India’s electric-vehicle supply chain is expanding beyond established battery leaders. The EV components market is projected to reach ₹3.02 lakh crore by 2032, creating opportunities across batteries, battery management systems, energy storage, charging equipment, and power electronics. Based on NSE and BSE information dated August 23, 2026, 5 EV Battery Stocks in India Quietly Gaining investor attention are HBL Engineering, HFCL, Exicom Tele-Systems, Servotech Power Systems, and Unistar Agri Industries. This research shortlist is not an investment recommendation.
HBL Engineering: Industrial-Battery Expertise
Formerly HBL Power Systems, HBL Engineering is expanding from industrial and defense batteries into EV power electronics, BMS solutions, and powertrain kits. Its specialized engineering pipeline supports localization. The snapshot shows ₹608 CMP, ₹4,550 crore market capitalization, 28 PE, 15% ROE, and 0.20 debt-to-equity.
Exicom and Servotech: Charging Growth
Exicom Tele-Systems targets EV charging infrastructure, energy-storage systems, and BMS software. Its ₹355 CMP and ₹2,550 crore market cap accompany an 80 PE, 5% ROE, and 0.20 debt-to-equity, signaling growth expectations and valuation risk.
Servotech uses its solar and manufacturing capabilities to produce EV chargers, storage configurations, and battery-swapping hardware. Its figures include ₹72 CMP, ₹820 crore market cap, 35 PE, 8% ROE, and 0.15 debt-to-equity.
Together, these 5 EV Battery Stocks in India Quietly Gaining visibility represent different electrification opportunities.
HFCL and Unistar: Diversified Plays
HFCL’s opportunity lies in telecom engineering, telemetry, IoT connectivity, and communication architecture required by smart BMS and commercial EV grids. It leads the shortlist at ₹7,600 crore, with a ₹92 CMP, 35 PE, 12% ROE, and 0.30 debt-to-equity.
Unistar Agri Industries is the smallest, carrying ₹415 crore market capitalization, ₹225 CMP, 15 PE, 10% ROE, and 0.10 debt-to-equity. Its scale requires scrutiny of disclosures, liquidity, and EV revenue exposure.
Maxvolt Energy, although outside the supplied five-stock table, illustrates demand for customized lithium-ion packs serving electric two-wheelers, three-wheelers, and e-rickshaws, which dominate Indian EV volumes.
Risks and Heavyweight Comparison
Exide Industries and Amara Raja remain benchmarks, with valuations reflecting gigafactory investment and clean-energy expansion. Their supplied August 25 prices were ₹451.15 and ₹921.45, respectively.
However, 5 EV Battery Stocks in India Quietly Gaining momentum face lithium and cell import dependence, supply shocks, low liquidity, limited institutional research, and volatility. Investors evaluating 5 EV Battery Stocks in India Quietly Gaining traction should examine earnings quality, valuation, debt, governance, order books, and EV revenue before making decisions.
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