EXIDE INDUSTRIES

Exide Industries Ltd. (currently trading at ₹419) is India’s largest manufacturer of lead-acid batteries and a growing player in lithium-ion energy storage solutions. With a legacy of over seven decades, the company serves automotive, industrial, submarine, solar, and e-mobility segments. Its wholly owned subsidiary, Exide Energy Solutions Ltd., is spearheading the lithium-ion battery cell manufacturing initiative in Bengaluru, targeting both EV and stationary storage markets.

Exide Industries Ltd. – FY22–FY25 Snapshot
Sales – ₹16,770 Cr → ₹17,238 Cr → ₹18,420 Cr → ₹19,850 Cr Growth driven by automotive battery recovery, inverter demand, and initial lithium traction
Net Profit – ₹882 Cr → ₹800 Cr → ₹920 Cr → ₹1,050 Cr Dip in FY23 due to capex absorption capacities stabilize
Operating Performance – Strong → Moderate → Strong → Strong Margins normalizing post greenfield
Dividend Yield (%) – 0.50% → 0.55% → 0.60% → 0.65% Progressive payout aligned with cash-flow visibility
Equity Capital – ₹85 Cr (constant) No dilution; lean capital structure
Total Debt – ₹1,200 Cr → ₹1,350 Cr → ₹1,420 Cr → ₹1,480 Cr Leverage rising with lithium-ion expansion
Fixed Assets – ₹6,850 Cr → ₹7,420 Cr → ₹8,100 Cr → ₹9,200 Cr Capex focused on Bengaluru lithium plant, automation, and backward integration

Institutional Interest & Ownership Trends
Promoter holding stands at 46.04%, with no pledging.. FIIs and DIIs maintain strong exposure due to Exide’s leadership in energy storage and EV transition.. Delivery volumes reflect long-term accumulation by ESG, infra, and auto-linked funds.

Business Growth Verdict
Exide is scaling across legacy lead-acid and new lithium-ion verticals. Margins are stabilizing as cell-making operations ramp up. Debt levels are rising but in line with strategic growth investments. Capex supports long-term competitiveness and energy-transition roadmap

Management Con Call
Management confirmed a fresh ₹100 Cr infusion into Exide Energy Solutions Ltd., taking total investment to ₹3,802 Cr. Bengaluru lithium cell plant on track for 12 GWh capacity across two phases. EESL reported FY25 turnover of ₹116.9 Cr and net loss of ₹209.1 Cr, typical of early-stage ramp-up. Focus remains on EV battery modules, stationary storage packs, and backward integration of key battery chemicals. FY26 outlook includes mid-teen revenue growth and margin recovery; meaningful lithium-ion contribution expected from FY27 onward

Final Investment Verdict
Exide Industries Ltd. offers a compelling energy-storage play built on a heritage lead-acid franchise and aggressive lithium-ion expansion. Its disciplined capital structure, rising cash flows, and strategic capex make it suitable for accumulation by investors seeking exposure to India’s mobility electrification and renewable storage themes.