Bengaluru-based battery-materials company running India's largest synthetic graphite anode plant and developing LFP cathode
Strengths
2,000 t anode plant in Karnataka (enough for ~2 GWh of cells); targets 30,000 t by 2028
ECMS approval with ~₹145 Cr capex support (25%)
Bought Johnson Matthey's LFP cathode technology centre in Germany (2024)
Risks
Unlisted; needs large risk capital
Customer qualifications abroad and at home
Background
Privately held (Epsilon group)
Compiled from public reporting — not exchange-listed.
Where it fits
Needle coke or natural graphite is milled, shaped into spheres, coated and graphitised at ~3,000°C to make anode powder, which is coated onto copper foil. Conductive carbons such as acetylene black are mixed into both electrode slurries to carry current.
Why it matters
China processes the vast majority of the world's battery graphite and put graphite under export licensing in 2023. India's graphite-electrode makers already run graphitisation furnaces, which gives them a head start. Epsilon's 2,000 t plant (enough for ~2 GWh) is the only sizeable one running; HEG's TACC is building 20,000 t.
Where the value pool sits
Energy-intensive and capex-heavy, but a natural extension for Indian graphite-electrode makers. Margins depend on power cost and needle-coke supply; customer qualification is the gate.
Key drivers
China's graphite export licensing pushing buyers to diversify
Local cell demand and value-addition targets
ECMS capex support (Epsilon) and the reported components scheme
Potential bottlenecks
Needle coke and natural graphite supply
Cheap power for graphitisation
Risk capital for first plants (Epsilon's founder calls it the biggest challenge)
Investor metrics to watch
Anode tonnes commissioned (TACC 20,000 t targeted for Q1 FY28)