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As of March 2025, the largest battery company in India by market capitalization was Exide at around *** billion Indian rupees. It was followed by Amara Raja, with a market capitalization of approximately *** billion rupees.

Exide

Exide is an Indian storage battery manufacturing company based in Kolkata, India. It is the largest manufacturer of lead-acid batteries and energy storage solutions provider in the country, and its business has been growing steadily for the last few years. With the rise of electric vehicles, the company has been investing heavily in lithium-ion battery manufacturing, with more than *** billion Indian rupees as of January 2025. At the end of 2024, the company also partnered with Hyundai and Kia to locally produce EV lithium-ion batteries for the latter.

EV in India

Unlike other more advanced economies, two-wheelers dominate India’s EV market. In the financial year 2024, there were more than * electric two-wheelers sold in the country. For the electric car market, passenger EVs have seen some strong development in the last few years, which has driven demand for lithium-ion batteries. In March 2025, the Indian government ended import duties for components needed for EV battery manufacturing, boosting both the battery and EV industries.