Exide Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Exide Industries Ltd filed with BSE on 11 May 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 Q4 FY26 revenue growth of 9.4% year-on-year, its highest-ever quarterly revenue, with domestic business growing 12.5% and EBITDA margin maintained sequentially at 11.7%. For full year FY26, revenue grew 4.1% year-on-year with the domestic business up about 7.5%. Management discussed rising commodity costs, particularly sulfur and plastics, price increases taken across January to April, and progress on the lithium-ion cell manufacturing project where cylindrical line customer sample delivery was expected to begin around May 2026.
Numbers mentioned
Revenue growth: 9.4% (Q4 FY26)
p. 4
“This translated to about 9.4% year-on-year overall revenue growth.”
Avik Roy, page 4 of the filed PDF · View the filing
Domestic business revenue growth: 12.5% (Q4 FY26)
p. 4
“Domestic business sales grew by 12.5% year-on-year.”
Avik Roy, page 4 of the filed PDF · View the filing
Full year revenue growth: 4.1% (FY26)
p. 4
“For the full year FY26, the Company has delivered 4.1% year-on-year revenue growth.”
Avik Roy, page 4 of the filed PDF · View the filing
Domestic business full year growth: 7.5% (FY26)
p. 4
“The domestic business grew by about 7.5% year-on-year.”
Avik Roy, page 4 of the filed PDF · View the filing
EBITDA margin: 11.7% (Q4 FY26)
p. 4
“The Company was also able to maintain, on a sequential quarter basis, the EBITDA margin of 11.7%, buoyed by strong volume growth, improved product mix, and better realization, which was also helped a lot by various manufacturing excellence projects.”
Avik Roy, page 4 of the filed PDF · View the filing
EBITDA margin year-on-year change: nearly 50 basis points expansion (Q4 FY26 vs Q4 FY25)
p. 4
“All the above efforts resulted in expanding the EBITDA margin year-on-year by nearly 50 basis points.”
Avik Roy, page 4 of the filed PDF · View the filing
Gross margin: 30.1% (Q4 FY26)
p. 7
“it was in Q3, it was 31.6 and in Q4, in the last quarter, it was 30.1.”
Avik Roy, page 7 of the filed PDF · View the filing
Material cost impact: Rs. 150 crores negative (Q4 FY26)
p. 7
“So, first question on the commodity situation. Our impact on material cost for Quarter 4 was roughly net-net impact was Rs. 150 crores, I would say, a negative impact.”
Avik Roy, page 7 of the filed PDF · View the filing
Lithium-ion investment: Rs. 600 crores (Q4 FY26)
p. 5
“I will move on to our lithium-ion cell manufacturing project, where we have invested Rs. 600 crores in Q4 and about Rs. 1,500 crores in FY26.”
Avik Roy, page 5 of the filed PDF · View the filing
Lithium-ion investment: Rs. 1,500 crores (FY26)
p. 5
“I will move on to our lithium-ion cell manufacturing project, where we have invested Rs. 600 crores in Q4 and about Rs. 1,500 crores in FY26.”
Avik Roy, page 5 of the filed PDF · View the filing
Total equity investment in Exide Energy: Rs. 4,802 crores (cumulative to date)
p. 5
“With this, the total equity investment made in Exide Energy, our subsidiary till date, stands at Rs. 4,802 crores.”
Avik Roy, page 5 of the filed PDF · View the filing
Solar vertical revenue: crossed Rs. 1000 crore (FY26)
p. 4
“this year they have crossed the Rs. 1000 crore mark for the full year”
Avik Roy, page 4 of the filed PDF · View the filing
Sulfur price: Rs. 74-75 per kg (April 2026 exit)
p. 7
“The March exit was Rs. 58 per kg. And April exit is already Rs. 74.”
Avik Roy, page 7 of the filed PDF · View the filing
UPS revenue: around INR 2300 crores (FY26)
p. 15
“The UPS revenue would be, just a minute, it would be more than INR 2000 crores, around INR 2300 crores.”
Avik Roy, page 15 of the filed PDF · View the filing
April 1 price hike: around 3% (April 2026)
p. 7
“It was around 3%.”
Avik Roy, page 7 of the filed PDF · View the filing
Non-current investments decline: Rs. 850 crores (as of 31st March 2026)
p. 14
“Yes, as of 31st March 2026.”
Manoj Kumar Agarwal, page 14 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.
FY27 lithium-ion investment — Rs. 1400 crore · FY27
stated firmly by Avik Roy
p. 8
“we have already got a Board approval and this has been announced in the past of investing Rs. 1400 crore in the Fiscal Year ‘27, which is a mix of both CAPEX as well as the OPEX working capital requirement which we have to fund.”
Avik Roy, page 8 of the filed PDF · View the filing
Core lead-acid business growth — high single-digit to early-double digit growth · medium-term, next five years
stated as an aspiration by Avik Roy
p. 15
“I think even in the medium-term CAGR, it should be. If you see, the five-year CAGR was 11%. And I don't see any reason for the next five-year CAGR to be different from that, (+/-1%) maybe.”
Avik Roy, page 15 of the filed PDF · View the filing
Exports business recovery — next year
stated conditionally by Avik Roy
p. 5
“And next year, we have a strategy in place given global geopolitical tensions ease out a little bit. I see a substantial upside for the Exports because our main export markets are also in Western Europe and the US where we were targeting as a strategy.”
Avik Roy, page 5 of the filed PDF · View the filing
Cylindrical line customer sample delivery — around this month onwards
stated firmly by Avik Roy
p. 5
“Our cylindrical lines are expected to start customer sample delivery by around this month onwards, while the prismatic line will be initiating product trials shortly thereafter.”
Avik Roy, page 5 of the filed PDF · View the filing
Prismatic cell customer samples — June and July
stated conditionally by Pravin Saraf
p. 10
“And for the prismatic cell, right now, we are running the trials for making the customer samples. We are targeting by June and July, we can say.”
Pravin Saraf, page 10 of the filed PDF · View the filing
Plant utilization and yield target — 85% utilization, 90% yield
stated as an aspiration by Avik Roy
p. 17
“Let us ramp up our plant. Let us operate at 85% utilization with 90% yield.”
Avik Roy, page 17 of the filed PDF · View the filing
Exports uncertainty duration — first half of current year
stated conditionally by Avik Roy
p. 4
“We expect these uncertainties to remain for at least in the first half of this current year.”
Avik Roy, page 4 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 expects the core business could deliver high single-digit to early double-digit growth, citing strong recent quarters and low export baseline.
Answered by Avik Roy
Asked by Vinay Singh: Will overall top line growth improve next year given strong exits and export recovery potential?
p. 6
“I would still believe that the core business at this situation has a potential to do at least a high single-digit to early-double digit growth.”
Avik Roy, page 6 of the filed PDF · View the filing
Management quantified the Q4 material cost impact and described multiple rounds of price increases taken since January.
Answered by Avik Roy
Asked by Krupashankar Nj: What was the impact of commodity cost in Q4 and what price hikes have been taken in the aftermarket?
p. 7
“So, 1st January, 1st March, 20th March, I think in three tranches, we have taken increases which maybe amounts to about, let's say, about 5% to 6%- this varies on different businesses.”
Avik Roy, page 7 of the filed PDF · View the filing
Management said the typical lag is about a quarter.
Answered by Avik Roy
Asked by Krupashankar Nj: What is the lag for OEM contracts to pass through commodity cost increases?
p. 8
“I will rather say it's a quarter.”
Avik Roy, page 8 of the filed PDF · View the filing
Management confirmed Rs. 1400 crore planned for FY27 and Pravin Saraf detailed the plan to match landed import costs through localization and improved yield.
Answered by Pravin Saraf
Asked by Siddhartha Bera: How much further investment is planned in the lithium-ion business and what about pricing versus imports and yield expectations?
p. 9
“The best yield level should be 90%.”
Pravin Saraf, page 9 of the filed PDF · View the filing
Management said sample supplies would start by end of the month or next month, with prismatic likely generating revenue sooner than cylindrical due to fewer approval requirements.
Answered by Avik Roy
Asked by Arvind Sharma: When will lithium-ion cell revenue actually start, given past timelines?
p. 10
“The sample supplies will start possibly by end of this month or next month.”
Avik Roy, page 10 of the filed PDF · View the filing
Management said it was too early to project returns given lithium price volatility and that they would revisit the question once the plant ramps up.
Answered by Avik Roy
Asked by Deepak Ajmera: What are the return and margin metrics expected on the lithium-ion investment given raw material volatility?
p. 17
“But the time to announce that has not come. Let us ramp up our plant. Let us operate at 85% utilization with 90% yield. And that will be the time when I will come back and reply to this question.”
Avik Roy, page 17 of the filed PDF · View the filing
Management clarified it was a gradual increase over the trailing four quarters, with sequential quarter-on-quarter jumps.
Answered by Avik Roy
Asked by Karan Kokane: Has the sulfur price increase from Rs.15 to Rs.75 happened over one year or more recently?
p. 16
“Sequential basis in Q4, sulfur was (+40%) and quarter-on-quarter, sequential basis will be about 20%.”
Avik Roy, page 16 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict in West Asia affecting commodity availability and pricing
p. 3
“Globally, the West-Asia conflict continues to be an ongoing threat. With regard to availability and pricing of commodities such as LPG, sulfuric acid and plastics, the situation is quite alarming.”
Avik Roy, page 3 of the filed PDF · View the filing
Rupee depreciation pressuring input costs
p. 3
“Rapidly increasing commodity rates, coupled with rupee depreciation, continue to pressurize our input costs.”
Avik Roy, page 3 of the filed PDF · View the filing
Exports business decline due to geopolitical situation
p. 4
“Remaining business witnessed strong decline in revenues, Exports being one of them, which was subdued by the given geopolitical situation, and Telecom and E-Rickshaw continue to see shifts towards lithium-ion technology.”
Avik Roy, page 4 of the filed PDF · View the filing
Sulfuric acid and sulfur cost spike due to reduced petrochemical refinery utilization
p. 12
“And since the petrochemical refiners’ plants are operating at a lower capacity utilization, because of crude shortage, even the generation of sulfur has also come down.”
Avik Roy, page 12 of the filed PDF · View the filing
Currency volatility offsetting benefit from lower LME lead prices
p. 12
“Lead as an index has been softer year-on-year. But, in India, lead is sold, even recycled leads and pure leads are sold on import parity prices. So, because the currency has softened by about 10%, the reduction in LME has been over offsetted by the Rupee depreciation.”
Avik Roy, page 12 of the filed PDF · View the filing
Volatility in lithium prices due to supply-demand constraints
p. 17
“Today, lithium has again gone up by double digit in the last couple of months due to various supply-demand constraints.”
Avik Roy, page 17 of the filed PDF · View the filing
Plastic input cost hit from crude shortage affecting polypropylene supply
p. 12
“But Q4, we got a hit because of shortage of crude, which is coming to India.”
Avik Roy, page 12 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.