Exide Industries (500086) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 standalone revenue rose 20.3% YoY to ₹5,026.14 crore; EBITDA increased 53.6% to ₹606 crore and PAT rose 75.1% to ₹386.45 crore.

• H1 revenue grew 18.9% to ₹10,331.19 crore, with PAT up 46.7%; demand growth was broad-based across key businesses.

• The 6 GWh Bengaluru lithium-ion cell facility was commissioned in September 2026; commercial production started as customer qualification and production ramp-up continued.

• Zero debt, robust liquidity and healthy cash flows support a focus on prudent capital allocation.

Financial highlights

• Standalone Q2 FY27 revenue was ₹5,026.14 crore vs ₹4,178.29 crore; PBT was ₹522.32 crore vs ₹297.58 crore and PAT ₹386.45 crore vs ₹220.74 crore.

• Standalone H1 FY27 revenue was ₹10,331.19 crore vs ₹8,688.10 crore; PBT was ₹1,065.64 crore vs ₹727.28 crore and PAT ₹793.71 crore vs ₹541.19 crore.

• Consolidated Q2 revenue was ₹5,291.87 crore and PAT ₹287.14 crore; H1 revenue was ₹10,820.25 crore and PAT ₹638.44 crore.

• H1 EBITDA was ₹1,262 crore vs ₹943 crore, up 33.8% YoY.

Outlook and guidance

• Lead-acid margins are targeted at 12%-12.5% for the next two quarters, with calibrated price increases to offset input-cost pressure.

• Lead-acid OEM growth is expected to moderate in H2; aftermarket demand is expected to normalize around H1 levels, supported by seasonal demand.

• Lithium-ion operations aim to become cash-neutral within 2-3 years; ~80% utilization over that period is considered achievable, subject to execution.

• A phase-two cell capacity decision may be considered at ~80% utilization of current capacity; phase-two cost per kWh could rise if the rupee remains weak and equipment costs do not fall.

• Near-term lithium priorities are stabilizing production lines, improving yields and completing customer qualifications.