Best Battery Stocks in October 2024 – Based on 5yr CAGR

The battery market in India is flourishing, driven by government initiatives promoting electric vehicles, increasing demand for energy storage systems powered by renewable energy, and the growing use of consumer electronics. This growth is further propelled by rising environmental consciousness, urbanisation, and technological advancements. The Indian battery market is projected to grow at a CAGR of 16.80%, reaching US$ 15.65 billion by 2029 from USD 7.20 billion in 2024. In this article, check some of the best battery stocks in India in October 2024, based on their 5-yr CAGR. 

Best Battery Stocks in October 2024 – Based on 5yr CAGR

Note: The best battery stocks list provided here is as of September 30, 2024. The stocks are of market cap above ₹100 crore and are sorted based on the 5-yr CAGR. 

Overview of the 5 Best Battery Stocks in October 2024

• HBL Power Systems Ltd

HBL Power System Ltd is engaged in the manufacturing and services of various types of batteries, e-mobility, and other products. In FY 2024, the company’s total income reached ₹2,25,126.30 lakh, up from ₹1,38,636.22 lakh in FY 2023. The profit for FY 2024 was ₹26,265.62 lakh, an increase from ₹9,709.17 lakh in FY 2023. 

Key metrics:

• Return on Capital Employed (ROCE): 30.98%
• Return on Equity (ROE): 25.87%

• Goldstar Power Ltd

Goldstar Power Ltd is a battery manufacturing company that manufactures and markets its products under its flagship brand, GOLDSTAR. In FY 2024, the company’s total income reached ₹5,232.02 lakh, up from ₹5,212.04 lakh in FY 2023. The profit for FY 2024 was ₹404.56 lakh, an increase from ₹372.72 lakh in FY 2023.

Key metrics:

• ROCE: 21.18%
• ROE: 15.44%

• Eveready Industries India Ltd

Eveready Industries India Limited stands amongst the popular battery companies stock in India. The company is into the manufacturing of dry cell batteries in India. The company provides batteries, lighting solutions, flashlights, and home appliances. In FY 2024, the company’s total income from operations reached ₹1,314.2 crore, a drop of 1% from ₹1,327.7 crore in FY 2023. The profit for FY 2024 was ₹66.7 crore, an increase of 231.5% from ₹20.1 crore in FY 2023.

Key metrics:

• ROCE: 20.23%
• ROE: 18.91%

• Panasonic Energy India Co Ltd

Panasonic Energy India Co Ltd is amongst India’s largest manufacturers and suppliers of dry cell batteries and lighting products. In FY 2024, the company’s total income reached ₹29,548.26 lakh, an increase from ₹25,700.69 lakh in FY 2023. The profit for FY 2024 was ₹1,164.35 lakh, an increase from the loss of ₹1,063.64 lakh in FY 2023.

Key metrics:

• ROCE: 14.65%
• ROE: 11.98%

• Exide Industries Ltd

Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and related products in India. In FY 2024, the company’s total income reached ₹16,859.68 crore, which rose from ₹15,202.69 crore in FY 2023. The profit for FY 2024 was ₹882.82 crore, an increase from ₹822.77 crore in FY 2023.

Key metrics:

• ROCE: 9.86%
• ROE: 7.29%

Battery Sector Growth in India

India’s unwavering commitment to reducing carbon emissions is evident in its emphasis on renewable energy and electric vehicles. Government initiatives such as Make in India and the National Program on ACC Battery Storage are fostering a strong domestic battery production ecosystem. 

Energy storage technologies are poised to play a pivotal role in decarbonising the electricity and transport sectors, which accounted for 49% of India’s total greenhouse gas emissions (CO2 equivalent) in 2016. Among the various energy storage options, lithium-ion batteries are projected to lead the market in the coming decade (2021 onwards). By FY 2030, peak electricity demand is expected to surge to 334 gigawatts (GW), necessitating a total electricity generating capacity of 2,229 Billing units (BU). The battery market in India is expected to grow at a CAGR of 16.80%, touching US$ 15.65 billion by 2029 from US$ 7.20 billion in 2024. Several battery sector stocks are contributing to the growth of the sector. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.