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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 67/100Rev +18% YoY · PAT +28% YoY · +17% QoQ · operating leverage · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Segment (Approximate)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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
Automotive division volumes are expected to further increase in the near-term.
"expected to further increase in the near-term"
Automotive division volumes are expected to further increase in the near-term.
"expected to further increase in the near-term"
The company is optimistic about the demand scenario in the near-to-medium-term.
"optimistic of the demand scenario"
The company is optimistic about the demand scenario in the near-to-medium-term.
"optimistic of the demand scenario"
The company aims to become one of the leading domestic players in the fast-growing electric mobility space and for stationary applications.
"look forward to becoming one of the leading domestic players"
The company aims to become one of the leading domestic players in the fast-growing electric mobility space and for stationary applications.
"look forward to becoming one of the leading domestic players"
On-ground construction works for the lithium-ion cell manufacturing project are progressing as per the plan.
"construction works progressing as per the plan"
On-ground construction works for the lithium-ion cell manufacturing project are progressing as per the plan.
"construction works progressing as per the plan"
Trend score and candlestick chart
48NeutralSMA20 +3.1% / mo · MACD − · sector -3.3pp vs Nifty (3M)
Technical chart
EXIDEINDdaily · 1Y · AUTO+32.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 36. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.0% over last month) — short-term momentum positive.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 48% 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.
Relative Strength & Trend Stage
- Price is 12.8% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.6%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 28 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 28 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -380.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 62nd percentile within Auto. Main check: financial discipline is weak at 52/100.
High Trust Lite: Promoter pledge is zero. Key concern: ROE is low at 6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 62nd pctile, median 74 · Mid: 55th pctile, median 76
42 documents have extracted text, but claim history is not strong enough yet.
6 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.40
- P/B
- 2.59
- EV/EBITDA
- 15.32
- Market Cap
- 36070.00Cr
Profitability
- ROE
- 5.97%
- ROCE
- 8.54%
- ROA
- 4.42%
- Dividend Y
- 0.47%
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
- 5.29
- Book Value
- 164.00
Cash Flow
- FCF Yield
- 2.39%
- FCF Positive Y
- 10/5
- OCF
- 2413.00 Cr
- EPS TTM
- 10.95
Shareholding
- Promoter Hold
- 45.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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