Leading Indian lead-acid battery maker serving automotive, industrial, solar and backup-power markets.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 5,528 | +17.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 11.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 351 | +27.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 6.75 | +0.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 7.19 | +11.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 7.61 | +1.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
2 of 3 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | Demonstrate margins plus 12% to plus 13% in coming quarters | Q2 FY26 | Actual EBITDA margin reported at 12.4%, falling within the original target range. | Achieved |
| Manufacturing Technology Upgrade | Full motorcycle manufacturing will move to Punched Grid technology by end of December | Q2 FY26 | Not mentioned in the current quarter. | Ghosted |
| Commercial Production Timeline | Start commercial production within this year which means FY '26 | Q4 FY25 | Sample deliveries have commenced as per the revised Q4 FY26 timeline. Management now expects revenue contribution to begin 'shortly during FY27'. | On Track |
1 of Exide Industries Limited's 13 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 10 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹388.7 on 24 Oct 2025 → ₹336.9. High ₹490.65 (12 Aug 2026), low ₹287.9 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
2 of 3 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA Margin | Demonstrate margins plus 12% to plus 13% in coming quarters | Q2 FY26 | Actual EBITDA margin reported at 12.4%, falling within the original target range. | Achieved |
| Manufacturing Technology Upgrade | Full motorcycle manufacturing will move to Punched Grid technology by end of December | Q2 FY26 | Not mentioned in the current quarter. | Ghosted |
| Commercial Production Timeline | Start commercial production within this year which means FY '26 | Q4 FY25 | Sample deliveries have commenced as per the revised Q4 FY26 timeline. Management now expects revenue contribution to begin 'shortly during FY27'. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 13 tracked commitments, with each call’s wording and source.
Call summaries
Exide Industries Limited Q1 FY27
Exide Industries reported a strong Q1 FY27 with standalone revenue growth of 17.6% and EBITDA up 19.5% to INR 655 crores, driven by broad-based double-digit growth across segments. EBITDA margin expanded to 12.4% despite elevated input costs and currency headwinds. Significant progress was made on the lithium-ion giga factory with sample deliveries commencing, and the company remains debt-free.
Read the full callExide Inds. Q4 FY26
Exide Industries reported a strong Q4 FY26 with overall revenue growing 9.4% YoY to its highest-ever quarterly figure, driven by a 12.5% increase in domestic sales and robust performance in Auto OEM and Solar segments. Despite a Rs. 150 crore negative impact from commodity inflation, the company maintained its EBITDA margin at 11.7% through cost controls and price hikes. Significant investments continue in the lithium-ion cell manufacturing project, with Rs. 4,802 crores invested to date, targeting customer sample deliveries for cylindrical cells this month and prismatic cells by June/July.
Read the full callExide Inds. Q3 FY26
Exide Industries reported a mixed Q3 FY26, with overall sales growing 5% YoY to cross INR4,000 crores, driven by strong performance in Auto OEM and Industrial Infra. Despite commodity price pressures, EBITDA margin was maintained at 11.7% YoY and expanded 220 bps QoQ, aided by cost excellence projects. However, growth was tempered by continued decline in the telecom business and challenges in exports, while the Li-ion cell manufacturing project saw further investment of INR320 crores in Q3.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +28% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 4,450 | 4,017 | 4,335 | 4,695 | 4,365 | 4,201 | 4,735 | 5,528 |
| Expenses | 3,978 | 3,592 | 3,907 | 4,157 | 3,973 | 3,748 | 4,247 | 4,907 |
| Operating profit | 472 | 425 | 428 | 538 | 391 | 452 | 488 | 621 |
| Operating margin | 11.0% | 11.0% | 10.0% | 11.0% | 9.0% | 11.0% | 10.0% | 11.0% |
| Other income | 40 | 13 | 44 | 28 | 54 | 5 | 4 | 27 |
| Interest | 34 | 54 | 35 | 32 | 40 | 25 | 27 | 20 |
| Depreciation | 146 | 145 | 148 | 149 | 152 | 149 | 138 | 142 |
| Profit before tax | 332 | 238 | 290 | 385 | 253 | 283 | 327 | 487 |
| Tax rate | 30.0% | 33.0% | 35.0% | 29.0% | 31.0% | 31.0% | 34.0% | 28.0% |
| Net profit | 233 | 158 | 188 | 275 | 174 | 195 | 217 | 351 |
| EPS (₹ per share) | 2.72 | 1.84 | 2.20 | 3.21 | 2.02 | 2.28 | 2.53 | 4.12 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 15,078 | 16,770 | 17,238 | 17,996 |
| Expenses | 13,489 | 14,952 | 15,440 | 16,125 |
| Operating profit | 1,588 | 1,817 | 1,798 | 1,869 |
| Other income | 126 | 91 | 113 | 91 |
| Interest | 74 | 117 | 153 | 124 |
| Depreciation | 503 | 560 | 583 | 588 |
| Profit before tax | 1,138 | 1,232 | 1,176 | 1,248 |
| Net profit | 822 | 883 | 800 | 861 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 85 | 85 | 85 | 85 | 85 | 85 |
| Reserves | 10,499 | 11,047 | 12,801 | 13,828 | 14,640 | 13,820 |
| Borrowings | 520 | 588 | 1,123 | 2,017 | 1,645 | 1,575 |
| Other liabilities | 2,799 | 3,037 | 4,140 | 5,459 | 5,447 | 5,737 |
| Total liabilities | 13,902 | 14,758 | 18,149 | 21,390 | 21,816 | 21,218 |
| Fixed assets | 3,361 | 3,682 | 3,853 | 3,935 | 4,083 | 4,006 |
| Capital work in progress | 341 | 525 | 1,352 | 3,643 | 3,865 | 4,198 |
| Investments | 5,558 | 5,106 | 5,940 | 6,468 | 7,430 | 6,131 |
| Other assets | 4,642 | 5,444 | 7,004 | 7,343 | 6,439 | 6,882 |
| Total assets | 13,902 | 14,758 | 18,149 | 21,390 | 21,816 | 21,218 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 38 | 31 | 30 | 30 | 36 | 32 |
| Inventory days | 144 | 120 | 121 | 124 | 144 | 120 |
| Days payable | 130 | 78 | 65 | 87 | 105 | 110 |
| Cash conversion cycle | 52 | 74 | 85 | 67 | 74 | 42 |
| Working capital days | -14 | 40 | 47 | 26 | 17 | 4 |
| Return on capital employed | 14.0% | 11.0% | 10.0% | 10.0% | 9.0% | 9.0% |
| Dividend payout | 21.0% | 4.0% | 21.0% | 19.0% | 21.0% | 20.0% |
The businesses behind the company’s reported revenue.
Storage batteries & allied products contributes 99.8% of reported segment revenue.
Year ended 31 Mar 2023 · Consolidated
₹15,052.97 crore
₹25.19 crore
₹0.00 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Storage batteries & allied products | 15,052.97 | 99.8% |
| Others | 25.19 | 0.2% |
| Revenue/Result of discontinued operations | 0.00 | 0.0% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
To justify its price of ₹337, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~1%. At that growth it is worth ₹117 — downside of 65%.
Ownership
Promoters hold 45.99% as of Sept 2026; institutions added 0.86 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Exide Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 45.99% | unchanged | |
| Insurer | 5.27% | −0.68 pp |
| 4.32% | unchanged | |
| Sovereign | 2.28% | unchanged |
| Mutual fund | 1.73% | unchanged |
| Insurer | 1.68% | +0.17 pp |
| Mutual fund | — | off the list |
| 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.
Filings to Sep 2026
0 new, 1 added, 5 trimmed, 2 sold out — net −2.02 L shares (−2.1%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹234 Cr | held | May '26 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹80 Cr | held | Jul '26 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹47 Cr | held | Dec '22 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹18 Cr | −0.04 L | Sep '24 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹12 Cr | −0.03 L | Sep '24 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹6 Cr | +0.01 L | Sep '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | −0.03 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹1 Cr | −0.00 L | Sep '24 |
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 Sep 2026
1 added, 5 trimmed — net −2.02 L shares (−2.1%)
Shares held by these funds −8%
Oct '23 96.38 L shares Sep '26
Your own record
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