Kolkata-based battery maker Exide Industries Limited reported a standalone profit after tax of ₹386 crore for the quarter ended 30 September 2026 (Q2 FY27), up 75.1% from ₹221 crore a year earlier. Standalone revenue rose 20.3% to ₹5,026 crore. The company disclosed the results on 4 November 2026. Its investor presentation states that the subsidiary’s 6 GWh lithium-ion cell plant in Bengaluru, commissioned in September 2026, is now in customer validation with two-wheeler electric vehicle (EV) makers and telecom players.
Key Figures
According to the press release, the standalone figures were:
- Revenue: ₹5,026 crore in Q2 FY27 against ₹4,178 crore in Q2 FY26
- EBITDA (earnings before interest, tax, depreciation and amortisation): ₹606 crore against ₹395 crore, up 53.6%
- EBITDA margin: 12.1% against 9.4%, an increase of 270 basis points
- Profit before tax: ₹522 crore against ₹298 crore, up 75.5%
- Earnings per share: ₹4.55 against ₹2.60 (not annualised)
- First half (H1 FY27): revenue of ₹10,331 crore against ₹8,688 crore, up 18.9%; EBITDA of ₹1,262 crore against ₹943 crore; profit after tax up 46.7%
The company said input costs stayed high year on year because of prolonged geopolitical challenges. It added that compared with the previous quarter, a weaker rupee prevented it from fully benefiting from softer lead and antimony prices. Cost optimisation, calibrated price increases and volume growth lifted the margin. Exide said it has zero debt. The press release does not give a separate revenue or loss figure for the lithium-ion subsidiary.
Business Segments
Exide said growth in the quarter was broad-based, with double-digit increases across its key businesses. Automotive original equipment manufacturer (OEM) sales grew more than 25% year on year for a fourth consecutive quarter. New wins include a 100% share of business for the auxiliary battery in the MG Hector Tomahawk (EV and plug-in hybrid) and a 100% share in compressed natural gas (CNG) models of the Tata Aeris. The two-wheeler and four-wheeler replacement business recorded double-digit growth for a fourth straight quarter.
Home inverters and solar grew more than 20% for a second consecutive quarter. The company linked this to seasonal demand for home uninterruptible power supply (UPS) systems and to government schemes supporting rooftop solar. Exports also rose more than 20%, on a low base.
Lithium-Ion Cell Business
Exide Energy Solutions Limited (EESL), a wholly owned subsidiary, completed commissioning of Phase-I, a 6 GWh lithium-ion cell plant at Devanahalli, Bengaluru, Karnataka, on 23 September 2026. The company says the project can scale up to 12 GWh and covers both lithium iron phosphate (LFP) and nickel manganese cobalt (NMC) chemistries. It serves electric mobility and stationary energy storage markets.
The investor presentation states that commercial production has started and that cell samples have been supplied to leading OEM and telecom customers. It lists 5 Ah NMC cylindrical cells and 102 Ah LFP prismatic cells, both certified to IS 16046, IS 16893 and UN 38.3. EESL also runs a module and pack plant at Prantij, Gujarat.
Exide infused ₹550 crore of equity into EESL between April and October 2026, taking its total investment to ₹5,352.23 crore.
Management Comment
Managing Director and Chief Executive Officer Avik Roy said most businesses grew in double digits and that demand held up as the affordability benefits of goods and services tax (GST) rationalisation continued. He said the focus for the cell business over the coming quarters is on stabilising the lines, improving yields and completing customer qualifications. Roy added that the company enters the festive season with healthy demand indicators but remains mindful of the high base created by last year’s post-GST demand surge.
Policy and Market Backdrop
Inaugurating the Bharat Renewable Energy Summit & Expo 2026 in New Delhi on 2 November 2026, Prime Minister Narendra Modi said India’s clean energy goals require indigenous storage hardware and new battery storage capacity. Exide’s presentation, citing consultancy estimates, puts India’s current advanced chemistry battery demand at about 25 GWh, largely imported. It projects demand potential of 140–150 GWh by 2030, with EVs expected to account for 60–70%.
About the Company
Exide makes lead-acid storage batteries ranging from 2.5 Ah to 20,200 Ah for automotive, power, telecom, infrastructure, UPS, railway, mining and defence uses. It exports to more than 70 countries. The presentation lists 16 plants, including three lead recycling plants of subsidiary Chloride Metals Limited and two EESL plants.
The Company’s Recent Pipeline
- September 2026 (15 September): signed a long-term strategic cooperation agreement with ExCom Energy Solutions GmbH, Germany, for industrial batteries and energy storage systems across the European Economic Area.
- September 2026 (23 September): EESL completed commissioning of the 6 GWh Phase-I cell plant in Bengaluru.
- October 2026 (27 October): invested ₹150 crore more in EESL through a rights issue.
- November 2026 (4 November): board approved a change of registrar and share transfer agent to Maheshwari Datamatics Private Limited.
Outlook
The near-term milestone is completion of customer qualification at the Bengaluru cell plant, alongside line stabilisation and yield improvement, which Roy named as the focus for the coming quarters. Validation is under way with leading two-wheeler EV makers and telecom players. Roy said the company will keep a close watch on input costs and remains mindful of last year’s high base. The Q3 FY27 results are the next scheduled disclosure.
Official Sources
- Exide Industries Limited – Outcome of Board Meeting, Q2 FY27 Results and Press Release (NSE, 4 November 2026): https://nsearchives.nseindia.com/corporate/EXIDEIND_04112026132756_signedOUTCOMEOFBM041126.pdf
- Exide Industries Limited – Investor Presentation Q2 FY27 (NSE, 4 November 2026): https://nsearchives.nseindia.com/corporate/EXIDEIND_04112026133842_SIGNEDSEEXIDEINVESTORPRESEN.pdf
- Exide Industries Limited – Completion of Commissioning of Phase-I Lithium-Ion Cell Facility (NSE, 23 September 2026): https://nsearchives.nseindia.com/corporate/EXIDEIND_23092026161655_sdREG30_EESL.pdf
- Exide Industries Limited – Further Investment in EESL (NSE, 27 October 2026): https://nsearchives.nseindia.com/corporate/EXIDEIND_27102026174521_sdREG_30_EESL_27102026.pdf
- Exide Industries Limited – Press Release on ExCom Cooperation Agreement (NSE, 16 September 2026): https://nsearchives.nseindia.com/corporate/EXIDEIND_16092026075203_sdSELETTEREILEXCOM.pdf
- Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/
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