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India's largest lead-acid battery maker (auto, UPS, telecom), now expanding into lithium-ion EV batteries.
India's largest lead-acid battery maker (auto, UPS, telecom), now expanding into lithium-ion EV batteries.
Sells batteries to automakers for new vehicles and, more profitably, as replacements through a large dealer network; its industrial range sells to telecom towers, UPS systems and railways. Lead is the main raw material. It is building a lithium-ion cell plant in Karnataka to enter EV cells.
Moat: narrow (brand, distribution, scale). Leading brand and dealer network in lead-acid batteries, but EV transition to lithium-ion is a new, capital-intensive race.
Headquarters: Kolkata, India · Founded: 1947 · Employees: 20,383
Size Exide Industries (EXIDEIND.NS) is an India Consumer Discretionary company (Auto Parts: OEM) with a market value of $3.20B, the 278th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹357.35 on 6 Nov 2026.
Performance Over six months the shares fell 1.9%, against -13.1% for the median peer and 0.0% for the India market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 13.5% over the last twelve months (peer median +8.9%); the operating margin is 7.8% (peer median 8.9%).
Valuation It trades at 21.7× forward earnings against a peer median of 15.1× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.8 points below its cost of capital (16.6% WACC).
Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹198B | ₹180B | ₹172B | ₹167B | ₹150B |
| Revenue growth | — | +4% | +3% | +11% | — |
| Gross profit | ₹42.2B | ₹28.0B | ₹26.9B | ₹26.0B | ₹23.2B |
| EBITDA | ₹21.2B | ₹18.9B | ₹17.9B | ₹18.3B | ₹15.7B |
| Net income | ₹10.5B | ₹8.54B | ₹7.95B | ₹8.77B | ₹8.23B |
| Free cash flow | n/a | ₹12.0B | -₹7.68B | -₹3.95B | -₹2.56B |
| Capital expenditure | n/a | ₹11.5B | ₹19.5B | ₹18.8B | ₹9.93B |
| Total debt | ₹16.2B | ₹15.8B | ₹20.2B | ₹11.2B | ₹5.88B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Exide Industries EXIDEIND.NS | $3.20B | -2% | +13% | 8% | 21.7× | 27.5% |
| Amara Raja Energy & Mobility ARE&M.NS | $1.41B | -19% | +16% | 6% | 15.5× | n/a |
| GS Yuasa 6674.T | $2.67B | -33% | +6% | 10% | 9.9× | n/a |
| EnerSys ENS | $5.30B | -36% | +4% | 15% | 11.3× | 0.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EXIDEIND.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.3% | -5.8% | 8th lowest of 21 |
| 6-month return | -1.9% | -13.1% | 3rd highest of 21 |
| Distance from 52-week high | -28.0% | -33.2% | 8th highest of 21 |
| Revenue growth (TTM) | +13.5% | +8.9% | 8th highest of 21 |
| Operating margin | 7.8% | 8.9% | 8th lowest of 21 |
| Forward P/E | 21.7× | 15.1× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 27.5% | 5.2% | 4th most demanding of 18 |
| Growth delivered (Del g) | +11.7% | +11.0% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | +15.8 pp | -6.5 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -8.8 pp | +1.1 pp | 3rd lowest of 21 |
| EV / EBITDA | 14.6× | 6.3× | 4th most expensive of 13 |
| Net debt / EBITDA | 0.4× | 0.4× | 7th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Exide Industries EXIDEIND.NS | India | $3.20B | -2% | +13% | 8% | 21.7× | 27.5% | +11.7% |
| NHK Spring 5991.T | Japan | $3.18B | -14% | +3% | 6% | 9.8× | 5.2% | +7.4% |
| Anhui Zhongding Sealing Parts 000887.SZ | China | $3.32B | -3% | +9% | 8% | 15.1× | 3.8% | +11.4% |
| Sensteed Hi-Tech 000981.SZ | China | $3.36B | -42% | -15% | -39% | n/a | n/a | n/a |
| Valeo FR.PA | France | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% | +4.9% |
| CIE Automotive CIE.MC | Spain | $3.46B | -11% | +4% | 14% | 8.5× | -6.7% | +6.5% |
| Changzhou Xingyu Automotive Lighting Systems 601799.SS | China | $2.92B | -45% | +2% | 9% | 13.4× | -0.6% | +15.8% |
| Shanghai Daimay Automotive Interior 603730.SS | China | $2.90B | -18% | -2% | 13% | 22.7× | 13.0% | +10.3% |
| Zhejiang Yinlun Machinery 002126.SZ | China | $3.53B | -39% | +28% | 7% | 23.0× | 14.6% | +19.9% |
| WuHu Foresight Technology 301529.SZ | China | $2.89B | +66% | +4% | 9% | 113.6× | 55.9% | +29.9% |
| NSK 6471.T | Japan | $2.87B | -27% | +26% | 5% | 12.9× | 1.9% | +4.0% |
| Aumovio AMV0.DE | Germany | $3.57B | -12% | -6% | -6% | n/a | 10.2% | n/a |
| Sansera Engineering SANSERA.NS | India | $2.86B | +70% | +23% | 13% | 61.5× | n/a | n/a |
| Escorts Kubota ESCORTS.NS | India | $2.84B | -27% | +19% | 9% | 21.8× | 21.0% | +10.7% |
| Linamar LNR.TO | Canada | $3.63B | -9% | +9% | 9% | 7.1× | -8.4% | +12.0% |
| TVS TVSHLTD.NS | India | $2.78B | -10% | +35% | 14% | n/a | n/a | n/a |
| Bethel Automotive Safety Systems 603596.SS | China | $3.70B | -11% | +21% | 10% | 16.0× | 7.0% | +31.7% |
| ZF Commercial Vehicle Control Systems India ZFCVINDIA.NS | India | $2.76B | -5% | +9% | 13% | 44.2× | 31.9% | +17.3% |
| Garrett Motion GTX | United States | $3.72B | -31% | +7% | 15% | 9.9× | -6.9% | +3.4% |
| Motherson Sumi Wiring India MSUMI.NS | India | $2.75B | -9% | +36% | 7% | 32.1× | 30.0% | +23.8% |
| ZCZL Industrial Technology 0564.HK | Hong Kong | $3.80B | -29% | +9% | 9% | 4.4× | -5.3% | +8.5% |