Top 5 Stocks to Benefit from the Surge in Battery Storage Market Across India

Synopsis: India’s Behind-the-Meter storage market is set for strong growth, driven by rising storage adoption and the lithium-ion shift. Stocks like Amara Raja Energy & Mobility Ltd, Exide Industries Ltd and others are poised to benefit from expanding energy storage demand. 

India’s Behind-the-Meter (BTM) energy storage market is witnessing a rapid transformation as rising electricity demand and higher grid tariffs push users toward decentralised power solutions. The adoption of solar-plus-storage systems is increasing as businesses and households seek reliable and cost-efficient alternatives to conventional grid supply.

At the same time, a strong shift toward lithium-ion battery technology is reshaping the energy storage landscape. Declining battery costs and improving economics are accelerating installations across telecom, industrial UPS, and rooftop solar segments, positioning the BTM market for sustained long-term growth.

Market Projections and Growth Factors

India’s Behind-the-Meter (BTM) stationary storage market is entering a period of significant expansion. Annual demand is expected to climb from 32 GWh in 2025 to more than 39 GWh by 2033. This surge is being driven by the falling costs of lithium-ion batteries and integrated solar-plus-storage systems. As grid tariffs continue to rise, businesses and residential consumers are turning to on-site storage to ensure power reliability and reduce energy expenses.

Economic Viability and Regional Adoption

The economics of energy storage have reached a turning point. In major industrial states such as Maharashtra, Tamil Nadu, and Karnataka, the cost of electricity from solar-plus-storage systems is already nearing parity with commercial grid tariffs, averaging between Rs 6-7 per kWh. Analysts predict that by 2026, these systems will be cost-competitive for most commercial users nationwide, with industrial sectors expected to follow shortly after.

Technological Transition: Lead Acid to Lithium-ion

While lead acid batteries still hold a dominant position accounting for over 85% of the market share in 2025. There is a rapid technological shift toward lithium-ion. This transition is most aggressive in the telecom sector, where lithium-ion now makes up 77% of all new installations. 

Other segments, including Uninterrupted Power Supply (UPS) systems and rooftop solar, are also seeing increased lithium penetration as the technology becomes more affordable.

Defining the BTM Landscape

Behind-the-Meter (BTM) systems refer to energy solutions located on the customer’s side of the utility meter, such as rooftop solar, backup batteries for inverters, and telecom tower storage.

These systems allow for the immediate consumption of generated or stored power without it passing through the national grid. This shift represents a fundamental change in how Indian consumers interact with energy, moving toward a more decentralized and self-sufficient power model.

Listed below are stocks that could benefit from the surge in battery storage adoption

Amara Raja Energy & Mobility Ltd

Amara Raja benefits from the rapid shift toward lithium-ion batteries in telecom, UPS, and solar storage systems. As BTM adoption grows, demand for its advanced energy storage solutions and “New Energy” segment is expected to rise strongly.

With a market capitalisation of Rs. 14,294 cr, the shares of Amara Raja Energy & Mobility Ltd closed at Rs. 781 per share, up from its previous close of Rs. 772.65 per share.

Exide Industries Ltd

Exide stands to gain from its large investment in lithium-ion gigafactories, which positions it well to serve rising demand from industrial and telecom BTM applications. The shift from lead-acid to lithium batteries directly supports its long-term growth. With a market capitalisation of Rs. 28,054 cr, the shares of Exide Industries Ltd closed at Rs. 330.05 per share, down from its previous close of Rs. 331.45 per share.

HBL Engineering Ltd

HBL benefits from increasing use of high-reliability batteries in telecom, defence, and UPS systems. With telecom already shifting heavily to lithium-ion, HBL’s specialised battery and power solutions align well with this trend. With a market capitalisation of Rs. 21,804 cr, the shares of HBL Engineering Ltd closed at Rs. 786.60 per share, up from its previous close of Rs. 783.20 per share.

Himadri Speciality Chemical Ltd

Himadri gains from the rising demand for anode materials used in lithium-ion batteries. As battery manufacturing expands in India, its carbon-based specialty chemicals become more critical in the energy storage supply chain.

With a market capitalisation of Rs. 24,881  cr, the shares of Himadri Speciality Chemical Ltd closed at Rs. 493.15 per share, up from its previous close of Rs. 489.15 per share.

Neogen Chemicals Ltd

Neogen benefits from its role in producing lithium salts and battery-grade chemicals. As lithium-ion adoption increases in BTM systems, demand for its core electrolyte and specialty chemical products is expected to grow steadily.

With a market capitalisation of Rs. 3,973 cr, the shares of Neogen Chemicals Ltd closed at Rs. 1506.30 per share, down from its previous close of Rs. 1507.85 per share. 

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