EXIDEIND · Automobile and Auto Components · filed 4 Nov 2026
Exide Industries Ltd. reported revenue of ₹5,292 cr for July to September 2026, +21.2% on the year and −4.3% on the quarter. That is faster than this quarter has grown in recent years (−0.1% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹19,756 cr, +13.5% on the four before.
Operating profit (EBITDA) was ₹562 cr, a margin of 10.6%, +164 bps on the year and −63 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.0% to 11.5%, averaging 10.5%. Operating costs grew +19.1% against revenue growth of +21.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹287 cr, +65.4% on the year and −18.3% on the quarter, with earnings per share of ₹3.37. Profit before other income, one-offs and tax grew faster, at +91.1%; other income, one-offs or tax held the headline back. The tax rate of 32% is in line with its recent average. Profit over the last four quarters totals ₹1,050 cr, +32.2% on the four before.
Of the 31 companies in Automobiles and components that have reported Q2 FY27 so far, Exide Industries Ltd. ranks 24th on revenue growth; the sector median is +31.5%. Its margin moved +164 bps on the year against a sector median of −135 bps.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models.
On earnings per share of ₹12.30 over the last four quarters, the stock at ₹385.05 trades at 31.3 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,637 cr | ₹1,575 cr | ▲ 3.9% |
| Inventory | ₹4,216 cr | ₹4,004 cr | ▲ 5.3% |
| Cash | ₹123 cr | ₹251 cr | ▼ 50.9% |
| Bank balances | ₹7.5 cr | ₹7.0 cr | ▲ 6.7% |
| Long-term borrowings | ₹864 cr | ₹906 cr | ▼ 4.7% |
| Short-term borrowings | ₹279 cr | ₹187 cr | ▲ 49.3% |
| Trade payables | ₹3,584 cr | ₹3,689 cr | ▼ 2.8% |
| Net block | ₹7,972 cr | ₹3,937 cr | ▲ 102.5% |
| Capital work in progress | ₹167 cr | ₹3,938 cr | ▼ 95.8% |
| Equity | ₹13,849 cr | ₹13,905 cr | ▼ 0.4% |
| Total assets | ₹21,191 cr | ₹21,220 cr | ▼ 0.1% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹438 cr | ₹1,423 cr |
| Capital expenditure | −₹592 cr | −₹601 cr |
| Investing cash flow | −₹386 cr | −₹879 cr |
| Financing cash flow | −₹180 cr | −₹613 cr |
| Dividends paid | −₹170 cr | −₹170 cr |
Operating cash flow was 0.69× profit. Receivables at 28 days of sales (−4 days against the last year end). Inventory at 71 days of sales (−10 days).
Other matter 1: “6. We did not review the interim financial information of one subsidiary included in the Statement, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 1,334.58 crores as at 30 September 2026 and total revenues (before consolidation… Read in full
6. We did not review the interim financial information of one subsidiary included in the Statement, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 1,334.58 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 1,873.48 crores and Rs. 3,654.92 crores, total net loss after tax (before consolidation adjustments) of Rs. 24.81 crores and Rs. 28.15 crores and total comprehensive loss (before consolidation adjustments) of Rs. 24.82 crores and Rs 28.16 crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash flows (net) (before consolidation adjustments) of Rs 4.70 Crores for the period from 1 April 2026 to 30 September 2026 as considered in the Statement. This interim financial information has been reviewed by other auditor whose report has been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter.
Other matter 2: “7. The Statement includes the interim financial information of four Subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 356.94 Crores as at 30 September 2026 and total revenues (before consolidation… Read in full
7. The Statement includes the interim financial information of four Subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs. 356.94 Crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 131.64 Crores and Rs. 247.16 Crores, total net profit after tax (before consolidation adjustments) of Rs. 6.26 Crores and Rs. 8.74 Crores and total comprehensive income (before consolidation adjustments) of Rs. 6.26 Crores and Rs. 8.74 Crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 13.24 Crores for the period from 1 April 2026 to 30 September 2026. as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 0.44 Crores and Rs. 1.00 Crores and total comprehensive income of Rs 0.44 Crores and Rs. 1.00 Crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of three associates, based on their interim financial information which have not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial information are not material to the Group. Our conclusion is not modified in respect of this matter.
Filing p. 3, p.7-9
Board approved change of Registrar and Share Transfer Agent (RTA) from M/s MUFG Intime India Private Limited to M/s Maheshwari Datamatics Private Limited. (p. 2, p.17)
Tax: Consolidated Q2 tax of 136.59 ÷ PBT of 423.73 = 32.24% (Standalone Q2: 135.87 ÷ 522.32 = 26.01%; higher consolidated ETR reflects unrecognised tax losses in subsidiary EESL of 24.81 cr net loss in Q2)
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Standalone EBITDA (₹ crore) | 606 | 395 |
| Standalone EBITDA margin | 12.1% | 9.4% |
| Automotive OEM YoY growth (%+) | 25 | — |
| Home Inverters and Solar YoY growth (%+) | 20 | — |
| Exports YoY growth (%+) | 20 | — |
| EESL lithium-ion cell commissioned capacity (GWh) | 6 | — |
| Cumulative equity investment in EESL (₹ crore) | 5,352 | — |
not disclosed
Filing, press release and investor presentation do not disclose channel or dealer inventory days.
Standalone Q2 COGS was 69.43% of revenue (3489.57 ÷ 5026.14) vs 70.18% YoY (2932.27 ÷ 4178.29) and 70.48% in Q1 (3738.84 ÷ 5305.05). Softer Lead LME and antimony prices were partly offset by INR depreciation, while calibrated price hikes expanded EBITDA margin by 270 bps YoY to 12.1%.
Gross margin expanded 75 bps YoY and 105 bps QoQ as calibrated price increases, volume growth and cost optimisation absorbed input cost and currency pressures.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,980 cr | ₹4,173 cr | ₹4,436 cr | ₹4,450 cr | ₹4,017 cr | ₹4,335 cr | ₹4,695 cr | ₹4,365 cr | ₹4,201 cr | ₹4,735 cr | ₹5,528 cr | ₹5,292 cr |
| YoY | — | — | +4% | +2% | +1% | +4% | +6% | −2% | +5% | +9% | +18% | +21% |
| EBITDA margin | 10.9% | 10.7% | 10.7% | 10.6% | 10.6% | 9.9% | 11.5% | 9.0% | 10.8% | 10.3% | 11.2% | 10.6% |
| Other income, % of PBT | 9% | 2% | 5% | 12% | 5% | 15% | 7% | 21% | 2% | 1% | 6% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 34% | 30% | 30% | 33% | 35% | 29% | 31% | 31% | 34% | 28% | 32% |
| Net profit | ₹203 cr | ₹186 cr | ₹221 cr | ₹233 cr | ₹158 cr | ₹188 cr | ₹275 cr | ₹174 cr | ₹195 cr | ₹217 cr | ₹351 cr | ₹287 cr |
| YoY | — | — | −1% | −14% | −22% | +1% | +24% | −25% | +23% | +15% | +28% | +65% |
| Core profit YoY | — | — | +7% | −11% | −12% | −11% | +19% | −32% | +24% | +31% | +29% | +91% |
| EPS | ₹2.36 | ₹2.17 | ₹2.59 | ₹2.72 | ₹1.84 | ₹2.20 | ₹3.21 | ₹2.02 | ₹2.28 | ₹2.53 | ₹4.12 | ₹3.37 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Exide Industries Ltd. reported revenue of ₹5,292 cr (+21.2% on the year) and net profit of ₹287 cr (+65.4% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +91.1% on the year, against +65.4% for reported profit.
None of the 15 checks that could run raised a question.
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