Exide Industries Limited Earnings Summary — Q4 FY2026
Exide Industries Reports Balanced Q4 Results with Revenue Growth Amidst Heavy Capex Cycle
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 3 consecutive quarters.
- Revenue of ₹5,528 Cr is 17.7% higher year-on-year.
- Revenue has compounded at 13.3% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹350 Cr is 28.4% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 32.9% annualised across the period.
- Operating margin stands at 11.2% in Q1 FY2027.
- Operating margin compressed by 23 bps year-on-year.
- Over the last two years operating margin has expanded by 57 bps.
- PBT margin is 8.8%.
- Expenses grew 18.0% against revenue growth of 17.7%.
- Operating profit of ₹621 Cr is 15.4% higher year-on-year.
- Operating leverage continues to improve.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 74/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 5,528 | 4,735 | 4,201 | 4,365 | 4,695 | 4,335 | 4,017 | 4,450 | 4,436 | 4,173 |
| Expenses | Improving | 4,907 | 4,247 | 3,748 | 3,973 | 4,157 | 3,907 | 3,592 | 3,978 | 3,963 | 3,725 |
| Operating Profit | Accelerating | 621 | 488 | 452 | 391 | 538 | 428 | 425 | 472 | 473 | 448 |
| Operating Margin | Stable | 11.2% | 10.3% | 10.8% | 9.0% | 11.5% | 9.9% | 10.6% | 10.6% | 10.7% | 10.7% |
| Other Income | Accelerating | 27 | 4 | 5 | 54 | 28 | 44 | 13 | 40 | 16 | 5 |
| Interest | Stable | 20 | 27 | 25 | 40 | 32 | 35 | 54 | 34 | 30 | 31 |
| Depreciation | Stable | 142 | 138 | 149 | 152 | 149 | 148 | 145 | 146 | 144 | 142 |
| Profit Before Tax | Accelerating | 487 | 327 | 283 | 253 | 385 | 290 | 238 | 332 | 316 | 281 |
| Tax | Accelerating | 136 | 111 | 88 | 80 | 110 | 102 | 80 | 99 | 95 | 95 |
| Net Profit | Accelerating | 350 | 215 | 194 | 172 | 273 | 187 | 157 | 231 | 220 | 185 |
| Net Margin | Accelerating | 6.3% | 4.5% | 4.6% | 3.9% | 5.8% | 4.3% | 3.9% | 5.2% | 5.0% | 4.4% |
Key Takeaways
- 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 Guidance
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.
Sentiment Shift
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.
Outlook
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.
From the Annual Report (Key Quotes)
“The core business serves as a cash cow, funding a massive capital expenditure cycle for the future.”
“Executive team has successfully pivoted from being just a 'lead-acid player' to a 'solutions provider.'”
“Investment thesis hinges entirely on the successful commissioning and scaling of the new Lithium cell plants.”
Official Quarterly Documents
This summary is AI-generated from Exide Industries Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.