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
Lithium carbonate or hydroxide is reacted with iron phosphate (for LFP) or nickel-manganese-cobalt precursors (for NMC), calcined in kilns and milled into a fine powder with tightly controlled particle size and coating. Cell makers qualify each batch before it goes onto the cathode foil.
Why it matters
Cathode and anode together are about 65% of a cell's cost (Himadri, quoted by Business Today Oct 2026), and over 90% of both are processed in China. Without local cathode, an Indian gigafactory stays an assembler. Budget 2026-27 cut customs duty on lithium carbonate, oxide and hydroxide to nil.
Where the value pool sits
A large, cyclical pool tied to lithium prices; Chinese LFP cathode makers dominate on cost. Indian entrants (Himadri, Gujarat Fluorochemicals, Epsilon, Altmin) are at pilot-to-first-plant stage - the margin will depend on lithium sourcing and qualification with cell makers.
Key drivers
Local cell plants needing local cathode to reach 60% value addition
Reported ~₹13,000 Cr components scheme covering cathode material (heading to the EFC)
Customs duty cut on lithium salts (Feb 2026)
Potential bottlenecks
No domestic lithium refining yet (lithium sits in the critical-minerals policy)
Process know-how; China restricted export of LFP cathode technology in 2025
Long qualification with cell makers
Investor metrics to watch
Plant start-ups (Himadri's 2,000 t line due by Dec 2026)