Exide Inds. Q1 FY27 Results (NSE: EXIDEIND)
Signal: Growth reaccelerated
The read
Q1FY27 marks a strong start to the year with revenue growth accelerating to 17.7% YoY (vs 9.2% in Q4FY26) — the fastest in over 10 quarters — driven by broad-based volume momentum across automotive OEM (25%+ for third consecutive quarter), replacement, inverter/solar, and exports. EBITDA margin (consolidated) expanded 80bps YoY to 8.8% despite input cost headwinds from lead/currency, reflecting pricing power and cost discipline. Standalone EBITDA margin at 12.4% is a multi-quarter high. PAT grew 27.9% YoY on operating leverage and lower finance costs. The lithium-ion gigafactory subsidiary (EESL) achieved key milestones — all lines installed, customer samples delivered — and revenue commencement is expected in FY27.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,528.38 Cr | 17.7% | 16.8% |
| EBIT | ₹667.88 Cr | 35.4% | |
| Net profit | ₹351.3 Cr | 27.9% | |
| EPS | ₹4.12 | 28.3% | |
| EBIT margin | 8.8% |
P&L walk
Revenue jumped 17.7% YoY on broad-based volume growth; EBITDA rose 35.4% YoY with margin expanding 80bps to 8.8% driven by pricing actions and cost efficiencies partially offsetting input cost headwinds from lead/currency; depreciation fell 4.6% YoY; finance cost dropped 38.9% YoY; PAT grew 27.9% YoY in line with operating growth.
Key positives
- Revenue growth accelerated to 17.7% YoY (consolidated), the highest in 10+ quarters, on broad-based volume gains.
- Automotive OEM business grew 25%+ YoY for the third consecutive quarter.
- Standalone EBITDA margin expanded 20bps YoY to 12.4% despite input cost headwinds — pricing power evident.
- Zero net debt with robust liquidity and strong cash generation.
- EESL gigafactory achieved 100% equipment installation and commenced customer sample deliveries; revenue expected in FY27.
Key concerns
- Headwinds from lead price volatility and rupee depreciation against USD continue to pressure input costs.
- One subsidiary (revenues ₹1,781 Cr) was reviewed by other auditor, and four subsidiaries (total revenues ₹116 Cr) were not reviewed by parent auditor.
- Consolidated EBITDA margin at 8.8% remains modest vs standalone 12.4% due to losses/ramp-up costs at EESL.
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