Exide Industries Limited is primarily engaged in the manufacturing of storage batteries and allied products in India and stands as India's largest selling battery company. Established in 1947, the company has evolved into a leading manufacturer of a wide range of batteries and related power storage solutions. The company maintains a strong presence in India, with a network of over 2,200 customer touch points.
Exide exports its batteries to more than 60 countries, establishing a significant global footprint. The company has a presence in over 60 countries with nearly 8% of the standalone revenue coming from international business operations.
As of July 2025, Exide Industries commands a market capitalization of ₹32,593 crore, though the stock has experienced volatility with a 32.5% decline in market cap over the past year. The company's financial performance for FY25 shows a 3.5% revenue increase to ₹16,588 crore.
The company's quarterly financial results demonstrate its operational scale and market position:
- **Q4 FY25 Revenue**: ₹4,335.42 crore
- **Q4 FY25 Net Profit**: ₹187.91 crore
- **FY25 Annual Revenue**: ₹16,588 crore
- **FY25 Net Profit Growth**: 2.2% rise in profit after tax
The company maintains a strong liquidity position with zero debt and robust cash flow generation, with cash flow from operations standing at ₹1,298 crore in FY25.
Exide Industries operates across multiple business verticals with a comprehensive product portfolio. The company offers a diversified product portfolio, with batteries from 2.5Ah to 20,200Ah. The business is structured into three main segments:
**B2C Aftermarket**: The company manufactures batteries for 2W, 3W, 4W, E-rickshaws, UPS, and solar for trade and aftermarket. Replacement market demand for 2W and 4W batteries is buoyant, registering double-digit growth in mobility business driven by technologically advanced products and solutions.
**Institutional B2B**: The company manufactures batteries for 2W, 3W, and 4W OEMs, and in the infrastructure segment, it serves industries such as telecom, railways, power projects, traction, data centers, and industrial UPS. Additionally, it manufactures specialized batteries for submarines.
**International Business**: The company manufactures automotive, traction, and UPS batteries for global markets.
Exide Industries is undergoing a significant transformation with major investments in next-generation battery technologies. The company has forayed into the manufacturing of lithium-ion cells along with modules and packs through its subsidiary, Exide Energy Solutions Limited (EESL).
The company's board has decided to further invest up to ₹1,200 crore in the equity share capital of EESL, in one or more tranches, to support EESL's capital for setting up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. EESL is setting up a 12 gigawatt-hour (GWH) green-field cell manufacturing plant in two phases of 6 GWH each.
The battery maker expects to complete the construction of the main cell, admin and warehouse buildings of the lithium-ion cell manufacturing project, and start production by the middle of next year, having secured the rights to use and commercialize SVOLT's technology and know-how for lithium-ion cell manufacturing.
Recently, South Korean automakers Hyundai Motor Co and Kia Corp tied up with Exide to equip future electric vehicles in the Indian market with locally produced lithium-ion batteries based on lithium iron phosphate (LFP) chemistry.
The company has faced operational challenges, particularly from commodity price volatility. The company stated that the EBITDA margin moderated to 11.2% during Q4 FY25, impacted by high raw material prices, as prices of raw materials such as antimony have risen significantly over the last six months, thereby affecting margins on a sequential basis.
Avik Roy, managing director & chief executive officer, acknowledged that Financial year 2024-25 was characterised by tough macroeconomic conditions, resulting in lower capex and investments across sectors, with the company's focus remaining on delivering stable performance along with maintaining strong balance sheet and positive cash flow generation profile.
Exide Industries maintains a strong commitment to environmental sustainability through its recycling operations. Chloride Metals Limited (CML) is a wholly owned subsidiary of Exide Industries Limited, engaged in the recycling of lead-acid batteries, operating three secondary smelting and refining facilities in India, where these plants recover lead and lead alloys from end-of-life batteries, which are then reused in the manufacturing of new batteries.
The company is led by Chairperson Bharat Shah, with Manoj Kumar Agarwal recently appointed as the Whole-time Director (designated as Director-Finance and CFO) for a period of three years, from 1st May 2025 to 30th April 2028.
The company maintains a promoter holding of 46.0%, providing stability in ownership structure while maintaining adequate public float for market liquidity.
