Exide Inds. Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 17 Aug 2026 | Auto Components | Market Cap: ₹39.1K Cr

Medium-term CAGR for the core lead-acid battery business is expected to be mid-to-high single digits to early double digits, similar to the past five years' CAGR of around 11% (+/-1%). Core lead-acid battery business is expected to grow at mid-to-high single-digit to early double-digit CAGR over the next 3-5 years, consistent with past five-year growth (~11% CAGR). - Auto OEM business has recorded 20-25% growth in recent quarters, expected to drive aftermarket growth after 2 years. - EBITDA margin improved by about 50 basis points year-on-year in FY26, showing margin resilience despite commodity cost pressures. - Lithium-ion business is ramping up with Rs.

From Exide Inds.'s Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹459.6

Market Cap

₹39.1K Cr

P/E Ratio

41.6

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Exide Inds. — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹4.7K Cr, net profit ₹217 Cr.

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📊 Revenue & Sales Performance

→Medium-term CAGR for the core lead-acid battery business is expected to be mid-to-high single digits to early double digits, similar to the past five years' CAGR of around 11% (+/-1%).
→Automotive OEM business is growing 20-25% and is expected to drive aftermarket growth in 2 years.
→Domestic business sales grew 12.5% YoY in Q4; full-year FY26 domestic growth was about 7.5%.
→Two-wheeler and four-wheeler replacement markets, home UPS, solar, and industrial infrastructure businesses show robust double-digit growth.
→Export revenues expected to recover and grow from a low base as geopolitical tensions ease (Exports ~5% of top line).
→Lithium-ion cell manufacturing business ramp-up expected to generate incremental revenue once production scales and approvals finalize, with Phase-I investment ongoing.
→Overall outlook is cautiously optimistic given inflationary concerns, but strong growth momentum is maintained across key verticals.

📈 Profitability & Margins

→Core lead-acid battery business is expected to grow at mid-to-high single-digit to early double-digit CAGR over the next 3-5 years, consistent with past five-year growth (~11% CAGR).
→Auto OEM business has recorded 20-25% growth in recent quarters, expected to drive aftermarket growth after 2 years.
→EBITDA margin improved by about 50 basis points year-on-year in FY26, showing margin resilience despite commodity cost pressures.
→Lithium-ion business is ramping up with Rs. 1,400 crore investment planned in FY27, targeting commercialization in phases, which is expected to contribute to future earnings.
→The Company focuses on ramping production, achieving 85% capacity utilization and 90% yield in lithium-ion plants to support margins.
→Price hikes have been taken to offset commodity inflation, and further increases may be necessary due to sharp raw material cost rises.
→Overall, the outlook remains cautiously optimistic with tight cost control amid inflationary pressures.

See what Exide Inds. said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Exide Industries has invested approximately Rs. 4,800 crores in its lithium-ion cell manufacturing subsidiary, Exide Energy, to date.
→An additional capital expenditure of Rs. 1,400 crores is approved and planned for FY27, covering both CAPEX and OPEX requirements for Phase-I.
→The total expected investment in the lithium-ion business, including past and planned amounts, is around Rs. 6,200-6,500 crores.
→Investments focus on establishing a 6-gigawatt capacity split evenly between cylindrical (NMC chemistry) and prismatic (LFP chemistry) cells.
→Discussions and potential future investments involve capacity tied with Hyundai, which is separate and incremental to the current 6-gigawatt investment.
→The company is focusing on ramping up production, improving yields, and achieving better cost metrics before providing further guidance on returns.

💰 Fundraising & Capital Structure

→The company has already received Board approval for investing Rs. 1,400 crore in FY27 towards lithium-ion cell manufacturing, covering both CAPEX and working capital.
→There is no explicit mention of any new fundraising through debt or equity in the transcript.
→Investment so far includes about Rs. 4,800 crores already invested in Exide Energy, the lithium-ion subsidiary.
→Discussions with the government on policy support and subsidies to aid localization and cost competitiveness are ongoing, but no direct plans for fundraising were disclosed.
→The management did not comment on material disclosures related to separate contracts (e.g., Hyundai co-investment) and refrained from discussing fundraising plans linked to those.
→Overall, no confirmed new fundraising plans through debt or equity were announced or discussed in the transcript.

See what Exide Inds. said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

The provided transcript does not explicitly mention the current or expected order book or pending orders for Exide Industries Limited. However, the following related points can be inferred: - The company is ramping up lithium-ion cell manufacturing capacity, with 6 gigawatts capacity planned in Phase-I (3 GWh cylindrical, 3 GWh prismatic). - Additional capacity through a separate contract with Hyundai is incremental and not included in the current 6 gigawatt capacity. - Customer validation for cylindrical cells is about 2-3 months; prismatic cells are expected to have quicker market entry. - The company is engaging with multiple OEMs (two-wheelers, three-wheelers, four-wheelers) and stationary energy providers to build offtake. - The management expressed confidence in ramping up production and delivering growth aligning with expectations, indicating strong demand. No specific quantified order book or pending order value was disclosed.

Key Metrics

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Frequently Asked Questions

What were Exide Inds. Q4 FY26 results?

What is Exide Inds. share price analysis?

Exide Inds. currently shows a neutral. The stock trades at a P/E of 41.6 with a market cap of ₹39,066 Cr. Investors should review the full earnings analysis for detailed insights.

Is Exide Inds. planning capital expenditure?

Exide Industries has invested approximately Rs.

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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.