Exide Industries
Stock Snapshot
Price Performance
Vista Outlook
View Technicals Analysis →Basis of our Recommendation
Exide Industries is strategically navigating a complex landscape marked by geopolitical tensions and rising commodity costs, while simultaneously investing heavily in lithium-ion battery manufacturing. Management's focus on the 'One-Exide' operating model has enhanced agility and customer engagement, positioning the company to capitalize on the growing demand for renewable energy solutions. Despite facing challenges from intensifying competition and a shift towards lithium-ion technology, Exide anticipates high single-digit to early double-digit growth in its core business, driven by robust automotive OEM demand. Vista's financial outlook reflects stable revenue growth and margins, supported by the company's strong brand equity and distribution network. However, the transition to advanced battery technologies introduces execution risks that could impact profitability. The macro environment remains favorable, with strong manufacturing activity and contained inflation, further supporting Exide's growth trajectory. Over the next 12-24 months, key opportunities include the ramp-up of lithium-ion production and potential recovery in export markets, while watchpoints include competition from Chinese manufacturers and the impact of geopolitical tensions on commodity prices
Why We Like This Stock
- Significant investment in lithium-ion battery manufacturing positions Exide to capitalize on the renewable energy transition
- The 'One-Exide' operating model enhances operational agility and customer focus, supporting revenue growth
- Strong domestic demand in the automotive sector provides a solid foundation for high single-digit to early double-digit growth
Things To Watch Out For
- Intensifying competition, particularly from Chinese manufacturers, poses risks to market share and profitability
- Geopolitical tensions and rising commodity costs could impact operational stability and margins
- The transition to lithium-ion technology introduces execution risks that may affect revenue timelines and profitability
Key Parameters
Financial Snapshot
| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 16,770 | 17,238 | 17,955 | 20,035 | 21,945 |
| Profit Before Tax (Cr.) | 1,186 | 1,137 | 1,259 | 1,524 | 1,637 |
| PBT Margin | 7.1% | 6.6% | 701.2% | 7.6% | 7.5% |
| Net Profit (Cr.) | 807 | 755 | 842 | 1,021 | 1,088 |
| Earnings Per Share | 9.4 | 8.8 | 9.8 | 11.9 | 12.8 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Citigroup | ▲ Buy | 510 | 04-Aug-2026 |
| JPMorgan | ▲ Buy | 485 | 11-Jul-2026 |
| Kotak Securities | ▼ Sell | 325 | 04-Aug-2026 |
| Moneycontrol | ► Equalweight | 351 | 23-Jun-2026 |
| Morgan Stanley | ▲ Buy | 391 | 31-Jul-2026 |
| Motilal Oswal | ► Neutral | 327 | 07-May-2026 |
| Nomura | ▲ Buy | 492 | 04-Aug-2026 |
Company Overview
Show Company Profile
Exide Industries Limited designs, manufactures, markets, and sells lead acid batteries and accumulators in India and internationally. It offers automotive, infrastructural, genset, solar, inverter, institutional uninterrupted power supply (UPS), and submarine batteries, as well as home UPS systems, integrated power back-up systems, and e-rickshaw vehicles. The company also manufactures and supplies recycled lead and lead alloys; offers lithium-ion batteries; produces and distributes industrial battery chargers and rectifiers; and provides energy storage solutions, as well as engages in the non-conventional energy business. It sells batteries under the Exide, Index, Dynex, SF Sonic, Chloride, Dagenite, Jupiter, Black panther, and CEIL brand names through a distribution network of dealers. The company was formerly known as Chloride Industries Ltd. and changed its name to Exide Industries Limited in August 1995. Exide Industries Limited was founded in 1916 and is headquartered in Kolkata, India.