Exide Industries
Exide Industries
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Key Insights
Strengths
2- Company has reduced debt.
- Company has been maintaining a healthy dividend payout of 20.2%
Weaknesses
3- Stock is trading at 2.50 times its book value
- The company has delivered a poor sales growth of 11.7% over past five years.
- Company has a low return on equity of 6.22% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Exide Industries has a market capitalisation of about ₹36,495 crore and trades at a P/E of 38.7x and a P/B of 2.61x. Sales have grown at a 12% five-year CAGR, but profit has grown at only a 1% five-year CAGR, and return on equity has fallen to 6% over the last three years from a 13% ten-year average. The stock has returned an 18% CAGR over three and five years, while the dividend yield is 0.47%.
- Sales compounded at 12% over five years, well above the 7% ten-year sales CAGR. This points to faster topline growth in recent years across the automotive and industrial battery segments.
- Profit growth is picking up: TTM profit growth is 11%, compared with 2% over three years and 1% over five years. This may signal early recovery in margins or operating leverage.
- The company has reduced debt. That supports balance-sheet flexibility while it funds large capital projects such as its lithium-ion cell manufacturing venture.
- Long-term ROE is 13% over both five and ten years, which suggests the core lead-acid business has historically earned double-digit returns. The recent drop to 6% partly reflects capital deployed into projects that are not yet generating returns.
- The stock has delivered an 18% CAGR over three and five years and 9% over the past year. Market participants have rewarded the company's positioning over the medium term.
- The company has kept a dividend payout of 20.2%. Consistent shareholder returns continue even during a heavy investment phase.
- TTM sales growth of 8% shows ongoing demand from auto OEM, aftermarket replacement, and industrial or inverter segments. The company's scale is reflected in its ₹36,495 crore market capitalisation.
- Profit has compounded at only 1% over five years, 2% over three years, and 2% over ten years, far behind the 12% five-year sales CAGR. Margin compression and weak conversion of revenue into earnings are persistent issues.
- ROE has fallen to 6% over the last three years and 6% last year, less than half the 13% ten-year average. Capital efficiency has weakened as the equity base grows faster than profits.
- A P/E of 38.7x is a demanding multiple for a company whose five-year profit CAGR is 1%. The valuation assumes a meaningful earnings recovery that has not yet shown up in the long-term numbers.
- The stock trades at 2.61x book value while ROE is about 6%. Returns on the book do not clearly justify paying a premium to it.
- The dividend yield is low at 0.47%, which offers little income support at the current valuation. The 20.2% payout is modest.
- Ten-year sales growth is 7% and ten-year stock CAGR is 8%, both moderate over a full cycle. The five-year sales growth of 11.7% has also been flagged as poor relative to expectations.
- Structural risk: over the long term, EV adoption threatens the core lead-acid automotive battery business. The lithium-ion diversification needs heavy capital and carries execution and technology risk, which is already reflected in the lower ROE.
- Three-year sales growth of 6% is below the 12% five-year figure. This suggests growth may be moderating after a post-pandemic recovery base effect.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Li-ion subsidiary losses widen burden Sep 29
Exide Energy Solutions posted an FY26 loss after tax of ₹248.16 crore on turnover of only ₹157.56 crore. This shows heavy losses during the early ramp-up phase that weigh on consolidated earnings.
- Ongoing capital drain into EES Sep 29
Cumulative equity investment in the subsidiary has reached ₹5,202.23 crore, up from ₹4,902.23 crore reported after the mid-July infusion. Funding is still needed until the Bengaluru Li-ion plant reaches scale.
- EEA sales under ExCom brand Sep 16
Products in Europe will be marketed under the ExCom brand, with ExCom GmbH controlling customer development, distribution and after-sales. This may limit Exide's brand building and share of margin in the region.
- 6 GWh Li-ion plant commissioned Sep 23
Exide Energy Solutions completed commissioning of its Phase-I 6 GWh lithium-ion cell facility in Bengaluru. This is a key step toward monetising its investment of more than ₹5,200 crore in the EV/energy storage segment.
- Strategic EEA deal with ExCom Sep 16
On 15 Sep 2026, Exide signed a long-term cooperation agreement with Germany's ExCom Energy Solutions GmbH covering traction, motive-power and stationary batteries across the EEA, with plans to explore advanced chemistries later. The stock rose 1.08% to ₹413.55 on the news.
- Strong Q1 FY27 earnings growth Sep 16
Consolidated net sales grew 17.75% YoY to ₹5,528.38 crore. Net profit rose 28.38% YoY to ₹350.47 crore from ₹272.99 crore.
- ₹99.99 crore rights infusion in EES Sep 29
On 29 Sep 2026, Exide invested ₹99.99 crore in wholly owned Exide Energy Solutions through a rights issue, earmarked for the Bengaluru greenfield Li-ion plant. Cumulative investment now stands at ₹5,202.23 crore.
- Q2 results board meeting Nov 4 Sep 29
The board will meet on November 4 to consider Q2 FY27 financial results.
TL;DR: Exide's core lead-acid business is performing well, with Q1 FY27 revenue up 17.75% and profit up 28.38% YoY. Strategic momentum is building through the 6 GWh Li-ion plant commissioning and the European ExCom partnership. The main risk is the Li-ion subsidiary, which lost ₹248.16 crore in FY26 and has absorbed more than ₹5,200 crore of capital, so profitability depends on a successful ramp-up. The trend looks to be improving, and the Nov 4 Q2 results should be watched for early commercial output from the Bengaluru plant and whether core-business margins hold up.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,245 | 4,372 | 3,980 | 4,173 | 4,436 | 4,450 | 4,017 | 4,335 | 4,695 | 4,365 | 4,201 | 4,735 | 5,528 |
| Expenses | 3,807 | 3,872 | 3,548 | 3,725 | 3,963 | 3,978 | 3,592 | 3,907 | 4,157 | 3,973 | 3,748 | 4,247 | 4,907 |
| Operating Profit | 438 | 499 | 432 | 448 | 473 | 472 | 425 | 428 | 538 | 391 | 452 | 488 | 621 |
| OPM % | 10% | 11% | 11% | 11% | 11% | 11% | 11% | 10% | 11% | 9% | 11% | 10% | 11% |
| Other Income | 23 | 38 | 25 | 5 | 16 | 40 | 13 | 44 | 28 | 54 | 5 | 4 | 27 |
| Interest | 24 | 30 | 32 | 31 | 30 | 34 | 54 | 35 | 32 | 40 | 25 | 27 | 20 |
| Depreciation | 132 | 141 | 145 | 142 | 144 | 146 | 145 | 148 | 149 | 152 | 149 | 138 | 142 |
| PBT | 304 | 366 | 281 | 281 | 316 | 332 | 238 | 290 | 385 | 253 | 283 | 327 | 487 |
| Tax % | 26% | 26% | 28% | 34% | 30% | 30% | 33% | 35% | 29% | 31% | 31% | 34% | 28% |
| Net Profit | 224 | 270 | 203 | 186 | 221 | 233 | 158 | 188 | 275 | 174 | 195 | 217 | 351 |
| EPS in Rs | 2.62 | 3.17 | 2.36 | 2.17 | 2.59 | 2.72 | 1.84 | 2.2 | 3.21 | 2.02 | 2.28 | 2.53 | 4.12 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 18,829 |
| Expenses | 8,528 | 8,289 | 9,805 | 11,400 | 13,159 | 13,014 | 8,994 | 11,387 | 13,485 | 14,946 | 15,433 | 16,119 | 16,875 |
| Operating Profit | 944 | 1,187 | 1,374 | 1,408 | 1,562 | 1,457 | 1,366 | 1,402 | 1,593 | 1,823 | 1,805 | 1,876 | 1,953 |
| OPM % | 10% | 13% | 12% | 11% | 11% | 10% | 13% | 11% | 11% | 11% | 10% | 10% | 10% |
| Other Income | 94 | 59 | 102 | 21 | 148 | 40 | 132 | 3,725 | 125 | 88 | 113 | 91 | 91 |
| Interest | 9 | 79 | 153 | 114 | 117 | 108 | 37 | 64 | 79 | 120 | 160 | 129 | 111 |
| Depreciation | 155 | 175 | 226 | 267 | 344 | 418 | 394 | 440 | 502 | 560 | 582 | 589 | 582 |
| PBT | 874 | 992 | 1,097 | 1,048 | 1,249 | 972 | 1,068 | 4,623 | 1,138 | 1,231 | 1,176 | 1,249 | 1,351 |
| 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 | 937 |
| EPS in Rs | 7.23 | 8.2 | 9.42 | 8.13 | 9.95 | 9.14 | 9.53 | 51.38 | 9.68 | 10.31 | 9.35 | 10.05 | 10.95 |
| Div. Payout % | 30% | 29% | 25% | 30% | 24% | 45% | 21% | 4% | 21% | 19% | 21% | 20% | — |
Balance Sheet
| Particulars | 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 | 3,037 | 4,140 | 5,459 | 5,737 |
| Total Liabilities | 13,887 | 15,370 | 17,765 | 19,815 | 22,431 | 24,213 | 28,406 | 13,902 | 14,758 | 18,149 | 21,390 | 21,218 |
| Fixed Assets | 1,781 | 1,975 | 2,259 | 2,681 | 3,080 | 3,248 | 3,599 | 3,361 | 3,682 | 3,853 | 3,935 | 4,006 |
| CWIP | 115 | 192 | 149 | 241 | 300 | 405 | 431 | 341 | 525 | 1,352 | 3,643 | 4,198 |
| 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 | 6,882 |
| Total Assets | 13,887 | 15,370 | 17,765 | 19,815 | 22,431 | 24,213 | 28,406 | 13,902 | 14,758 | 18,149 | 21,390 | 21,218 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 180 | 1,583 | 937 | 914 | 1,687 | 1,619 | 2,263 | 61 | 768 | 1,533 | 1,273 | 2,413 |
| Investing | -61 | -1,329 | -727 | -535 | -1,438 | -1,097 | -2,082 | 66 | -799 | -1,458 | -1,934 | -1,551 |
| Financing | -199 | -167 | -182 | -386 | -217 | -532 | -170 | -172 | -30 | 108 | 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 | -217 | -338 | -652 | 1,293 |
| CFO/OP | 46 | 157 | 89 | 91 | 133 | 129 | 186 | 22 | 69 | 105 | 91 | 150 |
Ratios
| Particulars | 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 | 4 |
| ROCE % | 23% | 26% | 26% | 23% | 21% | 17% | 14% | 11% | 10% | 10% | 9% | 9% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY07–FY27.
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Company Information
Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India. [1]
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