Exide Industries Limited Earnings Summary — Q4 FY2026

• Revenue grew 9.2% YoY to Rs. 4,735 crores, driven by robust automotive and industrial battery demand.
• Net profit saw a healthy 15.4% YoY increase, reaching Rs. 217 crores for the quarter.
• Operating margins remain stagnant at 10%, reflecting persistent pressure from volatile raw material costs and high competitive intensity.
• The company continues its massive capital expenditure cycle for the Lithium-ion cell manufacturing project, impacting short-term free cash flows.
• Return on Equity (ROE) remains depressed at 6%, a significant drop from historical high-teens levels.
• Borrowings significantly decreased from Rs. 2,017 crores in FY25 to Rs. 1,575 crores in FY26, improving the leverage profile.
• Exide maintains its dominant market position in lead-acid batteries while pivoting towards an EV-ready solutions provider.

Management remains focused on the green energy transition through its multi-gigawatt Lithium-ion project, leveraging technical partnerships and domestic manufacturing under PLI schemes to defend long-term market share.

Stable

While revenue and profit are growing, the decade-long stagnation in PAT CAGR and declining ROCE prevent a positive shift until Lithium-ion projects scale.

The outlook hinges entirely on the successful commissioning of the Li-ion cell plant. While the core lead-acid business remains a steady cash cow, mid-term profitability will be suppressed by high depreciation and interest costs from the expansion.