Antimony price volatility
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.
EXIDEIND / Q4-FY25 / risks
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Exide Industries · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Lithium-ion cell manufacturing learning curve
Initial cell production will face high rejection rates (10-12%) and yield losses, typical for new gigafactories, potentially impacting profitability in early years.
Weak demand in telecom and home inverter segments
Telecom demand declined 25-30% due to high base from 5G rollout, and home inverter market remained soft. Recovery is uncertain.
Competitive pressure from imported cells
Government incentives currently favor cell imports over domestic manufacturing, which could delay the ramp-up of Exide's cell business until policy shifts.