Break out Stocks by Nilesh Kotak

Incorporated in 1983, HBL Power System Ltd manufactures and services different types of batteries, e-mobility, and other products.

Business Segments 
1) Industrial Batteries (71% in FY25 vs 74% in FY23):
a) Lead Batteries (VRLA & PLT) serving telecom, railways, UPS, & data servers & defence.
b) Nickel-Cadmium Batteries It secured second position in the global market. Strong domestic demand was driven by growth in the oil & gas & power sectors. Exports grew by 40%, led by new OEM and EPC clients, especially in the Middle East.
c) Lithium Batteries Lithium batteries are becoming price competitive with industrial VRLA, hence VRLA will gradually lose market share in prime sectors. Key clients include Vande Bharat trains, Siemens Germany, global defence forces, and the Indian defence for future undersea vessel projects. The segment grew by 37% in FY25 from FY23.