Q2 FY27 results analysis · November 04, 2026
Exide Industries Ltd (EXIDEIND) Q2 FY27 Results Analysis: PAT Jumps 75%, 6 GWh Gigafactory Commissioned
+75.1%PAT year on year, Rs. 386.45 Cr
Source: Quarterly results filing (BSE)
Quick summary
Exide Industries Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 5,026.14 Cr (+20.29% YoY) and PAT growth of +75.07% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 5,026.14 Cr (+20.29% YoY) |
| PAT (Q2) | Rs. 386.45 Cr (+75.07% YoY) |
| EBITDA margin | 12.06% (+261 bps YoY) |
| EPS (Q2) | Rs. 4.55 (+75.00% YoY) |
Quarter Snapshot
Exide delivered 20.29% standalone revenue growth and 75.07% PAT growth with EBITDA margin of 12.06% holding inside management's 12-13% corridor and H1 margin improvement of +101 bps tracking the guided +100-150 bps. The 6 GWh lithium-ion gigafactory was commissioned on schedule in September 2026, though EESL remains loss-making with the consolidated drag widening to Rs.100.33 Cr. Input cost inflation and a weaker rupee were absorbed via pricing and cost actions, but H2 faces a high post-GST demand base.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "ahead of that bar on base effect, in-line on underlying momentum" | +20.29% YoY standalone; H1 +18.91% | Played out |
| Margin | "flat to modestly expanding vs Q1's 12.4%… corridor" | 12.06% — corridor held, but −29 bps vs Q1 12.35% | Partially |
| Lead/inventory buffer | "neutral-to-tailwind… converts input softness into inventory gain" | gross-margin proxy 30.57% vs 29.52% Q1; standalone inventory build (Rs.207.52 Cr) | Played out |
| Rupee headwind | rupee ~Rs.95–96 "inflates landed costs" | press release confirms weaker rupee offset softer lead/antimony | Played out |
| Watch: li-ion first revenue/utilization/PLI disclosure | "live items for this call" | commissioning confirmed; no revenue/utilization/PLI figures in filing — open for the call | Not observable |
| Watch: Q1 TCI-drop explanation; EPR quantification | unexplained items | not addressed in the filing — remains open | Not observable |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Core EBITDA margin "+12% to +13%" corridor | management, Q3 FY26 earnings call (Feb 2026) | 12.06% standalone (company definition) — in corridor | Met |
| FY27 margin improvement +100–150 bps vs FY26, "provided we get some support from LME" | management, Q3 FY26 earnings call (Feb 2026) | H1 FY27 12.21% vs FY26 11.20% = +101 bps | On Track |
| Core growth "high single-digit to low double-digit" FY27 | management commentary, Q1 FY27 call | +18.91% H1 standalone — ahead on flagged low base | On Track |
| Li-ion revenue generation "during FY27" | Q1 FY27 call / press releases | no revenue disclosed; 6 GWh commissioned 23 Sep 2026 | Too Early |
| EESL infusion up to Rs.1,400 Cr FY27 | board approval 30 Jan 2026 | Rs.550 Cr infused Apr–Oct 2026 (cumulative Rs.5,352 Cr) | On Track |
| Line 4 (4W LFP) commissioning FY27-end | prior earnings calls | not addressed in the filing | Too Early |
| "Q2 EBITDA margin expansion by 270 bps YoY" | Q2 FY27 press release | computed +261 bps (12.06% vs 9.45%) | Confirmed |
| "H1 FY27 Revenue growth 18.9%, PAT growth 46.7%" | Q2 FY27 press release | +18.91% and +46.66% computed | Confirmed |
| "Softer Lead LME and antimony… could not be fully realized due to weaker Rupee" | Q2 FY27 press release | materials cost +25.76% YoY > revenue +20.29%; gross-margin proxy still improved QoQ | Confirmed |
| "Double-digit growth across key businesses" | Q2 FY27 press release | OEM >25%, replacement double-digit, home inverter/solar 20%+, exports 20%+ — as disclosed; no quantitative split filed | Confirmed |
Key Investment Insights
Key Positives
- Standalone revenue grew 20.29% YoY to Rs.5,026.14 Cr; H1 FY27 revenue up 18.91%
- Standalone PAT grew 75.07% YoY to Rs.386.45 Cr; consolidated owners' PAT up 66.41% YoY
- EBITDA margin expanded ~261 bps YoY to 12.06%, inside management's 12-13% corridor; H1 margin +101 bps vs FY26's 11.20%, on track for guided +100-150 bps
- Automotive OEM grew >25% YoY for the 4th consecutive quarter; 100% share of business won on MG Hector Tomahawk auxiliary battery (EV/PHEV) and Tata Aeris CNG models
- Home Inverters & Solar grew >20% and Exports grew >20% YoY, each for a 2nd consecutive quarter
- Gross-margin proxy improved to 30.57% from 29.82% year-ago and 29.52% in Q1 despite input cost inflation
- 6 GWh lithium-ion gigafactory commissioned 23 September 2026, within the FY27 timeline; standalone balance sheet carries zero debt
- Standalone H1 FCF of Rs.575.08 Cr with CFO/PAT of 0.88x
Risk Factors
- Cost of materials consumed grew 25.76% YoY, faster than revenue's 20.29%, on elevated lead/antimony prices; weaker rupee prevented full pass-through of softer LME prices
- Consolidated CFO/PAT of 0.69x with negative consolidated FCF of (Rs.153.72) Cr on inventory build (Rs.211.98 Cr) and gigafactory capex
- Subsidiary drag widened to Rs.100.33 Cr in Q2 FY27 from Rs.48.80 Cr a year ago; EESL booked a Q2 net loss of Rs.24.81 Cr
- Q2 revenue declined 5.26% QoQ and EBITDA margin gave back 29 bps sequentially from Q1's 12.35%
- Management flagged the high base of last year's post-GST demand surge as a H2 headwind; +75% YoY PAT growth is flattered by the undisclosed EPR accrual in the year-ago base
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