Exide Industries LimitedQ1 FY27 Results & Financial Update
Exide Industries Limited: Q1 FY27 consolidated results and company financials – revenue ₹5,528.38 Cr, PAT ₹351.30 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Exide Industries Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Exide Industries reported consolidated revenue from operations of Rs. 5,528.38 crores for the quarter ended June 30, 2026, compared to Rs. 4,695.12 crores in the corresponding quarter of the previous year. Total consolidated income stood at Rs. 5,555.25 crores against Rs. 4,722.69 crores a year ago.
Consolidated profit before tax (PBT) reached Rs. 486.47 crores for Q1 FY27, up from Rs. 384.91 crores in Q1 FY26. Consolidated profit after tax (PAT) attributable to owners was Rs. 350.47 crores, while total consolidated PAT came in at Rs. 351.30 crores compared to Rs. 274.58 crores in the same period last year.
On a standalone basis, revenue from operations reached Rs. 5,305.05 crores, reflecting a 17.6% year-on-year increase driven by favourable consumer sentiment and automotive demand. Standalone EBITDA expanded 19.5% year-on-year to Rs. 655 crores, with EBITDA margin improving by 20 basis points year-on-year and 70 basis points quarter-on-quarter to 12.4%.
Demand momentum remained broad-based across segments. The automotive OEM business registered over 25% year-on-year growth for the third consecutive quarter, while the 2W/4W replacement segment also achieved double-digit year-on-year growth supported by aftermarket demand and GST rationalisation benefits.
Industrial and infrastructure segments performed steadily, with the industrial infrastructure business (excluding telecom) maintaining low double-digit growth. Inverter and solar categories grew by over 20% year-on-year backed by summer-season demand, while the international export business returned to growth with a 20%+ increase on a low base.
Cost pressures persisted due to geopolitical tensions in West Asia and currency movements, with rupee depreciation against the US dollar adding pressure on import-linked raw material costs while Lead LME prices remained rangebound. The company implemented calibrated price adjustments and leveraged cost-excellence initiatives to protect and expand operating margins.
The greenfield lithium-ion cell manufacturing gigafactory in Bengaluru, operated by subsidiary EESL, achieved key project milestones during the quarter, with 100% equipment delivery and installation across all four production lines and all utilities operationalised. Commercial revenue contribution is slated to begin during FY27.
Exide Industries Limited reported its financial results for the first quarter of fiscal year 2027 (Q1 FY27), covering the period ended June 30, 2026.
01 · Business model
What does Exide Industries do?
Exide Industries Limited is a leading manufacturer of lead-acid storage batteries and allied products with nearly eight decades of operational history, offering storage capacities ranging from 2.5Ah to 20,200Ah for diverse industrial and consumer applications.
The company serves automotive original equipment manufacturers and replacement markets, power, telecom, infrastructure projects, UPS systems, railways, mining, and defence sectors, supported by a distribution network spanning over 70 countries across six continents.
Through its wholly owned subsidiary Exide Energy Solutions Limited (EESL), the group is expanding into advanced lithium-ion cell manufacturing and stationary energy storage systems, complementing its established lead-acid battery business.
02 · Historical context
What shaped the business before this quarter
Since its founding nearly eight decades ago, the company has established a global footprint spanning over 70 countries and built an extensive lead-acid manufacturing and product range from 2.5Ah to 20,200Ah.
Previously, the company established a lithium-ion battery module and pack facility at Prantij, Gujarat, which helped build early market presence and customer engagement ahead of gigafactory operations.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹5,528.38 Cr |
| Total income | ₹5,555.25 Cr |
| Profit before tax | ₹486.47 Cr |
| Profit after tax | ₹351.30 Cr |
| EPS | ₹4.12 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The automotive OEM business delivered over 25% year-on-year growth for the third consecutive quarter, supported by positive rural and urban sentiment and consumer affordability.
The 2W and 4W replacement business registered its third consecutive quarter of double-digit year-on-year growth, driven by robust aftermarket activity and ongoing benefits from GST rationalisation.
Inverter and solar businesses expanded by over 20% year-on-year, bolstered by strong summer-season demand and targeted strategic initiatives.
The international exports business returned to growth with a 20%+ year-on-year increase on a low base, reflecting geographic expansion efforts and improving shipping route access.
What drove margins
Standalone EBITDA margin expanded by 20 basis points year-on-year and 70 basis points quarter-on-quarter to 12.4%, supported by calibrated price adjustments, favorable sales mix, and supply-chain efficiencies.
05 · Demand, customers & order book
Where demand is coming from
Subsidiary EESL engaged extensively with key original equipment manufacturers, completing product certifications and testing requirements including BIS (IS 16046, IS 16893, IS 16085) and UN 38.3.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company's business activity falls within a single operating segment of 'Storage Batteries and Allied Product' as per statutory reporting.
Geography and market mix
Exports across 70+ countries on six continents recovered with over 20% year-on-year growth, aided by geographic expansion and easing logistics constraints.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Subsidiary EESL completed 100% equipment delivery and installation across all four production lines at the Bengaluru facility, with 100% of utilities operationalised.
The first NMC cylindrical line commenced customer sample deliveries during Q1 FY27, and the LFP prismatic line commenced sample supplies for 3-wheeler and telecom applications.
Projects, capex and execution
Exide Industries infused Rs. 100 crores of equity into EESL in July 2026, taking cumulative equity investment in the lithium-ion subsidiary to Rs. 4,902 crores.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The greenfield facility in Bengaluru is designed for an initial capacity of 6 GWh, scalable up to 12 GWh, spanning cylindrical and prismatic formats for LFP and NMC chemistries serving electric mobility and stationary storage.
09 · Reported developments
What changed operationally
Achieved double-digit growth across all major business lines in Q1 FY27, led by strong automotive OEM and replacement demand.
Successfully dispatched first cell samples from the Bengaluru plant following the operationalisation of all plant utilities and production lines.
10 · Pressure points & risks
What is not going smoothly
West Asia conflict and USD-INR currency depreciation created cost headwinds across import-linked raw materials.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company maintained a robust liquidity profile characterized by zero debt and high internal cash flow generation.
Capital allocation & funding
The business operates with a debt-free balance sheet on a standalone basis.
12 · Management guidance & targets
What management is targeting from here
Management stated that revenue generation from the Bengaluru lithium-ion gigafactory is expected to commence during FY27.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Statutory Certifications
EESL completed vital product certifications including BIS standards IS 16046, IS 16893, and IS 16085, alongside UN 38.3 certification.
14 · Previous-quarter changes
What changed since the previous quarter
Standalone EBITDA margin improved by 70 basis points sequentially from Q4 FY26 to Q1 FY27, reaching 12.4%.
15 · Key Q&A
The quarter, answered directly
What does Exide Industries do?
Exide Industries Limited is a leading manufacturer of lead-acid storage batteries and allied products with nearly eight decades of operational history, offering storage capacities ranging from 2.5Ah to 20,200Ah for diverse industrial and consumer applications.
What is the clearest takeaway from Q1 FY27?
Exide Industries reported consolidated revenue from operations of Rs. 5,528.38 crores for the quarter ended June 30, 2026, compared to Rs. 4,695.12 crores in the corresponding quarter of the previous year. Total consolidated income stood at Rs. 5,555.25 crores against Rs. 4,722.69 crores a year ago.
What drove revenue or demand?
The automotive OEM business delivered over 25% year-on-year growth for the third consecutive quarter, supported by positive rural and urban sentiment and consumer affordability.
What mattered most for margins or profitability?
Standalone EBITDA margin expanded by 20 basis points year-on-year and 70 basis points quarter-on-quarter to 12.4%, supported by calibrated price adjustments, favorable sales mix, and supply-chain efficiencies.
What changed operationally beyond the headline numbers?
Subsidiary EESL completed 100% equipment delivery and installation across all four production lines at the Bengaluru facility, with 100% of utilities operationalised.
What is management guiding or targeting from here?
Management stated that revenue generation from the Bengaluru lithium-ion gigafactory is expected to commence during FY27.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Commercial Production at Bengaluru Gigafactory: Monitor the commencement of commercial revenue generation and scale-up of customer supplies from EESL's Bengaluru plant during FY27.
- 02
Raw Material Price Trends: Track commodity price movements in lead and lithium cell inputs alongside currency fluctuations between USD and INR.
- 03
Next Quarter Financial Disclosures: Monitor subsequent quarterly filings to evaluate sequential revenue and profit trends as comparative period data becomes available.
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