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Informist, Thursday, Apr. 23, 2026

 

By Gopika Balasubramanium

 

MUMBAI - A surge in demand for replacement batteries and robust growth in Exide Industries Ltd.'s automotive segment will help the battery-maker post strong earnings for the March quarter. There has been healthy demand for Exide's products across segments in the quarter, according to brokerages tracking the company.

 

The Kolkata-based company's net profit is seen rising 15% on year to INR 2.93 billion, the average of estimates from eight broking firms showed. Anand Rathi Share and Stock Brokers has the highest estimate for net profit at INR 3.25 billion and Elara Securities has the lowest estimate at INR 2.4 billion. During the Apr-Dec period, the company's net profit met Street estimates once in the June quarter. 

 

The battery-maker's revenue from operations is expected to rise by over 6% on year to INR 44.16 billion for the quarter under review. If the estimate is met, the growth in revenue would be the highest in eight quarters. Elara has the highest estimate for the company's sales at INR 46 billion and Yes Securities has the lowest estimate of INR 42.05 billion. The company failed to meet consensus estimates for sales for all the three previous quarters in 2025-26 (Apr-Mar). Sequentially, the net profit and revenue of the company are seen rising around 10?ch.

 

Exide's revenue from operations is seen rising around 7% on year on the back of mid-single digit year-on-year rise in its industrial segment, alongside double-digit growth in replacement and automotive volumes, analysts at Kotak Securities said in an earnings preview report. Exide's replacement or aftermarket business accounted for 73-75% of its sales during the December quarter. In the trailing quarter, its net profit was INR 2.67 billion and revenue was INR 40.30 billion.     

 

Kotak expects the weakness in the company's export segment to continue in March quarter. In the trailing quarter, exports contributed to 5-6% of the company's overall revenue. The company had cut down supplies to overseas market on account of disruptions due to the US tariffs and some of its premium products catering to the US and European markets did not pick up due to the same.

 

If Exide were to meet the forecasts of net profit and sales for the March quarter, the company is seen logging off FY26 with flat growth. For FY25, the company's net profit was INR 10.77 billion and revenue was INR 165.88 billion. The sales declined in September quarter owing to delay in purchases on account of goods and services tax cuts, leading to a rather subdued show in FY26. During FY26, the company's share price declined 20%, with a steep decline coming towards end of the year owing to wide sell-off across equity market due to West Asia war.

 

Apart from the management's commentary on the progress on lithium-ion manufacturing facility -– Exide Energy Solutions Ltd. --, customer tie-ups are important updates to watch out for, according to analysts. As of Mar. 25, the company's total investment in arm Exide Energy stands at over INR 48 billion. In January, the parent company's board had approved an investment of INR 14 billion for FY27. The arm will be commissioned soon and this investment would be used for capital expenditure and to manage the working capital requirement, Exide's management had said.

 

The company's earnings before interest, tax, depreciation, and amortisation is seen rising nearly 10% on year to INR 5.13 billion, as per average of estimates from seven brokerages. Kotak expects EBITDA margin to increase by 15 basis points on quarter on gains from operating leverage. In the trailing quarter, the company's EBITDA margin was 11.7%. The company will declare its results on May 4.

 

Of the five brokerage reports available with Informist, three recommend buying the stock, with target prices ranging between INR 381 and INR 435. The remaining two recommend selling. Thursday, Exide's shares closed over 2% lower at INR 347.25 on the National Stock Exchange. 

 

Following are the Jan-Mar earnings estimates, in INR billion, for Exide from eight brokerages, in descending order of net profit estimates:

 

 

Brokerage	Net Sales	Net Profit	EBITDA
Anand Rathi Share and Stock Brokers Ltd	44.71	3.25	--
Elara Securities (India) Pvt Ltd	46.00	2.40	4.90
Equirus Securities Pvt Ltd	44.59	2.71	5.24
Kotak Securities Ltd	44.42	3.10	5.25
Motilal Oswal Financial Services Ltd	43.72	2.96	5.17
Nomura Equity Research	44.23	2.97	5.25
Nuvama Wealth Management Ltd	43.53	3.18	5.41
YES Securities (India) Ltd	42.05	2.87	4.69
Average	44.16	2.93	5.13

 

End

 

Edited by Vandana Hingorani

 

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