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Revenue
₹4,365 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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Quarter read
What the record says.
Exide Industries reported a modest 1.3% revenue growth in H1 FY26, with Q2 declining 2.1% due to GST rate cut disruptions and destocking. The aftermarket automotive segment grew 10-11%, but solar and inverter businesses saw sharp declines. Management expects a strong rebound in H2, citing 11% retail growth in October for passenger vehicles and pent-up demand. The lithium-ion cell plant is nearing commissioning, with first production expected by end of FY26. Margins are expected to recover to 12-13% in coming quarters, aided by cost excellence initiatives. Key risk: continued input cost inflation and inability to pass through price increases.
Colored figures show movement against the previous available record.
Guidance to track
- First line (cylindrical NCM for two-wheelers) to be commissioned, with process validation and sample preparation ongoing.
- 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.
- Management expects margins to return to 12-13% range as volume growth resumes, assuming stable lead prices.
- New geographies and portfolios trials completed; exports expected to see positive tick from January onwards.
Risks flagged
- Lead prices remain elevated and forex unfavorable; company has not fully passed on cost increases and may face margin pressure.
- GST rate cut caused destocking and deferred purchases; recovery in Q3 is expected but not guaranteed.
- First production is near, but utilization ramp-up and customer homologation timelines remain uncertain.
- New battery waste management regulations led to higher other expenses; ongoing costs may not be fully passable to customers.
Key quotes
- We have passed on the entire benefit of GST rate reduction to the end consumer during this period.
- The trick lies in your operational efficiency and sourcing. Once we ramp up the scale, and fortunately, we have good collaboration with our principal partner, SVOLT, we have been able to access raw material at scale from reliable suppliers.
- I would recommend that you do not consider this Q2 margin as a reference margin because in Q1 itself, if you go back, we have done 12% plus.
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