India’s battery industry is navigating the most fundamental technology transition in its history, shifting from lead-acid chemistry that powered the previous century to lithium-ion cells that will power the next. India’s battery market targets USD 20 billion by 2028 growing at 25 percent annually, with demand for lithium-ion batteries expected to surge to 115 GWh by 2030 driven by explosive EV adoption, grid-scale energy storage, and 5G telecommunications infrastructure rollout. Exide Industries at Rs 20,000 crore revenue is India’s largest lead-acid battery company for four-wheelers, two-wheelers, and inverters, pivoting to lithium-ion through its Exide Energy subsidiary targeting 12 GWh capacity. Amara Raja Energy and Mobility, formerly Amara Raja Batteries and known for the Amaron brand, is transitioning from lead acid to lithium cells through its Amara Raja Gigafactory at Divitipally, Telangana targeting 16 GWh capacity. India’s PLI for Advanced Chemistry Cell manufacturing provides Rs 18,100 crore in incentives for lithium-ion cell manufacturing. Let us have a look at the top 10 battery companies in India for the year 2026.
1. Exide Industries Limited
Exide Industries, established in the year 1947 and headquartered in Kolkata, is India’s largest battery manufacturer with revenue of Rs 20,000 crore and a legacy spanning 78 years as the dominant provider of lead-acid batteries for automobiles, inverters, industrial equipment, and telecommunications. The company operates nine manufacturing units across India using cutting-edge technology and has 25 lakh battery replacement touchpoints making its distribution network truly irreplaceable. Exide’s gigafactory in Bengaluru is operational through its wholly-owned subsidiary Exide Energy Solutions Ltd, supplying advanced lithium-ion solutions to multiple EV manufacturers with a targeted 12 GWh cell manufacturing capacity, and in May 2025 signed an MoU with Hyundai Motor and Kia Corp to supply locally produced batteries for their future electric vehicles in India.
Exide Industries serves India’s automotive OEMs, two-wheeler manufacturers, inverter users, industrial operators, and telecommunications companies with its comprehensive battery portfolio, and is the most critical battery infrastructure company in India with its vast replacement network providing a structural distribution advantage as the company transitions toward lithium-ion cell manufacturing.
2. Amara Raja Energy and Mobility Limited
Amara Raja Energy and Mobility, formerly known as Amara Raja Batteries and headquartered in Tirupati, Andhra Pradesh as the maker of the Amaron battery brand, is India’s second-largest battery manufacturer and an equally significant participant in the lithium-ion transition alongside Exide. The company is investing Rs 9,500 crore in lithium-ion cell manufacturing under the ACC PLI scheme through its Amara Raja Gigafactory spread over 300 acres in Divitipalli near Hyderabad, Telangana, targeting 16 GWh capacity in its first phase scaling to 5 GWh. In June 2024, Amara Raja signed a technology agreement with GIB EnergyX for Advanced Li-ion Technology and has secured supply agreements with Ather Energy and Piaggio India for its lithium-ion production.
Amara Raja serves India’s automotive replacement battery market, telecom infrastructure operators, and increasingly EV manufacturers with its Amaron battery brand and new lithium-ion products, and along with Exide together has 60,000 plus battery retail and replacement points across India whose EV battery replacement and servicing value will grow dramatically as EV adoption accelerates.
3. HBL Power Systems Limited
HBL Power Systems, headquartered in Hyderabad, is India’s most specialised and highest-margin battery manufacturer, serving the Indian Air Force, defence forces, submarines, and Indian Railways with its high-reliability, high-value defence and aerospace-grade battery systems. The company is the most defensively positioned and highest margin battery stock in India in 2026 growing at 25 percent annually, with the Indian Air Force, submarine, and railway battery specialisation creating high entry barriers that prevent commodity competition from eroding its pricing power and margins.
HBL Power Systems serves India’s defence forces, railways, aerospace sector, and critical infrastructure with batteries designed to perform under the most demanding operational conditions where failure is not an option, and its specialisation in high-reliability defence and aerospace applications gives it a protected niche with margins significantly above those available in the consumer and automotive battery markets.
4. Luminous Power Technologies Private Limited
Luminous Power Technologies, part of the Schneider Electric Group since its acquisition in 2011 and one of India’s most trusted home power backup brands, is one of India’s largest energy storage companies providing tubular batteries, lithium-ion batteries, solar batteries, and inverters for home and commercial power backup. The company recently expanded its manufacturing footprint with a new Lead Acid Battery production facility in Haridwar, Uttarakhand and is cited among India’s largest battery energy storage system manufacturers. Luminous is a household name in India for inverter and home backup power solutions with decades of consumer brand-building.
Luminous Power Technologies serves Indian households and commercial establishments with its inverter-battery combo products, solar energy storage systems, and residential energy backup solutions, and is the most consumer-visible battery brand in India for home power backup given its decades of television advertising and widespread retail availability.
5. Ola Electric Mobility Limited
Ola Electric, listed on Indian stock exchanges and founded in the year 2017 by Bhavish Aggarwal, has emerged as one of India’s most ambitious battery manufacturers pursuing aggressive vertical integration through its Future Factory in Tamil Nadu where it is commissioning a large-scale battery cell manufacturing facility. The company’s vertical integration strategy from cell manufacturing through battery pack assembly to electric scooter production mirrors Tesla’s approach of controlling the entire EV value chain, and its cell manufacturing ambitions extend beyond serving its own vehicles to potentially becoming a standalone lithium-ion cell supplier to other EV manufacturers.
Ola Electric serves India’s electric two-wheeler market as both a scooter manufacturer and an increasingly capable battery manufacturer, and its ambitious cell manufacturing program represents the most aggressive vertical integration attempt in India’s EV battery ecosystem among pure-play electric vehicle companies.
6. Tata AutoComp GY Batteries Private Limited
Tata AutoComp GY Batteries, a joint venture between Tata AutoComp Systems and GS Yuasa of Japan, manufactures automotive batteries for passenger cars and two-wheelers leveraging Japanese battery technology excellence within the Tata Group’s automotive supply chain ecosystem. The company is cited among India’s top battery manufacturers and benefits from the Tata Group’s extensive automobile manufacturing relationships with Tata Motors and its JLR subsidiary that provide significant captive demand for its battery products.
Tata AutoComp GY Batteries serves India’s automotive OEM battery replacement and original equipment market with its Japanese-technology automotive batteries, and its position within the broader Tata Group’s automotive ecosystem provides privileged access to one of India’s most extensive automotive manufacturing and servicing networks.
7. Okaya Power Group
Okaya Power Group, established in 1985 and headquartered in New Delhi, is one of India’s established battery manufacturers producing inverter batteries, automotive batteries, and solar batteries with a distribution network spanning thousands of retail touchpoints across the country. The company is consistently cited among India’s top 10 battery manufacturers and has been expanding into lithium-ion battery products to serve the growing demand from solar energy storage and electric vehicle applications alongside its traditional lead-acid battery business.
Okaya Power serves India’s inverter and home backup market, automotive replacement battery buyers, and solar energy storage customers with its broad battery product range, and its nationwide distribution network built over four decades gives it significant reach in semi-urban and smaller city markets where national brand recognition is important to purchasing decisions.
8. Livguard Energy Technologies Private Limited
Livguard Energy Technologies, the energy brand of the SAR Group and one of India’s more recent entrants in the battery market, has established itself as a significant battery company focused on inverter batteries, automotive batteries, and solar storage products with rapid retail network expansion. The company is consistently cited among India’s top 10 battery manufacturers and is building its brand presence through aggressive retail expansion and product innovation in the energy storage segment. Livguard’s growth reflects the broader expansion of India’s organised battery market as more consumers prefer branded alternatives to unbranded local products.
Livguard Energy serves Indian households seeking inverter and home backup batteries and solar energy storage solutions with its rapidly growing battery brand, and represents the newer generation of well-capitalised battery brands that are professionalising a market historically dominated by legacy players like Exide and Amara Raja through retail distribution investment and marketing.
9. Coslight India Telecom Private Limited
Coslight India, a subsidiary of Beijing-based Coslight Technology International with manufacturing facilities in IMT Manesar Gurugram and Una Himachal Pradesh, provides affordable and reliable energy solutions across lithium-ion and Valve Regulated Lead-Acid batteries for telecom towers, data centres, and industrial backup power applications. The company exports its products internationally and serves India’s large telecom tower infrastructure market that requires reliable backup power to ensure network continuity across thousands of tower sites across the country.
Coslight India serves India’s telecom infrastructure operators, data centre operators, and industrial backup power customers with its VRLA and lithium-ion battery products, and is one of the most established foreign-invested battery manufacturers in India with dual manufacturing locations that give it flexibility in serving both northern and western Indian industrial markets.
10. Eveready Industries India Limited
Eveready Industries India, one of the most recognisable consumer battery brands in India and part of the BM Khaitan Group, is the maker of the iconic Eveready battery brand that has been a household name in India for decades through its dry cell and alkaline batteries for torches, toys, and consumer electronics. The company has been diversifying into lithium batteries and has strong MNC parentage credibility through its brand heritage that operates in a niche consumer battery segment distinct from the automotive and inverter markets dominated by Exide and Amara Raja.
Eveready Industries serves individual consumers across India with its dry cell and alkaline batteries for everyday electronic devices and has built one of the strongest consumer battery brand recognitions in India through decades of mass-market advertising, and is building into the new generation of lithium battery applications for consumer electronics and lighting.
Frequently Asked Questions (FAQs)
Q: Which is the largest battery company in India in 2026?
A: Exide Industries is India’s largest battery manufacturer with revenue of Rs 20,000 crore, 78 years of operating history, 25 lakh battery replacement touchpoints, and nine manufacturing units across India. Amara Raja Energy and Mobility is the second largest. Together these two companies command the vast majority of India’s organised automotive and inverter battery replacement market.
Q: What is the size of India’s battery market in 2026?
A: India’s battery market targets USD 20 billion by 2028 growing at 25 percent annually. Demand for lithium-ion batteries specifically is expected to surge to 115 GWh by 2030 driven by the explosive growth in electric vehicles, stationary storage for renewable energy integration, and 5G telecommunications infrastructure expansion. Lithium-ion battery prices in India range from Rs 12,000 to Rs 25,000 per kWh in 2026.
Q: What is India’s PLI for Advanced Chemistry Cell manufacturing?
A: India’s PLI for Advanced Chemistry Cell manufacturing allocates Rs 18,100 crore in qualification-linked incentives for lithium-ion cell manufacturing in India. Both Exide Energy targeting 12 GWh and Amara Raja Gigafactory targeting 16 GWh qualify for PLI incentives that directly reduce effective gigafactory capital expenditure by 20 to 25 percent, improving project economics for both companies as they build domestic lithium-ion cell manufacturing capability.
Q: Is India building domestic lithium mining capability for battery manufacturing?
A: Yes, Maiki South Mining Private Limited has been awarded the composite licence for India’s first lithium mine in the Katghora block of Chhattisgarh. This is a significant step toward reducing India’s dependence on imported lithium for its growing battery manufacturing industry. India also has significant lithium reserves in Jammu and Kashmir that are being explored. Securing domestic lithium supply will be critical to India’s battery manufacturing cost competitiveness as it scales gigafactory capacity.
Q: What types of batteries are most in demand in India in 2026?
A: Lead-acid batteries for automotive, inverter, and industrial applications remain the highest volume segment but are declining proportionally. Lithium-ion batteries for electric two-wheelers, passenger cars, and grid-scale energy storage are the fastest-growing segment at 25 to 30 percent CAGR. Valve Regulated Lead-Acid batteries for telecom towers continue steady demand. Tubular batteries for home inverters are a large and stable market. Solar batteries for residential and commercial solar storage are growing rapidly alongside India’s renewable energy expansion.
