Exide Industries
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Exide Industries is navigating a pivotal transition, balancing its established lead-acid battery business with a strategic push into lithium-ion cell manufacturing. Management's commentary highlights robust growth across automotive and industrial segments, driven by the commissioning of the Bangalore giga factory. This facility is crucial for scaling lithium-ion production, which is expected to enhance Exide's competitive position in the renewable energy market. Vista's financial outlook anticipates accelerating revenue growth, supported by strong domestic demand and operational efficiencies. However, challenges such as raw material supply chain volatility and competitive pricing pressures from imports could impact margins. The energy storage industry is expanding, bolstered by government initiatives and increasing localization efforts, which align with Exide's strategic focus. Over the next 12-24 months, key opportunities include the successful ramp-up of lithium-ion production and potential growth in export markets, while watchpoints include geopolitical tensions and rising input costs that may affect profitability. Overall, Exide's strategic initiatives position it well for future growth, with a target price reflecting a 20.7% expected upside
Why We Like This Stock
- Successful commissioning of the Bangalore giga factory is expected to drive revenue growth in lithium-ion production
- Strong domestic demand in the automotive sector supports Exide's core business recovery
- Government initiatives promoting domestic manufacturing enhance Exide's competitive position
Things To Watch Out For
- Raw material supply chain volatility poses risks to margin stability
- Intensifying competition from imported lithium-ion cells could pressure pricing
- Geopolitical tensions may impact commodity prices and overall operational costs
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 16,770 | 17,238 | 17,955 | 20,036 | 22,541 |
| Profit Before Tax (Cr.) | 1,186 | 1,137 | 1,259 | 1,458 | 1,625 |
| PBT Margin | 7.1% | 6.6% | 7.0% | 7.3% | 7.2% |
| Net Profit (Cr.) | 807 | 755 | 842 | 976 | 1,081 |
| Earnings Per Share | 9.4 | 8.8 | 9.8 | 11.4 | 12.7 |
Analyst Recommendations
| Broker | Recommendation | Target Price | Date |
|---|---|---|---|
| Citigroup | ▲ Buy | 510 | 04-Aug-2026 |
| JPMorgan | ▲ Buy | 514 | 04-Aug-2026 |
| Kotak Securities | ▼ Sell | 325 | 04-Aug-2026 |
| Nomura | ▲ Buy | 492 | 04-Aug-2026 |
| Morgan Stanley | ▲ Buy | 391 | 31-Jul-2026 |
| Moneycontrol | ► Equalweight | 351 | 23-Jun-2026 |
| Motilal Oswal | ► Neutral | 327 | 07-May-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.