Exide Industries (EXID.BO): 1QFY27 Results Significantly Above Estimates

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Exide Industries (EXID.BO): 1QFY27 Results Significantly Above Estimates

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30 Jul 2026 05:22:26 ET │ 14 pages

Exide Industries (EXID.BO)

1QFY27 Results Significantly Above Estimates

CITI'S TAKE

Buy Exide’s 1QFY27 results were significantly above our estimates, driven by

healthy revenue growth across segments. Price-hikes and better mix Price (29 Jul 26 15:30) Rs435.60

helped offset the impact of higher commodity costs on gross margin. Target price Rs410.00

Healthy operating leverage further helped EBITDA margin. Mgmt. noted Expected share price return -5.9%

that demand continues to be strong across segments, driven by GST cuts. Expected dividend yield 0.6%

Commodity cost pressures remain elevated. We still await more details on Expected total return -5.3%

customer wins in the Li-ion business given the plant is now fully

Market Cap Rs370,260M operational. Maintain Buy.

US$3,871M

1QFY27 Results — Revenue at Rs53.1bn (+18% YoY; +17%QoQ) was 10% above our

estimate. Better than expected gross margin, higher operating leverage and cost

efficiency initiatives resulted in EBITDA at Rs6.6bn (+20% YoY; +24% QoQ) coming Arvind SharmaAC

in 26% above our estimate. PAT at Rs4.07bn (+27%YoY; +30%QoQ) was well above +91-22-6175-9852

our estimate of Rs3.1bn. We await more details on customer wins in the Li-ion arvind1.sharma@citi.com

business.

Sanchit Chandna

Segment wise demand trends — 1) All major business segments saw double digit +91-22-6175-9824

growth on a YoY basis, 2) Auto OEM business reported 25%+ YoY growth, 3) 2W/4W sanchit.chandna@citi.com

replacement business also reported double-digit revenue growth, 4) Industrial

Infrastructure (excluding Telecom) maintained low double-digit YoY growth,