In a world racing toward electrification, clean energy, and sustainable infrastructure, Exide Industries Ltd. stands at the forefront of transformation. With over 75 years of legacy in power storage, the company has not only maintained profitability and zero debt but is now evolving rapidly into a green-tech powerhouse.
From automotive batteries to lithium-ion cells, Exide’s diversified portfolio and multi-pronged expansion strategy across BESS, solar, EV, and international markets are gaining strong momentum. Backed by robust R&D, advanced manufacturing, and significant capital investments, Exide is positioning itself as a next-generation energy solutions leader.
📈 1. Company Growth and Financials
🔸 YoY and QoQ Growth (FY25 Highlights):
| Metric | FY25 (INR Cr) | YoY Growth | QoQ Growth (Q4FY25) |
|---|---|---|---|
| Revenue | 16,588 | +4% | +8% |
| EBITDA | 1,893 | +1% | +4% |
| PBT | 1,441 | +2% | +5% |
🔸 Multi-Year Trend:
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Revenue CAGR (FY21–FY25): 13.4%
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EBITDA CAGR: 8.7%
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PBT CAGR: 9.1%
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Profitability has grown consistently even during macroeconomic pressures.
🔹 Key Takeaways:
✅ Profitable every year
✅ Debt-free since FY12
✅ FY25 continued the growth streak with solid top-line and stable margins
📦 2. Order Book and Business Expansion
🔸 Business Segments:
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Trade (B2C): Automotive, UPS, Solar, E-Rickshaw batteries
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Institutional (B2B): OEMs, Railways, Telecom, Submarines, Power
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International: 60+ countries, 8% contribution to revenue
🔸 Green Expansion:
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✅ INR 3,602 Cr already invested in Li-ion business (Exide Energy Solutions)
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✅ Setting up 12 GWh cell manufacturing facility (Phase-1: 6 GWh under execution)
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✅ Pack assembly plant at Prantij is fully operational
🔸 New Verticals:
| Segment | Update |
|---|---|
| EV Auxiliary Batt. | Supplying to major 2W/4W OEMs |
| BESS | Launch of containerized solutions |
| Solar | “Exide Sunday” end-to-end solutions |
| Data Centres | Front Terminal Grid Battery solutions |
🔹 Key Takeaways:
🟢 Exide is moving from a battery manufacturer to a full energy storage solutions player
🟢 Global ambition visible through international collaborations and distribution expansion
🔮 3. Future Projections
🔸 Growth Drivers:
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🔋 India’s 120 GWh demand for li-ion by 2030
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🌞 Rooftop solar surge under PM Surya Ghar Yojana
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🚚 EV push in last-mile connectivity
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📡 5G and Data Centre demand lifting BESS requirements
🔸 Strategic Projects:
| Project | Status |
|---|---|
| Li-ion Cell Plant (Bangalore) | Under construction – commercial ops in FY26 |
| EV Pack Assembly (Gujarat) | Fully operational |
| R&D Partnerships | With SVOLT, Moura, East Penn, Furukawa |
🔹 Key Takeaways:
📌 Exide’s projections align with national policy shifts
📌 Advanced R&D and capex projects offer long-term moat
💰 4. Debt and Financial Health
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Total Debt (Cr) | Nil | Nil | Nil |
| Debt-to-Equity Ratio | 0 | 0 | 0 |
| RoCE | 17.6% | 19.4% | 18.9% |
| RoE | 7.8% | 8.7% | 8.3% |
| Operating Cash Flow (Cr) | 1,298 | 1,996 | 848 |
🔹 Key Takeaways:
🟢 Zero debt, strong return ratios
🟢 Robust funding through internal accruals for major projects
🌍 5. Market Size and Opportunities
🔸 Total Addressable Market (TAM):
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India battery market: ₹60,000+ Cr and growing
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Li-ion TAM (2030): 120 GWh
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BESS and Solar: Strong CAGR with govt. incentives
🔸 Opportunities:
| Sector | Growth Driver |
|---|---|
| EV | Rising adoption, PLI, fleet electrification |
| Solar | MNRE rooftop target + financing schemes |
| Railways | 100% electrification push by FY26 |
| Telecom & 5G | Need for green and consistent power |
🔹 Key Takeaways:
🚀 Multiple macro-level tailwinds from clean energy, mobility, and digitization
🚀 Exide’s diversified product suite caters to every high-growth niche
⚖️ 6. Regulatory and Market Influences
🔸 No Regulatory Red Flags:
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❌ No SEBI penalties, ASM listings, or compliance issues
🔸 Shareholding Pattern (as of Mar 31, 2025):
| Shareholder | % Holding |
|---|---|
| Promoter | 46% |
| DIIs | 17% |
| FIIs | 12% |
| Public/Others | 25% |
🔸 Market Conditions:
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CMP: ₹360.4
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FII + DII holding is healthy, showing strong institutional confidence
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No promoter pledging reported
🔹 Key Takeaways:
📈 No governance concerns
📈 Strong promoter and institutional faith, positive signal
📊 7. Technical Analysis (July 2025)
🔸 Monthly Chart:
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Support Zones: ₹330–₹340 (strong accumulation)
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Resistance Zones: ₹385–₹400
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Trend: Bullish breakout seen in Q2FY25; consolidation likely
🔸 Indicators:
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RSI: 63 (bullish but not overbought)
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MACD: Positive crossover sustained
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200-DMA: ₹312 (price comfortably above)
🔹 Forecast Summary:
| Term | Trend | Actionable Insight |
|---|---|---|
| Short Term | Bullish-neutral | Consolidation between ₹340–₹390 |
| Medium Term | Bullish | Break above ₹400 could trigger re-rating |
| Long Term | Very Bullish | ₹450–₹500+ possible by FY26 post Li-ion launch |
💹 8. Valuation and Investment Outlook
🔸 Valuation Snapshot:
| Metric | Value |
|---|---|
| Market Cap | ₹30,638 Cr |
| P/E Ratio (TTM) | ~20–22x (est. range) |
| Intrinsic Drivers | Green tech, Zero debt, R&D |
| Risk Factors | Lithium cell plant delay, raw material price volatility |
🔹 Investment Outlook:
✅ Fairly Valued to Slightly Undervalued for long-term investors
✅ Entry near ₹340–₹350 is attractive for FY26 gains
✅ High potential to become a Green Energy leader in India
👨🔬 Expert Quote
“Exide is no longer just a battery maker—it’s building the backbone for India’s energy transition. With its early-mover advantage in lithium-ion manufacturing and zero-debt balance sheet, it’s uniquely poised to lead the EV and BESS revolutions in India.”
— Dr. Rakesh Nanda, Energy Sector Analyst, GreenSpark Advisors
❓ FAQs
Q1. Is Exide Industries debt-free in FY25?
Yes, Exide remains 100% debt-free with strong cash flow support for future projects.
Q2. What is the revenue forecast for Exide?
With Li-ion and solar verticals gaining traction, revenue is expected to grow at 12–15% CAGR over the next 3 years.
Q3. Is Exide investing in EV and lithium battery tech?
Absolutely. ₹3,602 Cr has already been invested in a 12 GWh lithium cell plant and pack assembly lines.
Q4. What sectors does Exide serve?
Automotive, Telecom, Railways, Solar, BESS, Data Centers, and more.
Q5. Is this stock a good long-term investment?
Yes, strong fundamentals, zero debt, and future-ready segments make it a solid long-term bet.
Q6. Are there any regulatory concerns?
None. Promoters have clean shareholding, and the company is in full regulatory compliance.
🧠 Final Verdict & Investment Summary
✅ Exide Industries is evolving from a conventional battery player to a next-gen green energy leader
✅ Li-ion and solar segments are future growth engines
✅ No debt, solid cash flows, and international scale-up add to its resilience
✅ Long-term investors seeking exposure to India’s clean energy and EV revolution can consider accumulating Exide
