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Exide Industries Q2 FY27 results: net profit up 65.4% to ₹287.14 crore, revenue up 21.2%
Exide Industries Ltd reported consolidated revenue of ₹5,292 crore and a net profit of ₹287.14 crore for Q2 FY27, up 21.2% and 65.4% from Q2 FY26. EBITDA rose 43.5% to ₹561.51 crore and margin expanded 1.6 percentage points to 10.6%, while profit declined sequentially from Q1 FY27.
Key points
- Consolidated Q2 FY27 revenue was ₹5,292 crore, up ₹927.36 crore or 21.2% year on year.
- EBITDA was ₹561.51 crore, up ₹170.09 crore or 43.5% from Q2 FY26, with margin rising 1.6 percentage points to 10.6%.
- Net profit was ₹287.14 crore, up ₹113.50 crore or 65.4% year on year, while basic EPS increased to ₹3.37.
- Against Q1 FY27, revenue fell ₹236.51 crore to ₹5,292 crore and net profit declined ₹64.16 crore to ₹287.14 crore.
- H1 FY27 revenue was ₹10,820.25 crore and net profit was ₹638.44 crore, up 19.4% and 42.4% respectively.
How did Exide Industries perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹5,292 crore, up ₹927.36 crore or 21.2% from ₹4,365 crore in Q2 FY26. EBITDA rose ₹170.09 crore or 43.5% to ₹561.51 crore, lifting margin 1.6 percentage points to 10.6%. Net profit increased ₹113.50 crore or 65.4% to ₹287.14 crore, and basic EPS rose ₹1.35 to ₹3.37.
Against Q1 FY27, revenue fell ₹236.51 crore or 4.3% to ₹5,292 crore and total income declined ₹221.28 crore or 4.0% to ₹5,333.97 crore. EBITDA fell ₹59.97 crore or 9.6% to ₹561.51 crore, margin eased 0.6 percentage points to 10.6%, and net profit declined ₹64.16 crore or 18.3% to ₹287.14 crore. Basic EPS was ₹3.37, down ₹0.75.
On the standalone basis, Q2 FY27 revenue was ₹5,026.14 crore and net profit was ₹386.45 crore, against ₹220.74 crore in Q2 FY26. The standalone filing also reported basic EPS of Rs.4.55, compared with Rs.2.60 in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 5,292 | 5,528 | 4,365 | +21.2% | −4.3% |
| Other income | 42.10 | 26.87 | 53.66 | −21.5% | +56.7% |
| Total expenses | 4,911 | 5,069 | 4,165 | +17.9% | −3.1% |
| EBITDA | 561.51 | 621.48 | 391.42 | +43.5% | −9.6% |
| EBITDA margin | 10.6% | 11.2% | 9.0% | +1.6 pp | −0.6 pp |
| Profit before tax | 423.29 | 486.47 | 253.24 | +67.1% | −13.0% |
| Tax | 136.59 | 135.73 | 79.69 | +71.4% | +0.6% |
| Net profit | 287.14 | 351.30 | 173.64 | +65.4% | −18.3% |
| EPS (₹) | 3.37 | 4.12 | 2.02 | +66.8% | −18.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Exide Industries' costs and profit?
Total expenses rose ₹745.75 crore or 17.9% from Q2 FY26 to ₹4,911 crore, below the increase in consolidated revenue. Cost of materials was ₹3,884 crore, up ₹923 crore or 31.2%, while employee cost rose ₹60.94 crore or 17.8% to ₹403.19 crore and other expenses increased ₹54.59 crore or 8.3% to ₹710.79 crore.
Finance costs fell ₹8.72 crore or 21.9% to ₹31.02 crore, while depreciation declined ₹2.80 crore or 1.8% to ₹149.30 crore. Other income decreased ₹11.56 crore or 21.5% to ₹42.10 crore, but profit before tax rose ₹170.05 crore or 67.1% to ₹423.29 crore.
Tax expense increased ₹56.90 crore or 71.4% to ₹136.59 crore. There was no exceptional item, and the net profit margin rose 1.4 percentage points to 5.4% from 4.0%. The filings did not state reasons for the changes in the cost lines.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3,884 | 2,961 | +923 | +31.2% |
| Employee cost | 403.19 | 342.25 | +60.94 | +17.8% |
| Finance costs | 31.02 | 39.74 | −8.72 | −21.9% |
| Depreciation | 149.30 | 152.10 | −2.80 | −1.8% |
| Other expenses | 710.79 | 656.20 | +54.59 | +8.3% |
| Total expenses | 4,911 | 4,165 | +745.75 | +17.9% |
| Other income | 42.10 | 53.66 | −11.56 | −21.5% |
| Tax | 136.59 | 79.69 | +56.90 | +71.4% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹10,820.25 crore, up ₹1,760.62 crore or 19.4% from ₹9,059.63 crore in H1 FY26. Total income rose ₹1,748.36 crore or 19.1% to ₹10,889.22 crore, while profit before tax increased ₹271.95 crore or 42.6% to ₹909.76 crore.
H1 FY27 net profit was ₹638.44 crore, up ₹190.22 crore or 42.4% from ₹448.22 crore, and basic EPS increased by ₹2.26 to ₹7.49 from ₹5.23. EPS for the period rose 43.2%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 10,820 | 9,060 | +19.4% |
| Profit before tax | 909.76 | 637.81 | +42.6% |
| Net profit | 638.44 | 448.22 | +42.4% |
| EPS (₹) | 7.49 | 5.23 | +43.2% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹21,191.37 crore, lower than ₹21,219.88 crore at 31 March 2026. Total equity was ₹13,877.48 crore against ₹13,931.22 crore, while borrowings rose to ₹1,143.04 crore from ₹1,093.15 crore and cash fell to ₹123.05 crore from ₹250.81 crore.
Inventories increased to ₹4,216.03 crore from ₹4,004.05 crore. Trade receivables rose to ₹1,636.34 crore from ₹1,574.81 crore, while trade payables fell to ₹3,570.65 crore from ₹3,676.19 crore. The year-to-date operating cash flow was ₹437.99 crore, compared with ₹1,423.19 crore a year earlier.
Investing cash flow was negative ₹386.48 crore against negative ₹879.25 crore in H1 FY26, while financing cash flow was negative ₹180.34 crore against negative ₹612.63 crore. Capital expenditure was ₹591.71 crore, compared with ₹600.71 crore in the year-ago period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 21,191 | 21,220 |
| Total equity | 13,877 | 13,931 |
| Borrowings | 1,143 | 1,093 |
| Cash and equivalents | 123.05 | 250.81 |
| Inventories | 4,216 | 4,004 |
| Trade receivables | 1,636 | 1,575 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 437.99 | 1,423 |
| Cash from investing | −386.48 | −879.25 |
| Cash from financing | −180.34 | −612.63 |
| Capital expenditure | 591.71 | 600.71 |
Source: Company's results filing (XBRL).
How has Exide Industries done over the last 8 quarters?
Revenue peaked at ₹5,528 crore in Q1 FY27 and fell to ₹5,292 crore in Q2 FY27. It had reached its lowest point in the eight-quarter series at ₹4,016.72 crore in Q3 FY25, while profit reached its low of ₹158.44 crore in the same quarter.
Net profit also peaked at ₹351.30 crore in Q1 FY27 before declining to ₹287.14 crore in Q2 FY27. Its lowest level in the series was ₹158.44 crore in Q3 FY25. EBITDA margin peaked at 11.5% in Q1 FY26 and fell to 9.0% in Q2 FY26 before recovering to 10.6% in Q2 FY27.
Revenue rose year on year in each of the last four quarters, and profit also rose year on year in each of the last four quarters. The current quarter therefore continued the year-on-year trend, although both revenue and profit were lower than Q1 FY27.
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 September 2026. The audit committee had reviewed the results before the board meeting on 4 November 2026, and the auditors issued limited review reports.
The board also approved a change of registrar and share transfer agent from MUFG Intime India Private Limited to Maheshwari Datamatics Private Limited, a SEBI-registered Category-I RTA. MUFG will continue providing services until the formalities, connectivity changes and required approvals are completed. The same-day filings did not disclose a dividend, fund raise or appointment.
What did Exide Industries' management say?
Management said the 6 GWh EESL lithium-ion cell gigafactory in Bengaluru was commissioned in September 2026, with commercial production started and utilities fully operationalised. The plant is designed for scale-up and offers NMC and LFP cells in cylindrical and prismatic formats, while packs and modules are manufactured at Prantij, Gujarat.
Management said customer approval, validation and qualification with leading 2W EV OEMs and telecom players remained in progress ahead of broader commercial supplies. The presentation did not disclose a customer ramp timetable or provide forward guidance for revenue, margin, volume, utilisation or capex.
Management highlighted the One Exide strategy linking the lead-acid business with lithium-ion operations. It cited OEM wins, EV auxiliary batteries, replacement demand, rural reach, doorstep service, digital warranty, and opportunities in solar, data centres and infrastructure power. Management also said the 2030 demand and EV-penetration figures in the deck were third-party Vahan and BCG estimates, not Exide targets.
How did Exide Industries shares react?
After the filing appeared during market hours, Exide Industries’ price was up 1.6% after 5 minutes, 2.6% after 15 minutes and 2.3% after 30 minutes. From the previous close of ₹346.00, the stock closed 6.5% higher on the reaction day at a base price of ₹360.05.
By the next day’s close, the stock was up 4.1% from its pre-results close. The Auto Components & Equipments industry’s median move was 1.4% on the reaction day and 2.5% by the next day’s close, leaving Exide Industries ahead by 5.1 percentage points and 1.6 percentage points, respectively.
Earlier reaction-day moves were mixed: the stock was up 4.6% on 30 July 2026, up 0.6% on 4 May 2026, up 0.4% on 30 January 2026 and up 0.3% on 14 November 2025. It had fallen 1.6% on 5 August 2025, risen 3.1% on 28 January 2025 and fallen 2.0% and 3.5% on 4 November 2024 and 30 July 2024, respectively.
| After the filing | Stock | Auto Components & Equipments median |
|---|---|---|
| 5 minutes | +1.6% | |
| 15 minutes | +2.6% | |
| 30 minutes | +2.3% | |
| Reaction day | +6.5% | +1.4% |
| Next day | +4.1% | +2.5% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | +4.6% |
| 4 May 2026 | +0.6% |
| 30 January 2026 | +0.4% |
| 14 November 2025 | +0.3% |
| 5 August 2025 | −1.6% |
| 28 January 2025 | +3.1% |
| 4 November 2024 | −2.0% |
| 30 July 2024 | −3.5% |
Source: MarketPing price-reaction measurement.
How did other Auto Components & Equipments companies do?
A total of 57 other Auto Components & Equipments companies were compared, with a median revenue growth of 33.0%. Of these, 19 grew slower than Exide Industries and 38 grew faster than Exide Industries. The company’s consolidated revenue growth was 21.2%.
Among the 58 peers for which profit was compared, 45 reported higher profit. The peer data was available as of 6 November 2026.
| Exide Industries revenue growth (YoY) | +21.2% |
|---|---|
| Median of 57 other Auto Components & Equipments companies | +33.0% |
| Companies with slower revenue growth than Exide Industries | 19 of 57 |
| Companies with faster revenue growth than Exide Industries | 38 of 57 |
| Companies whose net profit rose | 45 of 58 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Exide Industries' revenue in Q2 FY27?
Revenue from operations was ₹5,292 crore, up 21.2% from ₹4,365 crore in Q2 FY26 (consolidated).
Did Exide Industries make a profit in Q2 FY27?
Yes. Net profit was ₹287.14 crore, against a net profit of ₹173.64 crore in Q2 FY26.
What was Exide Industries' EPS in Q2 FY27?
Basic earnings per share were ₹3.37, against ₹2.02 in Q2 FY26.
How did Exide Industries shares react to the Q2 FY27 results?
On the reaction day the stock moved +6.5% from the previous close; the median Auto Components & Equipments stock moved +1.4%.
When did Exide Industries announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 4 November 2026) · PDF
- Results - Unaudited Financial Results For Quarter And Half Year Ended 30Th September 2026. (BSE, 4 November 2026) · PDF
- Announcement under Regulation 30 (LODR)-Change in RTA (BSE, 4 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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