The cell chemistry and pack that store the car's energy - the flat 'skateboard' under the floor.
Exide IndustriesDirect supplier · MediumListed
Amara Raja Energy & MobilityDirect supplier · MediumListed
Log9 MaterialsDirect supplier · LowUnlisted
Log9 Materials
Li-ion cell chemistry (fast-charge cells) and pack engineering
Strengths
Known RapidX fast-charging cell chemistry and a strategic stake from Amara Raja give it a base to expand into four-wheeler applications
Risks
Unlisted - no audited public financials; figures here are not available
Primarily focused on 2W/3W and energy storage today - four-wheeler car exposure is still emerging
Background
Privately held, Bengaluru-based; Amara Raja holds a strategic stake
Known for RapidX fast-charging cell chemistry, mainly 2W/3W and energy storage today
Compiled from public reporting — not exchange-listed.
Where it fits
The flat 'skateboard' pack under the floor that stores the vehicle's energy via lithium-ion cells and the modules/BMS wiring that bind them together.
Why it matters
Battery cost and chemistry are the single biggest lever on an EV's price and range, and the layer India is most dependent on imported cell technology for.
Where the value pool sits
Cell chemistry and pack engineering carry the deepest margins and IP moat in the car, while legacy lead-acid makers entering Li-ion capture a smaller, more commoditised slice.
Key drivers
EV volume growth and rising battery pack sizes
PLI incentives for domestic cell manufacturing (ACC scheme)
Falling cell costs per kWh
Shift from lead-acid incumbents into Li-ion
Potential bottlenecks
Domestic Li-ion cell manufacturing capacity is still nascent and import-dependent
Cell chemistry and cathode material supply chains run largely through China
Scaling gigafactory-grade quality control from pilot lines