Top Battery Stocks Compared: Exide Industries vs Amara Raja vs HBL Engineering vs Olectra Greentech vs Eveready on Price, Valuation, Q2 FY27 Results and Risks

Battery stocks compared here means Exide Industries, Amara Raja, HBL Engineering, Olectra Greentech and Eveready on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes lead acid battery leaders, a maker of specialised batteries and electronics, an electric bus maker and a dry cell brand, so each name earns from a different customer, which is exactly why a side-by-side look helps.

All five battery companies have filed their September 2026 quarter, so every result below is Q2 FY27. Battery makers follow vehicle sales, power backup demand and the shift to electric mobility, so a glance at the Nifty Auto page and the Sensex page before you read the tables gives useful backdrop.

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Battery Stocks Compared: Five Makers Across Vehicles and Power

The battery stocks compared here are Exide Industries, Amara Raja, HBL Engineering, Olectra Greentech and Eveready. Exide Industries is the largest by market capitalisation at Rs 32,734 crore. Previous closes run from Rs 309.00 for Eveready to Rs 1,058.00 for Olectra Greentech, which is why a side-by-side look at value rather than price is more useful. This battery stocks compared list is the base for every table that follows.

Stock	Previous close (Rs)	Market cap (Rs crore)
Exide Industries	366.35	32,734
Amara Raja	741.35	13,940
HBL Engineering	801.30	22,098
Olectra Greentech	1,058.00	8,865
Eveready	309.00	2,253

A quick look at the business behind each ticker puts the numbers in context. Exide Industries makes lead acid batteries for vehicles and industry and is building lithium-ion cell capacity, while Amara Raja makes automotive and industrial batteries and is building advanced cell capacity. HBL Engineering makes specialised batteries, electronics and defence systems, and Olectra Greentech makes electric buses and insulators. To compare battery stocks properly, line up price to earnings, return on equity and price to book before forming a view.

Rounding out the group, Eveready makes dry cell batteries, torches and lighting products. A fair battery stock comparison looks at what each company actually earns from, not only at the share price. Lead acid leaders, specialised battery makers, electric bus makers and dry cell brands belong in separate mental boxes whenever you compare battery stocks fairly.

Battery Stocks Valuation: Multiples, Returns and Payouts

Eveready trades at the lowest price to earnings ratio in this group at 10.33. HBL Engineering reports the highest return on equity at 36.80%. Amara Raja has the lowest price to book value at 1.67. These battery stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this battery stocks compared table: price to earnings and return on equity sit side by side so a high or low reading stands out at once.

Stock	Price to earnings	Price to book	ROE (%)	Dividend yield (%)	Debt to equity
Exide Industries	31.18	2.36	7.55	0.52	0.12
Amara Raja	17.47	1.67	8.35	1.39	0.08
HBL Engineering	37.73	8.88	36.80	0.38	0.03
Olectra Greentech	49.21	7.24	14.46	0.06	0.31
Eveready	10.33	3.33	25.85	0.81	0.27

Battery stocks usually trade at moderate to premium price to earnings multiples because investors pay for replacement demand and new cell plans. Return on equity and dividend yield help you judge how well each maker turns sales into returns and how much it pays back. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple battery stock comparison like this one is only as useful as the context behind it, which is why price to book is worth checking as well.

In this group, price to earnings runs from 10.33 for Eveready to 49.21 for Olectra Greentech. Amara Raja offers the highest dividend yield at 1.39%. Industry price to earnings readings differ by sub-sector: Exide Industries, Amara Raja and HBL Engineering at 36.88; Olectra Greentech at 25.70; Eveready at 12.91. The industry price to earnings is a handy anchor: a stock above it is priced for faster growth, and one below it is priced for steadier earnings. A well-built battery stock comparison also notes that lead prices and tender timing can move results between quarters. Run the same battery stock comparison on your own watchlist and the pattern in these numbers will be easier to spot.

Battery Stocks Q2 FY27 Results: Revenue and Profit Check

All of the five battery stocks compared have filed Q2 FY27 numbers. Exide Industries posted the fastest revenue growth at 20.7% year on year. Exide Industries showed the sharpest rise in net profit at 65.4%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. Treat the Q2 FY27 numbers in this battery stocks compared review as a snapshot of one quarter, not a verdict on any battery maker.

Stock	Q2 FY27 revenue (Rs crore)	Q2 FY26 revenue (Rs crore)	Q2 FY27 net profit (Rs crore)	Q2 FY26 net profit (Rs crore)
Exide Industries	5,334	4,418	287.1	173.6
Amara Raja	4,131	3,495
HBL Engineering	893.7	1,239
Olectra Greentech	702.0	660.9	52.1	49.4
Eveready	431.5	387.1

Exide Industries Results Snapshot

Exide Industries reported Q2 FY27 revenue of Rs 5,334 crore, compared with Rs 4,418 crore a year earlier, a rise of 20.7%. Net profit rose 65.4% to Rs 287.1 crore from Rs 173.6 crore. Operating margin expanded to 11.4% from 10.2% a year ago. Earnings per share for the quarter rose to Rs 3.37 from Rs 2.02.

Amara Raja Results Snapshot

In the September 2026 quarter, Amara Raja booked revenue of Rs 4,131 crore against Rs 3,495 crore in the same quarter last year, a rise of 18.2%.

HBL Engineering Results Snapshot

HBL Engineering's Q2 FY27 top line stood at Rs 893.7 crore.

Olectra Greentech Results Snapshot

Olectra Greentech reported Q2 FY27 revenue of Rs 702.0 crore, compared with Rs 660.9 crore a year earlier, a rise of 6.2%. Net profit rose 5.4% to Rs 52.1 crore from Rs 49.4 crore. Operating margin expanded to 16.0% from 14.2% a year ago. Earnings per share for the quarter rose to Rs 6.45 from Rs 6.04.

Eveready Results Snapshot

In the September 2026 quarter, Eveready booked revenue of Rs 431.5 crore against Rs 387.1 crore in the same quarter last year, a rise of 11.5%. Net profit for the quarter was Rs 31.9 crore.

Battery results depend on volumes, metal prices and plant use, so profit can look different from revenue in a single quarter. That is why a battery stock comparison works best when revenue and profit are read together across two or three quarters. Used this way, a battery stocks compared review becomes a map of the sector rather than a price list. When you compare battery stocks after each result season, track how price to book changes from one quarter to the next.

Battery Stocks Compared Two at a Time: Three Pairings

Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare battery stocks two at a time.

Exide Industries vs Amara Raja

Exide Industries and Amara Raja are the two largest battery makers listed in India, both with vehicle and industrial ranges and plans for lithium-ion cells. Exide Industries is about 2.3 times the size of Amara Raja by market capitalisation, at Rs 32,734 crore against Rs 13,940 crore. On price to earnings, Amara Raja carries the lower multiple at 17.47 against 31.18 for Exide Industries. Amara Raja reports the higher return on equity, at 8.35% against 7.55% for Exide Industries. Both are spending on new cell capacity, so read returns next to valuation before you judge either multiple.

HBL Engineering vs Olectra Greentech

HBL Engineering makes specialised batteries, electronics and defence systems, while Olectra Greentech makes electric buses. On price to earnings, HBL Engineering carries the lower multiple at 37.73 against 49.21 for Olectra Greentech. HBL Engineering reports the higher return on equity, at 36.80% against 14.46% for Olectra Greentech. For dividend income, HBL Engineering offers 0.38% against 0.06% at Olectra Greentech. Two newer-era businesses can still differ in order flow, so read the business mix before you read the ratio.

Eveready vs Exide Industries

Eveready makes dry cells, torches and lighting products, while Exide Industries makes rechargeable lead acid batteries. Eveready reports the higher return on equity, at 25.85% against 7.55% for Exide Industries. For dividend income, Eveready offers 0.81% against 0.52% at Exide Industries. In Q2 FY27, Exide Industries grew revenue faster, at 20.7% year on year against 11.5% for Eveready. A dry cell brand and a rechargeable battery maker follow different demand drivers, so read returns and valuation together.

Best Battery Stocks for Each Type of Investor

People who ask for the best battery stocks often have very different goals, so here is who leads on each measure today, row by row. Any battery stocks compared table can mislead if you stop at one row, because each battery maker leads on a different measure.

If you care most about	Start your research with	The number
Lowest price to earnings	Eveready	10.33
Highest return on equity	HBL Engineering	36.80%
Highest dividend yield	Amara Raja	1.39%
Lowest price to book value	Amara Raja	1.67
Largest by market capitalisation	Exide Industries	Rs 32,734 crore
Fastest Q2 FY27 revenue growth	Exide Industries	20.7%
Sharpest Q2 FY27 net profit rise	Exide Industries	65.4%

No single name tops every row, which is exactly why a battery stock comparison helps. Scale, returns, payouts and valuation each point to a different maker, so decide what matters most to you before you rank the numbers.

What Is Driving Demand for Batteries Right Now?

Vehicles, telecom towers, data centres and power backup all need batteries, and electric mobility is adding a new line of demand. Domestic cell making plans aim to cut imports of lithium-ion cells. Knowing what moves vehicle sales and metal prices helps you compare battery stocks with the right questions in mind.

Volumes, lead prices and plant use decide margins for traditional battery makers, while new cell plants depend on technology and customer approvals. Companies with strong replacement sales earn steadier income. A good battery stocks compared routine therefore tracks volumes, metal prices and new cell capacity.

Risks to Weigh When You Compare Battery Stocks

Battery stocks depend on auto demand, metal prices, technology choices and the pace of new cell plants. Spending on new capacity can weigh on near-term returns. Read each filing for volume, margin and capex commentary before you compare them. Every battery stock comparison has blind spots, and for this group the biggest is vehicle sales and metal prices.

Because volumes, metal prices and new cell capacity drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this battery stocks compared guide a balanced starting point.

How to Compare Battery Stocks and Build a Shortlist

Start by deciding whether you want vehicle batteries, specialised batteries, electric buses or dry cells, because each responds to different triggers. Vehicle battery names reward readers who track replacement sales, while electric bus names reward those who track tender wins. Done step by step, this battery stocks compared routine becomes repeatable rather than a one-off exercise.

Then check valuation and returns, because moderate returns on equity leave less room for slips and new cell plants can weigh on near-term returns. Spreading your attention across one established battery maker and one newer-era name is a simple way to see both sides of the sector. Keep the shortlist of best battery stocks short enough that you can actually follow each company's quarterly results. When you compare battery stocks again after new results, update only the rows that changed instead of starting over.

The Univest stock screener lets you filter battery stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this battery stocks compared page after the next set of results to see which numbers have moved.

Check the Univest Screener for live battery stock data

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Conclusion: Battery Stocks Compared at a Glance

This battery stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. Exide Industries leads on size and HBL Engineering leads on return on equity, while the others bring their own strengths. Treat the battery stocks Q2 FY27 results and battery stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare battery stocks again next quarter, the same checklist of price to earnings, return on equity and price to book will work.

Frequently Asked Questions on Battery Stocks Compared

Which are the top battery stocks compared in this article?

Ans. The battery stocks compared in this article are Exide Industries, Amara Raja, HBL Engineering, Olectra Greentech and Eveready. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, giving you a quick, even-handed view of the group ahead of any detailed filing review.

Which battery stock has the highest market capitalisation?

Ans. Among the five names, Exide Industries has the highest market capitalisation at Rs 32,734 crore. HBL Engineering follows at Rs 22,098 crore. The figure reflects what the market is paying for the whole company today, and it will change as prices move, so refresh it before you decide.

Which of these battery stocks has the lowest price to earnings ratio?

Ans. On battery stocks valuation, Eveready has the lowest price to earnings ratio among these battery stocks at 10.33, based on the latest reported earnings. Olectra Greentech sits at the other end at 49.21. The lowest ratio is not a verdict on the stock, since earnings growth and quality decide whether a multiple is fair.

Which battery stock has the highest return on equity?

Ans. HBL Engineering reports the highest return on equity in this group at 36.80%. A higher return on equity points to a company that turns shareholder funds into profit efficiently. Check the trend over time and the debt level before leaning on a single reading.

How did battery stocks perform in Q2 FY27 results?

Ans. All of the five names have filed Q2 FY27 numbers in our data. Exide Industries recorded the fastest revenue growth at 20.7% year on year. Exide Industries showed the sharpest net profit rise at 65.4%. For battery stocks Q2 FY27 results, each filing on the exchange website carries the full detail behind these figures.

What are the main risks when you compare battery stocks?

Ans. Battery stocks depend on auto demand, metal prices, technology choices and the pace of new cell plants. Spending on new capacity can weigh on near-term returns. Read each filing for volume, margin and capex commentary before you compare them. Keep an eye on volumes, metal prices and new cell capacity.

Which metrics matter most when you compare battery stocks?

Ans. Volumes, lead and cell costs, operating margin and capacity use matter most for operating performance. Price to earnings, return on equity, dividend yield and price to book show how the market values each maker. Read each company's filing for these along with the numbers in this article.

Which is the best battery stock to buy among these five?

Ans. The best battery stock depends on whether you value replacement sales, new cell plans or electric bus orders, because the five names differ on all three. On the numbers in this article, Exide Industries has the largest market capitalisation; Eveready has the lowest price to earnings; HBL Engineering has the highest return on equity; Amara Raja has the highest dividend yield. The leaders change from row to row, so no stock stands out on everything, and this article is not advice. Shortlist from the tables, verify with the latest filings, and consult a SEBI-registered advisor, since time horizon and risk appetite matter most.