Exide Industries Limited (EXIDEIND) share price

₹402.95 on NSE as of 2026-10-07. -0.69% on the day. market cap ₹34,251 Cr. P/E 36.8. 52-week range ₹287.90 to ₹490.65. Automobile and Auto Components.

www.exideindustries.com

Exide Industries Q1 FY27: ₹5,528 Cr of Revenue, ₹4,902 Cr Buried in a Bengaluru Gigafactory

At a glance

Exide sells lead-acid batteries, a technology invented in 1859. The three months to June 2026 were the largest quarter the company has ever posted.

Consolidated revenue came in at ₹5,528 crore, against ₹4,695 crore a year earlier. That is a rise of 17.8 per cent. Operating profit, the profit from trading before interest and tax, reached ₹621 crore against ₹538 crore. Net profit attributable to owners was ₹350 crore, against ₹273 crore a year earlier. That is a climb of 28.4 per cent. Earnings per share, profit divided by the number of shares, moved from ₹3.21 to ₹4.12.

Alongside that, Exide has put ₹4,902 crore of equity into Exide Energy Solutions, its lithium-ion subsidiary in Bengaluru. The subsidiary has so far produced no revenue at all. It has produced samples. Four production lines are fully installed and the utilities are fully operational. NMC cylindrical cells have gone out to customers. LFP prismatic cells have been sent out for three-wheeler and telecom applications. Both are lithium-ion chemistries. A stack of BIS certifications has arrived, carrying numbers such as IS 16046. Management expects revenue to begin contributing during the year to March 2027.

Consolidated return on capital employed for the year to March 2026 sat at 9 per cent. A decade ago it was 23 per cent. Over that same period, capital work in progress on the balance sheet grew from ₹149 crore to ₹4,198 crore. Capital work in progress is money already spent on plants not yet finished.

The market pays ₹41.40 for every ₹1 of yearly profit. The industry pays ₹29.90 for the same ₹1.

Introduction

Exide Industries Limited was incorporated in 1947. It began as Associated Battery Makers (Eastern) Ltd, a subsidiary of Chloride Overseas of the United Kingdom. The Rajan Raheja Group acquired it in 1993, and it took its current name in 1995. In 1998 it absorbed the battery business of Standard Batteries Limited, then the second-largest battery maker in India. Four factories and the Standard Furukawa brand came with that deal.

ICRA, a credit-rating agency, calls Exide the market leader in domestic automobile batteries. That covers both the original equipment and the replacement segments. Original equipment means the battery fitted to a new vehicle at the factory. The product range runs from 2.5Ah to 20,200Ah, which spans a motorcycle battery and something that keeps a submarine alive.

The last two years have been busy on the personnel front. Rajeev Khandelwal and Pravin Saraf were appointed executive directors from 1 September 2025. A postal ballot confirmed both appointments in October 2025. In December 2025 the managing director and chief executive of the subsidiary EESL resigned. Pravin Saraf took that role. Avik Roy signs the current results as managing director and chief executive of the parent. In October 2025 the company postponed a scheduled board meeting, following an Income Tax survey that began on 29 October. The results due at that meeting were deferred.

The dominant corporate story remains the lithium-ion plant. EESL is building a new facility at Bengaluru, with initial planned capacity of 6 GWh, scalable to 12 GWh. Four production lines cover cylindrical and prismatic formats, and both LFP and NMC chemistries. Technology comes through a licence and services tie-up with SVOLT Energy Technology. ICRA puts the total first-phase project cost at around ₹5,600 crore. That is an overrun on the earlier budget of ₹5,200 crore, which the agency attributes to operational reasons.

Equity has arrived in a steady drip. December 2025 brought ₹180 crore and January 2026 another ₹50 crore. February added ₹100 crore, and March ₹450 crore. A further ₹100 crore came in July 2026.

A December 2024 agreement with Hyundai Motor India covers production and supply of battery cells for Hyundai's Indian electric vehicles. Management describes this as a separate contract involving co-investment, incremental to the 6 GWh.

Business model

Exide makes the heavy rectangle that lives under the bonnet and enters the conversation on the one morning it does not work.

Revenue arrives in three buckets. The first is the consumer aftermarket, sold through the trade: two-wheelers, three-wheelers, cars and e-rickshaws, plus inverters and solar. Aftermarket means a replacement bought by the owner rather than fitted by the carmaker. This is the volume engine, and it carries the brand names. Exide generates brand names the way other companies generate spreadsheets. Xplore covers two-wheelers and Eko covers three-wheelers. Cars get Epiq, Matrix and Xpress. Drive, Ride and Mileage sit beside them. The inverter range runs to Invatubular, Invazest and Invamaster. Inverterz GQP, Inverterz Star and Inverterz Magic follow, at which point one suspects the naming committee simply stopped being invited to meetings. The industrial side offers Powersafe Plus, Exide Powersafe EHP and Exide HSP. GenX and Solatron complete it. The company holds 752 registered trademarks.

Institutional business is the second bucket. It serves vehicle makers, telecom, railways, power projects and traction. Data centres and industrial uninterruptible power supplies are served too. So are naval submarines, a line that quietly ends every dinner-party conversation about auto components. Listed industrial customers include Emerson, Ericsson, Hitachi and Cipla. General Electric, Mitsubishi, Godrej and BSNL appear as well, along with BHEL, Tata, NTPC and Indus Towers.

International is the third bucket, covering automotive, traction and UPS batteries across more than 70 countries. It was roughly 8 per cent of standalone revenue in the year to March 2025. That year the mix was 92 per cent domestic and 8 per cent international. Non-institutional sales were 74 per cent, institutional 26 per cent.

The spending sits in the physical footprint. There are 16 manufacturing plants, including three lead recycling plants of Chloride Metals and two of EESL. Automotive battery capacity is 66 million units. Industrial capacity is 7.6 billion Ah and lead recycling capacity is 346,000 tonnes. The network runs to more than 120,000 touchpoints, spanning over 18,000 villages. There are around 60 warehouses and more than 1,200 spare-part outlets. A doorstep service called Batmobile sits on top, which the company describes as the industry's only such offering.

The research centre in Kolkata is fifty years old and has more than 100 staff. It holds four laboratories accredited by NABL, the national accreditation body for testing labs. Technical collaborations run with Moura, Furukawa, East Penn and Advanced Battery Concepts, and with SVOLT. Recent launches include EXIDE DARE, described as India's first SUV-ready battery. A data centre range spans 340W to 750W. Punch grid technology now reaches more than 90 per cent of motorcycle batteries.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Exide Industries Limited.

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