancing India’s power transmission infrastructure. Its role in ensuring reliable electricity for EV charging networks is crucial for the sector’s scalability.
14. Samvardhana Motherson International (Mother-son Sumi)
Samvardhana Motherson, a leading auto component supplier, produces EV-specific components like wiring harnesses and battery management systems. Its global presence and partnerships with OEMs like Tata Motors strengthen its position in the EV supply chain.
15. Uno Minda (Minda Industries)
Uno Minda supplies EV components, including battery management systems and sensors, to OEMs like Maruti Suzuki and Tata Motors. Its focus on innovation and recent stock gains highlight its EV market potential.
16. Sundaram Fasteners
Sundaram Fasteners manufactures high-precision components for EVs, including battery pack fasteners. Its partnerships with global and Indian OEMs make it a key player in the EV component supply chain.
17. Endurance Technologies
Endurance Technologies produces aluminium castings and suspension components for EVs. Its lightweight solutions enhance EV efficiency, and its client base includes major automakers like Mahindra & Mahindra.
Why Invest in India’s EV and Battery Sector?
India’s EV market is projected to grow at a CAGR of over 40% by 2030, driven by government policies like FAME-II and PLI schemes. Battery manufacturing, charging infrastructure, and component supply are critical growth areas. Companies like Amara Raja, Exide, and Tata Motors are leveraging their expertise to capture this opportunity, while others like HSCL and Uno Minda support the supply chain.
Conclusion
India’s EV revolution offers immense opportunities for investors. From battery giants like Amara Raja and Exide to automakers like Tata Motors and component suppliers like Uno Minda, these companies are driving the future of mobility. As India accelerates toward its 2030 EV goals, these stocks present compelling growth potential for investors seeking exposure to the clean energy transition.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct thorough research or consult a financial advisor before making investment decisions.
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