Exide Industries Ltd(EXIDEIND)

NSE: EXIDEINDBSE: 500086

₹ 332.05-3.40%refreshed 23 Oct, 03:57 pm ISTMarket cap: ₹ 28,224 crNext results: 4 Nov 2026Website: www.exideindustries.comUpdated: 24 Oct 2026

About

Exide Industries is India's leading storage battery manufacturer, making lead-acid batteries for automotive OEM, automotive replacement, industrial, home UPS and solar uses, with a lithium-ion cell business through its subsidiary Exide Energy Solutions Limited (EESL). Its lead-acid range covers capacities from 2.5 Ah to 20,200 Ah, and it reported revenue of Rs 17995.35 crore in FY26. Through EESL it has commissioned a 6 GWh lithium-ion cell plant at Devanahalli, Bengaluru.^[1][2]

Business segments

Storage batteries and allied products made up 99.8% of revenue in FY23, so the company reports essentially one segment.^[3]
Standalone revenue in FY25 split into Rs 15,203.05 crore from India and Rs 1,385.06 crore from overseas, out of Rs 16,588.11 crore.^[2]
The battery business's main verticals are automotive OEM (2W and 4W), automotive replacement (2W and 4W), home UPS, solar, industrial infrastructure, exports, telecom and e-rickshaw.^[4]
Telecom lead-acid fell to about 1% of revenue in Q3 FY26, down from about 10% at the peak of the 5G build-out, as tower operators move to lithium-ion.^[5]
Exports plus telecom/e-rickshaw made up about 8% of revenue in Q4 FY26.^[6]

Products and brands

As of FY25, the range covers lead-acid batteries from 2.5 Ah to 20,200 Ah for mobility, industrial and backup power uses.^[2]
Traction battery lines are sold as Mega Charge and THORR. The data centre battery is the EHP Front-Terminal (FY25).^[2]
In FY25 the company said it was the only fully compliant maker in India of the premium M3-rated EFB product.^[2]
AGM batteries for premium passenger vehicles launched in Q3 FY26. The PowerBox and EL Ultra inverter battery ranges and Solar Grid-Tie Inverters launched in February 2026.^[5]
Data centre battery revenue ran at INR 75 - 100 crore per quarter in Q3 FY26, and the front-access EHP series is described as the only such product offered in India.^[5]

Operations and manufacturing

All 2-wheeler battery production had moved to Punched Grid technology by end-December 2025.^[7]
Core lead-acid capex is about INR 500 crore a year, going to debottlenecking and brownfield expansion across five 4W battery factories (Q1 FY27).^[4]
Lead-recycling subsidiary Chloride Metals has units in Karnataka, Maharashtra and West Bengal, with total refining capacity of 3,45,600 MT p.a. (FY25).^[2]
Chloride Metals processed over 130,000 MT of battery and lead scrap in FY25, up 33%, and doubled its plastic recycling capacity to 9,000 MT.^[2]
EESL's Prantij, Gujarat plant makes battery modules and packs for EVs, telecom and energy storage (FY25).^[2]
The workforce in FY25 was 5,100+ permanent and 15,500+ contractual employees and workers.^[2]

Key operating numbers

In Q1 FY27, 4W OEM volume rose 21% YoY and 2W OEM volume rose 20% YoY. It was the third straight quarter of about 25% YoY growth for automotive OEM.^[4]
4W replacement volume grew 10% YoY in Q1 FY27, and solar volume grew 12 - 14% YoY.^[4]
Solar revenue passed Rs 1,000 crore in FY26. Q1 FY27 was its best quarter so far, at INR 400 cr+.^[6]
Export revenue grew 20%+ YoY in Q1 FY27 from a low base, after five quarters in a row of decline.^[4]
Calibrated price increases of 4 - 6% YoY were taken across product categories in Q1 FY27 to partly offset higher lead costs and the weaker INR against the USD.^[4]
Production costs are about 65% - 70% of sales, and lead-price changes are passed on with a time lag (FY25).^[2]

Customers and distribution

In FY25 the company had a pan-India network of more than 1.20 lakh channel partners.^[2]
In FY25 there were over 1,700 Exide Care outlets and more than 300 SF Power Bay outlets in India, and digital warranty registrations ran at over 500,000 a month.^[2]
The company is present in over 60 countries. In FY25 international automotive battery sales grew at a high double-digit rate, and AGM batteries were introduced in Egypt, the GCC and ASEAN.^[2]
In FY25 the company developed a new product for Caterpillar Inc. and supplied it in domestic and export markets.^[2]
It supplies 100% of the batteries for the new domestic Kia Seltos (Q3 FY26).^[5]
Its 12V lead-acid auxiliary batteries go to all major EV makers in India (FY25).^[2]

Exide Energy Solutions - lithium-ion cells

EESL finished commissioning its 6 GWh lithium-ion cell plant at Devanahalli, Bengaluru on 23 September 2026. The plant covers mobility and energy storage across several chemistries and form factors.^[8]
EESL has a multi-year technical collaboration with SVOLT Energy Technology covering lithium-ion cell technology and turnkey plant set-up.^[2]
In Q1 FY27 the NCM cylindrical line began delivering customer samples, and the LFP prismatic line began sample supplies for 3-wheeler and telecom uses.^[4]
EESL is targeting 25 - 30% utilisation in FY27 with two lines running, depending on yield improvement.^[4]
Cumulative equity invested in EESL was INR 4,902 crore as of 31 July 2026, including INR 100 crore put in during July 2026.^[4]

Expansion and capex

The Board approved an INR 1,400 crore equity infusion into EESL for FY27, to be funded from the parent's operating cash flows.^[4]
Line 4, a second LFP line for large-format BESS cells and 4W OEM supply, is targeted for commissioning around end-FY27.^[4]
EESL Phase 2 is planned to add another 6 GWh, mostly LFP. Land and utilities are already built for 12 GWh.^[4]
A pilot R&D line at Bengaluru is targeted to come online by end-2026.^[4]
EESL aims to localise 50 - 60% of its bill of materials within 2 - 3 years through partnerships for electrolyte, cathode active material and anode.^[4]

Market Cap

₹28,224 Cr

High / Low

₹496 / 287

Stock P/E

33.8

Price / Book

2.3

Book Value

₹164

EPS

₹10.1

No. of Shares

85 Cr

ROCE

8.8%

ROE

6.1%

OPM

7.6%

Debt / Equity

0.08

Sales

₹17,995 Cr

Net Profit

₹860 Cr

Promoter holding

46.0%

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Exide Industries Ltd(EXIDEIND)

About

Business segments

Products and brands

Operations and manufacturing

Key operating numbers

Customers and distribution

Exide Energy Solutions - lithium-ion cells

Expansion and capex

Signal history

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