How do you see global market trend for e-mobility and energy storage solutions in 2026 and beyond?

We are at a global inflection point. In 2025, lithium battery demand surged by 30% to surpass 1.5 terawatt-hours, up from under 200 gigawatt-hours five years ago. This massive growth stems from improved reliability, better availability, and competitive pricing. By 2030, global demand is forecast to reach 4 to 5 terawatt-hours.

While electric vehicles remain the largest segment, Battery Energy Storage Systems (BESS) are expanding faster, growing over 50% last year across North America and India. As the world seeks a non-China supply chain, India will play a critical role in meeting this rising global demand.

How do you see global prices evolving for mobility and energy storage solutions?

Prices are currently competitive, but as production shifts from China to Europe and the Americas, economics will shift. China's past oversupply sharply corrected prices due to unique cost structures. However, as localization increases, prices shouldn't fall significantly below current levels. While the market will remain competitive, it will stop bleeding. No supply chain player can survive margins destroyed by underutilization. Consequently, expect prices to stabilize and remain highly competitive without declining dramatically.

When do you see indigenous cell manufacturing taking shape in India?

India’s EV sector is transitioning from assembling complex battery packs—requiring EMS, BMS, and thermal management—to localized cell manufacturing. While current production is limited to 1–2 GWh capacities, advanced lines are actively developing. Achieving optimal yields and robust R&D takes time, but players plan to scale up within three to five years for better economics. This shift is rapidly accelerating due to government PLI schemes and local material incentives.

How do you look at India story from e-mobility and energy storage perspective? 

India’s target of 115 GWh by 2030 is realistic for mobility and energy storage. State policies actively support storage deployment by integrating it with solar and managing peak loads. While two-wheelers dominate e-mobility, electric buses and trucks are gaining strong traction. Passenger cars are also improving in range, affordability, and charging infrastructure, offering consumers significantly better EV options today than just a year ago.

Why EV adoption in two-wheelers is faster than four-wheelers?

Electric four-wheelers have evolved significantly from their low-range beginnings. Thanks to improved vehicle quality, affordability, enhanced range, and expanding charging infrastructure—even in Tier-2 cities—customer mindsets are shifting toward sustainability. While two-wheelers led the initial charge, four-wheelers are now catching up on a solid growth trajectory..

Which technologies are close competitors to EV batteries?

In the short term, I do not see Lithium-ion going away. Battery technologies take a long time to mature. Even Lithium-ion took decades to become mainstream. Yes, chemistries will keep improving. Graphite anodes will see additives, morphology changes, and performance improvements. In stationary storage, Sodium-ion is interesting and promising. We also hear a lot about solid-state batteries but mass adoption is still difficult because of cost and scalability. My view is that these technologies will coexist, rather than replace lithium-ion overnight. 

Apart from Sodium-ion what other technologies will matter?

Solid-state batteries are widely discussed but mass adoption remains difficult because of its cost and scalability. They may become part of the broader ecosystem, but they will not replace the existing market quickly.

Given lithium’s criticality, how do you see India’s mining and processing prospects?

India has identified certain resources which is encouraging. However, mining alone is not enough. The real strategic edge lies in processing where China controls nearly 90–95% globally. India must combine domestic mining with global partnerships and strong processing capabilities. If approached strategically at the government level, partnerships can still work. China ultimately benefits from access to a large market like India. These partnerships need scale and coordination and not fragmented company by company negotiations.

How do you see hydrogen technology as compared to EVs?

Hydrogen is interesting, especially for larger vehicles and industrial applications but it remains less adaptable for small passenger vehicles at mass scale. It is a parallel technology track rather than a direct substitute.

How does graphite anode, graphene, and scalable carbon technologies fit into your Group's growth story?

Graphite is a critical battery material, making up 30% of a Lithium-ion cell's volume and driving performance, safety, and charging speed. With China currently controlling 95% of global processing, international manufacturers are urgently seeking alternative suppliers. India is uniquely positioned to capture this massive opportunity, leveraging decades of carbon science expertise to produce world-class anodes and support the nation's self-reliance goals in battery technology.

Where does TACC stand versus peers like Epsilon, Imerys, Phillips Carbon, Assam Carbon, and Graphite India?

Our differentiation comes from decades of deep carbon and graphite expertise within the LNJ Bhilwara ecosystem. We are not entering this as a trend play. Our strength is fundamental materials science, large-scale graphite experience, and an R&D-first mindset.

When will Dewas anode plant start production and investment made in Dewas plant?

Our 20,000 metric tonne synthetic graphite anode facility in Dewas is under active construction backed by an investment of nearly Rs. 20,000 crore. The target commissioning date is 1st April 2027. In the second phase, we are ready to ramp this up quickly to 30,000 - 35,000 tonnes and in the longer term we are prepared for 80,000 - 100,000 tonnes.

What is your strategic roadmap for scaling advanced carbon technologies?

Immediate priority is flawless execution of the Dewas greenfield project. We are also building 4,000 tonnes of graphene derivative capacity and phase two can scale anode capacity by 50% quickly, eventually reaching to 80,000–100,000 tonnes over long term.

Are you planning silicon material expansion as well? What is the present capacity?

We are actively developing in-house silicon materials for advanced cells, especially for drones and automotive battery applications. Commercial scaling could begin in next year. At the group level, HEG has about 100,000 tonnes of graphite electrode capacity and on the advanced anode side, our demo plant is currently has a capacity of around 200 tonnes per year.

How much emphasis do you place on R&D and what kind of products are you developing? What percentage of your revenue goes into R&D?

R&D is not just a support function for us but the engine of TACC. Nearly one-third of our team strength is dedicated to research and development. Our work spans particle size engineering for graphite; fast-charging silicon additives; graphene derivatives; hard carbon for sodium-ion; advanced silicon materials; and future battery-grade carbon innovations. Every product we launch is built on proprietary science and not licensed technology. Once we enter production, I believe our R&D spend will be in the 3–5% range of sales or possibly even higher. We will never hesitate to invest in R&D if it strengthens our technology edge.

What steps are being taken by the government to ensure grid stability as EV penetration rises?

The government is aware of grid readiness challenges, especially with EV charging loads and distributed energy demand. Encouragingly, this concern is now being actively discussed in multiple policy forums.

What is the Capex commitment for FY2026–27?

Within this financial year, we expect to commit 100% of the Capex related to the Dewas facility, with machinery orders and major contracts already placed.

When will TACC start generating revenues?

Revenues will begin next year after commissioning of the plant. In the first year, utilisation will remain in the 30 - 50% range as the plant stabilises and customer qualification cycles are completed.

How will TACC Group's greentech structure evolve after demerger?

Post demerger, the graphite electrode business will become a standalone entity while TACC, hydro assets, battery pack manufacturing, and other green businesses will come under a new listed greentech platform.