Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
Exide Industries Ltd.
NSE: EXIDEINDConsumer CyclicalAuto Parts
- Last close
- ₹331.95
- Day change
- −₹11.85 (−3.45%)vs
- Market cap
- ₹32,559 crIndian rupees
- Research updated
- 1 report
Follow Exide Industries
Create an account, then follow this company for weekday briefs. You will return to Exide Industries after signing in.
About Exide Industries
Exide Industries Ltd. is a leading manufacturer of lead-acid batteries in India, serving both automotive and industrial sectors. With a heritage dating back to 1947, the company plays a crucial role in ensuring energy solutions across diverse applications. Exide's primary function is to provide high-quality batteries for a range of vehicles, including two-wheelers, four-wheelers, and commercial vehicles, as well as industrial applications such as renewable energy storage and backup power systems. Its extensive portfolio includes products like inverter batteries, UPS systems, and solar batteries, catering to a wide spectrum of energy storage needs. Serving markets through a vast network of distributors and service centers, Exide Industries strives for innovation and reliability. It impacts sectors like transportation, telecommunications, power utilities, and solar energy, underlying its importance in the shift towards sustainable energy practices. Exide Industries’ position in the market is significant, as it not only supports conventional energy demands but also aligns with emerging technologies in battery storage, contributing to India's growing infrastructure and technological advancements.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: EXIDEIND
- Next results
- Chief executive
- Mr. Avik Kumar Roy
- Employees
- 5,143
- Headquarters
- Kolkata, India
- ISIN
- INE302A01020
- Website
- exideindustries.com
Public research · Report of
Business model & financial foundation
Exide Industries (NSE: EXIDEIND), Storage batteries and allied products: revenue of ₹17,995 crore in FY26 (+4.4% on FY25), an EBITDA margin of 10.4%, net profit of ₹854.2 crore and net debt of ₹4.13 crore.
- Revenue, FY26 (₹ crore)
- 17,995
- consolidated
- Revenue growth, FY26
- +4.4%
- on FY25
- EBITDA margin, FY26
- 10.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 854.2
- to owners
- Return on equity, FY26
- 6.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 4.13
- Net debt including liquid investments; excluding leases
- Market capitalisation (₹ crore)
- 35,318
- at the close of 15 Oct 2026
Company profile
Exide manufactures storage batteries for automotive OEMs and replacement customers, and industrial applications including telecom, power, railways and defence. Its consolidated group integrates lead recycling, overseas batteries and the lithium-ion cell/pack business in Exide Energy Solutions. Reported segment is Storage Batteries and Allied Products; strategic HDFC Life investments are excluded from liquid net-debt offsets.
| Item | Value |
|---|---|
| Legal name | Exide Industries Limited (formerly Associated Battery Makers (Eastern) Limited) |
| Exchange and ticker | NSE: EXIDEIND; BSE: 500086 |
| ISIN | INE302A01020 |
| CIN | L31402WB1947PLC014919 |
| Sector | Industrials |
| Industry | Storage batteries and allied products |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹35,318 crore (15 Oct 2026) |
| Shares outstanding | 85.00 crore shares (FY26) |
| Price | ₹395.0 (close, 15 Oct 2026) |
| 52-week range | ₹287.0 - ₹496.4 (to 15 Oct 2026) |
| Website | https://www.exideindustries.com |
Corporate structure and shareholding
Parent: Chloride Eastern Limited (promoter; Rajan Raheja group).
| Entity | Holding | Business |
|---|---|---|
| Chloride Metals Limited | 100% | Lead recycling for batteries |
| Chloride International Limited | 100% | Overseas battery group holding entity |
| Exide Energy Solutions Limited | 100% | Lithium-ion cell manufacturing and battery pack assembly |
| Chloride Batteries S. E. Asia Pte Limited | 100% | Singapore battery business |
| Espex Batteries Limited | 100% | UK battery business |
| Associated Battery Manufacturers (Ceylon) Limited | 61.5% | Sri Lanka battery manufacturing |
Six subsidiaries and three associates in FY26 audited scope. FY25 ownership percentages retained pending FY26 consolidated notes. Associates: CSE Solar Sunpark Maharashtra and Tamilnadu (27.2% each), Zillica Renewables (26.2%), FY25 BRSR p189.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 45.99% | 45.99% | 45.99% | 45.99% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.92% | 10.30% | 10.63% | 13.21% |
| Domestic institutions | 18.71% | 19.13% | 19.30% | 17.57% |
| of which mutual funds | 8.44% | 8.91% | 8.17% | 6.90% |
| Retail | 17.08% | 16.52% | 15.45% | |
| Other | 7.50% | 7.56% | 7.77% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Exide makes lead-acid storage batteries: automotive for OEMs and replacement (replacement/trade ~73-75% of automotive), and industrial (UPS, solar, telecom, rail, power), about 30-32% of revenue. It is one reported segment. Subsidiaries: Chloride Metals recycles lead (~50% of requirement), plus overseas units and Exide Energy Solutions (EESL), which owns the 6GWh Phase-I lithium cell plant commissioned on 23 Sep 2026. Exide controls its brand, a 120,000+ channel network and recycling; it does not control the lead price, the rupee, or the timing of OEM cell qualification.
| Peer | Why the dossier compares them |
|---|---|
| Amara Raja Energy & Mobility (ARE&M) | Closest domestic automotive/industrial storage-battery and energy-transition comparator; overlaps end users and investment cycle. |
| HBL Engineering (HBLENGINE) | Specialized industrial and defence battery exposure; weaker whole-company comparator because electronics and transport systems diversify earnings. |
| High Energy Batteries India | |
| Eveready Industries India (EVEREADY) | Domestic branded battery distribution and input-cost comparator; dry-cell consumer products rather than automotive storage batteries. |
| Indo National (NIPPOBATRY) | Domestic branded battery manufacturing/distribution comparator; dry-cell and lighting mix differs from Exide storage-battery economics. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 12,713 | 14,981 | 16,770 | 17,238 | 17,995 |
| Cost of revenue (vendor classification) * | 8,819 | 10,524 | 11,580 | 11,806 | 12,406 |
| Other operating costs (vendor classification) * | 1,609 | 1,901 | 2,116 | 2,255 | 2,260 |
| EBITDA (vendor classification) * | 1,430 | 1,657 | 1,880 | 1,870 | 1,903 |
| Operating EBIT excluding other income | 1,022 | 1,211 | 1,257 | 1,216 | 1,282 |
| Finance costs | 60.9 | 73.8 | 116.0 | 153.0 | 123.8 |
| Profit before tax | 960.6 | 1,138 | 1,231 | 1,176 | 1,249 |
| Total tax expense | 266.3 | 314.8 | 348.4 | 375.5 | 388.9 |
| Profit after tax including NCI | 4,357 | 822.8 | 882.8 | 800.5 | 859.9 |
| Diluted EPS (₹) | 51.38 | 9.68 | 10.31 | 9.35 | 10.05 |
| Materials, purchases and inventory change | 11,398 | 11,597 | 12,192 | ||
| Employee benefits expense | 1,167 | 1,296 | 1,372 | ||
| Other expenses | 2,388 | 2,546 | 2,561 | ||
| Operating EBITDA excluding other income | 1,817 | 1,798 | 1,870 | ||
| Other income | 90.0 | 112.8 | 100.9 | ||
| Depreciation and amortisation | 560.4 | 582.3 | 588.8 | ||
| Exceptional items (signed) | 0.00 | 0.00 | -10.4 | ||
| Share of associate profit (signed) | 0.55 | 0.50 | 0.47 | ||
| Profit attributable to NCI | 6.14 | 5.48 | 5.73 | ||
| Profit attributable to owners | 876.7 | 795.0 | 854.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 10,624 | 11,141 | 12,902 | 13,934 | 13,931 |
| Borrowings excluding leases | 519.5 | 588.4 | 697.0 | 1,561 | 1,093 |
| Cash and cash equivalents | 189.1 | 131.8 | 323.0 | 180.8 | 250.8 |
| Trade receivables current and non-current | 1,098 | 1,230 | 1,383 | 1,687 | 1,575 |
| Inventories | 2,855 | 3,436 | 3,869 | 4,565 | 4,004 |
| Current trade payables | 1,846 | 1,856 | 2,708 | 3,345 | 3,676 |
| Net property plant and equipment | 738.1 | 784.4 | 3,760 | 3,854 | 3,937 |
| Capital work in progress | 347.1 | 378.9 | 1,165 | 3,426 | 3,938 |
| Total assets | 13,911 | 14,765 | 18,150 | 21,396 | 21,220 |
| Net debt including liquid investments; excluding leases | 107.6 | 1,055 | 4.13 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 622.7 | 668.8 | 1,533 | 1,273 | 2,413 |
| Free cash flow (vendor definition) * | -604.6 | -225.1 | -344.6 | -675.8 | 1,261 |
| Dividends paid | -170.0 | 170.0 | 170.0 | 170.0 | |
| Purchase and construction of PPE and intangibles | -664.2 | -985.1 | 1,876 | 1,949 | 1,153 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore shares) | 85.00 | 85.00 | 85.00 | 85.00 | 85.00 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,450 | 4,017 | 4,335 | 4,695 | 4,365 | 4,201 | 4,735 | 5,528 |
| Cost of revenue (vendor classification) * | 2,975 | 2,809 | 3,238 | 3,821 | ||||
| Other operating costs (vendor classification) * | 656.2 | 605.6 | 656.0 | 705.1 | ||||
| EBITDA (vendor classification) * | 445.2 | 467.9 | 492.5 | 648.9 | ||||
| EBIT * | 293.1 | 308.2 | 354.1 | 506.8 | ||||
| Finance costs | 34.0 | 54.4 | 34.9 | 32.4 | 39.7 | 25.1 | 26.6 | 19.8 |
| Profit before tax | 332.4 | 238.0 | 289.5 | 384.9 | 253.3 | 283.1 | 327.5 | 487.0 |
| Total tax expense | 99.0 | 79.6 | 101.6 | 110.3 | 79.7 | 88.2 | 110.7 | 135.7 |
| Profit after tax (incl. non-controlling interests) | 233.4 | 158.4 | 187.9 | 274.6 | 173.6 | 195.0 | 216.7 | 351.3 |
| Diluted EPS (basic = diluted; not annualised) (₹) | 2.72 | 1.84 | 2.20 | 3.21 | 2.02 | 2.29 | 2.53 | 4.12 |
| COGS (materials + traded goods + change in inventories) | 2,974 | 2,679 | 2,936 | 3,170 | 2,975 | 2,809 | 3,238 | 3,821 |
| Employee benefits expense | 330.0 | 323.5 | 321.7 | 343.7 | 342.3 | 334.1 | 352.1 | 381.2 |
| Other expenses | 673.6 | 589.5 | 649.6 | 642.7 | 656.2 | 605.6 | 656.0 | 705.1 |
| EBITDA (revenue less cogs, employee and other expenses; excl. other income) | 472.3 | 424.6 | 427.9 | 538.3 | 391.4 | 452.2 | 488.5 | 621.5 |
| Other income | 40.3 | 12.7 | 43.5 | 27.6 | 53.7 | 15.4 | 4.24 | 26.9 |
| Depreciation and amortisation | 145.9 | 145.0 | 147.6 | 148.9 | 152.1 | 149.3 | 138.4 | 142.1 |
| Exceptional items (signed: cost negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -10.4 | 0.00 | 0.00 |
| Share of profit/(loss) of equity-accounted investees (signed) | -0.25 | 0.10 | 0.55 | 0.34 | 0.09 | 0.33 | -0.29 | 0.56 |
| Profit attributable to non-controlling interests | 2.12 | 1.63 | 1.04 | 1.59 | 1.70 | 0.96 | 1.48 | 0.83 |
| Profit attributable to owners of the parent | 231.3 | 156.8 | 186.9 | 273.0 | 171.9 | 194.0 | 215.3 | 350.5 |
| Shares outstanding (capital / Re1 face value) | 85.00 | 85.00 | 85.00 | 85.00 | 85.00 | 85.00 | 85.00 | 85.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 23.4% | 17.8% | 11.9% | 2.8% | 4.4% |
| EBITDA margin | 10.8% | 10.4% | 10.4% | ||
| Net margin | 5.2% | 4.6% | 4.7% | ||
| Return on equity | 7.3% | 5.9% | 6.1% | ||
| Return on capital employed | 10.8% | 10.6% | 9.9% | 8.4% | 8.4% |
| Return on assets | 5.3% | 4.0% | 4.0% | ||
| Net debt (₹ crore) | 107.6 | 1,055 | 4.13 | ||
| Net debt / EBITDA | 0.06x | 0.59x | 0.00x | ||
| Interest cover | 16.8x | 16.4x | 10.8x | 7.94x | 10.4x |
| Asset turnover | 0.60x | 1.04x | 1.02x | 0.87x | 0.84x |
| Receivable days | 32 | 30 | 30 | 36 | 32 |
| Inventory days (on revenue) | 82 | 84 | 84 | 97 | 81 |
| Payable days (on revenue) | 53 | 45 | 59 | 71 | 75 |
| Cash conversion | 1.75x | 1.60x | 2.83x | ||
| Capex intensity | 5.2% | 6.6% | 11.2% | 11.3% | 6.4% |
| Free cash flow (₹ crore) | -41.6 | -316.3 | -342.9 | -675.8 | 1,261 |
| Dividend payout | 19.4% | 21.4% | 19.9% | ||
| EPS, diluted (₹) | 51.38 | 9.68 | 10.31 | 9.35 | 10.05 |
| Book value per share (₹) | 1,24,98,76,471 | 1,31,07,41,176 | 1,51,78,23,529 | 1,63,93,08,235 | 1,63,89,67,059 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquid investments; excluding leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Exide Industries includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Exide Industries
- Research reportLatest
Same sector
More research in Consumer Cyclical
Maruti Suzuki India Limited
NSE: MARUTI
Consumer Cyclical · Auto Manufacturers
₹11,230.00 last close on 23 Oct 2026 +0.54%Research updated
Mahindra & Mahindra Ltd.
NSE: M&M
Consumer Cyclical · Auto Manufacturers
₹2,861.20 last close on 23 Oct 2026 −0.10%Research updated
Eternal Limited
NSE: ETERNAL
Consumer Cyclical · Internet Retail
₹317.40 last close on 23 Oct 2026 +4.25%Research updated
Bajaj Auto Limited
NSE: BAJAJ-AUTO
Consumer Cyclical · Auto Manufacturers
₹10,072.00 last close on 23 Oct 2026 −0.82%Research updated
TVS Motor Company Limited
NSE: TVSMOTOR
Consumer Cyclical · Auto Manufacturers
₹3,980.20 last close on 23 Oct 2026 +0.16%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.