Exide Industries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹29,287 Cr
- P/E
- 31.21
- ROE
- 5.97%
- PEG
- 19.02
- Price to sales
- 1.56
- Debt to equity
- 0.11
- 52W high / low
- ₹491 / ₹288
- Sales growth (5Y)
- 11.68%
- EBITDA margin
- 10.37%
- Net profit margin
- 4.65%
- Promoter holding
- 45.99%
- Sales (last year)
- ₹18,829 Cr
Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India. [1]
Guidance scorecard · Q1 FY27 call
What Exide Industries Ltd's management guided
and where it ranks in Auto Components
Auto Components
RevenueQ1 FY27 call
10–20%- Revenue growth of 15%-16% for full year FY27 looks achievable, supported by a favorable base and strong demand in core businesses.
- Lithium-ion plant utilization expected to reach 25%-30% in first year (FY27), with growth tied to 2-wheeler, 3-wheeler, telecom, and stationary storage markets.
- Potential capacity expansion from 6 GWh to 12 GWh in next few years aligned with demand growth.
- Lead acid battery volumes seeing double-digit growth in multiple segments (4-wheeler replacement 10%, 4-wheeler OEM 21%, 2-wheeler OEM 20%).
2 more points from Exide Industries Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Exide Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Approved capex of INR 1,400 crores for FY27, with INR 100 crores already spent in July; remainder planned for upcoming months.
- Total planned investment around INR 7,000 crores for 12 GWh lithium-ion capacity, subject to slight changes due to currency fluctuations.
- Phase 1 capex heavy on land, utilities, and infrastructure for 12 GWh capacity; Phase 2 will focus mainly on production machinery with lower capex.
- Annual core lead-acid business capex around INR 500 crores for capacity expansion, debottlenecking, automation, and technology upgrades.
- Exploring co-investment with Hyundai for a customized lithium cell line, with progress ongoing but delayed.
2 more points from Exide Industries Ltd's call on capex
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FundraisingQ1 FY27 call
See what Exide Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- For lithium-ion batteries, Exide has supplied samples to major OEMs (covering about 80%-85% of the Indian EV market) who are currently in the homologation process; serial production approvals are awaited.
- Discussions with 4-wheeler OEMs have begun, with some major players showing interest, but commercial supply is expected after commissioning the fourth production line.
- For BESS (battery energy storage systems), demand exists with project-based tenders expected to have lower start-up times than OEM segments.
- Government tenders remain muted as of Q1 FY27 but are expected to pick up in the second half.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Auto Components companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹3,020 Cr | 47.8 | |
| 2 | 40%+ | Flat | ₹1,998 Cr | 63.5 | |
| 3 | 40%+ | Flat | ₹428 Cr | 17.5 | |
| 4 | 20–40% | Up 2%+ | ₹25,721 Cr | 73.8 | |
| 5 | 20–40% | Up 2%+ | ₹13,417 Cr | 40.5 | |
| 6 | 20–40% | Up 0–2% | ₹23,344 Cr | 37.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Auto Components rankingExide Industries Ltd announcements
All announcements →- Capex / expansionNotableExide Industries' subsidiary commissions Phase-I lithium-ion cell plant in Bengaluru
Financials of Exide Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Exide Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,677 | 4,245 | 4,372 | 3,980 | 4,173 | 4,436 | 4,450 | 4,017 | 4,335 | 4,695 | 4,365 | 4,201 | 4,735 |
| Expenses + | 3,305 | 3,807 | 3,872 | 3,548 | 3,725 | 3,963 | 3,978 | 3,592 | 3,907 | 4,157 | 3,973 | 3,748 | 4,247 |
| Operating Profit | 372 | 438 | 499 | 432 | 448 | 473 | 472 | 425 | 428 | 538 | 391 | 452 | 488 |
| OPM % | 10% | 10% | 11% | 11% | 11% | 11% | 11% | 11% | 10% | 11% | 9% | 11% | 10% |
| Other Income + | 36 | 23 | 38 | 25 | 5 | 16 | 40 | 13 | 44 | 28 | 54 | 5 | 4 |
| Interest | 21 | 24 | 30 | 32 | 31 | 30 | 34 | 54 | 35 | 32 | 40 | 25 | 27 |
| Depreciation | 131 | 132 | 141 | 145 | 142 | 144 | 146 | 145 | 148 | 149 | 152 | 149 | 138 |
| Profit before tax | 256 | 304 | 366 | 281 | 281 | 316 | 332 | 238 | 290 | 385 | 253 | 283 | 327 |
| Tax % | 29% | 26% | 26% | 28% | 34% | 30% | 30% | 33% | 35% | 29% | 31% | 31% | 34% |
| Net Profit + | 181 | 224 | 270 | 203 | 186 | 221 | 233 | 158 | 188 | 275 | 174 | 195 | 217 |
| EPS in Rs | 2.12 | 2.62 | 3.17 | 2.36 | 2.17 | 2.59 | 2.72 | 1.84 | 2.20 | 3.21 | 2.02 | 2.28 | 2.53 |
Financials of Exide Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 9,471 | 9,477 | 11,179 | 12,808 | 14,721 | 14,471 | 10,359 | 12,789 | 15,078 | 16,770 | 17,238 | 17,995 |
| Expenses + | 8,528 | 8,289 | 9,805 | 11,400 | 13,159 | 13,014 | 8,994 | 11,387 | 13,485 | 14,946 | 15,433 | 16,125 |
| Operating Profit | 944 | 1,187 | 1,374 | 1,408 | 1,562 | 1,457 | 1,366 | 1,402 | 1,593 | 1,823 | 1,805 | 1,870 |
| OPM % | 10% | 13% | 12% | 11% | 11% | 10% | 13% | 11% | 11% | 11% | 10% | 10% |
| Other Income + | 94 | 59 | 102 | 21 | 148 | 40 | 132 | 3,725 | 125 | 88 | 113 | 91 |
| Interest | 9 | 79 | 153 | 114 | 117 | 108 | 37 | 64 | 79 | 120 | 160 | 124 |
| Depreciation | 155 | 175 | 226 | 267 | 344 | 418 | 394 | 440 | 502 | 560 | 582 | 589 |
| Profit before tax | 874 | 992 | 1,097 | 1,048 | 1,249 | 972 | 1,068 | 4,623 | 1,138 | 1,231 | 1,176 | 1,249 |
| Tax % | 29% | 29% | 27% | 34% | 32% | 22% | 25% | 6% | 28% | 28% | 32% | 31% |
| Net Profit + | 616 | 700 | 804 | 694 | 847 | 762 | 803 | 4,357 | 823 | 883 | 800 | 860 |
| EPS in Rs | 7.23 | 8.20 | 9.42 | 8.13 | 9.95 | 9.14 | 9.53 | 51.38 | 9.68 | 10.31 | 9.35 | 10.05 |
| Dividend Payout % | 30% | 29% | 25% | 30% | 24% | 45% | 21% | 4% | 21% | 19% | 21% | 20% |
Financials of Exide Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 |
| Reserves | 3,756 | 4,305 | 4,947 | 5,344 | 6,022 | 6,382 | 7,187 | 10,499 | 11,047 | 12,801 | 13,828 | 13,820 |
| Borrowings + | 58 | 115 | 187 | 60 | 89 | 196 | 509 | 520 | 588 | 1,123 | 2,017 | 1,575 |
| Other Liabilities + | 9,989 | 10,866 | 12,546 | 14,326 | 16,235 | 17,549 | 20,625 | 2,799 | 3,039 | 4,140 | 5,459 | 5,740 |
| Total Liabilities | 13,887 | 15,370 | 17,765 | 19,815 | 22,431 | 24,213 | 28,406 | 13,902 | 14,760 | 18,149 | 21,390 | 21,220 |
| Fixed Assets + | 1,781 | 1,975 | 2,259 | 2,681 | 3,080 | 3,248 | 3,599 | 3,361 | 3,685 | 3,853 | 3,935 | 4,267 |
| CWIP | 115 | 192 | 149 | 241 | 300 | 405 | 431 | 341 | 525 | 1,352 | 3,643 | 3,938 |
| Investments | 8,817 | 10,446 | 11,884 | 12,490 | 14,328 | 15,816 | 18,807 | 5,558 | 5,106 | 5,940 | 6,468 | 6,131 |
| Other Assets + | 3,175 | 2,757 | 3,474 | 4,402 | 4,723 | 4,744 | 5,570 | 4,642 | 5,444 | 7,004 | 7,343 | 6,885 |
| Total Assets | 13,887 | 15,370 | 17,765 | 19,815 | 22,431 | 24,213 | 28,406 | 13,902 | 14,760 | 18,149 | 21,390 | 21,220 |
Financials of Exide Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 180 | 1,583 | 937 | 914 | 1,687 | 1,619 | 2,263 | 61 | 768 | 1,531 | 1,273 | 2,413 |
| Cash from Investing Activity + | -61 | -1,329 | -727 | -535 | -1,438 | -1,097 | -2,082 | 66 | -799 | -1,458 | -1,934 | -1,551 |
| Cash from Financing Activity + | -199 | -167 | -182 | -386 | -217 | -532 | -170 | -172 | -30 | 110 | 515 | -805 |
| Net Cash Flow | -79 | 87 | 28 | -6 | 32 | -9 | 11 | -45 | -61 | 183 | -146 | 57 |
| Free Cash Flow | -149 | 1,161 | 497 | 108 | 1,001 | 1,024 | 1,771 | -603 | -219 | -340 | -652 | 1,293 |
| CFO/OP | 46% | 157% | 89% | 91% | 133% | 129% | 186% | 22% | 69% | 105% | 91% | 150% |
Financials of Exide Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 27 | 28 | 24 | 31 | 31 | 27 | 38 | 31 | 30 | 30 | 36 | 32 |
| Inventory Days | 129 | 106 | 131 | 120 | 107 | 138 | 144 | 120 | 121 | 124 | 144 | 120 |
| Days Payable | 82 | 96 | 93 | 91 | 81 | 92 | 130 | 78 | 65 | 87 | 105 | 110 |
| Cash Conversion Cycle | 74 | 37 | 61 | 60 | 56 | 73 | 52 | 74 | 85 | 67 | 74 | 42 |
| Working Capital Days | 20 | -3 | 10 | 22 | 16 | 21 | -14 | 40 | 47 | 26 | 17 | 21 |
| ROCE % | 23% | 26% | 26% | 23% | 21% | 17% | 14% | 11% | 10% | 10% | 9% | 9% |
Guidance history
How Exide Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Up 0–2% | Planned | Planned | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
20 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −10.4% | 49% |
| Last 6 months | −4.4% | 46% |
| Last 3 months | −23.9% | 9% |
The price is 39.5% below its all-time high of ₹569.7 (21 Jun 2024). Stocks more than 20% below their peak have their score halved, so 40 became 20.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Exide Industries Ltd: 0.4 × 49 + 0.4 × 46 + 0.2 × 9 = 40, halved to 20 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Exide Industries Ltd's management said in earlier quarters
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