ConcernTalking point
Capital efficiency slipping
ROCE has fallen for 5 consecutive years, from 17.3% to 9.1%.
Importance 66 / 95 · profitability
Exide Industries · Research view
Exide Industries Ltd.
NSE: EXIDEINDBSE: 500086ISIN INE302A01020Face value ₹1consolidated
₹409
−0.84% · 2026-10-01 · 52-wk ₹288–₹491
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹762 to ₹4,357) — one year is a weak guide to the earnings power.
Importance 65 / 95 · growth
WatchTalking point
Stock has run ahead of the business
Over 5 years the stock returned 18.0% a year while profit compounded at 1.4% a year.
Importance 57 / 95 · business vs stock
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Auto Components › Auto Components & Equipments.
- Market cap
- ₹34,795 cr
- FY2026 revenue
- ₹17,995 cr
- FY2026 net profit
- ₹860 cr
- Net worth
- ₹13,931 cr
- Total debt
- ₹1,093 cr
- EPS (basic)
- ₹10.05
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 5 auto components & equipments.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 7 years (from ₹762 to ₹4,357) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +2.9%over 7 years
- Revenue growth
- +4.4%vs last year
- Net profit growth
- +7.4%vs last year
- Change in net profit since FY19
- +1%
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹351 cr, up 27.9% from ₹275 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹5,528 cr, up 17.7% from ₹4,695 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹506 cr, up 21.4% from ₹417 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,450 | — | 233 | — | 5.2% |
| Q3 FY25 | 4,017 | +0.9% | 158 | −21.8% | 3.9% |
| Q4 FY25 | 4,335 | +3.9% | 188 | +1.2% | 4.3% |
| Q1 FY26 | 4,695 | +5.8% | 275 | +24.4% | 5.8% |
| Q2 FY26 | 4,365 | −1.9% | 174 | −25.6% | 4.0% |
| Q3 FY26 | 4,201 | +4.6% | 195 | +23.1% | 4.6% |
| Q4 FY26 | 4,735 | +9.2% | 217 | +15.3% | 4.6% |
| Q1 FY27 | 5,528 | +17.7% | 351 | +27.9% | 6.4% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹18,829 crTTM
- EBITDA
- ₹2,054 crTTM
- EBIT
- ₹1,472 crTTM
- PBT
- ₹1,350 crTTM
- Net profit
- ₹937 crTTM
C. Corporate actions
3 Jul 2026DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
18 Jul 2025DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
22 Jul 2024DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
1 Aug 2023DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
7 Feb 2022DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
4 Feb 2021DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
4 Mar 2020DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
18 Nov 2019DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
25 Jul 2019DividendFinal Dividend - Rs. - 0.8000 — ₹0.80/share
15 Nov 2018DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
25 Jul 2018DividendFinal Dividend - Rs. - 0.8000 — ₹0.80/share
3 Nov 2017DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
19 Jul 2017DividendFinal Dividend - Rs. - 0.8000 — ₹0.80/share
3 Nov 2016DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
11 Jul 2016DividendFinal Dividend - Rs. - 0.8000 — ₹0.80/share
5 Nov 2015DividendInterim Dividend - Rs. - 1.6000 — ₹1.60/share
23 Jul 2015DividendFinal Dividend - Rs. - 0.7000 — ₹0.70/share
21 Aug 2014DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
11 Jul 2014DividendFinal Dividend - Rs. - 0.7000 — ₹0.70/share
5 Nov 2013DividendInterim Dividend - Rs. - 1.1000 — ₹1.10/share
27 Jun 2013DividendFinal Dividend - Rs. - 0.6000 — ₹0.60/share
31 Oct 2012DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
6 Jul 2012DividendFinal Dividend - Rs. - 0.6000 — ₹0.60/share
2 Nov 2011DividendInterim Dividend - Rs. - 0.9000 — ₹0.90/share
14 Jul 2011DividendFinal Dividend - Rs. - 0.6000 — ₹0.60/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROCE has fallen for 5 consecutive years, from 17.3% to 9.1%.
Rule ROCE_DECLINING_STREAK
- EBITDA margin now
- 11.0%
- 8-year range
- 10.4–11.4%
- ROE FY2026
- 6.2%
- ROCE FY2026
- 9.1%
ROE of 6.2% is below the auto components and equipments median of 10.2%.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 12.4% a year over 7 years (₹6,140 → ₹13,931) — though FY2022 saw a one-off step-change of 45% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹1,093 cr
- Operating cash flow ÷ net profit
- 2.81×FY2026
- Free cash flow
- ₹1,293 cr
- Current ratio
- 1.23×
Section 08 · Relative position
How does it compare with peers?
Ranked against 5 auto components & equipments (FY2026, consolidated).
Revenue growth
EXIDEIND · 5th of 5 · set median 10.9%
EBITDA margin
EXIDEIND · 4th of 5 · set median 11.6%
Return on equity
EXIDEIND · 5th of 5 · set median 10.2%
P/E ratio
EXIDEIND · 2nd of 5 · set median 40.8×
Context
Trades at 2.50× book — 34% below the auto components and equipments median of 3.81×.
Rule PB_BELOW_PEERS
- P / E
- 37.1×TTM to Jun 26
- P / B
- 2.5×latest book
- P / S
- 1.8×TTM sales
- Earnings yield
- 2.7%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 40.5× · P/S 1.9× · ROE 6.2%.
Section 09 · The stock
How has the stock performed?
Watch
Over 5 years the stock returned 18.0% a year while profit compounded at 1.4% a year.
Rule STOCK_RAN_AHEAD
- 1-year return
- +3.6%
- 3-year return
- +57.1%
- 5-year return
- +128.9%
- From 52-wk high
- −16.6%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹442
- vs 200-day avg
- Above₹376
- RSI (14)
- 38.4neutral
- MACD histogram
- -0.6
- From 52-wk high
- −16.6%
- From 52-wk low
- +42.2%
- 30-day volatility
- 23.3%ann.
- 6-month return
- +42.2%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernCapital efficiency slippingROCE has fallen for 5 consecutive years, from 17.3% to 9.1%.ROCE_DECLINING_STREAK · conviction 66
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹762 to ₹4,357) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- WatchStock has run ahead of the businessOver 5 years the stock returned 18.0% a year while profit compounded at 1.4% a year.STOCK_RAN_AHEAD · conviction 57
- ConcernLess profitable than peersROE of 6.2% is below the auto components and equipments median of 10.2%.ROE_BELOW_PEER_MEDIAN · conviction 50
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
- The price-adjusted series does not correct for a rights issue (ex-date 2007-12-10) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,721 | 14,471 | 15,297 | 12,789 | 15,078 | 16,770 | 17,238 | 17,995 |
| Total income | 14,761 | 14,533 | 15,367 | 12,851 | 15,203 | 16,860 | 17,351 | 18,096 |
| EBITDA | 1,591 | 1,508 | 1,651 | 1,462 | 1,713 | 1,907 | 1,911 | 1,971 |
| Profit before tax | 1,249 | 972 | 1,075 | 961 | 1,137 | 1,231 | 1,175 | 1,248 |
| Net profit | 847 | 762 | 803 | 4,357 | 823 | 883 | 801 | 860 |
| EPS (₹) | 9.9 | 9.1 | 9.5 | 51.4 | 9.7 | 10.3 | 9.3 | 10.1 |
| Net worth | 6,140 | 6,514 | 7,318 | 10,624 | 11,141 | 12,902 | 13,934 | 13,931 |
| Total debt | 85 | 67 | 132 | 209 | 279 | 697 | 1,561 | 1,093 |
| Operating cash flow | — | — | 2,263 | 61 | 768 | 1,531 | 1,273 | 2,413 |
| Free cash flow | — | — | 1,762 | −603 | −219 | −340 | −652 | 1,293 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -1.7 | 5.7 | -16.4 | 17.9 | 11.2 | 2.8 | 4.4 |
| Profit growth YoY | — | -10.0 | 5.3 | 442.5 | -81.1 | 7.3 | -9.3 | 7.4 |
| Profitability | ||||||||
| EBITDA margin % | 10.8 | 10.4 | 10.8 | 11.4 | 11.4 | 11.4 | 11.1 | 11.0 |
| Net margin % | 5.7 | 5.2 | 5.2 | 33.9 | 5.4 | 5.2 | 4.6 | 4.8 |
| Return on equity % | 13.8 | 12.1 | 11.6 | 48.6 | 7.6 | 7.3 | 6.0 | 6.2 |
| Return on capital % | 20.0 | 17.0 | 17.3 | 11.2 | 10.9 | 10.8 | 9.1 | 9.1 |
| Leverage & cash | ||||||||
| Debt to equity | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 | 0.05 | 0.11 | 0.08 |
| Cash flow ÷ profit | — | — | 2.82 | 0.01 | 0.93 | 1.73 | 1.59 | 2.81 |
| Current ratio | 1.62 | 1.66 | 1.31 | 1.83 | 1.90 | 1.41 | 1.23 | 1.23 |