Exide Inds. Q1 FY27 Earnings Call — Analysis (NSE: EXIDEIND)
Exide Industries reports 17.6% revenue growth and first lithium-ion cell samples from Bangalore giga factory, marking the start of India's local advanced-cell manufacturing.
The take
Q1FY27 EBITDA ₹655 Cr ( +19.5% YoY ) . New guidance — FY27 bangalore plant first-year util… 25-30% .
Results
Standalone revenue up 17.6% YoY; EBITDA ₹655 Cr (+19.5% YoY); EBITDA margin 12.4% (+20 bps YoY, +70 bps QoQ).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue Growth (standalone) | 17.6% | yoy · Q1FY27 | |
| EBITDA | ₹655 Cr | +19.5% | yoy · Q1FY27 |
| EBITDA Margin | 12.4% | +20 bps | yoy · Q1FY27 |
| EBITDA Margin Expansion (QoQ) | +70 bps | qoq · Q1FY27 · sequential | |
| Solar Quarterly Revenue | ₹400 Cr+ | point_in_time · Q1FY27 · highest ever quarterly revenue | |
| Cumulative Investment in Exide Energy Solutions | ₹4,902 Cr | point_in_time · as on 31-Jul-2026 · as on 31-Jul-2026 | |
| Lithium-Ion Capex Plan (FY27) | ₹1,400 Cr | none · FY27 · Board approval for Exide Energy Solutions | |
| Core Lead-Acid Capex (annual) | ₹500 Cr per annum | none · FY27 · ongoing annual allocation | |
| Price Correction (YoY) | 4-6% | yoy · Q1FY27 · across categories |
Guidance
Bangalore lithium-ion cell plant to begin revenue contribution in FY27; initial utilization targeted at 25-30% of 6 GWh capacity.
What management committed to
- We expect revenue contribution from the Bangalore plant to commence during FY27 shortly. — FY27
- First year utilization of [the Bangalore lithium-ion plant's 6 GWh capacity] will be 25% to 30%. — 25-30%, FY27
- The fourth line (second LFP line) of the Bangalore plant will be commissioned close to, let's say, end of this fiscal year [FY27]. — Q4FY27
Key themes
Core battery growth and lithium-ion ramp-up.
Operational commentary
- First NCM cylindrical line at Bangalore giga factory commenced customer sample deliveries; LFP prismatic line began sample supplies for 3-wheeler and telecom applications. Key certifications and BIS standards registrations completed.
- Core automotive OEM volume growth of 21% (4W) and 20% (2W), driven by sustained OEM demand; 4W replacement volume up 10%, solar volumes up 12-14%.
- Price increases of 4-6% YoY across categories, calibrated dynamically to partially offset elevated input costs (lead, adverse INR/USD).
- Lead-acid capacity expansion: debottlenecking across 5 SLI factories, brownfield headroom; annual core capex of ~₹500 Cr to service OEM growth and future replacement demand.
- Exports grew 20%+ after five quarters of decline; management monitors global macro environment.
- Home inverter and solar business benefited from strong summer; solar achieved record quarterly revenue of ₹400 Cr+.
- Lithium-ion customer engagement: homologation process underway with 3 major 2W OEMs covering ~80% of India's EV volume; separate co-investment line with Hyundai-Kia under discussion (not expected this fiscal).
- Localization of raw material supply chain being pursued; pilot projects with domestic manufacturers, targeting 50-60% bill-of-material localization in 2-3 years; pilot R&D line expected by end-CY2026.
- Lithium-ion pack-making capacity of 1.5 GWh in-house, supplemented by ecosystem partner model for additional capacity.
- PLI reapplication for advanced chemistry cells under study; government signals encouraging local manufacturing.
- Industrial infrastructure (ex-telecom) sustained double-digit growth; government tenders muted in Q1, expected pickup in H2.
Analyst Q&A
Q. Full year revenue growth guidance for FY27, given favourable base in H1?
Not able to give guidance because of base effect in H2 (post-GST rationalization boom from Q3 onwards) and seasonal inverter demand; Q2 base is low, but absolute volumes remain high.
Q. Current yields on lithium-ion cell lines?
Yields are improving but real yield visible only when running 3-shift operations; not declaring numbers until then.
Q. Is Exide pursuing the re-opened 10 GWh PLI application?
It is interesting; we are studying the fine print, but not supposed to disclose strategy now.
Q. Revenue potential from the lithium-ion plant 3-5 years out?
Difficult to give in rupee terms; capacity is 6 GWh, with provision to go to 12 GWh, and revenue will depend on commodity prices.
Q. Amount of lithium-ion subsidies to be received?
Not in public domain; we will apply after officially declaring start of production and may disclose later.
Research and educational content only. Not investment advice.