Exide Industries (500086) Q4 25/26 earnings summary

Executive summary

• Achieved highest ever quarterly revenue in Q4 FY26, with overall revenue up 9.4% year-on-year and domestic sales up 12.5% year-on-year in Q4; FY26 revenue reached ₹17,269 crore, up from ₹16,588 crore in FY25.

• PAT for FY26 stood at ₹1,111 crore, up from ₹1,077 crore YoY; EPS for FY26 was ₹13.07.

• Nearly 92% of business (excluding telecom and exports) grew by double digits, led by auto OEM, home UPS, solar, and replacement markets; auto OEM business grew over 25% YoY in Q4.

• Export and telecom businesses, comprising about 8% of business, saw significant declines due to geopolitical tensions and technology shifts.

• Zero debt balance sheet, robust credit ratings, and consistent dividend payouts.

Financial highlights

• FY26 revenue rose 4.1% year-on-year to ₹17,269 crore; Q4 FY26 revenue up 9.4% to ₹4,551 crore.

• FY26 EBITDA increased 2.6% to ₹1,893 crore, with an EBITDA margin of 11.3%; Q4 FY26 EBITDA margin was 11.7%, up 50 bps YoY.

• FY26 PAT grew 3.2% to ₹1,111 crore; Q4 FY26 PAT up 22.7% YoY to ₹312 crore.

• Gross margin declined by 90 bps quarter-on-quarter to 30.1% in Q4, mainly due to commodity inflation.

• Standalone cash flow from operations for FY26 was ₹2,231 crore; consolidated cash flow from operations was ₹2,413 crore.

Outlook and guidance

• Expecting high single-digit to double-digit growth in core business for FY27, with potential for export recovery if geopolitical tensions ease.

• Positive demand outlook across automotive, solar, and industrial infrastructure segments for Q1 FY27.

• Lithium-ion cell manufacturing project progressing; customer sample deliveries for cylindrical cells to begin in Q1 FY27.

• Well positioned to benefit from policy tailwinds and electrification trends.

• Focus remains on profitable growth, cost efficiencies, and operational excellence amid input cost pressures.