EXIDEIND
Mid CapExide Industries Limited
Auto
Exide Industries is a leading Indian manufacturer of lead-acid batteries for automotive and industrial applications. The company is significantly investing in lithium-ion cell manufacturing, with plans to produce cylindrical and prismatic cells for various EV and stationary energy storage applications.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +9% YoY · PAT +15% YoY · +13% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,735 Cr | +9.2% | +12.7% |
| EBITDA | ₹488 Cr | +14.0% | +8.0% |
| Operating margin | 10.0% | +0 bps | -100 bps |
| PAT | ₹217 Cr | +15.4% | +11.3% |
| PAT margin | 4.6% | +24 bps | -6 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 9.4% YoY to highest-ever quarterly revenue, driven by 12.5% domestic sales growth. EBITDA margin maintained sequentially at 11.7% despite commodity cost pressures, aided by volume growth and cost controls.
Core lead-acid business shows resilience with strong domestic growth and stable margins, supported by demand and cost management. The Li-ion cell manufacturing project is progressing towards commercialization, positioning Exide for the EV transition, though successful ramp-up and profitability remain key watchpoints.
Revenue by broad segment
Latest issuer-disclosed distribution across 2 reported categories.
Auto OEM Business
Recorded its second consecutive quarter of (+25%) year-on-year growth, hitting its highest-ever quarterly revenue.
Home UPS Business
Recorded its highest-ever Q4 sales, uplifted by early onset of summer.
Solar Vertical
Returned to double-digit growth, crossing the Rs. 1000 crore mark for the full year FY26.
2W and 4W Replacement Market
Demand remained robust, continuing its mid-teens growth rates as in past quarters.
Li-ion Cell Manufacturing Investment
Invested Rs. 600 crores in Q4 and Rs. 1,500 crores in FY26. Total equity investment in Exide Energy stands at Rs. 4,802 crores to date.
Li-ion Cylindrical Line Commissioning
Cylindrical lines are expected to start customer sample delivery by around May 2026.
Li-ion Prismatic Line Commissioning
Prismatic line will be initiating product trials shortly thereafter, targeting customer samples by June/July.
Li-ion Capacity Allocation
6 GWh capacity is divided into 3 GWh for cylindrical cells (2W applications) and 3 GWh for prismatic cells (4W, buses, stationary, BESS, Telecom).
Favorable Indian Demand
Low inflation rates, low interest rates, and GST 2.0 Reforms increased end-consumers' affordability, especially in H2 FY26.
Rural Market Revival
Rural India experienced strong broad-based revival driven by rising income, upbeat sentiment, and infrastructure development.
One-Exide Operating Model
Enabled the Company to be more agile and customer-focused, bringing synergies across the organization.
Commodity Price Inflation
Rapidly increasing commodity rates (LPG, sulfuric acid, plastics) continue to pressurize input costs.
Rupee Depreciation
Continues to pressurize input costs, offsetting any LME lead price softness.
Geopolitical Tensions
West-Asia conflict continues to be an ongoing threat, impacting Exports business which was subdued.
Technology Shift in Specific Segments
Telecom and E-Rickshaw businesses continue to see shifts towards lithium-ion technology, leading to revenue decline.
Commodity Price Volatility
Sulfur prices increased from Rs. 15/kg to Rs. 75/kg over one year. Lithium prices have also gone up double-digit in recent months.
Li-ion Commercialization & Yields
Yield is a critical factor for cell manufacturing cost. Achieving 90% yield and 85% utilization is key for meeting targeted landed cost of imported cells.
Government Policy Support for Li-ion
Government support is needed to develop the local Li-ion industry and provide value for 'Make in India' cells, including subsidies and incentives.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for overall growth and seasonal segments like Home UPS and Solar. QoQ comparison is relevant for assessing sequential momentum in EBITDA margin stability and operational efficiency amidst volatile commodity prices.
Domestic Business Sales Growth
Domestic business sales grew by 12.5% year-on-year in Q4 FY26.
Auto OEM Growth
Auto OEM business recorded its second consecutive quarter of (+25%) year-on-year growth, hitting its highest-ever quarterly revenue.
EBITDA Margin
Company maintained EBITDA margin of 11.7% on a sequential quarter basis, expanding year-on-year by nearly 50 basis points.
Capacity Utilization
Company continued to ramp up production, leading to higher capacity utilization and better absorption of fixed costs.
Positive Lead-Acid Outlook
Outlook for the lead-acid business remains positive across most businesses, with potential for high single-digit to early double-digit growth.
Focus on Cost Control
Company remains focused on tight cost control despite global headwinds to offset commodity inflation.
Li-ion Ramp-up & Localization
Completely focused on ramping up production, engaging with OEMs for offtake, and developing local supply chain for cells and packs.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Li-ion Cell Sample Delivery & Validation | Cylindrical lines by May 2026, Prismatic by June/July 2026. | Progress of customer validation and official announcements of commercial supplies and revenue recognition from cell plant. |
| Commodity Price Pass-through | Price hikes taken in aftermarket; negotiations with OEMs ongoing. | Management's ability to continue passing on non-lead price increases and secure favorable terms with OEMs amidst rising input costs. |
| Exports Business Recovery | Subdued due to geopolitical situation, expected to remain uncertain in H1 FY27. | Easing geopolitical tensions and signs of recovery in key export markets, particularly Western Europe and the US. |
| Li-ion Plant Yields & Utilization | Targeting 90% yield and 85% utilization. | Updates on operational efficiency and cost competitiveness as production scales up, critical for meeting landed cost targets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Automotive division volumes are expected to further increase in the near-term.
"expected to further increase in the near-term"
The company is optimistic about the demand scenario in the near-to-medium-term.
"optimistic of the demand scenario"
The company aims to become one of the leading domestic players in the fast-growing electric mobility space and for stationary applications.
"look forward to becoming one of the leading domestic players"
On-ground construction works for the lithium-ion cell manufacturing project are progressing as per the plan.
"construction works progressing as per the plan"
The lithium-ion cell manufacturing project is progressing well.
"project is progressing well"
The company will continue to deliver sustainable and profitable growth in the near-to-medium-term.
"we will continue to deliver sustainable and profitable growth"
Trend score and candlestick chart
56NeutralSMA20 +7.3% / mo
Technical chart
EXIDEINDdaily · 6M+6.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 61. Wait for confirmation.
- SMA20 rising (~5.8% over last month) — short-term momentum positive.
- RSI(14) at 61 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 37% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -348.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 79th percentile of the scored universe and 63rd percentile within Auto. Main check: financial discipline is weak at 52/100.
High Trust Lite: Promoter pledge is zero. Key concern: ROE is low at 6.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 63rd pctile, median 71 · Mid: 49th pctile, median 76
50 documents indexed, but claim history is not strong enough yet.
6 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.6%.
- ▸10 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 6.2%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 38.80
- P/B
- 2.40
- EV/EBITDA
- 14.23
- Market Cap
- 33418.00Cr
Profitability
- ROE
- 6.19%
- ROCE
- 8.79%
- ROA
- 4.05%
- Dividend Y
- 0.51%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 3.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 15.08×
- Altman Z
- 5.03
- Book Value
- 164.00
Cash Flow
- FCF Yield
- 2.58%
- FCF Positive Y
- 10/5
- OCF
- 2413.00 Cr
- EPS TTM
- 10.05
Shareholding
- Promoter Hold
- 45.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 74%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.