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Exide Industries

EXIDEIND NSE
₹368.40 +22.15 (+6.40%)
P/E
33.64
View as Markdown
MCP
Close 4 Nov 2026 ₹368.40 −11.45 −3.01% 1Y
Start ₹379.85

Key Fundamentals

SmallcapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
8.54%
Debt to Equity
0.11
EPS (TTM)
₹10.95
Book Value
₹163.59
Market Cap
—
P/E (TTM)
33.64
P/B
2.25
ROE
5.97%
Dividend Yield
0.58%
EBITDA
₹1,971 Cr
52W High
₹496.40
52W Low
₹287.00
Day Range
₹344.00 – ₹375.75
Volume
1,08,20,244

Peer Comparison

Consumer Discretionary › Automobiles › Auto Components › Auto Components & Equipments

Exide Industries peer comparison
Samvardhana Motherson International
₹159.4938.43₹1,68,660 Cr3.980.37%11.20%13.40%₹1,31,135 Cr₹4,556 Cr
Bosch
₹50,925.0063.56₹1,48,351 Cr10.110.54%14.60%21.50%₹21,088 Cr₹2,363 Cr
Bharat Forge
₹1,812.80122.74₹86,739 Cr7.650.48%12.00%12.60%₹17,543 Cr₹715 Cr
UNO Minda
₹1,196.9057.49₹67,494 Cr10.130.24%19.30%19.60%₹20,725 Cr₹1,291 Cr
Sona BLW Precision Forgings
₹893.7074.48₹56,293 Cr8.700.38%11.70%15.10%₹4,514 Cr₹746 Cr
Schaeffler India
₹3,507.2042.47₹55,555 Cr8.920.99%20.80%27.90%₹10,192 Cr₹1,292 Cr
Tube Investment
₹2,250.5071.81₹42,644 Cr5.620.16%9.95%17.10%₹23,754 Cr₹1,109 Cr
Exide Industries (this company)
₹368.4033.64₹30,324 Cr2.250.58%5.97%8.54%₹18,829 Cr₹937 Cr
Median 8 companies₹1,504.8560.53₹61,893 Cr8.180.43%11.85%16.10%₹19,777 Cr₹1,200 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
61
Good
Returns, margins, earnings quality 22% weight
Valuation
82
Strong
Cheap vs sector & own history 24% weight
Growth
27
Poor
Sales & profit trajectory 9% weight
Financial Health
48
Average
Solvency, leverage, coverage 9% weight
Momentum
36
Poor
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 20.2%

Weaknesses

2
  • The company has delivered a poor sales growth of 11.7% over past five years.
  • Company has a low return on equity of 6.22% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
48.54
Neutral
MACD (12,26,9)
−16.71
Bullish
SMA (50)
400.07
Bearish
SMA (200)
376.62
Bearish

As of

Analyst Rating

Based on 16 analysts
BUY56%

9 of 16 analysts rate Buy, 1 Hold, 6 Sell.

As of

BUY
9
56%
HOLD
1
6%
SELL
6
38%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+6.62%
5Y+11.68%
3Y+6.07%
1Y+4.39%
TTM+7.61%

Net profit

Net profit growth by window
10Y+2.08%
5Y+1.38%
3Y+1.48%
1Y+7.50%
TTM+9.72%

Operating cash flow

Operating cash flow growth by window
10Y+4.31%
5Y+1.29%
3Y+46.46%
1Y+89.55%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−2.10 pp
5Y−2.76 pp
3Y−0.14 pp
1Y−0.04 pp
TTM−0.28 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹11,179 Cr
Mar 2018₹12,808 Cr
Mar 2019₹14,721 Cr
Mar 2020₹14,471 Cr
Mar 2021₹10,359 Cr
Mar 2022₹12,789 Cr
Mar 2023₹15,078 Cr
Mar 2024₹16,770 Cr
Mar 2025₹17,238 Cr
Mar 2026₹17,995 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹804 Cr
Mar 2018₹694 Cr
Mar 2019₹847 Cr
Mar 2020₹762 Cr
Mar 2021₹803 Cr
Mar 2022₹4,357 Cr
Mar 2023₹823 Cr
Mar 2024₹883 Cr
Mar 2025₹800 Cr
Mar 2026₹860 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹558 Cr −14.0% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Exide Industries Ltd trades at ₹368.4 as of 2026-11-04 with a market cap of ₹30,324 Cr and a P/E of 33.64x on a TTM EPS of ₹10.95. The company carries minimal debt (D/E of 0.11) and has delivered a 5-year stock CAGR of 16%, but profitability remains subdued with a 3-year average ROE of just 6% and long-term profit compounding of only 1-2%.

Bull Case 6
  • Near-zero leverage with a debt-to-equity ratio of just 0.11, providing significant financial flexibility and balance-sheet resilience
  • Consistent debt reduction track record, strengthening the company's ability to fund growth initiatives or weather downturns
  • Healthy dividend payout ratio of 20.2%, offering shareholders a steady return alongside a current yield of 0.58%
  • TTM profit growth has accelerated to 11%, a meaningful improvement over the 3-year compounded profit growth of 2% and 5-year rate of 1%
  • 10-year compounded sales growth of 7% and 5-year compounded sales growth of 12% indicate the company has been able to scale revenue over longer periods
  • Stock has delivered a 5-year CAGR of 16% and a 3-year CAGR of 15%, reflecting sustained investor interest over medium-term horizons
Bear Case 7
  • 3-year average ROE of just 6% is well below what most capital-intensive manufacturers typically need to justify a P/E above 30x
  • P/E of 33.64x appears elevated against a 10-year compounded profit growth rate of only 2%, implying the stock prices in substantial future improvement
  • 5-year compounded profit growth of just 1% signals persistent difficulty in converting revenue growth into bottom-line expansion
  • Current ROCE of 8.89% is modest, suggesting limited efficiency in deploying total capital
  • Price-to-book of 2.25x combined with a last-year ROE of 6% means the stock trades at a significant premium to the returns it generates on equity
  • 1-year stock CAGR of -1% indicates recent market sentiment has turned negative, with shares still well off the 52-week high of ₹496.4
  • 10-year compounded profit growth of 2% versus 10-year sales growth of 7% points to long-term margin compression or rising cost pressures

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Exide's core lead-acid battery business is performing strongly with 75% profit growth and sustained 25%+ OEM segment momentum in Q2FY27. However, the EV subsidiary EESL remains a significant cash burn, with widening losses and declining revenue despite cumulative investments exceeding ₹5,350 crore. The legacy business funds the energy transition bet, and EESL's path to profitability as the Bengaluru plant scales will be the key monitorable in coming quarters.

Headwinds 2
  • EESL subsidiary deep in losses Oct 27

    Exide Energy Solutions reported a loss after tax of ₹248.16 crore in FY26, widening from ₹116.89 crore in FY25, while turnover fell to ₹157.56 crore from ₹239.14 crore in FY24.

  • Heavy subsidiary capital drain Oct 27

    Cumulative investment in EESL has reached ₹5,352.23 crore, far exceeding the subsidiary's net worth of ₹3,991.06 crore as of March 31, 2026, indicating the parent is heavily subsidizing operational deficits and capex.

Positives 3
  • Q2FY27 net profit surges 75% Nov 4

    Standalone net profit rose 75.1% YoY to ₹386 crore in Q2FY27, while EBITDA expanded 53.6% YoY to ₹606 crore with margins at 12.1%.

  • Revenue up 20% YoY Nov 4

    Revenue from operations increased 20.3% YoY to ₹5,026 crore, with the automotive OEM segment recording over 25% YoY growth for the fourth consecutive quarter.

  • ₹150 cr EV battery investment Oct 27

    Exide invested ₹149.99 crore in EESL via a rights issue of 4.29 crore equity shares at ₹35 each to ramp up lithium-ion cell and module production at the Bengaluru greenfield plant.

Neutral 1
  • EESL shareholding unchanged at 100% Oct 27

    The latest rights issue investment keeps Exide's holding in EESL at 100%, classified as an arm's length related-party transaction requiring no regulatory approvals.

Quarterly Results

₹ Cr
EXIDEIND quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
4,245
4,372
3,980
4,173
4,436
4,450
4,017
4,335
4,695
4,365
4,201
4,735
5,528
Expenses
3,807
3,872
3,548
3,725
3,963
3,978
3,592
3,907
4,157
3,973
3,748
4,247
4,907
Operating Profit
438
499
432
448
473
472
425
428
538
391
452
488
621
OPM %
10%
11%
11%
11%
11%
11%
11%
10%
11%
9%
11%
10%
11%
Other Income
22.3
37.39
25
5
16
40
13
44
28
54
5
4
27
Interest
24
30
32
31
30
34
54
35
32
40
25
27
20
Depreciation
132
141
145
142
144
146
145
148
149
152
149
138
142
PBT
304
365
281
280
316
333
238
289
385
253
283
328
487
Tax %
26%
26%
28%
34%
30%
30%
33%
35%
29%
31%
31%
34%
28%
Net Profit
224
270
203
186
221
233
158
188
275
174
195
217
351
EPS (₹)
2.62
3.17
2.36
2.17
2.59
2.72
1.84
2.2
3.21
2.02
2.28
2.53
4.12

Profit & Loss

₹ Cr
EXIDEIND profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
9,471
9,477
11,179
12,808
14,721
14,471
10,359
12,789
15,078
16,770
17,238
17,995
18,829
Expenses
8,528
8,289
9,805
11,400
13,159
13,014
8,994
11,387
13,485
14,946
15,433
16,119
16,875
Operating Profit
944
1,187
1,374
1,408
1,562
1,457
1,366
1,402
1,593
1,823
1,805
1,876
1,953
OPM %
10%
13%
12%
11%
11%
10%
13%
11%
11%
11%
10%
10%
10%
Other Income
94
59
102
21
148
40
132
3,725
125
88
113
91
91
Interest
9
79
153
114
117
108
37
64
79
120
160
129
111
Depreciation
155
175
226
267
344
418
394
440
502
560
582
589
582
PBT
874
992
1,097
1,048
1,249
972
1,068
4,623
1,138
1,231
1,175
1,248
1,351
Tax %
29%
29%
27%
34%
32%
22%
25%
6%
28%
28%
32%
31%
—
Net Profit
616
700
804
694
847
762
803
4,357
823
883
800
860
937
EPS (₹)
7.23
8.2
9.42
8.13
9.95
9.14
9.53
51.38
9.68
10.31
9.35
10.05
10.95
Div. Payout %
30%
29%
25%
30%
24%
45%
21%
4%
21%
19%
21%
20%
—

Balance Sheet

₹ Cr
EXIDEIND balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
85
85
85
85
85
85
85
85
85
85
85
85
Reserves
3,756
4,305
4,947
5,344
6,022
6,382
7,187
10,499
11,047
12,801
13,828
13,820
Borrowings
58
115
187
60
89
196
509
520
588
1,123
2,017
1,575
Other Liabilities
9,989
10,866
12,546
14,326
16,235
17,549
20,625
2,799
3,037
4,140
5,459
5,737
Total Liabilities
13,887
15,370
17,765
19,815
22,431
24,213
28,406
13,902
14,758
18,149
21,390
21,218
Fixed Assets
1,781
1,975
2,259
2,681
3,080
3,248
3,599
3,361
3,682
3,853
3,935
4,006
CWIP
115
192
149
241
300
405
431
341
525
1,352
3,643
4,198
Investments
8,817
10,446
11,884
12,490
14,328
15,816
18,807
5,558
5,106
5,940
6,468
6,131
Other Assets
3,175
2,757
3,474
4,402
4,723
4,744
5,570
4,642
5,444
7,004
7,343
6,882
Total Assets
13,887
15,370
17,765
19,815
22,431
24,213
28,406
13,902
14,758
18,149
21,390
21,218

Cash Flow

₹ Cr
EXIDEIND cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
180
1,583
937
914
1,687
1,619
2,263
61
768
1,533
1,273
2,413
Investing
−61
−1,329
−727
−535
−1,438
−1,097
−2,082
66
−799
−1,458
−1,934
−1,551
Financing
−199
−167
−182
−386
−217
−532
−170
−172
−30
108
515
−805
Net Cash Flow
−79
87
28
−6
32
−9
11
−45
−61
183
−146
57
Free Cash Flow
−149
1,161
497
108
1,001
1,024
1,771
−603
−217
−338
−652
1,293
CFO/OP
46
157
89
91
133
129
186
22
69
105
91
150

Ratios

EXIDEIND financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
27
28
24
31
31
27
38
31
30
30
36
32
Inventory Days
129
106
131
120
107
138
144
120
121
124
144
120
Days Payable
82
96
93
91
81
92
130
78
65
87
105
110
Cash Conversion Cycle
74
37
61
60
56
73
52
74
85
67
74
42
Working Capital Days
20
−3
10
22
16
21
−14
40
47
26
17
4
ROCE %
23%
26%
26%
23%
21%
17%
14%
11%
10%
10%
9%
9%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Exide Industries insights

63 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 45.99%
  • DIIs 17.57%
  • Public 16.24%
  • FIIs 13.21%
  • Others 6.98%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Exide Industries

What does Exide Industries Ltd do?
Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India.
Where is Exide Industries Ltd (EXIDEIND) listed?
Exide Industries Ltd trades as EXIDEIND on the NSE and under code 500086 on the BSE.
Which sector does Exide Industries Ltd belong to?
Exide Industries Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of Exide Industries Ltd?
Exide Industries Ltd trades at a PE ratio of 33.64 as of 4 Nov 2026, on earnings per share of ₹10.95, against a book value of ₹163.59 per share.
What is the 52-week high and low of Exide Industries Ltd?
Over the last 52 weeks Exide Industries Ltd has traded between ₹287 and ₹496.4 as of 4 Nov 2026.
Does Exide Industries Ltd pay dividends?
Exide Industries Ltd has a dividend yield of 0.58%.
What is the Return on Equity (ROE) of Exide Industries Ltd?
Exide Industries Ltd reported a return on equity of 5.97%. Its debt-to-equity ratio is 0.11.

Company Information

Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India.

Website exideindustries.com
CEO Mr. Avik Kumar Roy
Employees 5,133
Listed 17 Jun 2003
Face Value ₹1

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