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Exide Industries Limited — Q4 FY25
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.
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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.
एक्साइड इंडस्ट्रीज की कमाई में पिछले साल की तुलना में चौथी तिमाही में 4% की मामूली बढ़ोतरी हुई। उनके 75% कारोबार में दो अंकों की वृद्धि हुई, लेकिन बाकी 25% हिस्सा कार कंपनियों, टेलीकॉम और घरेलू इनवर्टर की कमजोर मांग से प्रभावित रहा। मुनाफा एंटीमनी (एक धातु) की कीमत बढ़ने से 50 करोड़ रुपये और 25 करोड़ रुपये के घाटे से प्रभावित हुआ। फिर भी, समायोजित परिचालन मुनाफा लगभग 13% रहा। कंपनी ने बाजार में मजबूत मांग और सौर ऊर्जा में वृद्धि देखी। इनवर्टर बैटरी के लिए नई बिक्री रणनीति बनाई जा रही है। लिथियम-आयन सेल फैक्ट्री का काम चल रहा है, 2025 में परीक्षण उत्पादन और 2026 में व्यावसायिक उत्पादन शुरू होगा। जोखिमों में एंटीमनी की कीमतों में उतार-चढ़ाव और सेल बनाने में सीखने की प्रक्रिया शामिल है, जो निकट भविष्य में मुनाफा कम कर सकती है।
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Antimony price volatility
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Antimony cost impact
INR 50 crore
+INR 50 crore QoQ
Net negative impact on Q4 EBITDA from antimony price surge, net of price increases.
Write-off of slow-moving assets
INR 25 crore
One-time
Write-off of certain slow and non-moving operating assets in Q4.
Two-wheeler aftermarket growth (Q4)
18%
+18% YoY
Two-wheeler aftermarket growth accelerated to 18% in Q4 as punch-grid capacity ramped up.
Solar business growth (FY25)
25-27%
+25-27% YoY
Solar business grew substantially every quarter, targeting INR 1,000-1,200 crore franchise next year.
What Changed vs Last Quarter
NEW
Inverter battery growth recovery in Q1 FY26
Management expects inverter battery demand to pick up in Q1 FY26, with new go-to-market initiatives and RP Home series driving growth.
NEW
Solar business target of INR 1,000-1,200 crore
Solar business is planning to build a franchise of INR 1,000-1,200 crore in the next year.
NEW
Punch-grid technology for 100% two-wheeler capacity by November
Remaining 50% of two-wheeler capacity to be converted to punch-grid technology by November 2025, after successful pilot on first 50%.
UPDATED
Lithium-ion cell trial production in calendar 2025
Trial production of lithium-ion cells to start within calendar 2025, with commercial serial production expected after 4-5 months of homologation.
DROPPED
Near-term EBITDA margin target of 13%
Management aims to achieve ~13% EBITDA margin in the near term, driven by cost excellence and favorable mix.
DROPPED
Phase I investment of INR 5,000 crore
Total Phase I investment for the lithium-ion cell plant is expected to be around INR 5,000 crore, largely spent this fiscal.
DROPPED
Auto OEM segment rebound in H2
Management expects auto OEM demand to recover in H2 as channel inventories normalize, with full-year industry growth of ~5%.
NEW RISK
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.
NEW RISK
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.
NEW RISK
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.
NEW RISK
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.
RISK GONE
Sustained weakness in auto OEM demand
Auto OEM segment declined sharply in Q2 due to high channel inventories; recovery depends on festive season sales sustaining.
RISK GONE
Telecom technology shift to lithium-ion
Telecom demand is shifting from lead-acid to lithium-ion, which could structurally reduce lead-acid battery sales in this segment.
RISK GONE
Lithium-ion cell pricing pressure
Global lithium prices are volatile and under pressure from Chinese oversupply, potentially impacting profitability of the new cell business.
RISK GONE
Other expense growth outpacing revenue
Other expenses grew 11% YoY in Q2, exceeding revenue growth, partly due to fixed-cost under-absorption; may persist if top-line remains weak.
Fast read
Guidance and risk preview
Trial production of lithium-ion cells to start within calendar 2025, with commercial serial production expected after 4-5 months of homologation.
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.
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