EXIDEIND

Exide Industries share price & financials

Price
₹380.75
Market cap
₹41.6k Cr
Sector
Automobile and Auto Components
Calls analysed
5
Latest concall · Q1 FY27 · call held 03 Aug 2026

Exide Industries Limited Q1 FY27

EBITDA ₹655 cr +20%EBITDA Margin 12.4%

What went well

  • Standalone revenue growth of 17.6% during the quarter, driven by double-digit growth across major businesses.
  • EBITDA stood at INR 655 crores, up 19.5% year-on-year, with EBITDA margin at 12.4%, expanding 20 basis points YoY and 70 basis points QoQ.
  • All major businesses recorded double-digit growth, including 2-wheeler and 4-wheeler OEM, home UPS, solar, replacement business, and exports.

What to watch

  • Input costs remained elevated during the quarter, largely due to disruptions in West Asia and adverse currency movement.
  • Muted government tenders during the quarter, though expected to pick up in the second half.
Read the full call →

What Exide Industries Limited does

Exide Industries manufactures lead-acid storage batteries and power-storage solutions for automotive OEMs and the automotive aftermarket, alongside industrial applications such as UPS/inverters, railways, telecom towers, solar, data centres, defence and naval submarines. Production runs across 13 manufacturing plants (11 lead-acid battery plants of Exide Industries plus 2 lithium-ion cell plants of subsidiary Exide Energy Solutions Limited), supported by 3 lead recycling plants operated through wholly-owned subsidiary Chloride Metals Limited that feed recycled lead back into battery manufacturing. Products reach customers through a nationwide network of channel partners and warehouses, plus exports to a large number of countries. The company is also building a new lithium-ion cell manufacturing platform via Exide Energy Solutions as an extension of its core lead-acid business into next-generation energy storage.

Segments

  • Automotive OEM
  • Automotive Aftermarket
  • Home Batteries & Inverters
  • Industrial UPS
  • Solar
  • Industrial Infrastructure
  • Telecom
  • Submarine
  • Exports
  • Last Mile Connectivity
  • New Energy Business (EESL)
  • Lead Recycling (CML)
Manufacturing plants
13 (11 Exide Industries lead-acid plants + 2 Exide Energy Solutions lithium-ion cell plants)
Automotive battery capacity
66 million units
Non-automotive & stationary battery capacity
7.6 billion Ah
Lead recycling plants
3 (via subsidiary Chloride Metals Limited)
Countries with business presence
70+
Channel partners (dealers/distributors)
1,20,000+
Founded 1947Headquarters Kolkata, West Bengal, India Company website

Guidance record · Q1 FY27

what the last two calls moved 13 tracked 2 delivered 1 missed 10 open
  • EBITDA Margin delivered said Q2 FY26 Promised: Demonstrate margins plus 12% to plus 13% in coming quarters Q1 FY27: Actual EBITDA margin reported at 12.4%, falling within the original target range.
  • Manufacturing Technology Upgrade went quiet said Q2 FY26 Promised: Full motorcycle manufacturing will move to Punched Grid technology by end of December Q1 FY27: Not mentioned in the current quarter.
  • Commercial Production Timeline on track said Q4 FY25 Promised: Start commercial production within this year which means FY '26 Q1 FY27: Sample deliveries have commenced as per the revised Q4 FY26 timeline. Management now expects revenue contribution to begin 'shortly during FY27'.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.7%, net profit up 27.6% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,450 4,017 4,335 4,695 4,365 −2%4,201 +5%4,735 +9%5,528 +18%
EBITDA472 425 428 538 391 −17%452 +6%488 +14%621 +15%
Net profit233 158 188 275 174 −25%195 +23%217 +15%351 +28%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −2.3% 1Y

₹300₹350₹400₹450₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 6 May 2026Q1 FY27 — 3 Aug 2026

1Y: ₹422.25 on 10 Sept 2025 → ₹412.65. High ₹490.65 (12 Aug 2026), low ₹287.9 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.1%
3 Aug
Q4 FY26
−2.6%
6 May
Q3 FY26
+2.1%
3 Feb
Q2 FY26
+0.4%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.1% a year over 3 years, FY23 to FY26. Operating margin held at 10.4%.

Year endingFY23FY24FY25FY26
Revenue₹15.1k Cr₹16.8k Cr₹17.2k Cr₹18.0k Cr
Operating profit₹1.6k Cr₹1.8k Cr₹1.8k Cr₹1.9k Cr
Operating margin10.5%10.8%10.4%10.4%
Interest₹74 Cr₹117 Cr₹153 Cr₹124 Cr
Depreciation₹503 Cr₹560 Cr₹583 Cr₹588 Cr
Net profit₹822 Cr₹883 Cr₹800 Cr₹861 Cr
Net margin5.5%5.3%4.6%4.8%
ROCE10.0%10.0%9.0%9.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹85 Cr₹85 Cr₹85 Cr₹85 Cr₹85 Cr₹85 Cr
Reserves₹7.2k Cr₹10.5k Cr₹11.0k Cr₹12.8k Cr₹14.6k Cr₹13.8k Cr
Borrowings₹509 Cr₹520 Cr₹588 Cr₹1.1k Cr₹1.6k Cr₹1.6k Cr
Other liabilities₹20.6k Cr₹2.8k Cr₹3.0k Cr₹4.1k Cr₹5.4k Cr₹5.7k Cr
Total liabilities₹28.4k Cr₹13.9k Cr₹14.8k Cr₹18.1k Cr₹21.8k Cr₹21.2k Cr
Fixed assets₹3.6k Cr₹3.4k Cr₹3.7k Cr₹3.9k Cr₹4.1k Cr₹4.0k Cr
Capital work in progress₹431 Cr₹341 Cr₹525 Cr₹1.4k Cr₹3.9k Cr₹4.2k Cr
Investments₹18.8k Cr₹5.6k Cr₹5.1k Cr₹5.9k Cr₹7.4k Cr₹6.1k Cr
Other assets₹5.6k Cr₹4.6k Cr₹5.4k Cr₹7.0k Cr₹6.4k Cr₹6.9k Cr
Total assets₹28.4k Cr₹13.9k Cr₹14.8k Cr₹18.1k Cr₹21.8k Cr₹21.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +1.91 pp while the public trimmed −1.06 pp. The shareholder count shrank 10% to 11,68,806.

Promoters
46.0%
FIIs
10.6%
DIIs
19.3%
Public
24.1%

Since Jun 2025

  • DIIs +1.91 pp
  • Public −1.06 pp
  • FIIs −0.85 pp

How it drifted, 12 quarters

Over this window FIIs fell from 12.8% to 10.6% — −2.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 46.0%, FIIs 12.8%, DIIs 19.1%, Public 22.1%.Dec '23: Promoters 46.0%, FIIs 12.9%, DIIs 19.2%, Public 21.8%.Mar '24: Promoters 46.0%, FIIs 13.6%, DIIs 18.6%, Public 21.9%.Jun '24: Promoters 46.0%, FIIs 13.7%, DIIs 17.9%, Public 22.4%.Sep '24: Promoters 46.0%, FIIs 12.3%, DIIs 18.0%, Public 23.7%.Dec '24: Promoters 46.0%, FIIs 11.7%, DIIs 17.6%, Public 24.6%.Mar '25: Promoters 46.0%, FIIs 11.6%, DIIs 17.1%, Public 25.3%.Jun '25: Promoters 46.0%, FIIs 11.5%, DIIs 17.4%, Public 25.1%.Sep '25: Promoters 46.0%, FIIs 10.9%, DIIs 18.5%, Public 24.7%.Dec '25: Promoters 46.0%, FIIs 10.9%, DIIs 18.7%, Public 24.4%.Mar '26: Promoters 46.0%, FIIs 10.3%, DIIs 19.1%, Public 24.6%.Jun '26: Promoters 46.0%, FIIs 10.6%, DIIs 19.3%, Public 24.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Exide Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Chloride Eastern Limited 45.99%unchanged
Life Insurance Corporation Of India Insurer5.95%unchanged
Hathway Investments Private Limited 4.32%unchanged
Government Pension Fund Global Sovereign2.30%−0.11 pp
Franklin India Flexi Cap Fund Mutual fund1.70%newly disclosed
Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund Mutual fund1.63%newly disclosed
SBI Life Insurance Co. Ltd Insurer1.51%newly disclosed
Bandhan Large & Mid Cap Fund Mutual fund1.09%−0.14 pp
Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Large Cap Fund Mutual fund—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in EXIDEIND

Filings to Aug 2026

0 new, 7 added, 1 trimmed, 0 sold out — net +0.47 L shares (+0.5%).

Held by funds
₹434 Cr
11 schemes
Biggest holder
Nippon India Small Cap Fund
₹249 Cr · 0.3% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹249 Crheld
Nippon India Value Fund Nippon India Mutual Fund₹85 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹51 Crheld
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹19 Cr+0.26 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹13 Cr+0.06 L
Nippon India Nifty Auto ETF Nippon India Mutual Fund₹8 Cr+0.09 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹6 Cr+0.06 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

7 added, 1 trimmed — net +46,972 shares (+0.5%)

Funds are sitting on
-0%
vs est. average cost
Held by funds
₹434 Cr
11 schemes · ≈ 0.90% of the company
Biggest holder
Nippon India Small Cap Fund
₹249 Cr · 0.3% of that fund
Longest holder
HDFC Large and Mid Cap Fund
3y 8m · since Dec '22

Shares held by these funds −7%

Aug '23 97.93 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹413, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹117 — downside of 72%.

Growth the price implies
25.1% a year
for 7 years, fading to 4%
It has actually compounded at
1.6% a year
net profit, FY23–FY26 · EPS 1.2%
The gap
0.2 pp
-72% downside if it only repeats history
Price today ₹412.65 Value at the reference growth ₹117

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Exide Industries Limited

Guides on how to read this kind of business and the numbers that matter.