Business · Companies · 30 mins ago
Exide and Amara Raja seek early revenue from battery plants
India’s battery makers Exide and Amara Raja are seeking early revenue from lithium-ion plants built with more than $1 billion in investment between them.
Both are waiting for large orders from car and two-wheeler makers, despite preliminary tie-ups with Hyundai-Kia and Ather.
Slower electric-vehicle adoption and lengthy customer testing have delayed their plans.
Exide has started earning money from cells for electric rickshaws and telecom towers, while its cells for electric two-wheelers are still being tested.
Amara Raja is prioritizing battery storage projects and expects commercial operations at its pack assembly plant in January or February.
Its first 2GWh cell line is now targeted for the second quarter of FY28.
The companies are pursuing other uses to bring in revenue while EV orders remain pending, and Amara Raja expects to send cell samples to potential vehicle makers in the coming months.
Exide Industries and Amara Raja Energy & Mobility are seeking early revenue from lithium-ion battery operations as large orders from vehicle makers remain pending.
Exide has invested $632 million in its battery business, while Amara Raja has deployed $248 million and approved another $247 million.
Exide is selling lithium iron phosphate cells for electric rickshaws and telecom towers, while Amara Raja is prioritizing battery energy storage projects.
Sluggish electric-vehicle adoption and lengthy customer testing have delayed the companies’ vehicle-cell plans.
Exide began its first 6GWh of cell production in September 2026, while Amara Raja targets its first 2GWh line for Q2FY28.
- Who
- Exide Industries and Amara Raja Energy & Mobility.
- What
- They are pursuing early revenue from battery plants while awaiting major vehicle-maker orders.
- When
- The article was published on 12 November 2026; the companies’ production and sales plans span several periods.
- Where
- Exide’s cell plant is in Bengaluru; Amara Raja is developing its Giga Corridor in Divitipally, Telangana.
- Why
- Sluggish EV adoption, long testing cycles and investor questions about returns have increased pressure to generate revenue.
This story does not have two clearly opposing sides.
Exide had planned to start the first 6GWh of its cell plant.
Exide started the first 6GWh of its cell plant.
Exide began earning revenue from lithium iron phosphate cells.
Avik Roy discussed cell testing and customer feedback during the company’s earnings call.
Amara Raja expects test runs at its 5GWh pack assembly plant.
Amara Raja expects commercial operations at the pack assembly plant to begin.
- Exide investment so far
- $632 million
- Amara Raja investment deployed
- $248 million
- Additional Amara Raja investment approved
- $247 million
- Exide cell plant
- 6GWh, Bengaluru
- Amara Raja cell-line target
- First 2GWh line in Q2FY28
- Amara Raja pack assembly plant
- 5GWh
1 source
What people are saying
Performance testing has been very satisfactory. We got positive feedback
We don't foresee a challenge with respect to utilization of the plant