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Revenue
₹4,335 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 Q4 FY25, with 75% of the business registering double-digit growth, but the remaining 25% dragged down by weak demand in auto OEMs, telecom, and home inverters. Operating profitability was impacted by a sharp rise in antimony costs (INR 50 crore hit) and INR 25 crore write-offs, though adjusted EBITDA margins were close to 13%. Management highlighted strong aftermarket and solar growth, while inverter batteries are being restructured with new go-to-market strategies. The lithium-ion cell gigafactory is progressing, with trial production expected within calendar 2025 and commercial production in FY26. Key risks include sustained antimony price volatility and the learning curve in cell manufacturing, which could pressure margins in the near term.
Colored figures show movement against the previous available record.
Guidance to track
- Trial production of lithium-ion cells to start within calendar 2025, with commercial serial production expected after 4-5 months of homologation.
- 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 is planning to build a franchise of INR 1,000-1,200 crore in the next year.
- Remaining 50% of two-wheeler capacity to be converted to punch-grid technology by November 2025, after successful pilot on first 50%.
Risks flagged
- Antimony prices surged from $11,000 to $16,000 per ton in Q4 due to China's export ban, causing a INR 50 crore EBITDA hit. Further increases could pressure margins.
- Initial cell production will face high rejection rates (10-12%) and yield losses, typical for new gigafactories, potentially impacting profitability in early years.
- Telecom demand declined 25-30% due to high base from 5G rollout, and home inverter market remained soft. Recovery is uncertain.
- Government incentives currently favor cell imports over domestic manufacturing, which could delay the ramp-up of Exide's cell business until policy shifts.
Key quotes
- We are probably the only one that when we started this project, we tried to mitigate the risk through multiple chemistry and multiple format methods.
- If I do the math and if I add this back, we were at a very good EBITDA margin level even in Q4. We were actually close to 13%.
- We still hold to our promises which we made to you in the recent past on our numbers.
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