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Exide Industries (500086) investor relations material

Exide Industries Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary17 Nov, 2025

Executive summary

  • Over 75 years of profitable operations with a diversified battery portfolio and global presence in 60+ countries.

  • Two new executive directors were inducted, strengthening leadership for future growth.

  • Lithium-ion cell manufacturing plant is nearing production, supporting expansion into green technology.

  • GST 2.0 reforms, including a reduction in battery GST from 28% to 18%, are expected to boost industry demand, though short-term sales were impacted by distributor destocking.

  • Maintains a debt-free status, strong credit ratings, and a robust dealer/distributor network exceeding 100,000.

Financial highlights

  • H1 FY26 standalone revenue grew 1.3% YoY to ₹8,688 crore, with Q1 up 5% and Q2 down 2.1%; consolidated H1 revenue was ₹9,060 crore.

  • Q2 FY26 standalone revenue was ₹4,178 crore, PAT at ₹221 crore; H1 FY26 PAT at ₹541 crore.

  • EBITDA margin for H1 FY26 was 10.9%, with Q2 at 9.4%, impacted by input cost pressures and lower production.

  • Inventory reduction and cash management led to incremental cash flow of over INR 500 crore; net cash from operating activities for H1 FY26 was ₹1,172 crore standalone and ₹1,423 crore consolidated.

  • Balance sheet remains strong with zero debt and high cash flow generation.

Outlook and guidance

  • Management expects stronger growth in Q3 FY26, especially in trade and Auto OEM segments, driven by GST rate cut benefits.

  • Lead-acid business outlook is positive, with expected demand uptick in auto OEMs due to GST cuts.

  • Solar segment expected to rebound in Q3, supported by GST cuts and government incentives.

  • Production at the lithium-ion cell manufacturing project is expected to commence by end of FY26.

  • Margins are expected to return to 12-13% as volumes recover and cost initiatives take effect.

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