16 Indian Stocks for Battery Energy Storage Systems in 2024

Battery Energy Storage Systems (BESS) are pivotal in the integration of renewable energy sources and enhancing the reliability of our electrical grids. Here we examine 16 companies that are making strides in this field, showcasing their innovative projects and future prospects.

Note: All data is as of July 2024.

Insights into the BESS Sector

1. Gensol Engineering Ltd

Gensol Engineering Ltd. is primarily engaged in solar consulting and EPC services. Gensol Engineering has secured its first battery energy storage project under the build-own-operate model with Gujarat Urja Vikas Nigam Limited (GUVNL), forecasting substantial growth with an expected ₹450 crore revenue over 12 years. Recently, the company received an additional 250 MW/500 MWh for its BESS project, scaling up to 500 MW/1000 MWh.

• Market Cap: ₹3,661 Cr
• P/E: 68.4
• CMP: ₹967
• Debt to Equity: 4.63
• ROCE: 14.6%
• ROE: 20.0%
• Sales Growth (3Years): 147%

2. Sterling & Wilson Renewable Energy Ltd

Sterling & Wilson Renewable Energy Ltd. is a leading global provider of end-to-end solar engineering, procurement, and construction (EPC) solutions. The company is also involved in the operation and maintenance (O&M) of solar power projects. Initially a part of the Shapoorji Pallonji Group, it became a notable entity after its acquisition by Reliance New Energy Ltd.

Sterling & Wilson is adept at handling EPC projects for BESS, having completed projects in Africa and actively bidding for similar projects in various regions, anticipating significant growth within India.

• Market Cap: ₹16,011 Cr
• P/E: Not Provided
• CMP: ₹686
• Debt to Equity: 0.53
• ROCE: 2.83%
• ROE: -56.7%
• Sales Growth (3Years): -15.8%

3. NTPC Ltd

NTPC Ltd (National Thermal Power Corporation) is primarily involved in the generation and sale of bulk power to state utilities. Their operations span consultancy, project management, energy trading, and even oil & gas exploration. They are currently exploring advanced nuclear technologies and battery storage solutions to enhance their energy portfolio.

• Market Cap: ₹3,84,279 Cr
• P/E: 18.5
• CMP: ₹396
• Debt to Equity: 1.48
• ROCE: 10.4%
• ROE: 13.5%
• Sales Growth (3Years): 17.0%

4. Indag Rubber Ltd

Indag, in collaboration with Elcom Innovations Pvt. Ltd. and Sun Renewables WH Pvt. Ltd., is setting up an advanced manufacturing facility in Mohali, Punjab, for power conversion systems catering to BESS projects globally.

• Market Cap: ₹602 Cr
• P/E: 35.9
• CMP: ₹229
• Debt to Equity: 0.03
• ROCE: 9.96%
• ROE: 7.64%
• Sales Growth (3Years): 13.9%

5. Indian Energy Exchange Ltd

Incorporated in 2007, Indian Energy Exchange Ltd (IEX) offers an automated platform for trading electricity units for physical delivery. Licensed by the Central Electricity Regulatory Commission (CERC), the platform ensures efficient price discovery, increased accessibility, and transparency in the power market in India.

• Market Cap: ₹15,753 Cr
• P/E: 43.7
• CMP: ₹177
• Debt to Equity: 0.01
• ROCE: 50.0%
• ROE: 37.7%
• Sales Growth (3Years): 12.3%

6. Oriana Power Ltd

Incorporated in 2013, Oriana Power Limited operates in the renewable energy sector, focusing on solar EPC and operations. They offer solar energy solutions on a BOOT (Build, Own, Operate, Transfer) basis and are expanding into Battery Energy Storage Systems (BESS) and compressed biogas markets.

• Market Cap: ₹4,390 Cr
• P/E: 80.9
• CMP: ₹2,288
• Debt to Equity: 1.26
• ROCE: 79.4%
• ROE: 169%
• Sales Growth (3Years): 125%

7. Servotech Power Systems Ltd

Servotech Power Systems Ltd. is focused on the manufacturing of high-end solar products and EV chargers. They have installed over 2400 EV chargers in collaboration with oil marketing companies and continue to innovate in the renewable energy and BESS sectors.

• Market Cap: ₹2,717 Cr
• P/E: 240.0
• CMP: ₹122
• Debt to Equity: 0.63
• ROCE: 11.3%
• ROE: 10.8%
• Sales Growth (3Years): 52.4%

8. Hitachi Energy India Ltd

Hitachi Energy India Ltd. (formerly known as ABB Power Products and Systems India Ltd.) serves a wide range of utility and industrial customers. The company focuses on power technology and has robust plans for sustainability projects, including BESS and EV charging solutions.

• Market Cap: ₹48,941 Cr
• P/E: 285.0
• CMP: ₹11,548
• Debt to Equity: 0.16
• ROCE: 17.8%
• ROE: 12.7%
• Sales Growth (3Years): 15.3%

9. Suzlon Energy Ltd

Suzlon Energy Ltd. is a global leader in renewable energy solutions, focusing on wind turbine generators. The company is involved in everything from design and development to manufacturing and maintenance, and is increasingly integrating BESS into its operations for enhanced grid stability.

• Market Cap: ₹83,642 Cr
• P/E: 90.6
• CMP: ₹61.9
• Debt to Equity: 0.04
• ROCE: 24.7%
• ROE: 28.4%
• Sales Growth (3Years): 25.0%

10. Modison Ltd

Founded in 1975, Modison Ltd. specializes in manufacturing electrical contacts in segments ranging from Low Voltage (LV) to Extra High Voltage (EHV). The company has entered the BESS market through an MoU with RENERA and LDrive LLC, focusing on trading, assembly, and manufacturing.

• Market Cap: ₹498 Cr
• P/E: 28.7
• CMP: ₹153
• Debt to Equity: 0.16
• ROCE: 12.4%
• ROE: 8.88%
• Sales Growth (3Years): 11.5%

11. Exide Industries Ltd

Exide Industries focuses on cost-effective AGM battery solutions for BESS. They offer 2V AGM batteries in containerized solutions and work with international partners to bolster expertise.

• Market Cap: ₹47,069 Cr
• P/E: 55.6
• CMP: ₹554
• Debt to Equity: 0.09
• ROCE: 10.2%
• ROE: 7.05%
• Sales Growth (3Years): 17.4%

12. Tata Power Company Ltd

Tata Power is using BESS to boost energy efficiency, grid stability, and renewable energy integration as part of their sustainability goals.

• Market Cap: ₹1,42,097 Cr
• P/E: 41.2
• CMP: ₹445
• Debt to Equity: 1.66
• ROCE: 11.1%
• ROE: 11.3%
• Sales Growth (3Years): 23.4%

13. Inox Wind Ltd

Inox Wind Ltd. is a part of the Inox Group and provides comprehensive wind energy solutions, including the manufacture of wind turbine components and turnkey solutions. The company is looking to expand into BESS to complement its renewable energy offerings.

• Market Cap: ₹22,193 Cr
• P/E: Not Provided
• CMP: ₹170
• Debt to Equity: 1.91
• ROCE: 4.25%
• ROE: -1.71%
• Sales Growth (3Years): 34.9%

14. Inox Green Energy Services Ltd

Inox aims to develop 90 GW of renewable energy projects, including 65 GW of solar, 15 GW from wind and hybrid sources, and 10 GW from hydro, pump storage plants (PSP), and BESS.

• Market Cap: ₹4,980 Cr
• P/E: 167
• CMP: ₹170
• Debt to Equity: 0.13
• ROCE: 3.62%
• ROE: 2.41%
• Sales Growth (3Years): 9.19%

15. Reliance Industries Ltd

Reliance is utilizing BESS technology to transition its Jamnagar facility to renewable energy sources, ensuring stable energy supply and supporting decarbonization efforts.

• Market Cap: ₹20,41,956 Cr
• P/E: 29.7
• CMP: ₹3,018
• Debt to Equity: 0.44
• ROCE: 9.99%
• ROE: 9.23%
• Sales Growth (3Years): 24.6%

16. JSW Energy Ltd

JSW Energy Ltd. is primarily engaged in power generation with assets in Karnataka, Maharashtra, Nandyal, and Salboni. The company is making significant strides in BESS, planning to commission a substantial battery storage project by Q1 FY26.

• Market Cap: ₹1,21,216 Cr
• P/E: 62.2
• CMP: ₹694
• Debt to Equity: 1.52
• ROCE: 8.59%
• ROE: 8.40%
• Sales Growth (3Years): 18.4%

These companies not only contribute to environmental sustainability but also offer potential growth for investors in the expanding field of battery energy storage systems in India.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered as investment advice. Please conduct thorough research or consult with a financial advisor before making any investment decisions.