Exide Industries

EXIDEIND · NSE · Mid Cap

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Storage·Listed·Directness 35/100

Exide Industries

Lead-acid leader investing in lithium-ion cell manufacturing.

Storage
Sell / Avoid
Last price
₹355.00
52W: ₹287 – ₹431
-17.6% from 52W high
Mkt Cap
₹30.21K Cr
P/E
35.1x
EV/EBITDA
17.0x
ROCE
8.8%
ROE
6.2%
Book Value
₹164.0
Promoter
46.0%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B
Fundamental (30%)
35
Valuation (20%)
74
Technical (20%)
57
Solar exposure (10%)
35
Policy beneficiary (7.5%)
70
Project pipeline (5%)
70
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹287Current: ₹355₹431
P/E
35.1x
P/B
2.2x
Div Yield
0.56%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Exide Industries: RTC renewable mandate and PLI for ACC make storage a structural multi-year theme.

Bull case

Bull case for Exide Industries: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Exide Industries: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentStorage
Directness35/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)35.1x—
Forward P/E——
EV/EBITDA17.0x—
EV/Sales1.8x—
P/B2.2x—
FCF Yield2.9%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker EXIDEIND · last updated 2026-05-11

Open on Screener.in
Market Cap
₹30.21K Cr
Price
₹355.00
Stock P/E
35.1x
Book Value
₹164.0
ROCE
8.8%
ROE
6.2%
Div Yield
0.56%
52W Range
₹287 – ₹431

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y4.4%
Sales 3Y CAGR6.1%
Sales 5Y CAGR8.9%
PAT 1Y7.5%
PAT 3Y CAGR1.5%
PAT 5Y CAGR-33.3%
Profitability
OPM latest10.0%
PAT margin latest4.8%
PAT margin 3Y avg4.9%
ROE6.2%
ROCE8.8%
Asset turnover0.85x
Leverage & cash
D / E0.11x
Net Debt / EBITDA0.84x
Borrowings / Assets7.4%
CFO / EBITDA1.29x
CFO / PAT2.81x
FCF (TTM proxy)₹862 Cr
Valuation
P/E35.1x
EV/EBITDA17.0x
EV/Sales1.77x
P/B2.16x
FCF Yield2.85%
Div Yield0.56%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales12,78915,07816,77017,23817,995
Operating Profit1,4021,5931,8231,8051,870
OPM %11%11%11%10%10%
Net Profit4,357823883800860
EPS (₹)51.389.6810.319.3510.05

Quarterly results · last 4 quarters

₹ Crore.

MetricJun 2025Sep 2025Dec 2025Mar 2026
Sales4,3354,6954,2014,735
OPM %10%11%11%10%
Net Profit188275195217

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital8585858585
Reserves10,49911,04712,80113,82813,820
Borrowings5205881,1232,0171,575
Fixed Assets—————
Total Assets13,90214,76018,14921,39021,220

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating617681,5311,2732,413
Investing66-799-1,458-1,934-1,551
Financing-172-30110515-805
Net Cash Flow-45-61183-14657

Shareholding pattern

Latest disclosed

Promoters
45.99%
FII
10.30%
DII
19.12%
Public
24.59%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.