Research Primer · Dart Consultants

India Grid-Scale Battery Storage

A Ground-Up Primer on the cell-to-container supply chain, China's July 2025 gate on the recipe in the middle of it, and the fourteen listed companies building India's place inside it.

Primer sections11

Companies rated14

Context-tier names5

Ratings1B·8H·5S

The Fourteen Companies

1 BUY · 8 HOLD · 5 SELL — see the Context Tier for 5 further names covered without a full rating

BUYEXIDEIND

Exide Industries Ltd

The one company in this report whose Chinese cell-technology licence actually became a working plant

Target ₹490 · CMP ₹423.80 · +15.6% HOLDARE&M

Amara Raja Energy & Mobility Ltd

A resilient lead-acid duopoly, a confirmed stalled Chinese technology licence, and a valuation that already reflects much of both

Target ₹795 · CMP ₹747.00 · +6.4% HOLDJSWENERGY

JSW Energy Ltd

A 32 GW generation story with an 11%-of-storage BESS kicker still finding its feet

Target ₹527 · CMP ₹498.00 · +5.8% HOLDADVAIT

Advait Energy Transitions

This report's smallest, fastest-growing and least-covered name — and its purest storage bet

Target ₹2,170 · CMP ₹1,913.00 · +13.4% HOLDFLUOROCHEM

Gujarat Fluorochemicals Ltd

A profitable fluoropolymers major with a genuine battery-materials call option, priced for a lot of it already

Target ₹4,600 · CMP ₹4,414.20 · +4.2% HOLDHSCL

Himadri Speciality Chemical

India's first cathode-and-anode aspirant, with genuine momentum and a genuine distraction

Target ₹683 · CMP ₹669.40 · +2.0% SELLNEOGEN

Neogen Chemicals Ltd

A genuine battery-chemicals scale-up story, already carrying a rating agency's own confirmation that it slipped

Target ₹1,720 · CMP ₹2,385.20 · (27.9)% HOLDTATAPOWER

Tata Power Company Ltd

A well-diversified ₹1.15 lakh crore utility where storage is backdrop, not thesis — and a $490m litigation overhang is the real near-term swing factor

Target ₹406 · CMP ₹356.35 · +14.0% HOLDWAAREEENER