India has 9.6 GWh of battery storage running on the grid today. The CEA says it needs 236 GWh by FY32.
That's ~25x in under six years.
Think of a BESS as a giant power bank for the grid: it charges on cheap afternoon solar and discharges at the evening peak.
India makes ~2 GWh of the cells that go inside these power banks, against 226 GWh announced.
So who actually captures the value? We mapped 100+ companies across 8 links, from the lithium mine to the recycler.
Let's deep dive into the value chain divided across three streams 🧵 (1/4)