Exide Industries (500086) Q4 24/25 earnings summary

Executive summary

• Nearly 75% of business segments registered double-digit growth in Q4, led by mobility aftermarket, solar, and IUPS, while auto OEMs, telecom, and home inverters saw declines, resulting in overall 4% sales growth year-over-year and 8% sequentially.

• Standalone revenue for Q4 FY25 rose 3.5% YoY and 8.1% QoQ to Rs.4,159 crore; full-year revenue reached Rs.16,588 crore, up from Rs.16,029 crore in FY24.

• Annual performance mirrored Q4, with 70% of business performing strongly and the rest facing demand headwinds; balance sheet remains strong with zero debt and high cash flow generation.

• EBITDA for Q4 FY25 was Rs.467 crore, with margin at 11.2% due to higher raw material costs; full-year EBITDA stood at Rs.1,893 crore.

• PAT for Q4 FY25 was Rs.255 crore; full-year PAT was Rs.1,077 crore, with EPS at Rs.12.67.

Financial highlights

• Q4 sales grew 4% year-over-year on a high base, and 8% sequentially from the previous quarter.

• Standalone EBITDA margin for FY25 was 11.4% (vs. 11.7% in FY24); PBT margin was 8.7% (vs. 8.8%).

• Operating profitability was impacted by a sharp rise in antimony prices and write-offs of slow/non-moving assets, resulting in a negative impact of INR 50 crore from antimony and INR 25 crore from asset write-offs in Q4.

• Cash flow from operations for FY25 was Rs.1,298 crore; liquidity remains strong with zero debt.

• Consolidated total assets increased to Rs.21,396 crore as of March 31, 2025 (vs. Rs.18,150 crore in FY24).

Outlook and guidance

• Lead-acid business outlook remains positive for FY 2026, with growth expected in most verticals and a strong focus on cost excellence and technology upgrades.

• Management expects demand to improve, focusing on sales growth and cost efficiencies.

• Lithium-ion cell manufacturing project is on track for commercial production in FY 2026, with multiple customer commitments and co-development agreements in place.

• Home inverter demand is expected to rebound in Q1 FY 2026, supported by new go-to-market strategies and product launches.