Market cap, ratios, CAGR and revenue: company table snapshot as of 6 Nov 2026 (the same figures on every page). Price: snapshot as of 6 Nov 2026. Not investment advice.
Where it fits
Vehicle makers specify the cell chemistry and format, buy cells or packs from suppliers (mostly Chinese today), and qualify new local suppliers over 12-24 months. A few build or tie up with captive cell plants (Ola, Tata with Agratas, Hyundai with Exide).
Why it matters
EVs are about 8% of new cars and 11% of new two-wheelers (Business Today, Oct 2026), and the battery is the single most expensive part of an EV. Local cells cut currency and supply risk, and count toward the local-content rules in EV incentive schemes.
Where the value pool sits
Vehicle makers don't earn the cell margin but keep the savings. Captive cells are a cost lever for whoever ramps first; others will buy from Exide, Amara Raja, Agratas or importers.
Key drivers
EV share gains in two-wheelers, three-wheelers and cars
Local-content rules in EV incentive schemes
Captive cell supply as a cost and margin lever
Potential bottlenecks
Qualification of a new cell supplier takes 12-24 months
Chinese LFP cells remain cheaper
Rare-earth magnets for motors are a separate import choke point (see the rare-earth policy)