Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹4,450 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Exide Industries reported a modest 4% YoY revenue growth in Q2 FY25, with EBITDA margin contracting 50bps to 11.3% due to lower fixed-cost absorption. The mixed demand environment saw strong double-digit growth in automotive aftermarket, solar, and industrial infrastructure, offset by sharp declines in telecom, home UPS, and auto OEM segments. Management expects a rebound in H2 as OEM inventories normalize and telecom base effects fade. The lithium-ion cell plant remains on track for mid-2025 commissioning, with INR 2,852 crore equity invested to date. Cost excellence initiatives and favorable mix shifts are expected to drive margins toward 13% in the near term. Key risk: sustained weakness in auto OEM demand or further telecom technology shift could pressure near-term revenue growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to achieve ~13% EBITDA margin in the near term, driven by cost excellence and favorable mix.
- The lithium-ion cell manufacturing plant will start production in mid-2025, with commercial shipments expected after certification.
- Total Phase I investment for the lithium-ion cell plant is expected to be around INR 5,000 crore, largely spent this fiscal.
- Management expects auto OEM demand to recover in H2 as channel inventories normalize, with full-year industry growth of ~5%.
Risks flagged
- Auto OEM segment declined sharply in Q2 due to high channel inventories; recovery depends on festive season sales sustaining.
- Telecom demand is shifting from lead-acid to lithium-ion, which could structurally reduce lead-acid battery sales in this segment.
- Global lithium prices are volatile and under pressure from Chinese oversupply, potentially impacting profitability of the new cell business.
- Other expenses grew 11% YoY in Q2, exceeding revenue growth, partly due to fixed-cost under-absorption; may persist if top-line remains weak.
Key quotes
- Our immediate objective is to get around 13%, and obviously, at a longer horizon, we'll look at around 14%.
- We have seen a lot more deeper engagement from our customers in terms of capacity evacuation.
- The businesses which declined in the first half year are going to rebound. That is our expectation in the rest of the year.
Research modules