Synopsis:-Riding double-digit automotive demand and improved cost discipline, Exide Industries has reported a 22.6 percent year-on-year jump in Q4 FY26 PBT (pre-exceptional) to Rs. 420 crore and announced a Rs. 2 per share final dividend for FY26 : even as commodity cost inflation and rupee depreciation squeezed margins in the latter half of the quarter; investors will now watch how quickly Exide Energy Solutions Limited converts its Bengaluru cell manufacturing facility from commissioning into customer revenue.
Shares of a leading storage battery manufacturer came into focus on Monday after its board meeting on May 4, 2026, approved audited standalone and consolidated financial results for the year ended March 31, 2026, and simultaneously recommended a final dividend. The auto OEM segment delivered its highest-ever quarterly revenue during the period, giving the results a sharper edge than the headline numbers suggest.
With a market capitalization of Rs. 30,323.75 crore, the shares of Exide Industries Limited were trading at Rs. 356.75 per share, down 1.05 percent from its previous close of Rs.360.55. It is trading at a P/E of 36.93.
For the quarter ended March 31, 2026, standalone revenue came in at Rs. 4,551 crore, up 9.4 percent year-on-year from Rs. 4,159 crore. Profit before tax, before exceptional items, rose 22.6 percent to Rs. 420 crore against Rs. 343 crore in Q4 FY25. EBITDA expanded by nearly 50 basis points on a YoY basis to 11.7 percent a modest improvement, but achieved against a backdrop of sharp commodity cost escalation in the second half of the quarter as the West Asia conflict drove up prices for LPG, plastics, and sulphuric acid, compounding rupee depreciation pressure. Profit after tax for Q4 came in at Rs. 312 crore versus Rs. 255 crore a year ago.
For the full year FY26, standalone revenue stood at Rs. 17,269 crore (FY25: Rs. 16,588 crore), while PAT closed at Rs. 1,111 crore against Rs. 1,077 crore in FY25. The full-year EPS on a standalone basis was Rs. 13.07. The auditors, M/s B S R & Co. LLP, confirmed an unmodified opinion on both standalone and consolidated financial results.
The board recommended a final dividend of Rs. 2 per equity share of face value Re. 1 each : a payout of 200 percent : for FY26, subject to shareholder approval at the 79th Annual General Meeting. The record date for the dividend is Friday, July 3, 2026. The AGM itself is scheduled for July 10, 2026, via video conferencing. Payment will follow within 30 days of the AGM’s conclusion. At the current market price, this translates to a dividend yield of approximately 0.61 percent, broadly consistent with the company’s historical payout behaviour.
The automotive OEM business posted 25-plus percent growth on a YoY basis during Q4 : the company’s highest-ever quarterly revenue from that segment, a milestone that reflects both the underlying demand revival from GST 2.0 rationalisation and Exide’s deepening OEM relationships. Two-wheeler, three-wheeler, and four-wheeler businesses all grew in double digits on a YoY basis. The 2W and 4W replacement segments also maintained double-digit growth trajectories.
Industrial infrastructure (excluding telecom) continued its double-digit growth run, with order inflow and execution holding up across railways, traction, and I-UPS categories. Inverters and solar grew in the mid-to-high teens, supported by peak-season demand in the second half of Q4. Telecom, however, contracted by nearly 50 percent : a structural rather than cyclical decline, as the industry’s shift toward lithium-ion solutions erodes legacy lead-acid demand in that vertical. Export revenues fell sharply, with geopolitical disruptions closing shipping routes and creating container shortages toward quarter-end.
Exide invested an additional Rs. 600 crore in EESL during Q4, bringing the FY26 total equity infusion to Rs. 1,500 crore. Cumulative equity invested in EESL to date : including the erstwhile merged entity EEPL : now stands at Rs. 4,802.23 crore. The greenfield lithium-ion cell manufacturing facility in Bengaluru, with an initial planned capacity of 6 GWh (scalable to 12 GWh), is in the final phases of commissioning.
Customer sample deliveries for cylindrical cells are expected to begin in Q1 FY27, while production trials for the prismatic line are set to follow. EESL is also running active engagement with OEMs and energy providers to build an offtake pipeline. The facility is designed to serve both electric mobility and stationary storage applications across LFP and NMC chemistries.
Business Overview
Exide Industries Limited, incorporated in 1947 and headquartered in Kolkata, manufactures storage batteries across a range of applications : from automotive OEM and replacement to industrial, defence, and telecom : with products spanning 2.5Ah to 20,200Ah capacity. The company exports to over 70 countries.
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