Note: Acutaas Chemicals (formerly Ami Organics); ECMS: Li-ion electrolyte additives
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
Electrode slurries (active material plus conductive carbon such as acetylene black) are coated, stacked or wound, sealed in pouches, filled with electrolyte (salts plus additives) and formed into cells for digital devices.
Why it matters
Device batteries are imported almost entirely. ECMS covers Li-ion cells for digital uses (not EVs or storage) at 6% falling to 4% of extra sales (minimum ₹500 Cr), and battery materials under Segment D. The Aug 2026 tranche approved India's first acetylene black (PCBL) and electrolyte additives (Acutaas).
Where the value pool sits
Cells are a scale game led by ATL (TDK), Samsung SDI and Chinese makers. Indian chemical companies have a better shot in the materials: specialty additives and conductive carbon sell into cell makers worldwide, not only in India.
Key drivers
Phone and laptop assembly in India
Global cell makers seeking non-Chinese material supply
ECMS 6% turnover (cells) and 25% capex (materials)
Potential bottlenecks
Cell technology and equipment are imported
Materials need long qualification with cell makers
Most demand for battery chemicals today is outside India