India’s clean energy transition is driving massive demand for battery chemicals crucial to electric vehicles and energy storage systems. These four manufacturers stand at the forefront of this shift, offering investors exposure to a high-growth industry while fueling the nation’s long-term push toward sustainable mobility and green power.
India’s renewable energy sector is expanding rapidly, with over 100 gigawatts of solar photovoltaic (PV) module manufacturing capacity now in place, according to the Ministry of New and Renewable Energy.
However, renewable sources like solar and wind remain intermittent, producing power only when sunlight or wind is available. This creates a pressing need for reliable solutions to ensure round-the-clock power supply and maintain grid stability.
Battery Energy Storage Systems (BESS) are emerging as the key enabler of this transition. BESS stores surplus energy and delivers it when generation drops, ensuring continuous electricity supply.
As India targets 500 GW of renewable capacity by 2030, the need for large-scale energy storage is expected to surge. The government has set an ambitious goal of achieving 74 GW of BESS capacity by 2031–32, a huge jump from the current 205 MW. To accelerate progress, Rs. 54 billion in viability gap funding has been approved to develop 30 GW of BESS projects, likely driving total investments of around Rs. 330 billion and unlocking significant opportunities for industry players.
1. Gujarat Fluorochemicals
Part of InoxGFL Group, makes industrial refrigerants and chemicals in India. Started in 1987, it now focuses on EV battery chemicals and green hydrogen, with factories in Gujarat. It has branches in America and Europe, aiming to lead in clean energy solutions.
With a market capitalisation of Rs. 39,941 crores, it fell to Rs. 3,605, hitting a low of up to 2.6 percent from its previous closing price of Rs. 3,701.50. Gujarat Fluorochemicals, through its subsidiary GCFL EV Products, plans to invest nearly $1 billion to build manufacturing plants for EV battery chemicals and green hydrogen. The company is focusing on fluorine-based intermediates for lithium-ion and sodium-ion batteries, with a dedicated facility in Gujarat to boost the fast-growing EV ecosystem.
2. Himadri Speciality Chemical
Founded by Anurag Choudhary, began as a coal tar pitch maker and grew into a global chemical firm. Based in India, it now makes battery materials and specialty chemicals for industries like tires and batteries, with a strong research team driving innovation.
With a market capitalisation of Rs. 22,593 crores, it rose to Rs. 464.40, hitting a high of up to 2.86 percent from its previous closing price of Rs. 451.50.Himadri’s ambitious plan to set up a 2 lakh tonnes per annum facility to produce battery components, including electrolyte additives and materials for solid-state batteries. This aligns with their expansion into the lithium-ion battery value chain.
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3. Tata Chemicals
A Tata Group company, makes chemicals and crop products. Headquartered in Mumbai, it operates in India, Europe, and Africa. Since 2006, it owns Brunner Mond and works on lithium extraction and battery chemicals, supporting clean energy and farming with research in Pune.
With a market capitalisation of Rs. 23,692 crores, it rose to Rs. 943.10, hitting a high of up to 1.9 percent from its previous closing price of Rs. 925.50.Tata Chemicals began its pilot Li-ion battery recycling operations near Mumbai in 2019, aiming to recover valuable cathode active materials like lithium, cobalt, and nickel to support a circular economy and reduce raw material dependency.
While the operations were initially pilot-scale, the company planned to scale them to recycle 500 tonnes of spent Li-ion batteries annually. The recovered materials, such as lithium carbonate and cobalt sulfate, are then reused in the manufacturing of new batteries and other products.
4. Neogen Chemicals
Started in 1991, produces bromine and lithium-based chemicals in India. Used in pharmaceuticals and EVs, it’s expanding into battery electrolytes. Based in Maharashtra, it serves global markets and focuses on advanced intermediates, with plans for new manufacturing to meet growing demand.
With a market capitalisation of Rs. 3,949 crores, it fell to Rs. 1,485.80, hitting a low of up to 1.02 percent from its previous closing price of Rs. 1,501.20. Neogen’s plan to establish a 30,000 MT electrolyte and 5,500 MT electrolyte salts/additives plant in Gujarat, expected to be operational by H2 2025. It highlights their partnership with Mitsubishi Chemical Group for technology and their focus on lithium-ion battery materials.
Written By Fazal Ul Vahab C H
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