Announcement
Announcement under Regulation 30 (LODR)-Acquisition 29 Sep - Exide invested Rs 99.99 crore in EESL for Bengaluru greenfield lithium-ion battery plant.
Source: Bse
Exide Industries Limited (EXIDEIND)
Mid CapAuto stocks · Mid cap · NSE
Exide Industries is a leading Indian battery manufacturer with a strong presence in lead-acid batteries for automotive (OEM & replacement), home UPS, solar, and industrial applications. The company is investing significantly in a new lithium-ion cell manufacturing project through its subsidiary, Exide Energy Solutions.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result30 Jul, 08:09 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 -6.3% / mo · RSI oversold · MACD −
Stock trend: 33
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
EXIDEINDD candles · FIT view+5.1%Latest close ₹360.15 on 2026-10-19
Bar
-3.4%
RSI
19
MACD hist
-3.61
52W pos
35%
2026-10-19O ₹373.00H ₹373.00L ₹358.45C ₹360.15Vol 16.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EXIDEINDNifty AutoNifty 500
- EXIDEIND
- -17.5%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- -11.9 pp
Chart stats
19 Oct 2026- From 52W high
- -27.4%
- 52W range position
- 35%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.82x
- Avg traded value
- ₹70.7 Cr
- 20D price channel
- ₹358.5 - ₹438.5
₹496.4
₹287 - ₹496.4
₹11.2
Latest completed session
20-session average
18.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +17.7% · PAT +27.6% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model-308.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +18% YoY · PAT +28% YoY · +17% QoQ · operating leverage · margin compression
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,528 Cr | +17.7% | +16.8% |
| EBITDA | ₹621 Cr | +15.4% | +27.3% |
| Operating margin | 11.0% | +0 bps | +100 bps |
| PAT | ₹351 Cr | +27.6% | +61.8% |
| PAT margin | 6.3% | +49 bps | +177 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.90
- P/B
- 2.29
- EV/EBITDA
- 13.60
- Market Cap
- 31850.00Cr
Profitability
- ROE
- 5.97%
- ROCE
- 8.54%
- ROA
- 4.42%
- Dividend Y
- 0.53%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 16.90×
- Altman Z
- 4.94
- Book Value
- 164.00
Cash Flow
- FCF Yield
- 2.71%
- FCF Positive Y
- 10/5
- OCF
- 2413.00 Cr
- EPS TTM
- 10.95
Shareholding
- Promoter Hold
- 45.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,528+16.7% vs prev
Net Profit
₹ CrLatest: 351+61.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 19.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 19 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
55
RS percentile
Stage 1 Base / Transition
1M return
-17.4%
3M return
-17.5%
6M return
+1.6%
1Y return
-5.4%
RS 1D
-8
RS 20D
-21
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is 8.2% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed +3.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 95.45-1.91%
RS vs Nifty 50095
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation2/30
Growth6/25
Quality0/20
Balance Sheet10/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -308.1%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
33.9
PB
2.3
EV/EBITDA
13.6
ROE
6.0%
ROCE
8.5%
FCF Yield
2.7%
Debt/Equity
0.1
MoS
-308.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-308.1%
Previous: -308.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹201.01
-79.2% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹88.26
-308.1% MoS
PEG
24.21
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ARE&M
Small
Amara Raja Energy & Mobility Limited
Auto Components
match 168
37
18.6
7.2%
-148%
WATCHLIST
MAXVOLT
SME
Maxvolt Energy Industries Ltd.
Auto Components
match 149
61
14.8
31.8%
+62%
UNDERVALUED
TIINDIA
Mid
Tube Investments of India Limited
Auto Components
match 136
34
67.0
9.9%
-80%
WATCHLIST
OLAELEC
Small
Ola Electric Mobility Limited
Auto Components
match 136
10
—
-43.2%
—
OVERVALUED
CRAFTSMAN
Small
Craftsman Automation Limited
Auto Components
match 133
28
61.4
12.5%
-53%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T07:26:04.613Z
Management commentary snapshot
Exide reports highest-ever Q4 revenue with 9.4% YoY growth, driven by strong domestic demand and double-digit growth in key verticals. EBITDA margin maintained sequentially at 11.7% despite commodity cost pressures, aided by cost controls and improved product mix.
Core lead-acid business shows robust domestic growth, especially in auto OEM and replacement, home UPS, and solar. Lithium-ion project is on track for sample delivery and trials, positioning the company for the EV transition. Commodity inflation and export weakness are key watch areas.
Current business mix
Revenue by Segment (Approximate)
Latest issuer-disclosed distribution across 2 reported categories.
Auto (OEM + Aftermarket)50.0%
Non-Auto50.0%
Growth engines
2-Wheeler and 4-Wheeler OEM
All key verticals grew around double-digits, headlined by 2-wheeler and 4-wheeler OEM... auto OEM business recorded its second consecutive quarter of (+25%) year-on-year growth.
Home UPS Business
Home UPS business recorded its highest-ever Q4 sales, uplifted by early onset of summer.
Solar Vertical
Solar vertical returned to double-digit growth... this year they have crossed the Rs. 1000 crore mark for the full year.
2-Wheeler and 4-Wheeler Replacement Market
Two-wheeler and four-wheeler replacement demand remained robust, as it continued in its mid-teens growth rates as in the past quarters.
Capacity and execution
Lithium-ion Cell Manufacturing Project Investment
Invested Rs. 600 crores in Q4 and about Rs. 1,500 crores in FY26. Total equity investment in Exide Energy till date stands at Rs. 4,802 crores.
Cylindrical Line Commissioning
Our cylindrical lines are expected to start customer sample delivery by around this month onwards.
Prismatic Line Commissioning
The prismatic line will be initiating product trials shortly thereafter... targeting by June and July, we can say. We want to give the samples for customer validation.
FY27 Lithium-ion Investment Plan
Board approval for investing Rs. 1400 crore in the Fiscal Year ‘27, which is a mix of both CAPEX as well as the OPEX working capital requirement.
Tailwinds
Favorable Indian Demand Situation
Indian demand situation remained favorable. Low inflation rates, low interest rates and the consequence of GST 2.0 Reforms increased end-consumers' affordability, especially in the second half of FY26.
Rural India Revival
Rural India experienced strong broad-based revival as well, driven by rising income, upbeat sentiment and infrastructure development.
GST 2.0-led Demand Surge
The GST 2.0-led demand surge continued in Q4, as auto OEM business recorded its second consecutive quarter of (+25%) year-on-year growth.
Headwinds
Rapidly Increasing Commodity Rates
Rapidly increasing commodity rates, coupled with rupee depreciation, continue to pressurize our input costs.
Rupee Depreciation
Rupee depreciation, continue to pressurize our input costs... currency is also hitting the lead prices.
Geopolitical Tensions Impacting Exports
Globally, the West-Asia conflict continues to be an ongoing threat... Exports being one of them, which was subdued by the given geopolitical situation.
Shift to Lithium-ion in Telecom & E-Rickshaw
Telecom and E-Rickshaw continue to see shifts towards lithium-ion technology, resulting in strong decline in revenues for these segments.
Risk radar
Commodity Price Volatility
Sulfuric acid costs have gone to Rs. 75 April exit, compared to Rs. 15 in the beginning of the year. LME lead has again shot up to 1950 in April.
OEM Price Pass-through Lag
OEM contracts, the escalation comes in with a lag... The lead time is typically a quarter.
Lithium-ion Yield & Pricing
Yield is the most critical factor governing the price, the cost of cell manufacturing... Today the raw material we are getting all from import from China. So, the pricing today is definitely will be a little higher.
Government Support for Make in India Cells
Government has to also develop this industry locally. There has to be a value for Make in India cell... otherwise, nobody else will come up for investment like this if they are not encouraged.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is relevant for assessing overall growth trends and seasonal impacts in the lead-acid business. QoQ is crucial for tracking sequential momentum, especially in capacity utilization, margin management, and the progress of the new lithium-ion venture.
Sector KPIs management disclosed
Overall Revenue Growth (Q4 FY26 YoY)
9.4% year-on-year overall revenue growth. In Q4, we generated our highest-ever quarterly revenue.
Domestic Business Sales Growth (Q4 FY26 YoY)
Domestic business sales grew by 12.5% year-on-year.
EBITDA Margin (Q4 FY26 QoQ)
Company was also able to maintain, on a sequential quarter basis, the EBITDA margin of 11.7%.
Auto OEM Business Growth (Q4 FY26 YoY)
Auto OEM business recorded its second consecutive quarter of (+25%) year-on-year growth, also hitting its highest-ever quarterly revenue.
Management forward view
Positive Outlook for Lead-Acid Business
As we enter the next fiscal year, the outlook for the lead-acid business remains positive across most businesses.
Core Business Growth Potential
I would still believe that the core business at this situation has a potential to do at least a high single-digit to early-double digit growth.
Focus on Cost Control
The Company remains focused on tight cost control, despite the global headwinds.
Lithium-ion Revenue Stream
The start of revenue will be quicker in LFP [prismatic], because that product will not go through so much of validation and customer homologation.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Commodity Price Inflation | Sulfuric acid costs have gone to Rs. 75 April exit, compared to Rs. 15 in the beginning of the year. | Further price hikes to pass on commodity inflation, especially for non-lead components, and OEM negotiations for lead price pass-through. |
| Lithium-ion Cell Sample Delivery | Cylindrical lines are expected to start customer sample delivery by around this month onwards. Prismatic line trials shortly thereafter, samples by June/July. | Successful customer validation and official announcement of commercial supplies and significant revenue recognition from cell plant. |
| Exports Business Recovery | Exports business was subdued by geopolitical situation; expected uncertainties to remain for at least in the first half of this current year. | Easing geopolitical tensions and execution of strategy to increase export share, aiming to recover from current 5% of revenue. |
| Lithium-ion Yield Improvement | Yield is the most critical factor governing the cost of cell manufacturing. Best yield level should be 90%. | Progress in achieving targeted yield levels (90%) through continuous running and operational experience to meet landed cost of imported cells. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
demand outlooknot yet verifiable
Automotive division volumes are expected to further increase in the near-term.
Timeframe: near-termDirection: increaseConfidence: expected
"expected to further increase in the near-term"
demand outlooknot yet verifiable
Automotive division volumes are expected to further increase in the near-term.
Timeframe: near-termDirection: increaseConfidence: expected
"expected to further increase in the near-term"
demand outlooknot yet verifiable
The company is optimistic about the demand scenario in the near-to-medium-term.
Timeframe: near-to-medium-termDirection: positiveConfidence: optimistic
"optimistic of the demand scenario"
demand outlooknot yet verifiable
The company is optimistic about the demand scenario in the near-to-medium-term.
Timeframe: near-to-medium-termDirection: positiveConfidence: optimistic
"optimistic of the demand scenario"
market share expansionnot yet verifiable
The company aims to become one of the leading domestic players in the fast-growing electric mobility space and for stationary applications.
Timeframe: futureDirection: expansion, leadershipConfidence: excited
"look forward to becoming one of the leading domestic players"
market share expansionnot yet verifiable
The company aims to become one of the leading domestic players in the fast-growing electric mobility space and for stationary applications.
Timeframe: futureDirection: expansion, leadershipConfidence: excited
"look forward to becoming one of the leading domestic players"
project executionnot yet verifiable
On-ground construction works for the lithium-ion cell manufacturing project are progressing as per the plan.
Timeframe: ongoingDirection: on trackConfidence: as per plan
"construction works progressing as per the plan"
project executionnot yet verifiable
On-ground construction works for the lithium-ion cell manufacturing project are progressing as per the plan.
Timeframe: ongoingDirection: on trackConfidence: as per plan
"construction works progressing as per the plan"
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 63rd percentile within Auto. Main check: financial discipline is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
53 docs text-extracted · 19 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Auto: 63rd pctile, median 74 · Mid: 54th pctile, median 76
Evidence depth
Financial-only
53 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
6 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
88
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.7%.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Exide Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Sep - Newspaper publication w.r.t. Special window for relodgement of transfer requests of physical shares.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Newspaper advertisement w.r.t transfer of equity share to IEPF.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Jul - Please find attached newspaper publication regarding special window for re-lodgement of transfer request of physical shares.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.