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Exide Industries Q1 Profit Rises 27 Percent Nomura Raises Target Price
Exide Industries reported a strong performance for the first quarter of FY27, with revenue, EBITDA and profit exceeding Nomura and Bloomberg consensus estimates. Following the earnings beat and healthy business outlook, Nomura maintained its Buy rating and increased its target price to ₹492 from ₹419.
By Finblage Editorial Desk
6:00 pm
4 August 2026
Exide Industries reported a strong set of results for the first quarter of FY27, surpassing both Nomura's and Bloomberg consensus estimates on revenue and profitability. Encouraged by the robust performance and positive business outlook, Nomura retained its Buy rating on the stock and raised its sum-of-the-parts (SOTP) based target price to ₹492 from ₹419.
The company reported revenue of ₹5,300 crore during the quarter, marking an 18 percent year-on-year increase. The revenue was approximately 4 percent higher than Nomura's estimate and 8 percent above Bloomberg consensus expectations.
EBITDA stood at ₹650 crore, with the EBITDA margin improving to 12.4 percent, ahead of Nomura's estimate of 12 percent and the consensus expectation of 11.8 percent. Net profit increased 27 percent year-on-year to around ₹400 crore, reflecting healthy operating performance despite higher raw material costs.
According to Nomura, demand remained supportive during the quarter, backed by positive rural and urban consumption trends. Growth was broad-based across automotive OEMs, replacement batteries, home UPS systems, solar solutions, industrial batteries and exports. The automotive OEM business recorded 25 percent year-on-year growth, while the solar segment expanded by more than 20 percent, with quarterly solar revenue crossing ₹400 crore. Export sales also returned to more than 20 percent year-on-year growth after witnessing declines over the previous five quarters.
The brokerage noted that elevated lead prices and other input costs continued to exert pressure on profitability. To mitigate the impact of rising costs, Exide implemented price increases of 4 to 6 percent across various product categories during the quarter.
The company's lithium-ion battery business also continued to make progress. Sample supplies have commenced from its NMC cylindrical and LFP prismatic production lines, while commercial revenue generation from the Bengaluru manufacturing facility is expected to begin during FY27. The plant's Phase I capacity remains at 6 GWh, with expansion potential to 12 GWh, and initial capacity utilisation is expected to be around 25 to 30 percent.
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