Exide Industries: can its lithium-ion bet drive returns over the next 3 years?

Exide Industries' stock hit a fresh 52-week high of around Rs 436.4 on 17 July 2026, bucking the broader market trend. The company has invested Rs 48.02 billion in its lithium-ion cell manufacturing project, with the cylindrical line expected to start customer sampling soon and prismatic line trials to follow. Management has guided for high single-digit to double-digit growth in the core lead-acid battery business, while the solar vertical crossed the Rs 10 billion revenue mark in FY26 and returned to double-digit growth.