Exide Industries Limited

Consumer Cyclical — Auto Parts · NSE

₹371.00−₹3.70 (−0.99%)

DalalBaazaar Score

50 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Low

No individual risk factor stands out on this snapshot.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:57 pm

Understanding the Business

Company site ↗

The 60-second version of Exide Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Exide Industries Limited designs, manufactures, markets, and sells lead acid batteries and accumulators in India and internationally.

IndustryAuto Parts

SectorConsumer Cyclical

Employees5,143

Annual revenue₹17,908 Cr

How does it make money?

Turns over ₹17,908 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 5,143 employees supports ₹3.48 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹3.48 Cr

Who are its competitors?

The closest listed comparisons in its industry are BOSCH LIMITED, MARUTI SUZUKI INDIA LTD., TVS MOTOR COMPANY LTD, EICHER MOTORS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 8.8% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE23.0%

What is the outlook?

16 analysts covering the stock expect revenue to grow about 16.9% and earnings to grow about 13.2% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+16.9%

Est. earnings growth+13.2%

Analysts16

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +20% while net margin moved -13% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+20%

Margin effect-13%

DalalBaazaar Score

50/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 6.1% is weak

Quality vs. Valuation

Company Quality

45/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

56/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

33.9x

3Y Median

38.6x

40 monthly readings · mean 39.1x · range 26.4x–58.3x

Sector Median

45.7x

median of 4 sector peers

🟢Current valuation is approximately 12% below its 3y median of 38.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 26% below the peer median of 45.7x.

vs. its own history

Fair

38.6x median over 40 months · -12%

vs. sector peers

Cheap

45.7x median of 4 peers · -26%

vs. generic bands

Fair

15x–35x

EV/EBITDA

17.3x

PEG

26.87

What's Good / What's Bad

🟢 What's Going Well3

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Very low debt
Debt/Equity of 0.11x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 168% over 3 years, from ₹588 Cr to ₹1,575 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 26% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹1,261 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 6.1% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 9%✓ 10.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 5% a year✓ 6.1% CAGR
Latest reported year was 17.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹1,261 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 8.8%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹31,535 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

33.9x

Fair

Fairly valued against the generic band

P/B Ratio

2.27x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹10.96

Profitable

Profitable on a per-share basis

ROE

6.1%

Weak

Weak capital efficiency

ROCE

8.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.11x

Low

Conservative leverage

Revenue Growth (YoY)

17.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

28.3%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.54%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹1,261 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

20.0x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

8.7%

Average

Average margins

Net Margin

4.9%

Average

Average bottom-line conversion

Current Ratio

1.22

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.58

Defensive

Steadier than the market

52W Range Position

40%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

406.9 / 431.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

10.4

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹14,981 Cr	₹16,673 Cr	₹17,145 Cr	₹17,908 Cr	+6.1%
EBITDA	₹1,657 Cr	₹1,880 Cr	₹1,868 Cr	₹1,903 Cr	+4.7%
EBITDA Margin	11.1%	11.3%	10.9%	10.6%	—
PAT (Net Profit)	₹823 Cr	₹877 Cr	₹795 Cr	₹854 Cr	+1.3%
EPS	₹9.68	₹10.31	₹9.35	₹10.05	+1.3%
ROE	7.4%	6.8%	5.7%	6.1%	—
ROCE	10.3%	9.8%	8.5%	8.8%	—
Total Debt	₹588 Cr	₹1,123 Cr	₹2,017 Cr	₹1,575 Cr	+38.9%
Free Cash Flow	-₹225 Cr	-₹343 Cr	-₹676 Cr	₹1,261 Cr	—

🟢 Revenue has grown at 6.1% a year over 3 years.

🟢 EBITDA has grown at 4.7% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 10.6% over 3 years.

🟡 PAT (Net Profit) has been broadly flat over 3 years (1.3% a year).

🟡 EPS has been broadly flat over 3 years (1.3% a year).

🔴 ROE has fallen from 7.4% to 6.1% over 3 years (-1.2 pts).

🔴 ROCE has fallen from 10.3% to 8.8% over 3 years (-1.5 pts).

🔴 Total Debt has grown at 38.9% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹225 Cr to ₹1,261 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹21,220 Cr

Total Liabilities

₹7,289 Cr

Cash & Equivalents

₹251 Cr

Operating Cash Flow

₹2,413 Cr

Capex

-₹1,153 Cr

Shareholding (proxy)

Institutional Holding

23.4%

Insider Holding

50.9%

Corporate Actions

Next Earnings

12 Nov 2026

Dividend Rate

₹2

Ex-Dividend Date

03 Jul 2026

Analyst Consensus

Recommendations

9 Buy · 1 Hold · 6 Sell

Target Price (Mean)

₹442.81

+19.4% vs CMP

Target Range

₹325 – ₹525

Peer Comparison

Company	P/E	ROE
BOSCH LIMITED	56.9x	15.9%
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TVS MOTOR COMPANY LTD	56.8x	35.8%
EICHER MOTORS LTD	34.7x	23.0%

Recent News

1 positive2 mixed3 general

Exide Industries Share Price - Live NSE: EXIDEIND Stock Price & Chart

Upstox, 16 Oct

Exide Industries Share Price Falls in Second Session

Univest, 15 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

EXIDEIND Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Exide Industries Limited (NSE:EXIDEIND) Looks Interesting, And It's About To Pay A Dividend

Simply Wall Street, 29 JunCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Exide Industries rallies 7% on huge volumes, nears 52-week high; here's why

Business Standard, 02 Jul

Citi on Exide Industries Ltd - Stocks to buy in 2026 for long term: M&M, UPL among 5 stocks that could 10-20% return

The Economic Times, 05 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Risk

MiddlingValuation

WeakBusiness Quality · Growth · Profitability

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑