Archive · 28 Jul 2026
India's Battery Demand to Surge 7X by 2032
India's battery demand is expected to grow significantly by 2032.
The government is providing incentives to boost domestic manufacturing.
Companies like Neogen Chemicals, HEG Limited, and Himadri Specialty Chemicals are investing in battery materials to meet this demand.
While there are optimistic views about market growth and company performance, there are also cautious views about potential challenges.
The government's initiatives and the companies' investments will determine the success of this growth.
India's battery demand is expected to surge 7 times by 2032.
Government incentives include an ₹18,100 crore Production Linked Incentive Scheme for ACC batteries.
Neogen Chemicals reported a 34% increase in Q1FY27 revenue and a 53% increase in EBITDA.
HEG Limited reported an 11% increase in Q1FY27 revenue and a 42.5% increase in operating profit.
Himadri Specialty Chemicals reported a 33% increase in Q1FY27 EBITDA and a 27.4% increase in PAT.
- Who
- Indian government, Neogen Chemicals, HEG Limited, Himadri Specialty Chemicals
- What
- India's battery demand is expected to surge 7 times by 2032
- When
- Demand expected to rise from 33 GWh in 2025 to 236 GWh by 2032
- Where
- India
- Why
- Driven by electric vehicles, renewable energy storage, and grid modernization
Optimistic View
Cautious View
Market Growth
Optimistic View
The market is expected to grow significantly due to government incentives and increasing demand for electric vehicles and renewable energy storage.
Cautious View
The market growth may be slower than expected due to supply chain disruptions and technological challenges.
Company Performance
Optimistic View
Companies like Neogen, HEG, and Himadri are well-positioned to benefit from the growing demand for battery materials.
Cautious View
Companies may face challenges in converting investments into commercial production and achieving expected returns.
- Demand Growth
- Expected to rise from 33 GWh in 2025 to 236 GWh by 2032
- Government Incentives
- ₹18,100 crore Production Linked Incentive Scheme for ACC batteries
- Neogen Chemicals
- Q1FY27 revenue up 34%, EBITDA up 53%
- HEG Limited
- Q1FY27 revenue up 11%, operating profit up 42.5%
- Himadri Specialty Chemicals
- Q1FY27 EBITDA up 33%, PAT up 27.4%