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Exide Industries Limited — Q4 FY26
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.
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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.
एक्साइड इंडस्ट्रीज ने चौथी तिमाही में अपनी कमाई में पिछले साल की तुलना में 9.4% का इज़ाफा किया। इसकी वजह देश में कारों, घरेलू इनवर्टर, सोलर और रिप्लेसमेंट बाजार की मजबूत मांग रही। कंपनी का मुनाफा मार्जिन 11.7% पर स्थिर रहा, जो पिछले साल से 0.5% ज्यादा है। हालांकि, सल्फर जैसे कच्चे माल के दाम 5 गुना बढ़ने से लागत पर दबाव पड़ा। कंपनी को उम्मीद है कि अगले साल उसका कारोबार 7-10% तक बढ़ेगा। इसके लिए उसने कीमतें 3-6% बढ़ाई हैं। लिथियम-आयन बैटरी का नया प्लांट जल्द शुरू होगा। लेकिन अगर कच्चे माल के दाम बढ़ते रहे तो मुनाफा कम हो सकता है।
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Sustained non-lead commodity inflation
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Domestic business revenue growth (Q4)
12.5%
+12.5% YoY
Domestic sales grew 12.5% YoY in Q4, driven by double-digit growth across all key verticals except telecom.
Auto OEM revenue growth (Q4)
25%+
+25%+ YoY
Auto OEM business recorded its second consecutive quarter of 25%+ YoY growth, hitting highest ever quarterly revenue.
Solar vertical full-year revenue
INR 1,000 Cr+
Crossed INR 1,000 Cr
Solar vertical crossed INR 1,000 crore full-year revenue, returning to double-digit growth in Q4.
Sulfur price (April exit)
INR 74/kg
+393% YoY
Sulfur price surged from INR 15/kg a year ago to INR 74/kg in April, severely impacting input costs.
What Changed vs Last Quarter
NEW
Core business growth of high single-digit to double-digit in FY27
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.
NEW
Cylindrical cell samples to customers by May 2026
Cylindrical cell samples will be delivered to customers starting this month (May 2026), with prismatic samples targeted by June-July 2026.
NEW
Price hikes to offset commodity inflation
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.
UPDATED
INR 1,400 crore investment in lithium-ion business in FY27
Board-approved investment of INR 1,400 crore for FY27, covering both CapEx and working capital for the cell manufacturing project.
DROPPED
EBITDA margin improvement of 100-150 bps next year
Management indicated potential EBITDA margin expansion of 100-150 bps in FY27 from current levels, assuming stable commodity prices.
DROPPED
Exports to see substantial incremental growth next fiscal
Exports are expected to rebound strongly in FY27 due to new partnerships and tariff relief, with a robust budget for next year.
DROPPED
Lithium-ion commercial dispatches within one month
Management expects commercial dispatches to OEMs from the cylindrical line to begin within plus/minus one month of the call date.
NEW RISK
Sustained non-lead commodity inflation
Sulfur prices have risen 5x YoY and plastics/acid costs are elevated; if price pass-through lags, margins could compress further.
NEW RISK
Lithium-ion cell yield and ramp-up uncertainty
Cell manufacturing yields are unproven at scale; management acknowledged yield improvement depends on experience and could take time, impacting cost competitiveness.
NEW RISK
Geopolitical risks to exports business
Exports declined due to West Asia tensions; management expects uncertainty to persist in H1 FY27, though low base provides upside potential.
NEW RISK
Lack of government policy support for domestic cell manufacturing
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.
RISK GONE
Raw material cost inflation
Rising prices of tin, silver, sulfur, and copper, along with rupee depreciation, continue to pressure margins. Management has only partially passed on costs via a 2% price hike in January.
RISK GONE
Lithium-ion pricing vs imports
Pricing negotiations with OEMs are bilateral; import parity remains a challenge. Management acknowledged that import prices are a reference point, though local supply offers value.
RISK GONE
Senior-level exits in lithium business
Recent senior exits in Exide Energy Solutions could impact operations. Management downplayed the risk, stating exits were planned and successors were ready.
RISK GONE
Telecom business decline
Telecom revenue has shrunk to 1% of total as the industry shifts to lithium-ion. This structural decline is largely bottomed out but still a drag.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q4 FY25
Trial production of lithium-ion cells to start within calendar 2025, with commercial serial production expected after 4-5 months of homologation.
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Guidance and risk preview
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...
Sulfur prices have risen 5x YoY and plastics/acid costs are elevated; if price pass-through lags, margins could compress further.
View Risks →