EXIDE INDUSTRIES LTD

Makes and sells storage batteries and allied products, with lead-acid batteries as the core offering sold across automotive OEM and replacement markets, inverters and home UPS, industrial applications, solar, telecom, e-rickshaws and exports. Storage batteries and allied products was the dominant segment in the most recent segment disclosure (Rs 15,052.97 crore for the year ended 2023-03-31 versus Rs 25.19 crore for 'Others'); FY26 consolidated revenue was Rs 17,995.35 crore with a 10.9% EBITDA margin. Q4 FY26 was the highest-ever quarter with revenue up 9.4% YoY and auto OEM volumes up 25% YoY; the solar vertical crossed Rs 1,000 crore in FY26 annual revenue and the UPS business generated approximately Rs 2,300 crore. The company is building out lithium-ion via wholly owned subsidiary Exide Energy Solutions (EESL), which has received Rs 4,902 crore of equity and is setting up a Bengaluru gigafactory with 6 GWh of planned capacity split between 3 GWh NMC cylindrical and 3 GWh LFP prismatic cells. EESL has installed equipment across four production lines and dispatched first cell samples, with lithium-ion revenue expected from FY27. Materials account for 67.6% of revenue — sulfur, a key input, rose five-fold to Rs 75/kg, prompting four price hikes; the company is debt-free with an ICRA AAA rating.