Event Participants
Executives
7 Avik Roy (Managing Director and Chief Executive Officer), Manoj Kumar Agarwal (Director - Finance and Chief Financial Officer), Pravin Saraf (Executive Director), Rajeev Khandelwal (Executive Director), Jitendra Kumar (Company Secretary and President- Legal & Corporate Affairs), Sridhar Gorthi (Chairman and Independent Director), R B Raheja (Vice-Chairman & Non-Executive, Non-Independent Director)
Analysts
0 Transcript incomplete - Q&A session not available for summary.
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue | ₹5,305 crores | +17.6% YoY from ₹4,510 crores in Q1 FY26; driven by core lead-acid business volume growth and price/mix improvement |
| EBITDA | ₹655 crores | +19.5% YoY from ₹548 crores; margin expanded 20 bps to 12.4% from 12.2% on operating leverage and cost efficiencies |
| PBT | ₹543 crores | +26.4% YoY from ₹430 crores; margin improved 70 bps to 10.2% from 9.5% aided by lower finance costs (zero-debt) and other income |
| PAT | ₹407 crores | +27.1% YoY from ₹320 crores; margin expanded 60 bps to 7.7% from 7.1% reflecting tax efficiency and operational improvement |
| EBITDA Margin | 12.4% | +20 bps YoY; stable despite input cost volatility due to integrated manufacturing and recycling advantage |
| PBT Margin | 10.2% | +70 bps YoY; benefited from zero-debt balance sheet and treasury income |
| PAT Margin | 7.7% | +60 bps YoY; consistent conversion of operating profit to net profit |
| New Energy Investment (Cumulative) | ₹4,902 crores | Invested till date in Exide Energy Solutions Limited (EESL) gigafactory; revenue generation expected in FY27 |
| Network Touchpoints | 120,000+ | Pan-India reach including 18,000+ villages, 60+ warehouses, 1,200+ spare-part outlets |
| OEM Relationships | 75+ | Leading automotive OEMs served; 100% share of business on key new models with large OEMs |
| Manufacturing Plants | 16 | 11 Exide plants + 3 Chloride Metals recycling plants + 2 EESL plants |
| Market Capitalization | ₹37,655 crores | As on July 24, 2026 |
| Credit Rating | ICRA AAA/Stable & A1+ | Long-term and short-term ratings reaffirmed; zero-debt balance sheet maintained |
Geographic & Segment Commentary
Core Lead-Acid Business: Revenue grew 17.6% YoY to ₹5,305 crores with EBITDA margin at 12.4%. Leadership maintained in high-margin 2W, 3W, and 4W replacement segments backed by 120,000+ touchpoints and 18,000+ village rural outreach. OEM business strengthened with advanced EFB, AGM, and EV-auxiliary solutions for major SUVs, MUVs, and CVs; 100% share on key new model launches. Industrial portfolio spans railways, metro, submarine, telecom, data centers, and motive power applications.
New Energy Business (EESL): Cumulative investment of ₹4,902 crores in gigafactory; 100% utilities operational across 4 production lines. NMC cylindrical samples dispatched and LFP prismatic samples supplied for 3W and telecom applications. Key certifications completed (BIS IS 16046, IS 16893, IS 16085, UN 38.3). Production stabilization and yield improvement underway; customer validation, homologation, and OEM qualification in progress. Revenue generation expected during FY27.
Solar Solutions: End-to-end rooftop solutions across PV modules, inverters, and batteries. GST reduction from 12% to 5% and PM Surya Ghar scheme driving structural demand. MNRE rooftop solar target of 40 GW by 2026 supports growth pipeline.
Exports: Diversified footprint across 70+ countries supported by technology partnerships and portfolio depth.
Company-Specific & Strategic Commentary
Gigafactory Ramp-up: EESL's multi-chemistry (LFP & NMC) and multi-form factor (cylindrical & prismatic) cell manufacturing platform in Bengaluru with pack/module assembly at Prantij, Gujarat. Technology partnership with global lithium-ion cell player; automated assembly with in-process quality checks. Scalable multi-line design leveraging Exide's market access and after-sales ecosystem.
Digital Transformation: Five-pillar digital architecture - Manufacturing & Supply Chain (digitized workflows, route optimization, e-proof of delivery), Channel Partners (partner portal, dealer finder), Sales Force (AI-enabled analysis, churn alerts, Exide Vantage on Salesforce), End Customer & Service (digital warranty, AI-led Midtronics validation at ~99% accuracy, Exide GPT, Service 1.0/2.0), Secure & Intelligent Operations (AI recruiter, IT support automation).
Product Innovation: 37 registered designs and 752 trademarks. SOLARNXT range expanded for renewable storage; high-power front-terminal VRLA (340W-750W) for data centers; Advanced EFB for start-stop vehicles; AGM for premium OEM platforms; Auxiliary batteries for EV/hybrid; EXIDE DARE (India's first SUV-ready battery); CONCAST technology scaled to 90%+ of motorcycle batteries; Specialized BCI, JIS, DIN traction batteries for mining and Southeast Asian markets.
Rural & Service Expansion: 250+ rural meets in Q1 FY27; 1,600+ Exide Care outlets; Batmobile doorstep service (industry-first); Service 1.0 dealer enablement with diagnostic tools; Service 2.0 direct customer support via WhatsApp, toll-free, online channels.
Capital Allocation & Governance: Zero-debt balance sheet maintained with ICRA AAA/Stable rating. Consistent dividend payout (~16%). Board composition ~44% independent with separate Chairman and MD roles. Statutory auditors: BSR & Co. LLP.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| New Energy Revenue | Revenue generation expected in FY27 | Gigafactory production stabilization and yield improvement underway; customer validation, homologation, and OEM qualification in progress; next milestones include customer testing/validation across target applications |
| Core Business Growth | Structural demand drivers intact | Low PV penetration (~40 cars/1,000 people), rising affordability, post-pandemic replacement cycle maturation, rural recovery, and deeper upcountry reach to sustain automotive demand |
| Solar Demand | Structural tailwinds from policy | GST cut to 5%, 500 GW RE target by 2030, PM Surya Ghar scheme, and 40 GW MNRE rooftop target by 2026 to drive solar battery and inverter demand |
| Infrastructure Demand | Multi-year capex cycle | Public and private capex driving backup/motive power; railway electrification, data centers, logistics/warehousing expanding addressable market |
| EV Penetration (2030E) | 3W: 25-30%, 2W: 17-20%, PV: 10-15%, CV: 20%+ | Industry estimates (BCG) project 140-150 GWh total demand by 2030 with 60-70% from EVs; localization advantage from shorter working capital, supply security, and potential policy support |
Risks & Constraints
| Risk | Context |
|---|---|
| New Energy Execution Risk | Gigafactory revenue generation delayed beyond FY27 if production stabilization, yield improvement, or OEM homologation takes longer than planned; ₹4,902 crores invested with zero revenue to date; technology partnership dependency for cell chemistry |
| Lead Price Volatility | Core business margins exposed to lead price fluctuations despite 3 captive recycling plants (Chloride Metals) providing partial hedge; integrated manufacturing helps but not full insulation |
| EV Transition Pace | Faster-than-expected EV adoption in 2W/3W could accelerate lead-acid replacement demand decline; current penetration low (2W ~4%, 3W ~6-7%) but policy push could accelerate shift |
| Competitive Intensity in Lithium-ion | Global and domestic players (including new entrants) targeting India's battery manufacturing space; EESL's cost competitiveness unproven at scale; technology partner dependency creates IP and supply chain risk |
| Regulatory Policy Changes | FAME subsidy revisions, GST rate changes, or PLI scheme allocations could alter EV adoption economics and lithium-ion demand trajectory; solar policy (net metering, GST) impacts rooftop demand |
| Raw Material Supply Chain | Lithium, cobalt, nickel sourcing for gigafactory exposed to geopolitical and price risks; strategic sourcing partnerships mentioned but not detailed; recycling loop for lithium-ion not yet established |
Q&A Highlights
Transcript incomplete - Q&A session not available for summary.
Key Takeaway
Exide Industries delivered a strong Q1 FY27 with revenue at ₹5,305 crores (+17.6% YoY), EBITDA at ₹655 crores (+19.5%, margin 12.4%), and PAT at ₹407 crores (+27.1%, margin 7.7%), driven by core lead-acid volume growth, pricing power, and operating leverage. The zero-debt balance sheet (ICRA AAA/Stable) and ₹4,902 crores cumulative investment in EESL gigafactory position the company for the lithium-ion transition, with 100% utilities live, sample dispatch underway, certifications secured, and revenue generation guided for FY27. Structural tailwinds persist: automotive replacement cycle maturation, rural penetration (18,000+ villages), solar policy support (GST 5%, PM Surya Ghar), and infrastructure capex (data centers, railways). Digital transformation across five pillars and product innovation (CONCAST at 90%+ motorcycle batteries, DARE SUV battery, VRLA for data centers) reinforce competitive moats. Key watchpoints: EESL ramp-up execution against FY27 revenue guidance, lead price volatility impact on core margins, and EV adoption pace in 2W/3W segments where Exide holds leadership. Management remains confident of opportunities ahead with prudent capital allocation and governance framework intact.