Exide Industries reported standalone revenue from operations of ₹5,026 crore in Q2 FY27, up 20.3% year on year (YoY). Standalone profit after tax (PAT) increased 75.1% to ₹386 crore, while EBITDA rose 53.6% to ₹606 crore. The quarter ended on 30 September 2026.
Exide’s Q2 FY27 Earnings
| Financial Metric | Q2 FY27 | Q2 FY26 | YoY Change |
|---|---|---|---|
| Standalone revenue from operations | ₹5,026 crore | ₹4,178 crore | +20.3% |
| EBITDA | ₹606 crore | ₹395 crore | +53.6% |
| EBITDA margin | 12.1% | 9.4% | +270 basis points |
| Profit before tax (PBT) | ₹522 crore | ₹298 crore | +75.5% |
| Profit after tax (PAT) | ₹386 crore | ₹221 crore | +75.1% |
| Basic EPS | ₹4.55 | ₹2.60 | +75.0% |
Exide’s standalone revenue and PAT increased strongly year on year, supported by healthy demand, benefits from GST 2.0 reforms, a lower base and stronger execution of the ‘One Exide’ operating model. EBITDA margin expanded by 270 basis points YoY to 12.1%.
The company noted that input costs remained elevated YoY due to prolonged geopolitical challenges. On a sequential basis, the full benefit of softer lead LME and antimony prices could not be realised because of a weaker rupee.
Business Performance & Key Metrics
| Business / Operating Metric | Q2 FY27 Performance | Key Highlight |
|---|---|---|
| Automotive OEM business | Over 25% YoY growth | Fourth consecutive quarter of 25%+ growth |
| 2W/4W Replacement business | Double-digit YoY growth | Fourth consecutive quarter of double-digit growth |
| Home Inverters and Solar | 20%+ YoY growth | Second consecutive quarter of 20%+ growth |
| Exports business | 20%+ YoY growth | Second consecutive quarter of 20%+ growth |
| Lithium-ion cell gigafactory | 6 GWh commissioned | Commissioned in Bengaluru on 23 September 2026 |
| Equity infusion into EESL | ₹550 crore | Cumulative investment reached ₹5,352 crore |
Exide’s growth remained broad-based, with double-digit growth across key businesses. The automotive OEM business won new business from MG Hector Tomahawk for auxiliary batteries and Tata Aeris for CNG models, while the replacement business continued to benefit from steady aftermarket demand.
Home inverter and solar businesses grew over 20% YoY for the second consecutive quarter, supported by favourable seasonal demand and government schemes. Exports also grew more than 20% YoY on a low base.
Share Price Reaction After Q2 FY27 Results
| Results Metric | Value |
|---|---|
| Results announcement date | 4 November 2026 |
| Market reaction | +6.71% |
| Standalone PAT | ₹386 crore |
| PAT growth YoY | +75.1% |
| Revenue growth YoY | +20.3% |
| EBITDA margin | 12.1% |
The market response will reflect Exide’s strong earnings growth, margin expansion and progress in its lithium-ion cell business. Investors will track demand momentum, input costs, rupee movement and the ramp-up of the Bengaluru gigafactory.
Exide vs Other Battery Stocks
| Company | Revenue from Operations (Q2 FY27) | Revenue Growth YoY | PAT (Q2 FY27) | PAT Growth YoY |
|---|---|---|---|---|
| Exide Industries | ₹5,026 crore (standalone) | +20.3% | ₹386 crore (standalone) | +75.1% |
| Amara Raja Energy & Mobility | Results awaited | — | Results awaited | — |
| HBL Engineering | Results awaited | — | Results awaited | — |
| Su-Kam Power Systems | Results awaited | — | Results awaited | — |
Peer results for Amara Raja Energy & Mobility, HBL Engineering and Su-Kam Power Systems were not available in the official sources reviewed at the time of writing. Battery-company comparisons should use standalone or consolidated revenue and PAT consistently, while also considering the lithium-ion business ramp-up and input-cost environment.
Exide’s Quarterly Financial Performance
| Quarter | Revenue from Operations | EBITDA | PAT | Revenue Growth |
|---|---|---|---|---|
| Q2 FY27 | ₹5,026 crore | ₹606 crore | ₹386 crore | +20.3% YoY |
| Q1 FY27 | ₹5,305 crore | ₹656 crore | ₹408 crore | — |
| Q2 FY26 | ₹4,178 crore | ₹395 crore | ₹221 crore | — |
| H1 FY27 | ₹10,331 crore | ₹1,262 crore | ₹794 crore | +18.9% YoY |
Exide reported a sequential decline in revenue and PAT in Q2 FY27 compared with Q1 FY27, but delivered strong year-on-year growth. For the first half of FY27, revenue rose 18.9% YoY and PAT increased 46.7% YoY.
Key Takeaways from Exide Q2 FY27 Results
- Standalone revenue: ₹5,026 crore, up 20.3% YoY.
- EBITDA: ₹606 crore, up 53.6% YoY; EBITDA margin at 12.1%, up 270 basis points YoY.
- PAT: ₹386 crore, up 75.1% YoY.
- Automotive OEM business: Grew over 25% YoY for the fourth consecutive quarter.
- Home Inverters and Solar: Grew over 20% YoY for the second consecutive quarter.
- Exports: Grew over 20% YoY for the second consecutive quarter.
- Lithium-ion business: 6 GWh gigafactory commissioned in Bengaluru; EESL received ₹550 crore equity infusion during April–October 2026.
- Key metrics to track: Battery demand, OEM wins, replacement-market growth, lead and antimony prices, rupee movement, gigafactory yield and customer qualification.
Disclaimer
The information provided above is for informational and educational purposes only and should not be construed as investment advice, a recommendation to buy or sell Exide Industries shares, or a guarantee of future performance. The financial results, operational metrics and industry comparisons are based on Exide’s official unaudited standalone financial results and press release for the quarter ended 30 September 2026 and may be subject to revisions or updates. Investors should refer to Exide’s official disclosures and BSE/NSE filings for the latest information.
