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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.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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