Exide Industries Limited (EXIDEIND) AI Stock Analysis

• Market Cap: ₹273.27B
• Dividend Yield: 0.54%
• Average Volume (3M): 152.38K
• Price to Earnings (P/E): 33.0
• Beta (1Y): 1.17
• Revenue Growth: 2.19%
• EPS Growth: -5.70%
• Country: IN
• Employees: 5,151
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): 3.10
• Shares Outstanding: 850,000,000
• 10 Day Avg. Volume: 115,636
• 30 Day Avg. Volume: 152,381
• PEG Ratio: -4.19
• Price to Book (P/B): 2.23
• Price to Sales (P/S): 1.80
• P/FCF Ratio: -45.90
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹435.00
• Price Target Upside: 18.46% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: ₹334.00 ▼(-9.04% Downside)

Exide Industries Limited shows strong financial stability with robust revenue growth and a solid balance sheet. However, technical indicators suggest a bearish trend, and the stock appears overvalued with a high P/E ratio and low dividend yield. The lack of earnings call data and corporate events further limits positive sentiment.

Positive Factors

Balance sheet strength

A 65% equity ratio indicates a strong capital base and financial resilience. This durable strength reduces insolvency risk, supports supplier and distributor credit terms, and gives the company flexibility to fund strategic investments or absorb cyclical shocks over the next several months.

Conservative leverage

Very low debt-to-equity (0.14) signals limited interest burden and ample borrowing headroom. This conservative leverage profile preserves cash flow, lowers refinancing risk, and supports stable operations and capital deployment through industry cycles in a 2-6 month horizon.

Revenue growth with strong gross margin

Steady revenue increase alongside a robust 32.73% gross margin reflects resilient demand (replacement and industrial segments) and operational efficiency. These durable trends support sustainable cash generation and indicate the core business model can maintain profitability amid normal cyclical shifts.

Negative Factors

Negative free cash flow

Worsening free cash flow driven by higher capital expenditures reduces internal funding for dividends, working capital, or strategic projects. Persistently negative FCF constrains liquidity and increases dependence on external financing, weakening financial flexibility over the medium term.

Net profit margin pressure

A declining net profit margin indicates earnings are being squeezed despite revenue growth. Over time this reduces retained earnings and return on capital; continued margin pressure (e.g., commodity input volatility) would impair the company's ability to finance growth internally and sustain shareholder returns.

Earnings contraction

Negative EPS growth of ~5.7% despite revenue gains points to margin compression or higher non-operating costs. This persistent earnings decline undermines profitability quality and ROE, limiting the company's capability to accumulate capital internally and weakening long-term shareholder value creation.

Exide Industries Limited Business Overview & Revenue Model

Company Description

Exide Industries Limited designs, manufactures, markets, and sells lead acid storage batteries and allied products in India and internationally. The company operates in two segments, Automotive and Industrial. It offers automotive, industrial, genset, solar, inverter, and submarine batteries, as well as home UPS systems and e-rickshaws. The company also provides life insurance products through individual agents, corporate agents, banks, etc.; manufactures and supplies recycled lead and lead alloys; manufactures lead acid automotive and motorcycle batteries; provides energy storage solutions and technical support for manufacturing of lithium ion batteries; and produces and distributes industrial battery chargers, rectifiers, and parts, as well as engages in the non-conventional energy business activities. In addition, it offers solutions in the areas of equipment selection, battery sizing, optimum room layout, installation, operation, and maintenance. Exide Industries Limited sells its batteries under the EXIDE, INDEX, DYNEX, SF SONIC, CHLORIDE, and CEIL brand names through a distribution network of approximately 48,000 direct and indirect dealers. Its products are used in power, solar, railways, telecom, UPS, projects, traction, and other industries. 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.

How the Company Makes Money

Exide Industries generates revenue primarily through the sale of lead-acid batteries across various sectors. Its key revenue streams include automotive batteries, which cater to the passenger and commercial vehicle segments, and industrial batteries, which support sectors such as telecommunications, railways, and power generation. The company also earns income from its battery recycling operations and the sale of aftermarket services. Strategic partnerships with automobile manufacturers and distributors enhance its market reach, while ongoing investments in research and development allow Exide to innovate and expand its product offerings, contributing to its overall revenue growth.

Exide Industries Limited Financial Statement Overview

Summary

Exide Industries Limited demonstrates robust revenue growth and stable margins, supported by a strong balance sheet with conservative leverage. However, challenges in cash flow management, with significant capital expenditures leading to negative free cash flow, indicate potential areas for improvement in cash generation efficiency.

Income Statement

Exide Industries Limited shows a steady revenue growth trend with a recent increase in total revenue from INR 166.73 billion to INR 172.38 billion, reflecting a 3.39% growth rate. The gross profit margin remains strong at 32.73%, and the EBIT margin is healthy at 7.05%. However, the net profit margin has slightly decreased, indicating some pressure on net profitability.

Balance Sheet

The company maintains a strong equity base with an equity ratio of 65.00%, showing stability in its financial structure. The debt-to-equity ratio is manageable at 0.14, suggesting conservative leverage. Return on equity stands at 5.72%, indicating moderate efficiency in generating returns for shareholders.

Cash Flow

There is a noticeable decline in free cash flow, dropping from INR -3.45 billion to INR -6.76 billion, indicating challenges in cash generation. The operating cash flow to net income ratio of 1.60 shows adequate conversion of net income into cash, but the negative free cash flow suggests high capital expenditures impacting liquidity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	174.97B	172.38B	167.70B	150.78B	127.89B	103.59B
Gross Profit	56.68B	55.71B	52.86B	46.65B	40.67B	36.33B
EBITDA	18.24B	17.63B	17.78B	15.57B	13.69B	13.36B
Net Income	8.48B	7.95B	8.77B	8.23B	43.67B	8.10B
Balance Sheet
Total Assets	0.00	213.96B	181.50B	140.51B	139.11B	286.87B
Cash, Cash Equivalents and Short-Term Investments	4.99B	4.99B	5.82B	7.35B	9.01B	18.88B
Total Debt	0.00	20.17B	11.23B	6.42B	5.20B	5.09B
Total Liabilities	-139.34B	74.62B	52.49B	28.41B	32.87B	213.69B
Stockholders Equity	139.34B	139.13B	128.86B	111.32B	105.84B	72.72B
Cash Flow
Free Cash Flow	0.00	-6.76B	-3.45B	-2.28B	-6.05B	17.62B
Operating Cash Flow	0.00	12.73B	15.31B	7.68B	612.50M	22.63B
Investing Cash Flow	0.00	-19.34B	-14.58B	-7.99B	647.60M	-20.80B
Financing Cash Flow	0.00	5.15B	1.08B	-301.00M	-1.37B	-1.70B

Exide Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 367.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:EXIDEIND, the sentiment is Negative. The current price of 367.2 is above the 20-day moving average (MA) of 339.52, above the 50-day MA of 357.27, and below the 200-day MA of 380.39, indicating a bearish trend. The MACD of -11.37 indicates Positive momentum. The RSI at 26.93 is Positive, neither overbought nor oversold. The STOCH value of 19.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:EXIDEIND.

Exide Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHRIPISTON	73 Outperform	₹121.11B	21.77	―	0.31%	14.43%	15.60%
MINDACORP	69 Neutral	₹134.35B	49.41	―	0.23%	12.99%	2.43%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MAHSCOOTER	61 Neutral	₹153.90B	42.04	―	1.57%	―	―
RAJESHEXPO	60 Neutral	₹48.41B	36.68	―	―	112.02%	244.77%
EXIDEIND	58 Neutral	₹273.27B	33.00	―	0.54%	2.19%	-5.70%
OLAELEC	43 Neutral	₹142.60B	-5.89	―	―	―	―

Exide Industries Limited Corporate Events

Exide Industries Opens Special Window for Share Transfer Re-lodgement

Exide Industries Limited has announced a special six-month window for the re-lodgement of transfer requests for physical shares that were previously rejected or returned due to document deficiencies. This initiative, in compliance with a SEBI circular, aims to address past administrative issues and facilitate smoother share transfers, potentially enhancing shareholder satisfaction and operational efficiency.

Exide Industries Releases Q2 FY 2025-26 Earnings Call Transcript

Exide Industries Limited has released the transcript of its Q2 FY 2025-26 earnings call, which is now available on their website. This release is part of their compliance with regulatory requirements and provides stakeholders with insights into the company’s financial performance and strategic direction.