As India strides towards a sustainable future, the demand for efficient and sustainable energy storage solutions is paramount. The battery sector, driven by technological advancements, electric mobility, and renewable energy, offers exciting investment opportunities.

Here, we explore some of the best battery stocks in India for 2024.

1. Exide Industries Ltd.

Introduction

Exide Industries Ltd. is one of India’s leading manufacturers of lead-acid storage batteries and power storage solutions. Established in 1947, the company has a rich history and a strong market presence in both automotive and industrial battery segments. Exide’s extensive product portfolio includes automotive batteries, industrial batteries, and submarine batteries, catering to a diverse range of applications.

Portfolio

Exide Industries offers a wide array of products:

• Automotive Batteries: For cars, motorcycles, and commercial vehicles.
• Industrial Batteries: Used in sectors like telecom, railways, power, and renewable energy.
• Submarine Batteries: Specialized batteries for defense applications.
• Home UPS Systems: Inverters and home UPS systems for residential use.

Financial Performance

Exide Industries has shown consistent financial performance over the years. For the fiscal year ending March 31, 2024, the company reported:

• Revenue: ₹44.36 billion, a 4.48% year-over-year increase.
• Net Income: ₹2.20 billion, a slight decline of 1.01% compared to the previous year.
• Earnings Per Share (EPS): ₹10.31, up from ₹9.68 in the previous fiscal year.
• EBITDA: ₹4.59 billion, reflecting an 8.53% increase.

Future Outlook

The future outlook for Exide Industries is promising, driven by several factors:

• Growth in Electric Vehicles (EVs): As the adoption of EVs increases, the demand for advanced batteries is expected to rise, providing significant growth opportunities for Exide.
• Renewable Energy Integration: The push towards renewable energy sources like solar and wind will drive the need for efficient energy storage solutions.
• Technological Advancements: Continuous innovation in battery technology, including lithium-ion and advanced chemistry cells, positions Exide well for future growth.
• Government Initiatives: Supportive policies and initiatives by the Indian government, such as the National Program on ACC Battery Storage, will further bolster the battery sector.

Exide Industries is forecasted to grow its earnings and revenue by 19.8% and 7.3% per annum, respectively, over the next few years. The company’s strategic focus on innovation, quality, and customer satisfaction ensures it remains a key player in the battery industry.

2. Amara Raja Batteries Ltd.

Introduction

Amara Raja Batteries Ltd. is a leading manufacturer of lead-acid batteries in India, catering to both automotive and industrial sectors. Established in 1985, the company is known for its innovative and reliable battery solutions. Amara Raja’s flagship brands, Amaron and PowerZone, have a strong market presence and are synonymous with quality and performance.

Portfolio

Amara Raja offers a diverse range of products:

• Automotive Batteries: Batteries for cars, motorcycles, and commercial vehicles.
• Industrial Batteries: Batteries for telecom, railways, power, and renewable energy sectors.
• Home UPS Systems: Inverters and home UPS systems for residential use.
• Solar Batteries: Batteries designed for solar energy storage applications.

Financial Performance

Amara Raja Batteries has demonstrated robust financial performance over the years. For the fiscal year ending March 31, 2023, the company reported:

• Revenue: ₹8,695.82 crores, a 21.6% increase from the previous year.
• Net Profit: ₹511.25 crores, compared to ₹646.81 crores in the previous year.
• Earnings Per Share (EPS): ₹29.93, down from ₹37.87 in the previous fiscal year.
• Return on Equity (ROE): 14.10%.
• Return on Capital Employed (ROCE): 18.49%.

Future Outlook

The future outlook for Amara Raja Batteries is promising, driven by several key factors:

• Expansion into Lithium-Ion Batteries: Amara Raja is investing in lithium-ion battery technology to cater to the growing demand for electric vehicles (EVs) and renewable energy storage.
• Market Growth: The increasing adoption of EVs and renewable energy solutions is expected to drive demand for advanced battery technologies.
• Technological Advancements: Continuous innovation in battery technology, including solid-state batteries and improved energy densities, positions Amara Raja well for future growth.
• Government Support: Favorable government policies and initiatives, such as the National Electric Mobility Mission Plan, will further boost the battery sector.

3. HBL Power Systems Ltd.

Introduction

HBL Power Systems Ltd. is a leading manufacturer of specialized batteries and power electronics in India. Established in 1977 and headquartered in Hyderabad, the company focuses on creating technology solutions for key sectors such as defense, telecom, railways, and industrial applications. HBL Power Systems is known for its commitment to innovation and quality, making it a trusted name in the power systems industry.

Portfolio

HBL Power Systems offers a diverse range of products:

• Batteries: Lead-acid, nickel-cadmium, silver-zinc, and lithium batteries for various applications including defense, aviation, and industrial use.
• Power Electronics: Battery chargers, battery management systems, and energy storage systems.
• Railway Signaling Electronics: Integrated power supplies, train collision avoidance systems, and train management systems.
• E-Mobility Products: Electric drive train kits, motors, inverters, and EV chargers.

Financial Performance

For the fiscal year ending March 31, 2024, HBL Power Systems reported:

• Revenue: ₹6.10 billion, a 51.53% increase from the previous year.
• Net Income: ₹814.46 million, a 134.03% increase compared to the previous year.
• EBITDA: ₹1.30 billion, reflecting a 210.28% increase.
• Net Profit Margin: 13.35%, up by 54.51%.

The company’s strong financial performance is attributed to increased demand across its product segments and effective cost management.

Future Outlook

The future outlook for HBL Power Systems is promising, driven by several key factors:

• Expansion in E-Mobility: The growing adoption of electric vehicles (EVs) is expected to drive demand for HBL’s e-mobility products and solutions.
• Technological Advancements: Continuous innovation in battery technology and power electronics positions HBL well for future growth.
• Government Initiatives: Supportive policies and initiatives by the Indian government, such as the National Electric Mobility Mission Plan, will further bolster the battery and power electronics sectors.
• Global Market Expansion: HBL’s focus on expanding its global footprint and entering new markets will contribute to sustained growth.

4. Eveready Industries India Ltd.

Introduction

Eveready Industries India Ltd. is a leading manufacturer of dry cell batteries, flashlights, and lighting solutions in India. Established in 1905, the company has a rich legacy and is synonymous with portable energy solutions. Eveready is known for its iconic “Give Me Red” campaign, which has made it a household name across generations.

Portfolio

Eveready Industries offers a diverse range of products:

• Batteries: Zinc carbon, alkaline, rechargeable batteries, and chargers.
• Flashlights: LED torches, rechargeable torches, and portable lanterns.
• Lighting Solutions: LED bulbs, battens, panels, downlights, and outdoor lighting.
• Electrical Accessories: Mosquito racquets and other electrical products.

Financial Performance

For the fiscal year ending March 31, 2023, Eveready Industries reported:

• Revenue: ₹1,400 crores, a 14% increase from the previous year.
• Net Profit: ₹50 crores, compared to ₹40 crores in the previous year.
• Earnings Per Share (EPS): ₹2.50, up from ₹2.00 in the previous fiscal year.
• Segment Growth: Batteries grew by 21%, flashlights by 25%, and lighting by 26%.

The company’s strong financial performance is attributed to its robust distribution network and continuous product innovation.

Future Outlook

The future outlook for Eveready Industries is promising, driven by several key factors:

• Market Leadership: Eveready remains the market leader in the dry cell battery segment, with a significant market share.
• Product Innovation: The company is focused on premiumization and expanding its product portfolio to meet evolving consumer needs.
• Distribution Expansion: Eveready’s new route-to-market (RTM) initiative aims to contemporize its distribution network, enhancing efficiency and reach.
• Sustainability Initiatives: The company is investing in sustainable and energy-efficient products to align with global environmental trends.

5. Panasonic Energy India Co. Ltd.

Introduction

Panasonic Energy India Co. Ltd. (PECIN) is a subsidiary of Panasonic Holdings Corporation, specializing in the manufacture and sale of dry cell batteries. Established in 1972, the company has a strong presence in the Indian market, known for its commitment to quality and innovation. PECIN’s products are widely used in consumer electronics, automotive, and industrial applications.

Portfolio

Panasonic Energy India offers a diverse range of products:

• Dry Cell Batteries: Zinc carbon and alkaline batteries for various consumer and industrial applications.
• Rechargeable Batteries: Nickel-metal hydride (NiMH) and lithium-ion batteries.
• Battery Chargers: Solutions for recharging various types of batteries.
• Energy Solutions: Solar energy products and energy storage systems.

Financial Performance

For the fiscal year ending March 31, 2024, Panasonic Energy India reported:

• Revenue: ₹2,924 crores, a 15.45% increase from the previous year.
• Net Profit: ₹116.44 crores, a significant turnaround with a 198% increase in profit after tax (PAT).
• Earnings Per Share (EPS): ₹15.50.
• Net Profit Margin: 3.98%, reflecting improved operational efficiency.

The company’s strong financial performance is attributed to cost efficiency initiatives, consolidation of operations, and reduction in raw material costs.

Future Outlook

The future outlook for Panasonic Energy India is promising, driven by several key factors:

• Market Expansion: The company aims to increase its market share by 2% annually through enhanced service levels, data-driven sales management, and expanding its distribution network into rural areas.
• Sustainability Initiatives: PECIN’s factory in Pithampur is a carbon-neutral facility, focusing on expanding solar capacity and using energy-efficient equipment.
• Technological Advancements: Continuous investment in research and development to innovate and improve product offerings.
• Digital Initiatives: Expanding presence on e-commerce platforms and retail outlets to better serve customers.

6. Luminous Power Technologies Pvt. Ltd.

Introduction

Luminous Power Technologies Pvt. Ltd. is a leading power and energy storage solutions provider in India. Established in 1988, the company is known for its innovative products in the power backup, home electrical, and residential solar space. With a strong commitment to quality and customer satisfaction, Luminous has become a trusted name in the industry.

Portfolio

Luminous Power Technologies offers a diverse range of products:

• Power Backup Solutions: Inverters, UPS systems, and batteries for residential and commercial use.
• Home Electricals: Fans, switches, and LED lighting solutions.
• Solar Solutions: Solar panels, inverters, and energy storage systems for residential and commercial applications.
• E-Mobility: Electric vehicle chargers and related infrastructure.

Financial Performance

For the fiscal year ending March 31, 2023, Luminous Power Technologies reported:

• Revenue: ₹42.8 billion, a 5.4% increase from the previous year.
• Net Profit: ₹2.9 billion, reflecting a stable financial performance.
• EBITDA: Increased by 19.7% over the previous year.
• Net Worth: Increased by 17.77%.

The company’s strong financial performance is attributed to its robust product portfolio, effective cost management, and expansion into new markets.

Future Outlook

The future outlook for Luminous Power Technologies is promising, driven by several key factors:

• Market Expansion: The company aims to double its growth in the next four years, with significant investments in the solar energy vertical.
• Sustainability Initiatives: Luminous is committed to expanding its solar capacity and using energy-efficient equipment to achieve carbon neutrality at its manufacturing facilities.
• Technological Advancements: Continuous investment in research and development to innovate and improve product offerings.
• Digital Initiatives: Expanding presence on e-commerce platforms and enhancing digital sales channels to better serve customers.

7. Okaya Power Group

Introduction

Okaya Power Group is a prominent player in the energy storage solutions sector in India and beyond. Established in 1987 and headquartered in New Delhi, the company has built a strong reputation for its innovative and reliable battery and power backup solutions. Okaya’s commitment to quality and sustainability has made it a trusted name in the industry.

Portfolio

Okaya Power Group offers a diverse range of products:

• Batteries: Tubular, flat plate, gel, and lithium-ion batteries for various applications including inverters, automotive, e-rickshaws, UPS systems, and solar energy storage.
• Power Backup Solutions: Inverters, UPS systems, and solar products to meet diverse energy requirements.
• E-Mobility Solutions: Electric vehicle batteries and charging infrastructure.

Financial Performance

For the fiscal year ending March 31, 2023, Okaya Power Group reported:

• Revenue: Over ₹500 crores.
• Net Worth: Increased by 2.64%.
• EBITDA: Decreased by 66.96%.
• Total Assets: Decreased by 22.29%.

The company’s financial performance reflects its strategic focus on expanding its product range and market presence, despite facing challenges in the past year.

Future Outlook

The future outlook for Okaya Power Group is promising, driven by several key factors:

• Market Expansion: Okaya aims to leverage its experience to lead in the growing electric mobility sector and expand its presence in international markets.
• Sustainability Initiatives: The company is committed to producing eco-friendly products and minimizing environmental impact through sustainable practices.
• Technological Advancements: Continuous investment in research and development to innovate and improve product offerings.
• Government Support: Favorable policies and initiatives supporting renewable energy and electric mobility will further bolster the company’s growth.

8. Su-Kam Power Systems Ltd.

Introduction

Su-Kam Power Systems Ltd. is a leading player in the power backup and solar solutions industry in India. Established in 1988, the company has revolutionized the power solutions sector with its innovative products and commitment to sustainability. Su-Kam is known for its pioneering efforts in introducing advanced technologies, such as the first sine wave UPS, and has a strong presence in over 90 countries.

Portfolio

Su-Kam Power Systems offers a diverse range of products:

• Power Backup Solutions: Inverters, UPS systems, and batteries for residential, commercial, and industrial applications.
• Solar Solutions: Solar inverters, solar panels, and energy storage systems designed to harness renewable energy.
• E-Mobility Solutions: Lithium batteries and charging infrastructure for electric vehicles.
• Energy Storage Systems: Advanced energy storage solutions for various applications, including telecommunications and renewable energy.

Financial Performance

For the fiscal year ending March 31, 2023, Su-Kam Power Systems reported:

• Revenue: Between ₹100 crores and ₹500 crores.
• Net Worth: Increased by 238.56%.
• EBITDA: Increased by 582.52%.
• Total Assets: Increased by 36.51%.

The company’s strong financial performance is attributed to its innovative product offerings, effective cost management, and expansion into new markets.

Future Outlook

The future outlook for Su-Kam Power Systems is promising, driven by several key factors:

• Market Expansion: Su-Kam aims to achieve ₹6,000 crores in revenue over the next five years, leveraging its technological expertise and expanding its product portfolio.
• Sustainability Initiatives: The company is committed to producing eco-friendly products and minimizing environmental impact through sustainable practices.
• Technological Advancements: Continuous investment in research and development to innovate and improve product offerings.
• Government Support: Favorable policies and initiatives supporting renewable energy and electric mobility will further bolster the company’s growth.

9. Indo National Ltd.

Introduction

Indo National Ltd., also known as NIPPO, is a prominent player in the Indian battery industry. Established in 1972, the company is renowned for its high-quality batteries and flashlights. With a strong commitment to innovation and customer satisfaction, Indo National Ltd. has built a trusted brand in the market.

Portfolio

Indo National Ltd. offers a diverse range of products:

• Batteries: Zinc carbon, alkaline, and rechargeable batteries for various consumer and industrial applications.
• Flashlights: LED torches, rechargeable torches, and portable lanterns.
• Lighting Solutions: LED bulbs, battens, panels, and downlights.
• Electrical Accessories: Mosquito bats and other electrical products.

Financial Performance

For the fiscal year ending March 31, 2024, Indo National Ltd. reported:

• Revenue: ₹1.69 billion, a 17.98% increase from the previous year.
• Net Profit: ₹24.02 million, a significant increase of 192.30%.
• EBITDA: ₹174.02 million, reflecting a 275.77% increase.
• Net Profit Margin: 1.42%, up by 178.02%.

The company’s strong financial performance is attributed to increased demand for its products and effective cost management.

Future Outlook

The future outlook for Indo National Ltd. is promising, driven by several key factors:

• Market Expansion: The company aims to expand its market share by enhancing its distribution network and entering new markets.
• Product Innovation: Continuous investment in research and development to innovate and improve product offerings.
• Sustainability Initiatives: Commitment to producing eco-friendly products and minimizing environmental impact through sustainable practices.
• Government Support: Favorable policies and initiatives supporting the battery and lighting sectors will further bolster the company’s growth.