NSE: EXIDEIND · BSE: 500086
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Storage batteries & allied products, Others. Diversified battery manufacturer with lead-acid core and lithium-ion build-out underway
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,789 | 15,078 | 16,770 | 17,238 | 17,995 |
| EBITDA (ex other income) | 1,399 | 1,589 | 1,817 | 1,798 | 1,860 |
| margin % | 10.9 | 10.5 | 10.8 | 10.4 | 10.3 |
| Owners' profit | 4,367 | 823 | 877 | 795 | 854 |
| EPS, as reported (₹) | 51.38 | 9.68 | 10.31 | 9.35 | 10.05 |
| ROE % · ROCE % | 41.0 · 9.2 | 7.4 · 10.3 | 6.8 · 9.8 | 5.7 · 8.6 | 6.2 · 8.9 |
| Debt / equity (x) | 0.02 | 0.03 | 0.05 | 0.11 | 0.08 |
| Cash from operations | 61 | 768 | 1,531 | 1,273 | 2,413 |
| Capex | (666) | (996) | (1,876) | (1,949) | (1,153) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,450 | 4,017 | 4,335 | 4,695 | 4,365 | 4,201 | 4,735 | 5,528 |
| Profit before tax | 333 | 238 | 289 | 385 | 253 | 283 | 328 | 486 |
| Net profit | 233 | 158 | 188 | 275 | 174 | 195 | 217 | 351 |
| EPS (₹) | 2.72 | 1.84 | 2.20 | 3.21 | 2.02 | 0.00 | 2.53 | 4.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 40.7 | 25.3 | 89 of 119 | 25% |
| P/B | 2.1 | 3.2 | 42 of 117 | 65% |
| ROCE | 8.1 | 12.6 | 87 of 125 | 31% |
| ROE | 6.2 | 11.7 | 87 of 117 | 26% |
| Debt / Equity | 0.1 | 0.3 | 34 of 117 | 72% |
| EBITDA margin | 11.7 | 12.2 | 65 of 118 | 45% |
| Revenue growth | 17.8 | 20.2 | 68 of 113 | 40% |
| Profit growth | 27.9 | 24.4 | 54 of 115 | 54% |
| Market cap | 30009 | 1460 | 9 of 126 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Exide invests Rs 150 crore more in battery subsidiary | capex operations | high | — | — |
| 22 Oct 2026 · Exide Industries files Q2 FY27 dematerialisation compliance certificate with exchanges | compliance | minimal | — | — |
| 29 Sept 2026 · Exide invests Rs 100 crore more in EESL for Bengaluru battery plant | strategic transactions | high | — | — |
| 29 Sept 2026 · Board meeting on 4 Nov to approve Q2 FY27 results | results | low | — | — |
| 23 Sept 2026 · Exide subsidiary commissions Phase-I 6 GWh lithium-ion cell plant | capex operations | high | — | — |
| 17 Sept 2026 · Exide informs shareholders about special window for physical share transfers | compliance | minimal | — | — |
| 16 Sept 2026 · Exide India and ExCom Germany enter strategic cooperation for EEA industrial battery market | strategic transactions | high | — | — |
| 8 Sept 2026 · Newspaper notice on transfer of unclaimed shares to IEPF | compliance | minimal | — | — |
| 25 Aug 2026 · Exide Industries trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 18 Aug 2026 · Exide invests Rs 200 cr more in EESL for lithium-ion battery plant | capex operations | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.