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Revenue
₹4,735 Cr
verified against source
Revenue YoY
9.4%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Exide Industries reported Q4 FY26 revenue growth of 9.4% YoY, driven by strong domestic demand across auto OEM (25%+ growth for second consecutive quarter), home UPS, solar (crossed ₹1,000cr), and industrial infrastructure. EBITDA margin expanded 50bps YoY to 11.7% despite a ₹150cr commodity cost headwind, aided by cost controls and warranty reduction. Management guided for high single-digit to double-digit core business growth in FY27, supported by robust OEM and replacement demand. However, geopolitical tensions and commodity inflation (sulfuric acid up 5x YoY) remain key risks. The lithium-ion cell plant is progressing: cylindrical samples to customers in May/June, prismatic trials by June/July, with revenue expected from prismatic lines first. The company plans ₹1,400cr investment in FY27 for the cell business.
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Guidance to track
- Management expects the core lead-acid business to grow at high single-digit to double-digit rates in FY27, driven by strong OEM and replacement demand.
- The company plans to invest ₹1,400cr in FY27 for the lithium-ion cell manufacturing project, covering capex and working capital.
- Cylindrical cell samples will be delivered to customers starting May/June 2026, with prismatic samples targeted for June/July 2026.
- The company took price increases of 5-6% across segments in Q4 and an additional 3% on April 1 to offset commodity inflation.
Risks flagged
- Sulfuric acid prices have risen 5x YoY, and lead prices remain volatile due to rupee depreciation. Management expects continued headwinds in H1 FY27.
- Exports business declined due to West Asia conflict and global uncertainties, with management expecting these to persist at least in H1 FY27.
- Analyst raised concerns about cell yields and pricing vs imports. Management acknowledged yield improvement takes time and current costs are higher than imports, but expects to match landed cost with scale and localisation.
- Management noted that without government incentives for local cell manufacturing, investments may not be viable. Policy support is uncertain.
Key quotes
- We have been able to maintain our EBITDA sequentially at 11.7% because of our tight controls on the other cost elements.
- The best yield level should be 90% what we should target.
- We are the first one in the country to manufacture cells with this kind of scale.
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