The CEO of LICO Materials, Gaurav Dolvani, stated that the company aims to achieve revenues between 450–500 crore rupees in the 2026–27 fiscal year. This growth is attributed to increased material recycling volumes, improved utilization of production capacities, and broader availability of used lithium-ion batteries.
Previously, in the 2025–26 fiscal year, the company earned approximately 350 crore rupees. Dolvani noted that since the last discussion of the company's activities around March of last year, its production capacity has significantly expanded.
This progress is significant against the backdrop of the country's rapidly growing electric vehicle market and efforts to establish a domestic battery recycling ecosystem capable of extracting critical minerals and reducing import dependence.
In an interview with PTI, Dolvani, who is also the founder of the company, emphasized that the revenue increase will be supported by the growth in raw material recycling volumes and increased efficiency in capacity utilization. The rise in the number of two- and three-wheeled electric bicycles increases the supply of available batteries in the market. Furthermore, despite existing challenges, the company has managed to import batteries from other parts of the world, helping it access materials more successfully than some competitors.
He explained that the current battery recycling capacity is about 4 GWh, and the company plans to increase it to approximately 10 GWh over the next three years. Dolvani expects that domestic cell production will also expand during the same period, supporting the development of the battery ecosystem.
However, he added that cell production proved more complex than initially anticipated and involves significant technological hurdles. Some firms have already launched pilot lines and invested in research and development, learning from previous issues. Dolvani stated that cell development is extremely difficult, and the industry should be given time to develop, acknowledging the complexity of the task, as while the political goal is correct, execution remains the key challenge.
When asked about geographical expansion plans, Dolvani reported that LICO Materials is collaborating with contract partners in the states of Uttar Pradesh and Haryana and seeks to strengthen its presence in this region. The company is also considering expanding into Western India, including Gujarat. In the long term, the company may either establish its own venture or acquire an existing business with relevant capabilities.
LICO Materials, founded in 2021, is engaged in the recovery, recycling, and reintegration of battery materials into the value chain. Its battery recycling and reuse operations are conducted at a facility in Bengaluru, Karnataka. There, it processes used lithium-ion batteries, extracts materials used in battery manufacturing, and gives useful cells a second life through its LiGRID energy storage system.
