Lithium-ion battery recycling and refurbishing firm LICO Materials is targeting revenue of about ₹450–500 crore in 2026–27, driven by higher material-processing volumes, improved capacity utilisation, and greater availability of end-of-life lithium-ion batteries, its CEO Gaurav Dolwani said.
The company recorded revenue of approximately ₹350 crore in 2025–26, Dolwani said, adding that its processing capacity has expanded significantly since the company last discussed its operations around March last year.
The development assumes significance in the wake of the country’s fast-expanding electric vehicle market and a growing push to build a domestic battery-recycling ecosystem that can recover critical minerals and bring down dependence on imports.
“For FY2026–27, we are targeting revenue of around ₹450–500 crore,” Dolwani, who is also the founder of the company, told PTI in an interview, adding that the growth will be driven by higher material-processing volumes and improved capacity utilisation.
More batteries are becoming available in the market as electric two- and three-wheeler adoption grows. The company has also been able to import batteries from other parts of the world, despite the challenges involved, which has helped it access material more successfully than some of its peers.
“Our current battery-processing capacity is around 4 GWh (gigawatt-hour). We aim to increase it to approximately 10 GWh over the next three years. We expect domestic cell manufacturing to expand over the same period, which should support the development of the battery ecosystem,” he explained.
He further said that cell manufacturing has taken longer than initially anticipated and involves significant technological challenges. Some companies have established pilot lines, invested in R&D, and learned from earlier challenges.
“Developing cells is extremely difficult, and we should recognise the complexity of the task and give the industry time to develop. The policy intent is right, but execution remains the key challenge,” he said.
When asked if the company is looking to expand geographically, Dolwani said that LICO Materials is working with job-work partners in Uttar Pradesh and Haryana and would like to strengthen its presence in this region. The company is also looking at western India, including Gujarat. Over time, the company may establish its own facility or acquire an existing business with relevant capabilities.
Founded in 2021, LICO Materials works to recover, reprocess, and reintegrate battery materials into the battery value chain.
The company operates in battery recycling and repurposing through its facility in Bengaluru, Karnataka. It processes end-of-life lithium-ion batteries, recovers materials used in battery manufacturing, and gives usable cells a second life through LiGRID, its battery energy storage system.
Published on November 15, 2026
