Exide Industries Ltd
Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India. [1]
- Market Cap ₹ 28,552 Cr.
- Current Price ₹ 336
- High / Low ₹ 431 / 308
- Stock P/E 34.2
- Book Value ₹ 173
- Dividend Yield 0.60 %
- ROCE 8.65 %
- ROE 5.74 %
- Face Value ₹ 1.00
Pros
- Company has been maintaining a healthy dividend payout of 20.5%
- Company's working capital requirements have reduced from 30.1 days to 17.3 days
Cons
- The company has delivered a poor sales growth of 3.56% over past five years.
- Company has a low return on equity of 6.64% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,254 | 9,471 | 9,477 | 11,179 | 12,808 | 14,721 | 14,471 | 15,297 | 12,789 | 15,078 | 16,770 | 17,238 | 17,596 | |
| 7,385 | 8,528 | 8,289 | 9,805 | 11,400 | 13,159 | 13,014 | 13,706 | 11,387 | 13,485 | 14,946 | 15,433 | 15,786 | |
| Operating Profit | 869 | 944 | 1,187 | 1,374 | 1,408 | 1,562 | 1,457 | 1,591 | 1,402 | 1,593 | 1,823 | 1,805 | 1,810 |
| OPM % | 11% | 10% | 13% | 12% | 11% | 11% | 10% | 10% | 11% | 11% | 11% | 10% | 10% |
| 73 | 94 | 59 | 102 | 21 | 148 | 40 | 70 | 3,725 | 125 | 88 | 113 | 131 | |
| Interest | 14 | 9 | 79 | 153 | 114 | 117 | 108 | 153 | 64 | 79 | 120 | 160 | 132 |
| Depreciation | 140 | 155 | 175 | 226 | 267 | 344 | 418 | 434 | 440 | 502 | 560 | 582 | 598 |
| Profit before tax | 787 | 874 | 992 | 1,097 | 1,048 | 1,249 | 972 | 1,074 | 4,623 | 1,138 | 1,231 | 1,176 | 1,211 |
| Tax % | 31% | 29% | 29% | 27% | 34% | 32% | 22% | 25% | 6% | 28% | 28% | 32% | |
| 546 | 616 | 700 | 804 | 694 | 847 | 762 | 803 | 4,357 | 823 | 883 | 800 | 831 | |
| EPS in Rs | 6.41 | 7.23 | 8.20 | 9.42 | 8.13 | 9.95 | 9.14 | 9.53 | 51.38 | 9.68 | 10.31 | 9.35 | 9.71 |
| Dividend Payout % | 28% | 30% | 29% | 25% | 30% | 24% | 45% | 21% | 4% | 21% | 19% | 21% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 4% |
| 3 Years: | 10% |
| TTM: | 3% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 0% |
| 3 Years: | -44% |
| TTM: | 5% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 11% |
| 3 Years: | 24% |
| 1 Year: | -8% |
| Return on Equity | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 15% |
| 3 Years: | 7% |
| Last Year: | 6% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 | 85 |
| Reserves | 3,375 | 3,756 | 4,305 | 4,947 | 5,344 | 6,022 | 6,382 | 7,187 | 10,499 | 11,047 | 12,801 | 13,828 | 14,640 |
| 35 | 58 | 115 | 187 | 60 | 89 | 196 | 509 | 520 | 588 | 1,123 | 2,017 | 1,645 | |
| 8,999 | 9,989 | 10,866 | 12,546 | 14,326 | 16,235 | 17,549 | 20,625 | 2,799 | 3,037 | 4,140 | 5,459 | 5,447 | |
| Total Liabilities | 12,494 | 13,887 | 15,370 | 17,765 | 19,815 | 22,431 | 24,213 | 28,406 | 13,902 | 14,758 | 18,149 | 21,390 | 21,816 |
| 1,686 | 1,781 | 1,975 | 2,259 | 2,681 | 3,080 | 3,248 | 3,599 | 3,361 | 3,682 | 3,853 | 3,935 | 4,083 | |
| CWIP | 63 | 115 | 192 | 149 | 241 | 300 | 405 | 431 | 341 | 525 | 1,352 | 3,643 | 3,865 |
| Investments | 7,890 | 8,817 | 10,446 | 11,884 | 12,490 | 14,328 | 15,816 | 19,340 | 5,558 | 5,106 | 5,940 | 6,468 | 7,430 |
| 2,855 | 3,175 | 2,757 | 3,474 | 4,402 | 4,723 | 4,744 | 5,037 | 4,642 | 5,444 | 7,004 | 7,343 | 6,439 | |
| Total Assets | 12,494 | 13,887 | 15,370 | 17,765 | 19,815 | 22,431 | 24,213 | 28,406 | 13,902 | 14,758 | 18,149 | 21,390 | 21,816 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 872 | 180 | 1,583 | 937 | 914 | 1,687 | 1,619 | 2,263 | 61 | 768 | 1,533 | 1,273 | |
| -591 | -61 | -1,329 | -727 | -535 | -1,438 | -1,097 | -2,082 | 66 | -799 | -1,458 | -1,934 | |
| -215 | -199 | -167 | -182 | -386 | -217 | -532 | -170 | -172 | -30 | 108 | 515 | |
| Net Cash Flow | 66 | -79 | 87 | 28 | -6 | 32 | -9 | 11 | -45 | -61 | 183 | -146 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 29 | 27 | 28 | 24 | 31 | 31 | 27 | 26 | 31 | 30 | 30 | 36 |
| Inventory Days | 118 | 129 | 106 | 131 | 120 | 107 | 138 | 144 | 120 | 121 | 124 | 144 |
| Days Payable | 100 | 82 | 96 | 93 | 91 | 81 | 92 | 130 | 78 | 65 | 87 | 105 |
| Cash Conversion Cycle | 47 | 74 | 37 | 61 | 60 | 56 | 73 | 40 | 74 | 85 | 67 | 74 |
| Working Capital Days | 11 | 20 | -3 | 10 | 22 | 16 | 21 | -10 | 40 | 47 | 26 | 17 |
| ROCE % | 24% | 23% | 26% | 26% | 23% | 21% | 17% | 17% | 11% | 10% | 10% | 9% |
Documents
Announcements
- Closure of Trading Window 15h
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Announcement under Regulation 30 (LODR)-Acquisition
18h - 24-Feb-2026: Exide invested Rs.100 crore in wholly-owned Exide Energy Solutions; total investment now Rs.4,352.23 crore.
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One-On-One Investor/Analyst Meet
16 Feb - One-on-one virtual investor/analyst meetings on 17-18 Feb 2026 with Renaissance, Edelweiss MF, Tata AIG, Enam AMC.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
9 Feb - Transcript of the Earnings Call held on 3rd February 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
3 Feb - Audio recording of Q3 FY2025-26 earnings call uploaded on 03 Feb 2026.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
from nse
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Financial Year 2013
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Financial Year 2012
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Concalls
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Jul 2025TranscriptAI SummaryPPT
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May 2025Transcript PPT
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Nov 2024Transcript PPT REC
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May 2024Transcript PPT REC
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Feb 2024TranscriptAI SummaryPPT
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Nov 2023Transcript PPT REC
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Sep 2023TranscriptAI SummaryPPT
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May 2023Transcript PPT
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Nov 2022TranscriptPPT
Products [1] [2]
The company offers a diversified product portfolio, with batteries from 2.5Ah to 20,200Ah.
1) B2C Aftermarket: The company manufactures batteries for 2W, 3W, 4W, E-rickshaws, UPS, and solar for trade and aftermarket.
2) Institutional B2B:The company manufactures batteries for 2W, 3W, and 4W OEMs. In the infrastructure segment, it serves industries such as telecom, railways, power projects, traction, data centers, and industrial UPS. Additionally, it manufactures specialized batteries for submarines.
3) International Business: It manufactures automotive, traction, and UPS batteries. It has a presence in over 60 countries with nearly 8% of the standalone revenue. In FY25, onboarded 14 distributors for automotive batteries and 28 accounts for industrial batteries. [3]