Exide Industries Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Auto Components | Market Cap: ₹40.5K Cr
Lead-acid business growth was modest (~4% last year) but expected to improve with initiatives in manufacturing technology and network enhancement. Lead-acid business outlook for FY '26 remains positive across most verticals with advanced product portfolio and pan-India distribution network.
From Exide Industries Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹460
Market Cap
₹40.5K Cr
P/E Ratio
43.1
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Exide Industries Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹4.7K Cr, net profit ₹217 Cr.
Full financials →📊 Revenue & Sales Performance
- →Lead-acid business growth was modest (~4% last year) but expected to improve with initiatives in manufacturing technology and network enhancement.
- →2-wheeler aftermarket showed strong recovery, with quarterly growth rising from 2% in Q1 to 18% in Q4; aggressive growth plans for next year as supply normalizes.
- →Solar business grew robustly (~25-27%) and aims to build an INR1,000-1,200 crores franchise next year.
- →Auto exports grew 25-30%, with plans to capture more market share.
- →Telecom sector demand bottomed out; lead-acid volumes expected stable, lithium demand growing.
- →Lithium-ion cell manufacturing capacity expected to ramp up, with commercial production starting FY '26; slow initial ramp but aim for 80% utilization in 2 years, signaling faster growth thereafter.
- →Public charging infrastructure improvements projected to accelerate EV 2-wheeler and 3-wheeler adoption, feeding volume growth.
- →Overall, positive outlook with investments in capacity, technology, and market expansion driving medium-term growth.
📈 Profitability & Margins
- →Lead-acid business outlook for FY '26 remains positive across most verticals with advanced product portfolio and pan-India distribution network.
- →2-wheeler aftermarket showed strong growth, improving quarter-on-quarter, expected to continue growing aggressively next year as supply constraints ease.
- →Solar and Industrial UPS (IUPS) businesses exhibited substantial growth (~25-27%), with plans to build significant franchise in solar business next year.
- →Telecom business volume declined due to 5G rollout slowdown, but lead-acid volumes expected to have bottomed out; lithium-ion solutions may drive growth.
- →Lithium-ion cell manufacturing plant commercial production expected in FY '26, with ramp-up planned to 80% utilization in 1-2 years before margin clarity.
- →Cost-saving initiatives, tech upgrades, and automation expected to improve margins over the next 2 years.
- →Antimony price impact partly mitigated by price increases; one-time write-offs will not recur.
- →Overall, management expects growth recovery and focus on profitability improvements going forward.
🏗️ Capital Expenditure Plans
- →Ongoing capital work on lithium-ion cell manufacturing plant with staged commissioning.
- →Total equity investment in lithium-ion project by Exide at INR3,602 crores to date.
- →Additional INR300 crores equity injected in April 2025 into EESL subsidiary for lithium-ion project.
- →Investment of about INR5,000 crores planned for the first phase of lithium-ion plant.
- →Capital investment for punched grid technology in 2-wheeler battery production expanded to full capacity by November 2025.
- →Continuous casting process improvement investment extended to two more production lines by end of calendar year.
- →Emphasis on manufacturing efficiency and new technology for margin improvement.
- →No further large capacity additions planned currently beyond the initial 6 GWh lithium-ion capacity plus Hyundai contract; will re-evaluate after reaching ~80% utilization.
- →Focus on customer contracts, homologation, and gradual scale-up of lithium-ion production.
💰 Fundraising & Capital Structure
📋 Order Book & Pipeline
- →Exide Industries has secured a range of commitments for its lithium-ion cell manufacturing project, ranging from Memorandums of Understanding (MOUs), pack in production, to co-investments with leading e2-wheeler, e3-wheeler, and e4-wheeler OEMs. (Page 5)
- →The company is actively engaging with customers for lithium-ion battery contracts and is in the process of homologation and scaling up production. (Page 10)
- →No specific quantitative details on the current orderbook or exact pending orders are disclosed; management refrains from giving firm margin or ROCE guidance until production scales to around 80% utilization. (Pages 10-16)
- →The Hyundai contract is mentioned as part of the lithium-ion project but specific volumes or timelines are not detailed beyond being "in active stage." (Page 6, 11)
- →Overall, the company is progressing towards commercial production and customer commitments with a focus on ramping up volumes over the next 1-2 years. (Pages 5, 16, 18)
Key Metrics
Frequently Asked Questions
What were Exide Industries Ltd Q4 FY25 results?
Lead-acid business growth was modest (~4% last year) but expected to improve with initiatives in manufacturing technology and network enhancement. Lead-acid business outlook for FY '26 remains positive across most verticals with advanced product portfolio and pan-India distribution network.
What is Exide Industries Ltd share price analysis?
Exide Industries Ltd currently shows a neutral. The stock trades at a P/E of 43.1 with a market cap of ₹40,468 Cr. Investors should review the full earnings analysis for detailed insights.
Is Exide Industries Ltd planning capital expenditure?
Ongoing capital work on lithium-ion cell manufacturing plant with staged commissioning.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.