These 3 BESS stocks are betting big on India’s energy storage boom

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Battery Energy Storage Systems (BESS) are expected to play a major role in the global energy transition by addressing the intermittency of renewable energy sources such as solar and wind.

In India, demand for BESS is gathering pace, driven by rising renewable energy capacity, grid modernization and supportive government policies.

These systems improve grid stability, reduce peak power costs, enable energy arbitrage and enhance power reliability for utilities and industries. Falling battery prices, rising investments and growing electrification are expected to accelerate BESS adoption.

Here are three companies from the BESS space with strong expansion plans.

Waaree Energies is India's largest integrated solar energy company and one of the country's leading renewable energy manufacturers.

The company manufactures solar photovoltaic (PV) modules and solar cells while offering end-to-end renewable energy solutions, including EPC (Engineering, Procurement & Construction), battery energy storage systems (BESS), inverters, transformers, smart meters, green hydrogen solutions and solar project development.

BESS is emerging as a major growth opportunity for Waaree Energies.

The company is building a planned BESS capacity of 20 gigawatt hours (GWh). Of this, Phase I comprising 3.5 GWh is expected to be commissioned during the current financial year, while the remaining 16.5 GWh is targeted for the next financial year. The total capex outlay is approximately ₹100 billion.

The facility is expected to become India's largest integrated advanced cell chemistry and battery pack manufacturing hub.

The company's offering will include LFP cells, battery packs and containers. It is also pursuing further backward integration to indigenise a large part of the value chain.

Waaree Energies is targeting data centres, utilities, commercial & industrial (C&I) customers and the residential segment with its BESS offerings.

According to its investor presentation dated 30 April 2026, the company has a sizeable order book of ₹530 billion.

On the financial front, Waaree Energies reported revenue of ₹84,803 million for Q4FY26 compared with ₹40,039 million a year earlier. Net profit stood at ₹11,263 million, compared with ₹6,445 million a year earlier.

Over the years, the company has transformed itself from a telecom infrastructure execution company into an integrated infrastructure platform spanning telecom, energy and Battery Energy Storage Systems (BESS).

During FY26, the company built capabilities across the entire BESS value chain, including manufacturing, EPC execution, deployment and lifecycle services.

Pace Digitek operationalized a BESS manufacturing facility with an installed capacity of 2.5 gigawatt-hours during FY26.

It also delivered 178 BESS containers during FY26, which was a record. According to the company, no other player has manufactured 178 containers within India.

The company also successfully executed 480 megawatt-hours of utility-scale BESS capacity during FY26.

It is now expanding manufacturing capacity from 2.5 gigawatt-hours to 5 gigawatt-hours. Machinery and equipment have already been received, installation is underway and the expanded facility is expected to become operational from July 2026.

Beyond this, Pace Digitek has completed the infrastructure and plant construction required for expansion to 10 gigawatt-hours.

Orders have already been placed for the additional 5 gigawatt-hour production lines, which are expected to become operational by October 2026.

As a result, by October the company expects to operate with 10 gigawatt-hours of BESS manufacturing capacity.

For FY26, Pace Digitek reported revenue from operations of ₹26.41 billion, up from ₹24.39 billion in the previous year, representing year-on-year growth of 8.3%.

Net profit stood at ₹3.07 billion, compared with ₹2.79 billion in FY25, indicating year-on-yea...