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Revenue
₹4,735 Cr
verified against source
Revenue YoY
9.4%
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 Q4 FY26 revenue growth of 9.4% YoY, driven by strong domestic demand across auto OEM (25%+ growth for second consecutive quarter), home UPS, solar (crossed INR 1,000 crore full-year), and replacement markets. EBITDA margin held at 11.7% sequentially, expanding 50 bps YoY, despite a 90 bps gross margin compression from commodity inflation (sulfur prices surged 5x YoY). Management guided for high single-digit to double-digit core business growth in FY27, supported by price hikes (5-6% in aftermarket, 3% in April) and low base for exports/telecom. The lithium-ion cell plant is progressing: cylindrical samples to customers this month, prismatic trials by June-July. Key risk: sustained non-lead commodity inflation (sulfuric acid, plastics) could pressure margins if price pass-through lags.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Board-approved investment of INR 1,400 crore for FY27, covering both CapEx and working capital for the cell manufacturing project.
- Cylindrical cell samples will be delivered to customers starting this month (May 2026), with prismatic samples targeted by June-July 2026.
- 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.
Risks flagged
- Sulfur prices have risen 5x YoY and plastics/acid costs are elevated; if price pass-through lags, margins could compress further.
- Cell manufacturing yields are unproven at scale; management acknowledged yield improvement depends on experience and could take time, impacting cost competitiveness.
- Exports declined due to West Asia tensions; management expects uncertainty to persist in H1 FY27, though low base provides upside potential.
- Management noted that without government incentives for Make-in-India cells, the industry may struggle to compete with imports, especially given China's VAT changes.
Key quotes
- I would still believe that the core business at this situation has a potential to do at least a high single digit to double digit growth.
- The key will be to also the government has to also develop this industry locally. There has to be a value for Make in India cell, because otherwise nobody else will come up for investment like this if they are not encouraged.
- Our target will be meeting the landed cost of the imported cell.
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