5 Under the Radar EV Battery and Energy Storage Stocks Flying Past the Usual Names in India

5 EV Battery and Energy Storage stocks under the radar: CMP range Rs 72-608. Highest ROE 15.0% (HBL). Lowest D/E 0.10. Data: 23 August 2026.

India offers far more EV battery stocks than the three or four most-followed names in any given sector. This article identifies five EV battery stocks that receive comparatively lower institutional research attention than the largest-cap peers. Each of these EV battery stocks is evaluated on publicly available fundamental data.

Click Here – Get Free Investment Predictions

How We Selected These Under-the-Radar EV Battery and Energy Storage Stocks

The five companies below were selected on the following basis:

• Sector relevance: Each company operates meaningfully in the EV battery sector with an established business presence.
• Market capitalisation: The list focuses on smallcap and midcap companies. However, market cap alone is not the definition of “under the radar”. Several mid-cap companies receive extensive coverage while smaller ones do not.
• Institutional coverage and visibility: “Under the radar” refers to comparatively lower analyst coverage, media attention, and investor awareness relative to the sector’s largest and most widely followed names. This is a qualitative assessment based on general market observation.
• Financial characteristics: Each company shows at least one financial characteristic worth evaluating, such as a notable ROE, low leverage, or a specific PE profile relative to its business stage.

Data note: All market data , CMP, market cap, PE, ROE, D/E, and 52-week range , is based on publicly available NSE and BSE data as of 23 August 2026. Investors should verify all figures before making any decision. This selection is for educational and research purposes only.

What Are Under the Radar Ev Battery Stocks in India?

Ev Battery stocks are smallcap and midcap companies operating in the EV battery sector that are not among the most-followed names tracked by large institutional brokerages. These EV battery stocks may have solid fundamentals but receive fewer dedicated research notes, consensus price targets, or media coverage than their larger peers.

Identifying EV battery stocks requires scanning beyond the top ten holdings of major EV battery sector mutual funds and ETFs. Companies that become EV battery stocks on institutional radars often do so because their size falls below the minimum threshold that large portfolio managers can deploy capital into. This structural gap, not necessarily a business quality gap, is why these EV battery stocks remain under the radar.

5 EV Battery and Energy Storage Stocks Flying Under the Radar in India

The five EV battery stocks below were selected as worth placing on a research watchlist, not as definitive buy recommendations. Each EV battery stocks has a different risk-return profile and should be evaluated independently against an investor’s own criteria and risk appetite.

Company	NSE Symbol	CMP (Rs)	MCap (Rs Cr)	PE	ROE	D/E	52W Range (Rs)
HBL Power Systems	HBLPOWER	608.0	4,550	28.00	15.00%	0.20	768.0 – 455.0
HFCL	HFCL	92.0	7,600	35.00	12.00%	0.30	117.0 – 69.0
Exicom Tele-Systems	EXICOMTEL	355.0	2,550	80.00	5.00%	0.20	458.0 – 268.0
Servotech Power Systems	SERVOTECH	72.0	820	35.00	8.00%	0.15	95.0 – 54.0
Unistar Agri Industries	UNISTAR	225.0	415	15.00	10.00%	0.10	288.0 – 168.0

Data as of 23 August 2026. Source: NSE/BSE public disclosures. Verify before investing.

1. HBL Power Systems (HBLPOWER): Relatively Under-Followed Compared With Sector Leaders

HBL Power Systems manufactures specialised batteries for aviation, defence, railways, and telecom, including aircraft batteries for ISRO rockets, UPS batteries for Indian Railways, and lithium-ion battery packs for defence electronics. HBL Power Systems is one of the EV battery stocks covered here, currently trading at Rs 608.0, with a market cap of Rs 4,550 crore and a 52-week range of Rs 455.0 to Rs 768.0. This EV battery stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 28.00 sits in a moderate range. Investors should compare this against the sector PE to assess whether the stock trades at a premium or discount to peers. ROE of 15.00% sits at a reasonable level. Tracking whether this has been improving or declining over recent quarters provides a more complete picture. D/E of 0.20 reflects low leverage, providing financial flexibility in varied interest-rate environments.

Why It Receives Comparatively Lower Coverage

HBL Power’s defence and aviation battery business is a qualified supplier to ISRO and DRDO, giving it government programme revenue visibility that consumer-facing battery companies lack. Its railway battery contracts provide a multi-year order book.

As a EV battery stocks, HBL Power Systems sits in a segment of the EV battery sector where dedicated research is less common than among the largest-cap peers. Investors tracking EV battery stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this EV battery stocks: HBL Power’s defence and railway battery business has long procurement cycles subject to government budget timing. Any deferral in a defence electronics programme delays revenue recognition without the company having much ability to accelerate procurement decisions. Cross-verify risks among all EV battery stocks before drawing conclusions.

2. HFCL (HFCL): Relatively Under-Followed Compared With Sector Leaders

HFCL provides optical fibre cable, telecom equipment, and 5G small cell solutions alongside an energy storage solutions business targeting telecom tower and railway power backup applications, with growing defence electronics and EV charging infrastructure segments. HFCL is one of the EV battery stocks covered here, currently trading at Rs 92.0, with a market cap of Rs 7,600 crore and a 52-week range of Rs 69.0 to Rs 117.0. This EV battery stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 35.00 is above the broader market average. At this level, the market is embedding expectations of continued earnings growth, making execution consistency an important factor to watch. ROE of 12.00% sits at a reasonable level. Tracking whether this has been improving or declining over recent quarters provides a more complete picture. D/E of 0.30 reflects low leverage, providing financial flexibility in varied interest-rate environments.

Why It Receives Comparatively Lower Coverage

HFCL’s diversification from optical fibre into energy storage and 5G small cells positions it to capture multiple infrastructure upgrade cycles simultaneously. Its telecom operator relationships for fibre supply give it a channel advantage for collocated power backup battery contracts.

As a EV battery stocks, HFCL sits in a segment of the EV battery sector where dedicated research is less common than among the largest-cap peers. Investors tracking EV battery stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this EV battery stocks: HFCL operates in multiple segments that are each competitive, making it difficult to value individual business units accurately. Revenue from different segments is subject to different cyclical drivers, and a slowdown in one segment may not be offset by strength in another. Cross-verify risks among all EV battery stocks before drawing conclusions.

3. Exicom Tele-Systems (EXICOMTEL): Relatively Under-Followed Compared With Sector Leaders

Exicom Tele-Systems manufactures EV charging stations and telecom power systems, deploying AC and DC chargers for 4-wheelers and 2-wheelers across India’s public and private EV charging infrastructure network. Exicom Tele-Systems is one of the EV battery stocks covered here, currently trading at Rs 355.0, with a market cap of Rs 2,550 crore and a 52-week range of Rs 268.0 to Rs 458.0. This EV battery stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 80.00 reflects a growth-priced valuation where significant future earnings expansion is already factored in. Any earnings miss against this expectation tends to have an amplified share-price impact. ROE of 5.00% is below the 12-15% threshold many investors use as a quality filter. This warrants scrutiny of whether the business is in an investment phase or facing structural profitability constraints. D/E of 0.20 reflects low leverage, providing financial flexibility in varied interest-rate environments.

Why It Receives Comparatively Lower Coverage

Exicom holds a strong early-mover position in India’s public EV charging infrastructure, having deployed 50,000+ chargers across India. As four-wheeler EV penetration grows, the charging network requirement grows exponentially with each incremental EV on the road.

As a EV battery stocks, Exicom Tele-Systems sits in a segment of the EV battery sector where dedicated research is less common than among the largest-cap peers. Investors tracking EV battery stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this EV battery stocks: At PE 80 and ROE 5%, Exicom is priced for significant future revenue growth. EV charging hardware is rapidly commoditising, and Chinese manufacturers are entering India at lower prices that could compress Exicom’s margin per charger even as volumes grow. Cross-verify risks among all EV battery stocks before drawing conclusions.

Use the Univest Screener to Compare Live EV Battery and Energy Storage Stocks by PE, ROE and Debt

4. Servotech Power Systems (SERVOTECH): Relatively Under-Followed Compared With Sector Leaders

Servotech Power Systems manufactures EV charging stations, solar inverters, and power conditioning systems for public and private EV charging infrastructure across India, supplying AC and DC chargers for 2-wheelers, 3-wheelers, and 4-wheelers. Servotech Power Systems is one of the EV battery stocks covered here, currently trading at Rs 72.0, with a market cap of Rs 820 crore and a 52-week range of Rs 54.0 to Rs 95.0. This EV battery stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 35.00 is above the broader market average. At this level, the market is embedding expectations of continued earnings growth, making execution consistency an important factor to watch. ROE of 8.00% is below the 12-15% threshold many investors use as a quality filter. This warrants scrutiny of whether the business is in an investment phase or facing structural profitability constraints. D/E of 0.15 reflects low leverage, providing financial flexibility in varied interest-rate environments.

Why It Receives Comparatively Lower Coverage

At MCap of Rs 820 crore, Servotech is among the smallest listed participants in India’s EV charging infrastructure deployment. As state governments and NHAI mandate charging stations at highway stretches and public parking, Servotech’s charger manufacturing capacity becomes directly relevant to government procurement programmes.

As a EV battery stocks, Servotech Power Systems sits in a segment of the EV battery sector where dedicated research is less common than among the largest-cap peers. Investors tracking EV battery stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this EV battery stocks: EV charging hardware is rapidly commoditising, with Chinese manufacturers entering India at prices domestic manufacturers struggle to match without significant scale. Revenue ramp depends entirely on the pace of India’s EV adoption, which is still below 3% of new vehicle sales. Cross-verify risks among all EV battery stocks before drawing conclusions.

5. Unistar Agri Industries (UNISTAR): Relatively Under-Followed Compared With Sector Leaders

Unistar Agri Industries manufactures industrial and automotive battery accessories, battery chargers, and power management systems, serving the replacement battery market and industrial UPS segment across India. Unistar Agri Industries is one of the EV battery stocks covered here, currently trading at Rs 225.0, with a market cap of Rs 415 crore and a 52-week range of Rs 168.0 to Rs 288.0. This EV battery stocks is evaluated on publicly available NSE and BSE data.

Key Metrics to Note

A PE of 15.00 sits in a moderate range. Investors should compare this against the sector PE to assess whether the stock trades at a premium or discount to peers. ROE of 10.00% is below the 12-15% threshold many investors use as a quality filter. This warrants scrutiny of whether the business is in an investment phase or facing structural profitability constraints. D/E of 0.10 reflects low leverage, providing financial flexibility in varied interest-rate environments.

Why It Receives Comparatively Lower Coverage

At MCap of Rs 415 crore, Unistar is one of India’s smallest listed battery accessory companies with negligible institutional coverage. As the automotive replacement battery market grows with India’s vehicle fleet, demand for battery chargers and management systems grows proportionally.

As a EV battery stocks, Unistar Agri Industries sits in a segment of the EV battery sector where dedicated research is less common than among the largest-cap peers. Investors tracking EV battery stocks should add this company to their research watchlist only after verifying data on NSE or BSE.

Key Risk

Key Risk for this EV battery stocks: Unistar’s small scale limits its ability to invest in R&D for lithium-ion battery management technology, which may leave it behind in the transition from lead-acid to lithium. The business is susceptible to competition from Chinese imported battery accessories. Cross-verify risks among all EV battery stocks before drawing conclusions.

Download the Univest iOS App or Univest Android App to track live ev battery and energy storage prices and get daily research.

Quick Comparison: 5 Under-the-Radar Stocks at a Glance

The table below summarises each company’s standout attribute and primary risk for quick reference. This is a research shortlist, not a ranking.

Stock	Standout Attribute	Key Metrics	Primary Risk
HBL Power Systems	MCap Rs 4,550 Cr, lower coverage	PE 28.0, ROE 15.0%, D/E 0.20	HBL Power’s defence and railway battery business has long procurement cycles subject to government budget timing.
HFCL	MCap Rs 7,600 Cr, lower coverage	PE 35.0, ROE 12.0%, D/E 0.30	HFCL operates in multiple segments that are each competitive, making it difficult to value individual business units accurately.
Exicom Tele-Systems	MCap Rs 2,550 Cr, lower coverage	PE 80.0, ROE 5.0%, D/E 0.20	At PE 80 and ROE 5%, Exicom is priced for significant future revenue growth.
Servotech Power Systems	MCap Rs 820 Cr, lower coverage	PE 35.0, ROE 8.0%, D/E 0.15	EV charging hardware is rapidly commoditising, with Chinese manufacturers entering India at prices domestic manufacturers struggle to match without significant scale.
Unistar Agri Industries	MCap Rs 415 Cr, lower coverage	PE 15.0, ROE 10.0%, D/E 0.10	Unistar’s small scale limits its ability to invest in R&D for lithium-ion battery management technology, which may leave it behind in the transition from lead-acid to lithium.

Why Do These EV Battery and Energy Storage Stocks Receive Comparatively Lower Coverage?

Lower trading volumes further reduce interest from momentum traders, keeping news flow consistently thin. Historically, some of India’s strongest multi-year compounding has originated from exactly this kind of overlooked ground , when a cycle shift or earnings re-rating forces the broader market to reassess what the fundamentals already indicated. That said, low coverage is neither a guarantee of outperformance nor a signal of undervaluation on its own.

What Factors Should Investors Evaluate in Ev Battery Lesser-Known EV Battery and Energy Storage Stocks?

• Return on equity: Look for ROE consistently above 12-15% across multiple reporting periods, not just peak-cycle years. High and consistent ROE signals capital efficiency that PE screens alone cannot capture.
• Debt-to-equity ratio: Low D/E provides operational runway to survive a difficult year without equity dilution or asset sales. A D/E below 0.30 is generally considered low leverage for non-financial companies.
• PE relative to sector PE: A discount to sector PE is only meaningful if business quality supports the comparison. Always check the current sector PE on NSE or BSE and pair this with ROE and D/E data.
• Revenue and profit growth: Consistent revenue growth over three to five years is more meaningful than a single strong year. Check the quarterly results section on NSE (nseindia.com) for the complete trend.
• Promoter holding: Stable or increasing promoter holding often signals confidence in the business outlook. Significant promoter selling should prompt additional scrutiny. Check the latest shareholding disclosure on NSE or BSE before investing.
• Consistency over multiple years: A single exceptional year of high ROE or low D/E can be misleading. Look for patterns across 3-5 years of annual reports. Companies with consistent financial characteristics tend to be structurally sound rather than cyclically lucky. Annual reports are available on the respective company investor relations pages and on NSE and BSE.

Key Risks to Evaluate in Under-the-Radar EV Battery and Energy Storage Stocks

• Valuation compression: Several stocks on this list carry PE multiples above 40x, embedding growth expectations that require consistent execution. Any earnings miss against these expectations can cause disproportionate share-price corrections.
• Low trading liquidity: Smallcap ev battery and energy storage stocks can move sharply on modest volumes. Building or exiting a large position without meaningful market impact can be challenging in lower-volume names.
• Input-cost inflation: Many ev battery and energy storage companies face raw material cost volatility. A sudden spike in input prices without the pricing power to pass through costs can rapidly compress margins.
• Earnings cyclicality: Smallcap companies tend to deliver less stable quarter-on-quarter earnings growth than large caps. Investors must be prepared for wider swings in reported profits, sometimes within the same financial year.
• Competitive intensity: Larger sector players with established distribution, brand recall, and balance-sheet strength can pressure smaller companies’ market share in a downturn.

How to Research and Invest in Ev Battery Stocks in India

Start with the business model. Each of the five companies on this list operates differently, and position sizing should reflect the specific risk-return profile of each rather than treating them as a uniform group.

Verify independently. All figures in this article are based on publicly available NSE and BSE data as of 23 August 2026. Always check the latest quarterly results, annual reports, and shareholding disclosures on nseindia.com or bseindia.com before investing.

Use a screener to compare. The Univest Screener allows investors to apply PE, ROE, and D/E filters on live market data to build a comparison shortlist across the ev battery and energy storage sector.

Diversify across names where relevant. Concentrating entirely in one smallcap EV battery stocks amplifies single-stock event risk. Spreading exposure across two or three names where the thesis is independently sound reduces that risk meaningfully. Consult a SEBI-registered investment advisor to align any investment with your personal financial goals.

Track earnings trends, not just a point-in-time snapshot. The metrics shown in this article reflect data as of 23 August 2026. These figures will change with each quarterly result. Building a simple trend view across three to five recent quarters tells you far more about business direction than any single set of current figures. NSE’s quarterly results archive is a free, comprehensive primary source for this data. Combine it with the company’s own investor presentations where available.

Key Takeaways on Ev Battery Stocks

• The five EV battery stocks covered here represent a range of market caps and business models within the EV battery sector.
• Each of these EV battery stocks has been selected based on publicly available fundamental data as of 23 August 2026.
• Investors researching EV battery stocks should verify all figures on NSE or BSE directly before making any decision.
• The EV battery sector has more depth than the top three names. These EV battery stocks are the starting point for broader exploration.
• No EV battery stocks selection is permanent. Review the thesis quarterly as new fundamental data becomes available.

Conclusion

The five EV battery stocks companies covered in this article , HBL Power Systems (PE 28.0), HFCL (PE 35.0), Exicom Tele-Systems (PE 80.0), Servotech Power Systems (PE 35.0), and Unistar Agri Industries (D/E 0.10) , each present a distinct profile. They are not identical in their risk-return characteristics, their stage of development, or the reason they receive comparatively lower institutional attention. Investors researching EV battery stocks in India should evaluate each company independently using its own financial history, management track record, and position within the sector before drawing any conclusion.

None of the companies in this article are presented as buy recommendations. The EV battery sector carries market, operational, and valuation risks that affect each of these five companies differently. Please consult a SEBI-registered investment advisor before making any investment decision.

Frequently Asked Questions on Under the Radar Ev Battery Stocks

Which EV battery stocks are flying under the radar in India?

Ans. Five EV battery stocks that receive comparatively lower institutional coverage in India are HBL Power Systems, HFCL, Exicom Tele-Systems, Servotech Power Systems, and Unistar Agri Industries. Each has a different fundamental profile. Treating these EV battery stocks as research starting points, not buy signals, is advisable. Verify all data on NSE or BSE before investing.

Are smallcap EV battery stocks suitable for long-term investment?

Ans. Smallcap EV battery stocks can offer higher potential returns than large-cap peers in a favourable cycle, but they also carry greater risks: lower liquidity, limited analyst coverage, and higher earnings volatility. Each of the five stocks covered here should be evaluated on its own financial merits and risk profile. Consult a SEBI-registered advisor before investing.

What are the key metrics to check in EV battery stocks?

Ans. Key metrics include PE ratio (compared against the current sector PE on NSE or BSE), ROE (ideally above 12-15% consistently), D/E ratio (lower is generally safer for non-financial companies), revenue growth trend, and promoter holding. No single metric should be used in isolation.

Is HBL Power Systems a good stock to research?

Ans. HBL Power Systems has a PE of 28.00 and an ROE of 15.00%, with a D/E of 0.20 and a 52-week range of Rs 455.0 to Rs 768.0. These metrics are worth evaluating against the sector average and the company’s own historical performance. Verify all data on NSE before investing.

What distinguishes HFCL from larger ev battery and energy storage companies?

Ans. HFCL operates with a D/E of 0.30 and an ROE of 12.00%. HFCL’s diversification from optical fibre into energy storage and 5G small cells positions it to capture multiple infrastructure upgrade cycles simultaneously. Its telecom operator relationships for f. Investors should verify all claims through company disclosures on NSE before investing.