Exide Industries Limited - Comprehensive Analysis Report
Summary
Exide Industries Limited, established in Kolkata, India, in 1947, stands as an Indian multinational storage battery manufacturing company and the largest provider of lead-acid storage batteries and power storage solutions in India. With over seven decades of operation, Exide has become a symbol of reliable battery solutions across diverse applications including automotive, industrial, and power backup systems. The company's mission is to deliver dependable and innovative energy storage solutions, exceeding market expectations for customers and shareholders through the rapid evolution of its people, processes, and technologies. Exide envisions becoming a "Global Power House" respected by customers and preferred by investors, renowned for innovative products and solutions. The company prioritizes excellence, sustainability, and customer satisfaction, reinforced by a strong commitment to quality and ethical business practices. Exide currently operates ten manufacturing facilities across five Indian states, with additional international presence in the UK, Singapore, and Sri Lanka, and exports its products to over 60 countries. It holds a dominant position in the Indian battery market, commanding approximately 60% of the automotive battery segment and around 40% of the industrial battery sector, alongside its leadership in the home UPS and inverter battery market.
1. Strategic Focus & Objectives
Core Objectives
Exide Industries is strategically reorienting itself to navigate the energy storage market's shift from traditional lead-acid to advanced lithium-ion technologies. A core objective involves utilizing the stable profits generated by its existing lead-acid battery business to fund substantial investments in lithium-ion manufacturing capacity and associated technologies. The overarching aim is to establish end-to-end capability, from "molecule to megawatt," for critical applications in both the automotive (electric vehicles) and stationary energy storage sectors. The company also maintains a strong focus on sustainable practices, with ambitious goals to achieve carbon neutrality by 2030 and a 25% reduction in greenhouse gas emissions by 2025.
Specialization Areas
The company's key areas of specialization encompass its robust lead-acid battery portfolio, which serves a wide range of applications including automotive (two-wheelers, three-wheelers, four-wheelers, e-rickshaws), industrial (UPS, telecom, power, railways, mining, defense, IT/ITES), and home energy storage markets (inverter batteries, UPS systems, and rooftop solar solutions under the "Exide Sunday" brand). A significant new specialization area is the establishment of a 12 GWh greenfield lithium-ion cell manufacturing facility in Bengaluru, developed through its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL). This facility is engineered to handle multiple battery chemistries and form factors, ensuring commercial flexibility.
Target Markets
Exide Industries targets both domestic and international markets for its diverse product range. Domestically, the company serves the burgeoning electric vehicle market, offering solutions for passenger vehicles, two-wheelers, three-wheelers, and e-rickshaws, as well as the rapidly growing stationary energy storage sector. Internationally, Exide is actively pursuing market opportunities in Southeast Asia and Europe for its products, particularly given its new lithium-ion production capabilities.
2. Financial Overview
Funding History
Exide Industries has maintained a strong financial position, evidenced by its debt-free status and robust cash flow. For the financial year 2024-25, the company generated a formidable cash flow of ₹1,298 crore.
The company has made substantial equity investments in its wholly-owned subsidiary, Exide Energy Solutions Limited (EESL), specifically for its 12 GWh lithium-ion cell manufacturing facility in Bengaluru. As of June 2025, Exide had invested ₹3,602 crore into EESL. An additional ₹149.99 crore was infused into EESL in January 2025. By October (FY'26), the total equity investment in EESL reached ₹3,947 crore, which included ₹580 crore in the first half of FY'26 and ₹65 crore in the most recent month. The estimated total investment for the first phase of this Gigafactory is projected to be around ₹5,000 crore.
Financial Performance Highlights:
Consolidated Revenue (FY 2024-25): ₹17,350.65 crore, an increase from ₹16,859.68 crore in the previous fiscal year.
Net Profit (FY 2024-25): ₹795.02 crore.
Q1 FY26 Net Profit: Surged by 24% year-on-year to ₹275 crore.
Q1 FY26 Consolidated Sales: Reached ₹4,695 crore, marking a 5.85% year-on-year growth, driven by strong demand for replacement batteries and performance in the solar and UPS segments.
* Q2 FY26 Sales: G
