Exide Inds. Q2 FY27 Results (NSE: EXIDEIND)
Signal: Margin expansion
The read
The operating inflection is margin-led: standalone Q2 revenue grew 20.3% YoY to ₹5,026 Cr, but EBITDA grew 53.6% to ₹606 Cr and margin expanded 270bps to 12.1% despite management saying input costs remained elevated versus last year. Momentum was broad-based, with automotive OEM growth above 25% for the fourth consecutive quarter and replacement growth double-digit for the fourth consecutive quarter; the 6 GWh Bengaluru cell plant is now commissioned, shifting the thesis toward execution, yields and customer qualification rather than construction.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,026 Cr | +20.3% | N/A |
| Net profit | ₹386 Cr | +75.1% | |
| EPS | ₹4.55 | +75.0% | |
| EBIT margin | 12.1% |
P&L walk
Standalone Q2 revenue increased 20.3% YoY to ₹5,026 Cr, while EBITDA rose 53.6% to ₹606 Cr and EBITDA margin expanded 270bps to 12.1%; calibrated price increases, volume growth and cost optimisation absorbed elevated input costs and lifted PAT 75.1% to ₹386 Cr.
Key positives
- Standalone Q2 revenue reached ₹5,026 Cr, up 20.3% YoY, with management reporting double-digit growth across key businesses.
- EBITDA increased 53.6% YoY to ₹606 Cr and EBITDA margin expanded 270bps to 12.1%, driven by cost optimisation, calibrated price increases and volume growth despite elevated input costs.
- Automotive OEM growth exceeded 25% for the fourth consecutive quarter, while 2W/4W replacement growth remained double-digit for the fourth consecutive quarter.
- The 6 GWh Bengaluru lithium-ion cell gigafactory was commissioned on 23 September 2026, establishing the physical platform for the New Energy business.
Key concerns
- Management said input costs remained elevated YoY because of geopolitical challenges and crude oil inflation; softer Lead LME and antimony prices were not fully captured sequentially because of rupee weakness.
- The Bengaluru gigafactory is commissioned but management's immediate focus is stabilising lines, improving yields and completing customer qualifications, so commercial revenue contribution and profitability remain execution-dependent.
- Exports grew over 20% YoY for the second consecutive quarter but were explicitly described as being on a low base.
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