Exide Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Exide Industries Ltd filed with BSE on 06 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Exide Industries reported standalone revenue growth of 17.6% in Q1 FY27, with EBITDA of Rs 655 crore, up 19.5% year-on-year, and EBITDA margin at 12.4%. Management said all major businesses recorded double-digit growth, led by 2-wheeler and 4-wheeler OEM, home UPS, solar, replacement business and exports, while input costs remained elevated due to West Asia disruptions and rupee depreciation. Management also gave an update on the lithium-ion giga factory in Bangalore, noting that customer sample deliveries had commenced on the NCM cylindrical line and the LFP prismatic line.
Numbers mentioned
Standalone revenue growth: 17.6% (Q1 FY27)
p. 3
“This resulted in a standalone revenue growth of 17.6% during the quarter.”
Avik Roy, page 3 of the filed PDF · View the filing
EBITDA: INR655 crores (Q1 FY27)
p. 3
“EBITDA stood at INR655 crores, up 19.5% year-on-year, with EBITDA margin at 12.4%.”
Avik Roy, page 3 of the filed PDF · View the filing
EBITDA margin: 12.4% (Q1 FY27)
p. 3
“EBITDA stood at INR655 crores, up 19.5% year-on-year, with EBITDA margin at 12.4%.”
Avik Roy, page 3 of the filed PDF · View the filing
EBITDA margin expansion year-on-year: 20 basis points (Q1 FY27)
p. 3
“The margin expanded”
Avik Roy, page 3 of the filed PDF · View the filing
Solar quarterly revenue: INR400 crores plus (Q1 FY27)
p. 4
“Solar achieved its highest ever quarterly revenue of INR400 crores plus.”
Avik Roy, page 4 of the filed PDF · View the filing
Cumulative equity investment in Exide Energy Solutions Limited: INR4,902 crores (as on 31st July)
p. 4
“Our cumulative investment in form of equity in our subsidiary, Exide Energy Solutions Limited stood at INR4,902 crores as on 31st July, including a INR100 crores investment made in the month of July.”
Avik Roy, page 4 of the filed PDF · View the filing
4-wheeler replacement volume growth: 10% (Q1 FY27)
p. 5
“4-wheeler replacement was at 10%.”
Avik Roy, page 5 of the filed PDF · View the filing
4-wheeler OEM volume growth: 21% (Q1 FY27)
p. 5
“4-wheeler OEM was at 21%.”
Avik Roy, page 5 of the filed PDF · View the filing
2-wheeler OEM volume growth: 20% (Q1 FY27)
p. 5
“2- wheeler OEM was 20%.”
Avik Roy, page 5 of the filed PDF · View the filing
Solar volume growth: about 12% to 14% (Q1 FY27)
p. 5
“Solar was about 12% to 14%.”
Avik Roy, page 5 of the filed PDF · View the filing
Year-on-year price correction: 4% to 6% (Q1 FY27)
p. 8
“So I can tell you on Q1, on year-on-year basis, the price correction would be in the range of 4% to 6% across categories.”
Avik Roy, page 8 of the filed PDF · View the filing
Board-approved lithium capex for the fiscal year: INR1,400 crores (FY27)
p. 11
“We have already got an approval from our Board for INR1,400 crores for this fiscal year.”
Avik Roy, page 11 of the filed PDF · View the filing
In-house pack making capacity: 1.5 gigawatt hour
p. 13
“all I can tell you that we have in-house capacity of 1.5 gigawatt hour of pack making, but we are adding lines as well as we are developing our ecosystem partner model for increasing augmenting pack capacity.”
Avik Roy, page 13 of the filed PDF · View the filing
FY26 lithium battery assembly revenue: very less, INR100 crores to INR200 crores (FY26)
p. 12
“I think it will be very less INR100 crores, INR200 crores of that business.”
Avik Roy, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Lithium-ion giga factory utilization — 25% to 30% of total factory utilization · FY27
stated conditionally by Avik Roy
p. 12
“So even with partial utilization of these 2 lines, we should be able to reach 25% to 30% of total factory utilization. It depends on the yield what we reach and how quickly we reach.”
Avik Roy, page 12 of the filed PDF · View the filing
Revenue contribution from Bangalore plant — FY27
stated firmly by Avik Roy
p. 4
“We expect revenue contribution from the Bangalore plant to commence during FY27 shortly.”
Avik Roy, page 4 of the filed PDF · View the filing
Government tenders — second half of the year
stated as an aspiration by Avik Roy
p. 4
“However, government tenders remained muted during the quarter, though we expect it to pick up in the second half.”
Avik Roy, page 4 of the filed PDF · View the filing
Bill of material localization for lithium cells — 50% to 60% · next 2 to 3 years
stated as an aspiration by Avik Roy
p. 15
“our target or wish list, you can say, is to go to about 50% to 60% of bill of material localized in next 2 to 3 years.”
Avik Roy, page 15 of the filed PDF · View the filing
4-wheeler LFP line commissioning — close to end of this fiscal year
stated firmly by Avik Roy
p. 8
“For that, the fourth line needs to be commissioned, which will be close to, let's say, end of this fiscal year.”
Avik Roy, page 8 of the filed PDF · View the filing
Core lead-acid capex allocation — around INR500 crores · every year
stated firmly by Avik Roy
p. 9
“we, as a part of our capital allocation strategy, every year, we keep INR500 crores, around INR500 crores for our core lead acid business, sometimes for manufacturing technology, sometimes for automation and sometimes for capacity expansion.”
Avik Roy, page 9 of the filed PDF · View the filing
Pilot line commissioning — end of this calendar year
stated conditionally by Avik Roy
p. 16
“And the pilot plant will possibly come end of this calendar year- as quickly as possible.”
Avik Roy, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said volume growth was double-digit across most businesses with examples given, and that no new contracts were signed.
Answered by Avik Roy
Asked by Vibhav Zutshi: What was the split between volume and pricing growth this quarter, and were there any new contract wins?
p. 5
“No, no, nothing. This is business as usual.”
Avik Roy, page 5 of the filed PDF · View the filing
Management declined to give full-year guidance, citing base effects from last year's automotive OEM boom and Q1 seasonality from inverter demand.
Answered by Avik Roy
Asked by Vibhav Zutshi: Is 15-16% full-year revenue growth achievable given the favorable base?
p. 5
“For the full year, I will not be able to give you a guidance, Vibhav, because for 2 reasons.”
Avik Roy, page 5 of the filed PDF · View the filing
Management said yields are improving but full yield visibility requires 3-shift operation.
Answered by Avik Roy
Asked by Vibhav Zutshi: How are lithium-ion cell yields looking after starting sampling?
p. 6
“Yields are improving, but the real yield will be visible when you run the plant at 3-shift operation.”
Avik Roy, page 6 of the filed PDF · View the filing
Management said they are studying the conditions and will decide, noting they set up 6 GWh without PLI support.
Answered by Avik Roy
Asked by Mukesh Saraf: Is Exide pursuing the reopened PLI scheme for 10 GWh?
p. 6
“we are a serious player just studying all the fine prints of the conditions, and then we'll take a call.”
Avik Roy, page 6 of the filed PDF · View the filing
Management said it ranges from 15% to 25% depending on the season.
Answered by Avik Roy
Asked by Mukesh Saraf: What share of overall revenue does the home inverter business represent given seasonality?
p. 7
“Yes, it will anywhere range between 15% to 25% based on the season.”
Avik Roy, page 7 of the filed PDF · View the filing
Management said they are engaging with about 3 major OEMs representing roughly 80% of EV volume, currently in homologation.
Answered by Avik Roy
Asked by Aditya Jhawar: How many OEMs is Exide engaging with for 2-wheeler lithium batteries, and when might commercial production start?
p. 8
“About 3 OEMs, I can tell you. And all these 3 contribute to about, let's say, 80% of the EV volume of the country.”
Avik Roy, page 8 of the filed PDF · View the filing
Management said no decision has been made for Q2 pricing yet and they are monitoring the situation, historically taking incremental hikes.
Answered by Avik Roy
Asked by Vijay Kumar Pandey: What price hikes were taken in Q1 and are further hikes planned for Q2?
p. 8
“At this moment, we have not made a decision for quarter 2.”
Avik Roy, page 8 of the filed PDF · View the filing
Management confirmed the utilization target stands and gave the FY27 capex approval figure.
Answered by Avik Roy
Asked by Raghunandhan: Does the 25-30% first-year utilization guidance for the lithium cell facility remain on track, and what is the FY27 investment plan?
p. 11
“Yes. So first is, we stand by that utilization, whatever we have said.”
Avik Roy, page 11 of the filed PDF · View the filing
Management said the plan might change slightly due to currency movements but the second phase will need much less capex than Phase 1.
Answered by Avik Roy
Asked by Raghunandhan: Would the total investment plan of INR7,000 crores for 12 GWh change?
p. 11
“It might change a bit plus/minus because of currency rates have changed.”
Avik Roy, page 11 of the filed PDF · View the filing
Management estimated the revenue at INR100-200 crores and said the business was not profitable due to low value addition with imported cells.
Answered by Avik Roy
Asked by Raghunandhan: What was the lithium battery assembly revenue in FY26 and was it profitable?
p. 12
“I don't think so, no. Lithium prices -- because there is very less value addition unless you have your own cell.”
Avik Roy, page 12 of the filed PDF · View the filing
Management said there is no current embargo but restrictions may begin from November, requiring higher inventory levels.
Answered by Avik Roy
Asked by Animesh Jain: Is there any risk to raw material supply from China given export control changes?
p. 14
“As of now, there is no embargo, but November onwards, we will see how to manage it.”
Avik Roy, page 14 of the filed PDF · View the filing
Management said they completed their tech tie-ups and factory setup before any embargoes began, and are also developing in-house capability via a pilot line.
Answered by Avik Roy
Asked by Munindra Upadhyay: Is there any Chinese government interference in technology transfer, as a competitor mentioned?
p. 16
“I think we are one of those lucky ones that have completed this all tech tie-up as well as setting up a factory before these embargoes started coming in.”
Avik Roy, page 16 of the filed PDF · View the filing
Risks flagged
Elevated input costs due to disruptions in West Asia and adverse currency movement
p. 3
“Input costs remained elevated during the quarter, largely reflecting disruptions in West Asia and adverse currency movement.”
Avik Roy, page 3 of the filed PDF · View the filing
Adverse Rupee movement against the US Dollar pressuring input costs
p. 3
“adverse movement in the Rupee against U.S. dollar continue to put pressure on input costs.”
Avik Roy, page 3 of the filed PDF · View the filing
Muted government tenders during the quarter
p. 4
“However, government tenders remained muted during the quarter, though we expect it to pick up in the second half.”
Avik Roy, page 4 of the filed PDF · View the filing
Uncertainty in evolving global macro environment affecting exports
p. 4
“We continue to closely monitor the evolving global macro environment though.”
Avik Roy, page 4 of the filed PDF · View the filing
Lithium battery assembly business with imported cells is not long-term viable due to low value addition
p. 12
“With imported cell, I think it is not long-term viable.”
Avik Roy, page 12 of the filed PDF · View the filing
Possible Chinese export control on raw materials from November could require higher inventory levels
p. 14
“So those are operational topics. So to meet the customer demand, we might have to stock material for a longer period than usual.”
Avik Roy, page 14 of the filed PDF · View the filing
OEM homologation process is time-consuming, delaying serial production for lithium batteries
p. 12
“They are going through the homologation process, which is a time-consuming thing.”
Avik Roy, page 12 of the filed PDF · View the filing
Delays in Hyundai co-investment line progress
p. 11
“So far, it is going on. Of course, there are delays.”
Avik Roy, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.