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Informist, Monday, Oct. 27, 2025

By Gopika Balasubramanium

MUMBAI – Exide Industries Ltd.'s top line is expected to grow by mid-single digit for the September quarter, the highest in five quarters. The company's bottom line is expected to grow in high single digit, which will be better than the mid single-digit rise it had reported in the year-ago quarter. However, the sequential increase in both these key metrics is likely to be muted. 

The battery maker is expected to report an almost 9% on-year rise in its net profit at INR 3.23 billion, according to the average of estimates from six broking firms. Nuvama Wealth Management has the highest estimate for net profit at INR 3.34 billion and Nomura Equity Research has the lowest estimate at INR 3.12 billion. 

The Kolkata-based company's revenue from operations is seen growing almost 5% from the year-ago quarter to INR 44.73 billion, according to the consensus estimate. Anand Rathi Share and Stock Brokers Ltd. has the highest estimate for revenue at INR 45.55 billion and Nomura has the lowest estimate at INR 44.10 billion. Sequentially, this would mean a mere 1% growth in the bottom line but a 1% fall in the top line.

Exide's revenue from operations is expected to rise 5% on year due to a low single-digit rise in sales in its industrial segment and 6-8% growth in the replacement and automobile segment, Kotak Securities said. 

Nuvama expects the company's earnings before interest, tax, depreciation, and amortisation margin to grow on year due to a low base. Three brokerages expect the company's EBITDA margin will be between 12.0% and 12.4%, indicating a rise of 70-110 basis points from the year-ago quarter. The EBITDA is seen at INR 5.43 billion, up 12% on year, as per average of estimates from five brokerages. YES Securities (India) has the highest estimate for the battery maker's EBITDA at INR 5.54 billion and Nuvama has the lowest estimate at INR 5.34 billion.

The Kolkata-based company will release its quarterly results Thursday and investors are expected to monitor the management's comments on the progress of its subsidiary Exide Energy Solutions Ltd.'s lithium-ion manufacturing facility in Bengaluru. In the September quarter, the company invested an additional INR 1.80 billion in this subsidiary to fund the Bengaluru greenfield plant. With this, Exide Industries' total investment in the subsidiary is now INR 38.82 billion.

Exide's shares have fallen marginally since the company released its June quarter earnings on Aug. 5. At 1221 IST, the stock traded at INR 384.30 on the National Stock Exchange, down over 1%. This is still 38% lower than the record high of INR 620.35 it had hit in June 2024. 

Of the 14 brokerage reports on Exide available with Informist, eight have a 'buy' or equivalent rating on the stock with an average target price of INR 475, four have a 'hold' or equivalent rating, and the remaining two have a 'sell' rating. 

Following are the September quarter earnings estimates for Exide Industries from six brokerages in descending order of the estimate of net profit:

Edited by Avishek Dutta

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