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Exide Industries Infuses ₹200 Cr in EV Subsidiary EESL; Total Investment Reaches ₹5,102 Cr
Exide Industries Limited has invested ₹199.99 crore in its wholly owned subsidiary, Exide Energy Solutions Limited (EESL), via a rights issue. The company was allotted 5,71,42,857 equity shares of ₹10 each at a premium of ₹25 per share. With this tranche, Exide's cumulative investment in EESL stands at ₹5,102.23 crore, funding the greenfield lithium-ion cell gigafactory in Bengaluru. EESL reported FY26 turnover of ₹157.56 crore and a loss after tax of ₹248.16 crore.
Confidence: HIGH
What changedExide completed another ₹200 crore tranche of equity infusion into EESL under the ₹1,400 crore board approval from January 2026.
Why it mattersReinforces Exide's strategic capital deployment into lithium-ion cell manufacturing, with cumulative subsidiary equity backing now reaching ~34.8% of parent net worth.
Tranche investment: ₹199.99 crCumulative investment in EESL: ₹5,102.23 crCumulative investment vs Parent Net Worth: ~34.8%Shares allotted: 5,71,42,857Issue price per share: ₹35 (₹10 FV + ₹25 premium)EESL FY26 Loss after tax: ₹248.16 cr
📅 Short termNeutral to mildly positive; this is a scheduled equity infusion supporting ongoing gigafactory construction without changing subsidiary ownership.
📈 Long termCritical to Exide's long-term terminal value as EESL represents its transition hedge from traditional lead-acid batteries to EV/energy storage lithium-ion cells.
⚠ Risk flags
- Execution and technology ramp-up risks at the greenfield lithium-ion gigafactory
- Ongoing subsidiary gestation losses (EESL FY26 net loss of ₹248.16 cr)
- Substantial capital commitment (~₹5,102 cr) ahead of commercial cash flow breakeven
Key Highlights
Infused ₹199.99 crore via rights issue into wholly owned subsidiary Exide Energy Solutions Ltd (EESL).
Allotted 5,71,42,857 equity shares of face value ₹10 each at a premium of ₹25 per share (₹35 total price).
Total cumulative equity investment in EESL increased to ₹5,102.23 crore, keeping shareholding unchanged at 100%.
EESL reported FY26 revenue of ₹157.56 crore with a loss after tax of ₹248.16 crore and net worth of ₹3,991.06 crore as of March 31, 2026.
👀 What to Watch
Track commissioning milestones and customer qualification timelines for Phase 1 of the Bengaluru gigafactory, as well as revenue ramp-up from cell lines.
17.6% Revenue Growth in Q1 FY27; Li-ion Cell Sample Deliveries Commenced
Exide Industries reported a strong Q1 FY27 with standalone revenue growing 17.6% YoY and EBITDA margins expanding to 12.4%. The growth was broad-based, with the solar segment hitting a record quarterly revenue of over 400 cr and automotive OEM growing 25% for the third consecutive quarter. A critical milestone was reached as the Bangalore giga factory commenced customer sample deliveries for both NCM cylindrical and LFP prismatic cells. The company remains debt-free with a cumulative equity investment of 4,902 cr in its lithium-ion subsidiary as of July 2026.
Confidence: HIGH
What changedExide has transitioned from the construction and installation phase of its lithium-ion giga factory to the customer sampling phase, marking the start of domestic cell production.
Why it mattersThe successful start of cell sampling validates Exide's strategic pivot toward EV battery manufacturing, reducing its long-term dependence on the traditional lead-acid market and imported cells.
Revenue Growth (Q1 FY27): 17.6%EBITDA Margin: 12.4%Solar Segment Revenue: 400 crEESL Investment vs Net Worth: ~33.4%Total Li-ion Project Cost: 5,200 cr
📅 Short termThe stock may see positive momentum driven by strong quarterly earnings and tangible progress in the high-growth lithium-ion segment.
📈 Long termThe transition to a lithium-ion cell manufacturer represents a structural shift that could lead to a valuation re-rating as the company captures the EV and stationary storage markets.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw material price volatility (Lead LME)
- Currency depreciation (INR/USD)
- Execution risk in scaling giga factory yields
Key Highlights
Standalone revenue grew 17.6% YoY in Q1 FY27, supported by double-digit growth across major business lines.
EBITDA increased 19.5% YoY to 655 cr, with margins expanding 20 bps to 12.4%.
Solar business achieved its highest-ever quarterly revenue exceeding 400 cr.
Cumulative equity investment in lithium-ion subsidiary EESL reached 4,902 cr as of July 31, 2026.
Commenced customer sample deliveries of locally manufactured NCM cylindrical and LFP prismatic cells from the Bangalore facility.
👀 What to Watch
Monitor the timeline for commercial revenue generation from the Bangalore giga factory, expected shortly in FY27. Investors should also track the impact of potential Chinese VAT rebate removals on January 1, 2027, which could improve the cost-competitiveness of Exide's domestic cells against imports.
Exide Q1 FY27: PAT up 27% to ₹407 Cr; ₹4,902 Cr Invested in Li-ion Giga Factory
Exide Industries reported a strong Q1 FY27 with revenue growing 17.6% YoY to ₹5,305 Cr and PAT increasing 27.1% to ₹407 Cr. The company has now invested ₹4,902 Cr into its Lithium-ion cell manufacturing subsidiary (EESL), representing ~94% of the Phase 1 budget of ₹5,200 Cr. EBITDA margins improved to 12.4% from 12.2% YoY, driven by operational efficiencies. Management confirmed that revenue generation from the Giga factory is expected to commence within FY27.
Confidence: HIGH
What changedExide has transitioned from the investment phase to the cusp of the operational phase for its Lithium-ion Giga factory, with nearly the entire Phase 1 capital already deployed.
Why it mattersThe ₹5,200 Cr Lithium-ion project is a massive strategic pivot representing ~33% of the company's net worth, aimed at protecting market share against the structural shift toward Electric Vehicles.
Q1 FY27 Revenue: ₹5,305 CrQ1 FY27 PAT: ₹407 CrLi-ion Investment to Date: ₹4,902 CrInvestment vs Net Worth: ~33.4%EBITDA Margin: 12.4%Network Touchpoints: 120,000+
📅 Short termThe stock is likely to react positively to the double-digit growth in both revenue and profit, alongside the high level of completion of the Li-ion project.
📈 Long termThe successful ramp-up of the 12GWh Lithium-ion capacity could significantly re-rate the company as it evolves from a traditional battery maker to a key EV component supplier.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in commissioning the high-tech Li-ion Giga factory
- Raw material price volatility (Lead and Lithium)
- Intense competition from emerging EV battery players
Key Highlights
Q1 FY27 Revenue increased 17.6% YoY to ₹5,305 Cr compared to ₹4,510 Cr in Q1 FY26.
Net Profit (PAT) grew 27.1% YoY to ₹407 Cr with margins expanding to 7.7%.
Cumulative investment in the New Energy (Lithium-ion) business reached ₹4,902 Cr.
Network reach expanded to 120,000+ touchpoints and rural outreach to 18,000+ villages.
EBITDA grew 19.5% YoY to ₹655 Cr, maintaining a zero-debt balance sheet at the standalone level.
👀 What to Watch
Investors should track the specific commissioning date of the first Lithium-ion cell production line and the initial off-take volumes from automotive OEMs in FY27. Additionally, monitor lead price trends as they remain the primary cost driver for the core lead-acid business.
27.1% PAT Growth in Q1 FY27; Exide Reports Strong Revenue of ₹5,305 Cr and Li-ion Progress
Exide Industries reported a robust start to FY27 with standalone revenue growing 17.6% YoY to ₹5,305.05 Cr and PAT increasing 27.1% to ₹407.26 Cr. Growth was broad-based, with Automotive OEMs growing over 25% and the international business rebounding with 20%+ growth. Operating leverage helped expand EBITDA margins by 20 bps despite currency pressure (INR at 90/USD). Crucially, the company dispatched its first lithium-ion cell samples from the Bengaluru Gigafactory, with revenue expected to start later in FY27.
Confidence: HIGH
What changedExide has accelerated its growth trajectory from single-digits to high double-digits in Q1 FY27, while achieving a critical technical milestone in its Lithium-ion cell manufacturing pivot.
Why it mattersThe results demonstrate strong execution in the core lead-acid business while de-risking the future EV transition through the successful sampling of Li-ion cells, which is vital for long-term relevance.
Revenue (Q1 FY27): ₹5,305.05 CrPAT (Q1 FY27): ₹407.26 CrRevenue Growth (YoY): 17.6%PAT Growth (YoY): 27.1%Li-ion Project Cost vs Net Worth: ~35.4%EPS (Q1 FY27): ₹4.79
📅 Short termThe stock is likely to react positively to the significant earnings beat and the tangible progress reported on the Lithium-ion Gigafactory.
📈 Long termExide is structurally pivoting from a traditional lead-acid manufacturer to a new-energy player; the success of the ₹5,200 Cr Li-ion project is the primary long-term value driver.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Currency depreciation (INR/USD at 90) impacting import costs
- Lead LME price volatility
- Execution risk in scaling the new Gigafactory
Key Highlights
Standalone Revenue from Operations reached ₹5,305.05 Cr, a 17.6% increase over Q1 FY26.
Profit After Tax (PAT) rose to ₹407.26 Cr, representing 27.1% YoY growth from ₹320.45 Cr.
Automotive OEM segment grew by over 25% for the third consecutive quarter.
First lithium-ion cell samples dispatched from the Bengaluru facility; project cost is ₹5,200 Cr.
International business delivered 20%+ YoY growth, reflecting successful geographic expansion.
👀 What to Watch
Monitor the commercial production timeline of the Bengaluru Gigafactory and the impact of lead price volatility on margins in upcoming quarters.
27% PAT Growth in Q1 FY27; Revenue up 18% to ₹5,305 Cr as Li-ion Project Nears Revenue
Exide Industries reported a strong start to FY27 with standalone revenue growing 17.6% YoY to ₹5,305.05 Cr and PAT increasing 27.1% to ₹407.26 Cr. Growth was broad-based, led by Automotive OEMs (>25%) and International business (>20%), while the replacement market remained robust. Despite currency pressure (INR 90/USD) and volatile input costs, the company expanded EBITDA margins by 20 bps YoY through calibrated pricing and cost efficiencies. Crucially, the Bengaluru Li-ion Gigafactory has dispatched its first cell samples, with revenue generation confirmed to begin within FY27.
Confidence: HIGH
What changedExide has transitioned from the construction phase to the sampling/validation phase of its Lithium-ion Gigafactory, while simultaneously accelerating growth in its core lead-acid business.
Why it mattersThe strong cash flow from the traditional battery business (17.6% revenue growth) is effectively supporting the massive ₹5,200 Cr pivot into EV battery manufacturing, which is the primary long-term valuation driver.
Revenue (Q1 FY27): ₹5,305.05 CrPAT (Q1 FY27): ₹407.26 CrYoY Revenue Growth: 17.6%Q1 Revenue vs TTM Revenue: ~29.5%Li-ion Project Cost: ₹5,200 Cr
📅 Short termThe stock is likely to react positively to the double-digit growth in both top and bottom lines, which exceeded the historical 7% growth rate.
📈 Long termThe successful commissioning of the Li-ion Gigafactory in FY27 could structurally re-rate the company from a traditional auto ancillary player to a key participant in the EV supply chain.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Currency depreciation (INR 90/USD) impacting import-linked costs
- Volatility in Lead LME prices
- Execution risk in scaling the new Li-ion manufacturing lines
Key Highlights
Standalone Revenue from operations grew 17.6% YoY to ₹5,305.05 Cr.
Net Profit (PAT) increased 27.1% YoY to ₹407.26 Cr from ₹320.45 Cr in the previous year.
Automotive OEM segment recorded >25% growth for the third consecutive quarter.
International business returned to growth with a 20%+ YoY increase.
First lithium-ion cell samples dispatched from the Bengaluru Gigafactory, marking a major milestone for the ₹5,200 Cr project.
👀 What to Watch
Watch for the formal commencement of commercial production at the Bengaluru Gigafactory and the subsequent ramp-up of the first 4 production lines. Investors should also monitor Lead LME prices and USD-INR stability, as currency depreciation remains a primary margin headwind.
Rs 100 Cr Infusion in Li-ion Subsidiary; Total Investment Hits Rs 4,902 Cr
Exide Industries has invested an additional Rs 99.99 crore in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), to fund its greenfield Lithium-ion cell manufacturing project in Bengaluru. This investment is part of a larger Rs 1,400 crore funding plan approved by the board in January 2026. Total cumulative investment in EESL now stands at Rs 4,902.23 crore, which is approximately 33.4% of Exide's consolidated net worth. While EESL is currently loss-making (Rs 248.16 crore loss in FY26), it is the cornerstone of Exide's transition into the electric vehicle battery market.
Confidence: HIGH
What changedExide has executed another tranche of its planned capital infusion into its Lithium-ion subsidiary, maintaining its 100% ownership while providing necessary liquidity for the Bengaluru gigafactory.
Why it mattersThis investment is critical for Exide's pivot from traditional lead-acid batteries to Lithium-ion technology, which is essential for maintaining relevance in the evolving automotive and EV ecosystem.
Current Investment: Rs 99.99 crTotal Investment in EESL: Rs 4,902.23 crTotal Investment vs Net Worth: ~33.4%EESL FY26 Loss: Rs 248.16 crEESL FY26 Turnover: Rs 157.56 cr
📅 Short termNeutral to positive; demonstrates steady execution of the capital expenditure roadmap for the EV battery segment.
📈 Long termStructural; the success of EESL's gigafactory is the primary driver for Exide's long-term growth and potential valuation re-rating in the green energy space.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High gestation period for the Li-ion project
- Ongoing losses in the subsidiary (Rs 248 cr in FY26)
- Technology obsolescence risk in the battery sector
Key Highlights
Invested Rs 99.99 crore on July 15, 2026, through a rights issue at Rs 35 per share (including premium).
Total cumulative investment in EESL reached Rs 4,902.23 crore as of today.
EESL reported a turnover of Rs 157.56 crore and a net loss of Rs 248.16 crore for FY26.
The funding supports a multi-gigawatt greenfield Lithium-ion cell plant in Bengaluru.
EESL's net worth stood at Rs 3,991.06 crore as of March 31, 2026.
👀 What to Watch
Investors should track the commissioning of Phase 1 (Line 1 of 4) and the subsequent ramp-up to Line 3 within the current fiscal year. The key metric to watch is the reduction in EESL's losses as manufacturing operations scale up.
Exide Industries Q4 FY26: Domestic Revenue Up 12.5%, Solar Vertical Crosses ₹1,000 Cr Mark
Exide Industries reported a 9.4% YoY overall revenue growth in Q4 FY26, with the domestic business performing strongly at 12.5% growth. Despite a ₹150 crore negative impact from commodity costs which compressed gross margins to 30.1%, the company maintained an EBITDA margin of 11.7% through cost controls and manufacturing efficiencies. The solar vertical achieved a significant milestone, crossing ₹1,000 crore in revenue for the full year. Progress on the lithium-ion project remains on track with total equity investment reaching ₹4,802 crore and cell sample deliveries commencing shortly.
Key Highlights
Domestic business grew 12.5% YoY in Q4, while the core business excluding Telecom grew by 16%.
Solar vertical crossed the ₹1,000 crore revenue mark for the full year FY26.
EBITDA margin maintained at 11.7%, expanding 50 basis points year-on-year despite commodity headwinds.
Total equity investment in lithium-ion subsidiary Exide Energy reached ₹4,802 crore as of Q4 FY26.
Auto OEM segment recorded its second consecutive quarter of 25%+ year-on-year growth.
👀 What to Watch
Investors should focus on the upcoming commercialization of the lithium-ion cell project, as sample deliveries for cylindrical cells begin this month. The core lead-acid business remains a strong cash generator, though exposure to volatile commodity prices and the transition in the Telecom segment require monitoring.
Exide Industries Q4 FY26: Zero Debt Balance Sheet and 14% 25-Year PAT CAGR
Exide Industries showcased a strong financial track record in its Q4 FY26 presentation, highlighting a 25-year PAT CAGR of 14.0% and a revenue CAGR of 12.3%. The company maintains a zero-debt balance sheet with top-tier ICRA AAA/Stable credit ratings and a consistent dividend payout history. A major strategic pivot is underway through its subsidiary, Exide Energy Solutions Limited, to capture the projected 140-150 GWh Indian lithium-ion demand by 2030. With 13 manufacturing plants and a network of 1,20,000+ touchpoints, Exide remains a dominant player in both automotive and industrial segments.
Key Highlights
Maintains a zero-debt balance sheet with ICRA AAA/Stable (long term) and ICRA A1+ (short term) ratings.
Achieved a 25-year Revenue CAGR of 12.3% and EBITDA CAGR of 11.2%, outperforming major indices like Nifty 50.
Strategic expansion into Lithium-ion cell manufacturing to address a market expected to reach 150 GWh by 2030.
Extensive distribution network with 1,20,000+ touchpoints and presence in over 70 countries.
Benefiting from favorable regulatory shifts including GST reductions in automotive (28% to 18%) and solar (12% to 5%) sectors.
👀 What to Watch
Exide is a solid long-term pick for conservative investors due to its debt-free status and market leadership. Monitor the progress of the Bengaluru lithium-ion cell plant as it is the primary driver for future growth and valuation re-rating.
Exide Industries Q4 FY26: Revenue Up 9.4%, PBT Jumps 22.6%, Rs. 2 Dividend Declared
Exide Industries reported a strong performance for Q4 FY26, with revenue growing 9.4% YoY and Profit Before Tax (PBT) increasing by 22.6%. The growth was driven by robust performance across most key business segments, indicating improved operational efficiency. The Board has recommended a final dividend of Rs. 2 per share (200% of face value) for the financial year. Additionally, the standalone balance sheet shows improved working capital management with a reduction in inventory and trade receivables.
Key Highlights
Revenue grew 9.4% YoY in Q4 FY26, buoyed by strong growth across key businesses
Profit Before Tax (PBT) surged by 22.6% YoY for the quarter
Recommended a final dividend of Rs. 2 per equity share (200%) for FY26
Inventory levels decreased to Rs. 3,492.14 Crores from Rs. 3,827.43 Crores YoY
Total standalone assets increased to Rs. 19,256.64 Crores as of March 31, 2026
👀 What to Watch
Investors should take note of the strong double-digit PBT growth and the company's ability to manage working capital efficiently. The consistent dividend payout and revenue growth make it a stable pick in the industrial and automotive battery sector.
Exide Industries Recommends ₹2 Dividend; Sets Record Date for July 3, 2026
Exide Industries has recommended a final dividend of ₹2 per equity share (200% of face value) for the financial year ended March 31, 2026. The company has fixed July 3, 2026, as the record date to determine shareholder eligibility for the payout. For the fiscal year, the company reported a growth in standalone total assets to ₹19,256.64 crores compared to ₹18,819.09 crores in the previous year. The dividend is subject to shareholder approval at the 79th Annual General Meeting scheduled for July 10, 2026.
Key Highlights
Recommended a final dividend of ₹2 per equity share of face value ₹1 (200%)
Record date for dividend payment fixed as July 3, 2026
Standalone total assets increased to ₹19,256.64 crores from ₹18,819.09 crores YoY
Non-current investments grew to ₹10,479.89 crores as of March 31, 2026
79th Annual General Meeting (AGM) to be held on July 10, 2026
👀 What to Watch
Investors interested in the dividend should ensure they hold the stock before the record date of July 3, 2026. The steady increase in total assets and non-current investments reflects a stable balance sheet for long-term holders.
Exide Industries FY26 Results: Board Recommends 200% Dividend of ₹2 Per Share
Exide Industries has announced its audited financial results for the fiscal year ending March 31, 2026, reporting a growth in total standalone assets to ₹19,256.64 crores. The company's board has recommended a final dividend of ₹2 per equity share (200% of face value), with a record date of July 3, 2026. The standalone balance sheet shows a healthy increase in non-current investments to ₹10,479.89 crores, up from ₹9,830.56 crores in the previous year. Additionally, the company managed to reduce its inventory levels significantly to ₹3,492.14 crores, indicating improved operational efficiency.
Key Highlights
Recommended a final dividend of ₹2 per equity share (200%) for the financial year 2025-26.
Total standalone assets grew to ₹19,256.64 crores from ₹18,819.09 crores year-on-year.
Non-current investments increased by approximately 6.6% to reach ₹10,479.89 crores.
Inventory levels were optimized, dropping to ₹3,492.14 crores from ₹3,827.43 crores in FY25.
The 79th Annual General Meeting is scheduled for July 10, 2026, via video conferencing.
👀 What to Watch
Investors should view the 200% dividend and the reduction in inventory as positive signs of financial health and efficiency. The significant increase in non-current investments suggests the company is actively deploying capital for long-term growth.
Exide Industries Invests Rs 450 Crore in Lithium-Ion Subsidiary EESL
Exide Industries has infused an additional Rs 450 crore into its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This investment brings the total cumulative investment in EESL to Rs 4,802.23 crore. The capital is specifically allocated to fund a greenfield lithium-ion battery cell manufacturing plant in Bengaluru. While EESL is currently loss-making, reporting a loss of Rs 209.12 crore in FY25, this move reinforces Exide's commitment to the electric vehicle and stationary storage markets.
Key Highlights
Invested Rs 450 crore by subscribing to 11.25 crore equity shares at Rs 40 per share (including premium).
Total investment in the lithium-ion subsidiary EESL now reaches Rs 4,802.23 crore.
Funds are dedicated to a greenfield project in Bengaluru for manufacturing lithium-ion battery cells and modules.
EESL reported a turnover of Rs 116.89 crore and a net loss of Rs 209.12 crore for the financial year ended March 31, 2025.
Exide Industries maintains 100% shareholding in EESL following this transaction.
👀 What to Watch
Investors should view this as a strategic long-term play on India's EV transition, though the subsidiary's current losses and high capital requirements may weigh on short-term consolidated margins. Monitor the commissioning timeline of the Bengaluru plant as a key performance catalyst.
Exide Industries Invests Rs 100 Crore in Lithium-Ion Subsidiary EESL
Exide Industries has infused an additional Rs 100 crore into its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This brings the company's total cumulative investment in its lithium-ion battery venture to Rs 4,352.23 crore. The capital is specifically allocated to fund EESL's greenfield project in Bengaluru, which aims to manufacture advanced chemistry battery cells and modules for the EV market. Despite EESL reporting a loss of Rs 209.12 crore in FY25, Exide continues to aggressively fund this high-growth vertical.
Key Highlights
Invested Rs 100 crore by subscribing to 2.5 crore equity shares at Rs 40 each (including premium).
Total cumulative investment in EESL now stands at Rs 4,352.23 crore.
Funds are directed towards a greenfield lithium-ion battery manufacturing plant in Bengaluru.
EESL reported a turnover of Rs 116.89 crore and a net loss of Rs 209.12 crore for FY 2024-25.
👀 What to Watch
Investors should view this as a commitment to the EV transition, though the subsidiary remains in a capital-intensive gestation phase. Monitor the Bengaluru plant's commissioning timeline and future off-take agreements as key valuation drivers.
Exide Q3 FY26: Revenue Crosses ₹4,000 Cr Mark; EBITDA Margin Improves to 11.7%
Exide Industries reported a milestone Q3 FY26, with revenue crossing ₹4,000 crores for the first time in a third quarter, driven by a 25% YoY surge in Auto OEM sales. While overall revenue grew 5% YoY, domestic growth excluding the declining telecom segment was robust at 10%. The company maintained an EBITDA margin of 11.7%, benefiting from a 220 bps sequential improvement despite high commodity costs for tin, silver, and copper. Total investment in the lithium-ion cell project has reached ₹4,252 crores, with product validation currently underway.
Key Highlights
Quarterly revenue crossed ₹4,000 crores for the first time in a Q3, up approximately 5% YoY.
Auto OEM segment achieved its highest-ever quarterly revenue with 25% YoY growth.
EBITDA margin expanded by 220 basis points sequentially to 11.7% through cost excellence projects.
Total equity investment in the lithium-ion subsidiary (Exide Energy) reached ₹4,252 crores.
Industrial UPS and Solar segments grew by 13% and single digits respectively, offsetting telecom declines.
👀 What to Watch
Investors should monitor the progress of the lithium-ion cell manufacturing project as it nears commissioning, which is a key long-term growth driver. The stock remains a strong play on automotive recovery and energy transition, supported by robust lead-acid margins.
Exide Industries Q3 FY26 Revenue Up 4.7% to ₹4,030 Cr; Lithium-Ion Plant Nears Production
Exide Industries reported a steady Q3 FY26 with total revenue growing 4.7% YoY to ₹4,030 crore and PAT increasing 5.2% to ₹258 crore. While 9-month EBITDA saw a marginal decline of 1.0% to ₹1,412 crore, the company remains debt-free and is funding its green technology expansion through internal accruals. A significant focus remains on the upcoming lithium-ion cell manufacturing plant, where cylindrical line validation and prismatic line installation are currently underway. The company is also diversifying its portfolio with new launches in the premium automotive and solar inverter segments scheduled for February 2026.
Key Highlights
Q3 FY26 Revenue grew 4.7% YoY to ₹4,030 crore, with EBITDA margins stable at 11.7%.
Maintained a debt-free balance sheet with a market capitalization of ₹30,787 crore as of December 2025.
Lithium-ion cell plant progress: Cylindrical line is in the validation phase, while the prismatic line is being installed.
Inventory days reduced from 110 in March 2025 to 95 in December 2025, showing improved working capital management.
Secured 100% share of business (SOB) for upcoming models like Kia Seltos facelift and Tata Sierra petrol.
👀 What to Watch
Investors should monitor the commissioning timeline of the lithium-ion plant as it is the primary long-term growth driver. The stock remains a solid play on the automotive recovery and energy storage transition, backed by a strong debt-free balance sheet.
Exide Industries Q3 FY26: Revenue Grows 4.7% YoY; Board Approves ₹1,400 Cr Li-ion Investment
Exide Industries reported a steady performance for Q3 FY26, with standalone revenue growing 4.7% YoY to ₹4,029.71 crore, supported by strong demand in the replacement and auto OEM markets. Profit Before Tax (PBT) grew 5.6% YoY to ₹343.38 crore, even after accounting for a ₹9.04 crore exceptional item related to new labour codes. A major strategic highlight is the board's approval to invest an additional ₹1,400 crore in its subsidiary, Exide Energy Solutions Limited (EESL), to fund the greenfield Lithium-ion cell manufacturing facility. This reinforces Exide's commitment to the electric vehicle battery ecosystem.
Key Highlights
Standalone Revenue from Operations increased 4.7% YoY to ₹4,029.71 crore in Q3 FY26.
Net Profit after Tax (PAT) rose 5.2% YoY to ₹257.70 crore from ₹244.99 crore in the previous year.
Board approved a significant further investment of up to ₹1,400 crore in the Lithium-ion subsidiary EESL.
Exceptional item of ₹9.04 crore recognized during the quarter due to the impact of new Labour Code regulations.
Quarterly Earnings Per Share (EPS) improved to ₹3.03 from ₹2.88 in Q3 FY25.
👀 What to Watch
Investors should view the steady core business growth and the aggressive ₹1,400 crore capital allocation toward Lithium-ion technology as a positive sign for long-term sustainability. Monitor the execution timelines of the EESL manufacturing facility as it remains the key catalyst for future valuation rerating.
Exide Industries Q3 PAT Rises 5% to ₹258 Cr; Board Approves ₹1,400 Cr Lithium-ion Investment
Exide Industries reported a steady 5.2% YoY growth in standalone Net Profit to ₹257.70 crore for the quarter ended December 31, 2025, driven by a 4.7% increase in revenue to ₹4,029.71 crore. A major strategic highlight is the Board's approval to invest an additional ₹1,400 crore in its subsidiary, Exide Energy Solutions Limited, for its greenfield Lithium-ion cell manufacturing project. Despite a slight dip in 9-month cumulative profits and an exceptional charge of ₹9.04 crore related to new labour codes, the company continues to maintain stable operational performance while pivoting towards the EV battery ecosystem.
Key Highlights
Standalone Revenue from Operations grew 4.7% YoY to ₹4,029.71 crore in Q3 FY26.
Standalone Net Profit increased to ₹257.70 crore compared to ₹244.99 crore in the year-ago period.
Board approved a significant further investment of up to ₹1,400 crore in the Lithium-ion manufacturing subsidiary EESL.
Recognized an exceptional expense of ₹9.04 crore due to the notification of new Government Labour Codes.
9-month standalone PAT for the period ending Dec 2025 stood at ₹798.89 crore versus ₹822.33 crore in the previous year.
👀 What to Watch
Investors should focus on the company's aggressive capital allocation towards the Lithium-ion segment, which is a critical long-term growth driver. While the core lead-acid business remains stable, the execution of the new EV battery facility will be the primary catalyst for future stock rerating.
Exide Q3 PAT Up 5% to ₹258 Cr; Board Approves ₹1,400 Cr Investment in Li-ion Subsidiary
Exide Industries reported a steady performance for Q3 FY26, with standalone net profit rising 5.2% YoY to ₹257.70 crore. Revenue from operations grew 4.7% to ₹4,029.71 crore, reflecting resilient demand in the storage battery segment. A major strategic highlight is the board's approval to invest an additional ₹1,400 crore in its subsidiary, Exide Energy Solutions Limited (EESL), to fund the multi-gigawatt Lithium-ion cell manufacturing facility. The company also recognized a one-time exceptional charge of ₹9.04 crore related to the new Labour Codes.
Key Highlights
Standalone Revenue from Operations increased 4.7% YoY to ₹4,029.71 crore.
Standalone Net Profit for the quarter ended Dec 31, 2025, rose to ₹257.70 crore from ₹244.99 crore YoY.
Board approved a significant further investment of up to ₹1,400 crore in EESL for the Li-ion project.
Exceptional item of ₹9.04 crore recorded due to the impact of newly notified Labour Codes.
9M FY26 Standalone Revenue reached ₹12,717.81 crore compared to ₹12,428.69 crore in the previous year.
👀 What to Watch
Investors should focus on the company's aggressive capital allocation towards the Lithium-ion space, which positions it well for the EV transition. Maintain a long-term outlook as the core lead-acid business remains stable while the EESL project scales up.
Exide Industries Invests ₹50 Crore in Lithium-Ion Subsidiary EESL
Exide Industries has infused an additional ₹50 crore into its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), through a rights issue. This brings the company's total cumulative investment in its lithium-ion venture to ₹4,252.23 crore. The capital is specifically directed toward funding a greenfield manufacturing plant in Bengaluru for battery cells and modules. While EESL is currently loss-making as it scales, this investment reinforces Exide's strategic pivot toward the electric vehicle and stationary storage markets.
Key Highlights
Investment of ₹50 crore made by subscribing to 1.25 crore equity shares at ₹40 each (including premium).
Total cumulative investment in EESL now reaches ₹4,252.23 crore as of January 2026.
Funds are earmarked for the development of a greenfield lithium-ion cell manufacturing facility in Bengaluru.
EESL reported a turnover of ₹116.89 crore and a net loss of ₹209.12 crore for the financial year ended March 31, 2025.
Exide Industries maintains 100% ownership of EESL following this transaction.
👀 What to Watch
Investors should view this as a necessary capital commitment for Exide's long-term transition into the EV battery space. Monitor the commissioning timelines of the Bengaluru plant as it is the key catalyst for future revenue diversification.
Exide Industries Appoints Indranil Chatterjee as EVP and Head of Operations
Exide Industries has appointed Mr. Indranil Chatterjee as Executive Vice President and Head of Operations, effective January 12, 2026. Mr. Chatterjee transitions from his role as MD & CEO of Chloride Metals Limited, a 100% subsidiary of Exide, which he scaled to a turnover exceeding ‡6,000 crore. With over 30 years of experience in manufacturing and operational leadership, he will now oversee large-scale operations and capacity expansion for the parent company. This internal promotion brings a proven leader into a critical operational role during a period of industrial transformation.
Key Highlights
Mr. Indranil Chatterjee appointed as Senior Management Personnel (SMP) effective January 12, 2026.
Previously served as MD & CEO of subsidiary Chloride Metals Limited, achieving a turnover of over ‡6,000 crore.
Brings 30+ years of experience in manufacturing excellence across FMCG, industrial ceramics, and automobiles.
Has previously managed major Exide manufacturing locations in Haldia, Shyamnagar, and Hosur.
Educational credentials include Jadavpur University and an Advanced Management Diploma from Wharton School.
👀 What to Watch
Investors should view this as a positive move for operational stability, as the company is promoting a high-performer who successfully scaled a key subsidiary. No immediate action is required, but his leadership in manufacturing will be crucial for Exide's future capacity expansions.
