The battery metals India has least of: a few domestic lithium finds (Reasi in J&K, Katghora in Chhattisgarh) and overseas brine and hard-rock assets in Argentina, Chile and Australia.
Khanij Bidesh India Ltd (KABIL)Owner · HighUnlisted
Coal IndiaEmerging entrant · LowListed
NMDCEmerging entrant · LowListed
National Aluminium Company (NALCO)Enabler · LowListed
Hindustan CopperEnabler · LowListed
Maiki South MiningEmerging entrant · MediumUnlisted
National Aluminium Company (NALCO) (NATIONALUM)
State alumina and aluminium maker; KABIL's largest shareholder (40%)
Price
₹326.00
snapshot 6 Nov 2026
Strengths
A listed, if very indirect, route into KABIL's overseas lithium and cobalt bets
Risks
KABIL is tiny next to NALCO's alumina and aluminium business, which drives earnings
Key stats — company snapshot as of 6 Nov 2026
Mkt Cap
₹59,919 Cr
Stock P/E
8.4x
Div Yield
3.53%
ROCE
39.6%
ROE
29.4%
P/B
2.4x
Revenue growth
+6.3%FY26
Profit growth
+10.0%FY26
Net margin
32.5%FY26
1Y vs Nifty
+43 ptsNifty −1.9%
Revenue, ₹ Cr (5-yr) — company table
14,181FY22
14,257FY23
13,149FY24
16,788FY25
17,843FY26
Stock price return · as of 6 Nov 2026
1Y price return
+41%
3Y CAGR
+51%
5Y CAGR
+27%
Trend85th percentile
52-week range as of 6 Nov 2026 vs snapshot price · 27% below its high
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
State-backed buyers explore or acquire lithium, cobalt and nickel deposits and secure offtake for India's cell and cathode makers. KABIL (a NALCO, Hindustan Copper and MECL joint venture) leads overseas; Coal India and NMDC are building their own portfolios.
Why it matters
India imports essentially all its lithium. Domestic finds have not converted: the Reasi lithium block (about 5.9 million tonnes of ore, G3 stage) drew no successful bidder in two auctions in 2024, while Katghora went to Maiki South Mining. So the Mission leans on overseas deals - KABIL's five Catamarca brine blocks (signed Jan 2024, about US$24 million budget) and Coal India's Chile lithium licence application.
Where the value pool sits
Long-dated and policy-driven: exploration-stage assets with production, if it comes, around 2029 or later. For listed PSU partners the value today is optionality and strategic positioning, not earnings.
Key drivers
NCMM funding for overseas assets and the National Critical Mineral Stockpile
PLI-ACC cell gigafactories needing local lithium salts
India's partnerships with Argentina, Chile and Australia
Potential bottlenecks
Domestic lithium blocks are early-stage (G3/G4) and hard to bid on
Overseas deals need host-country licences (Chile's CEOL contracts) and take years
No Indian lithium refinery at scale yet - salts are imported
Investor metrics to watch
KABIL drilling results and resource statements
Coal India Chile licence and acquisition decisions