Near-term EBITDA margin target of 13%
Management aims to achieve ~13% EBITDA margin in the near term, driven by cost excellence and favorable mix.
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Lithium-ion cell plant SOP in 2025
The lithium-ion cell manufacturing plant will start production in mid-2025, with commercial shipments expected after certification.
Phase I investment of INR 5,000 crore
Total Phase I investment for the lithium-ion cell plant is expected to be around INR 5,000 crore, largely spent this fiscal.
Auto OEM segment rebound in H2
Management expects auto OEM demand to recover in H2 as channel inventories normalize, with full-year industry growth of ~5%.
Lithium-ion cell production start by end of FY26
First line (cylindrical NCM for two-wheelers) to be commissioned, with process validation and sample preparation ongoing.
Solar business to cross INR 1,000 crore this year
Solar franchise expected to scale up to INR 1,000 crore in FY26, with aspiration to reach INR 1,500 crore in 2-3 years.
EBITDA margin corridor of 12-13% in coming quarters
Management expects margins to return to 12-13% range as volume growth resumes, assuming stable lead prices.
Export business uptick from Q4 FY26
New geographies and portfolios trials completed; exports expected to see positive tick from January onwards.
EBITDA margin improvement of 100-150 bps next year
Management indicated potential EBITDA margin expansion of 100-150 bps in FY27 from current levels, assuming stable commodity prices.
Exports to see substantial incremental growth next fiscal
Exports are expected to rebound strongly in FY27 due to new partnerships and tariff relief, with a robust budget for next year.
Lithium-ion commercial dispatches within one month
Management expects commercial dispatches to OEMs from the cylindrical line to begin within plus/minus one month of the call date.
CapEx of INR 1,400 crore for lithium and INR 500 crore for lead-acid in FY27
Planned equity infusion of INR 1,400 crore into Exide Energy Solutions and ~INR 500 crore for lead-acid core business CapEx.
Lithium-ion cell trial production in calendar 2025
Trial production of lithium-ion cells to start within calendar 2025, with commercial serial production expected after 4-5 months of homologation.
Inverter battery growth recovery in Q1 FY26
Management expects inverter battery demand to pick up in Q1 FY26, with new go-to-market initiatives and RP Home series driving growth.
Solar business target of INR 1,000-1,200 crore
Solar business is planning to build a franchise of INR 1,000-1,200 crore in the next year.
Punch-grid technology for 100% two-wheeler capacity by November
Remaining 50% of two-wheeler capacity to be converted to punch-grid technology by November 2025, after successful pilot on first 50%.
Core business growth of high single-digit to double-digit in FY27
Management expects the core lead-acid business to grow at high single-digit to double-digit rates in FY27, driven by strong Q3/Q4 momentum and low base for exports/telecom.
INR 1,400 crore investment in lithium-ion business in FY27
Board-approved investment of INR 1,400 crore for FY27, covering both CapEx and working capital for the cell manufacturing project.
Cylindrical cell samples to customers by May 2026
Cylindrical cell samples will be delivered to customers starting this month (May 2026), with prismatic samples targeted by June-July 2026.
Price hikes to offset commodity inflation
Management has taken price increases of 5-6% in aftermarket across tranches (Jan, Mar, Apr) and will continue to pass on non-lead cost inflation to customers.