Exide Industries Management Guidance Tracker
20 forward-looking guidance items tracked across 5 quarters.
Margins
Management aims to achieve ~13% EBITDA margin in the near term, driven by cost excellence and favorable mix.
Q2 FY26EBITDA margin corridor of 12-13% in coming quartersActiveManagement expects margins to return to 12-13% range as volume growth resumes, assuming stable lead prices.
Q3 FY26EBITDA margin improvement of 100-150 bps next yearTrackedManagement indicated potential EBITDA margin expansion of 100-150 bps in FY27 from current levels, assuming stable commodity prices.
Q4 FY26Price hikes to offset commodity inflationActiveManagement 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.
Growth
The lithium-ion cell manufacturing plant will start production in mid-2025, with commercial shipments expected after certification.
Q4 FY25Lithium-ion cell trial production in calendar 2025TrackedTrial production of lithium-ion cells to start within calendar 2025, with commercial serial production expected after 4-5 months of homologation.
Q2 FY26Lithium-ion cell production start by end of FY26ActiveFirst line (cylindrical NCM for two-wheelers) to be commissioned, with process validation and sample preparation ongoing.
Q2 FY26Export business uptick from Q4 FY26ActiveNew geographies and portfolios trials completed; exports expected to see positive tick from January onwards.
Q3 FY26Exports to see substantial incremental growth next fiscalTrackedExports are expected to rebound strongly in FY27 due to new partnerships and tariff relief, with a robust budget for next year.
Q3 FY26Lithium-ion commercial dispatches within one monthActiveManagement expects commercial dispatches to OEMs from the cylindrical line to begin within plus/minus one month of the call date.
Q4 FY26Core business growth of high single-digit to double-digit in FY27ActiveManagement 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.
Capex
Total Phase I investment for the lithium-ion cell plant is expected to be around INR 5,000 crore, largely spent this fiscal.
Q3 FY26CapEx of INR 1,400 crore for lithium and INR 500 crore for lead-acid in FY27TrackedPlanned equity infusion of INR 1,400 crore into Exide Energy Solutions and ~INR 500 crore for lead-acid core business CapEx.
Q4 FY26INR 1,400 crore investment in lithium-ion business in FY27TrackedBoard-approved investment of INR 1,400 crore for FY27, covering both CapEx and working capital for the cell manufacturing project.
Revenue
Management expects auto OEM demand to recover in H2 as channel inventories normalize, with full-year industry growth of ~5%.
Q4 FY25Inverter battery growth recovery in Q1 FY26ActiveManagement expects inverter battery demand to pick up in Q1 FY26, with new go-to-market initiatives and RP Home series driving growth.
Q4 FY25Solar business target of INR 1,000-1,200 croreTrackedSolar business is planning to build a franchise of INR 1,000-1,200 crore in the next year.
Q2 FY26Solar business to cross INR 1,000 crore this yearTrackedSolar franchise expected to scale up to INR 1,000 crore in FY26, with aspiration to reach INR 1,500 crore in 2-3 years.