Lithium is critically important due to its unique electrochemical properties that make it indispensable for modern energy storage and clean energy technologies. The IMARC Group expects the lithium market size to reach US $4.92 billion (bn) by 2033, exhibiting a growth rate (CAGR) of 21.12% during 2025-2033.
Here are a few companies that could benefit from a growing lithium market. Some of these companies are expected to venture into lithium mining very soon. They can be added to your watchlist.
#1 Hindustan Copper
First on our list is Hindustan Copper.
Hindustan Copper is a government-owned, vertically integrated copper producer in India. It is engaged in copper ore mining and manages all stages from mining, beneficiation, smelting to refining and production of downstream products like continuous cast copper wire rods.
Hindustan Copper is part of the joint venture company Khanij Bidesh India (KABIL) along with NALCO and MECL. Through KABIL, Indian PSUs have acquired lithium mining assets abroad, including five mines in Argentina where exploration possibilities for lithium are underway.
Hindustan Copper has also entered into an initial pact with Oil India for cooperation on exploration and development of critical and strategic minerals, including copper.
Hindustan Copper Financial Snapshot (FY23 to FY25)
| Rs m | FY22-23 | FY 23-24 | FY24-25 |
| Net Sales | 16,773 | 17,170 | 20,710 |
| Sales Growth % | -7.9 | 2.4 | 20.6 |
| Net Profit | 2,953 | 2,957 | 4,674 |
| ROCE | 19.7 | 18.1 | 23.1 |
Source: equitymaster
The company in Q1 FY26, saw total revenues reaching Rs 5,164 million (m), a slight increase compared to Rs 4,936 m in the same period last year. Net profits saw significant growth, rising to Rs 1,343 m from Rs 1,134 m year-on-year.
Looking ahead, the stock price of Hindustan Copper’s stock has climbed to a new 52-week high, fueled by the sharp rise in global copper prices.
Copper prices have risen significantly following the suspension of operations at the Grasberg mine in Indonesia, the second-largest copper mine globally.
This setback is expected to reduce Grasberg’s copper output. This disruption has pushed copper prices on the London Metal Exchange to their highest level in 15 months. Hindustan Copper is benefiting from the elevated global copper prices, as its financial performance is heavily influenced by price fluctuations in the copper market.
Overall, Hindustan Copper will benefit from rising prices, diversification and expansion.
#2 Coal India
Coal India is an Indian public sector undertaking and the largest government-owned coal producer in the world. The company contributes about 80-84% of India’s domestic coal production and around 55% of the country’s total power generation. This makes it a crucial player in India’s energy sector.
Coal India is another PSU that is expected to get into lithium mining. According to a report in the Businessline, the company is exploring a 50:50 joint venture with Argentina’s YPF for lithium exploration, mining, and commercial use in the Latin American nation.
A non-binding agreement was signed recently, and once lithium blocks are identified and finalised, a binding framework will be established, the Businessline reported.
Coal India Financial Snapshot (FY23 to FY25)
| Rs m | FY22-23 | FY 23-24 | FY24-25 |
| Net Sales | 783,668 | 807,672 | 791,904 |
| Sales Growth % | 36.0 | 3.1 | -2.0 |
| Net Profit | 317,230 | 373,691 | 353,021 |
| ROCE | 67.7 | 56.2 | 44.9 |
Source: equitymaster
The company reported revenues of Rs 358,422 m in Q1 FY26, a drop compared to Rs 375,039 m in the same period last year. Net profits fell to Rs 85,900 m from Rs 108,582 m year-on-year.
Looking ahead, to enhance output, the company has introduced various measures. In its underground mines, Coal India is employing mass production technologies, primarily utilising continuous miners wherever applicable.
Plans are also in place to establish large-capacity underground mines, provided conditions permit their feasibility.
Meanwhile, in its opencast mines, the company has already adopted advanced technologies. It is using high-capacity excavators, dumpers, and surface miners to enhance operational efficiency.
Coal India remains a key pillar of India’s energy supply chain. It continues to hold a strong and strategic position as the country’s dominant player in the coal sector.
#3 Amara Raja Energy & Mobility
Next on our list is Amara Raja Energy & Mobility.
It is the leading manufacturer of lead-acid batteries for automotive and industrial applications. Amara Raja Energy is stepping into advanced technologies with plans to set up a large-scale lithium-ion cell manufacturing facility in Telangana, India.
This ambitious project is designed to deliver substantial production capacity over time. The facility’s first phase is scheduled to begin operations in 2027. This marks a significant milestone in the company’s strategy to emerge as India’s foremost manufacturer of lithium-ion batteries.
Amara Raja Energy Financial Snapshot (FY23 to FY25)
| Rs m | FY22-23 | FY 23-24 | FY24-25 |
| Net Sales | 103,920 | 117,084 | 128,463 |
| Sales Growth % | 19.5 | 12.7 | 9.7 |
| Net Profit | 7,308 | 9,344 | 9,447 |
| ROCE | 19.0 | 18.8 | 17.8 |
Source: equitymaster
The company posted consolidated sales of Rs 34,011 m in Q1 FY26, up from Rs 32,631 m recorded during the same period last year. Additionally, Amara Raja Energy achieved a net profit of Rs 1,648 m in Q1 FY26, down from Rs 2,491 m in Q1 FY25.
Further, it has strong growth prospects driven by its strategic transition into lithium-ion battery technology and electric mobility solutions.
Conclusion
On account of India’s fast-growing EV market, increasing focus on renewable energy storage, and strategic moves to secure raw material supply chains, lithium prospects in India are expected to be a cornerstone of its green industrial future and energy independence.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of
the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
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