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Swing Capital

Exide Industries Ltd

NSE: EXIDEIND BSE: 500086

Exide Industries Ltd is primarily engaged in the manufacturing of storage batteries and allied products in India. [1]

₹342
52W: ₹287 — ₹431
PE 26.1 · Book ₹173 · +98% vs book
Market Cap₹29,087 Cr
Stock P/E26.1Price to Earnings
ROCE10.3%Return on Capital
ROE7.68%Return on Equity
Div. Yield0.57%Face Value ₹1

Strengths

  • +Company is almost debt free.

Weaknesses

  • −The company has delivered a poor sales growth of 11.4% over past five years.
  • −Company has a low return on equity of 7.87% over last 3 years.

Shareholding Pattern

Promoters45.99%
FIIs10.3%
DIIs19.12%
Public24.59%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.99%45.99%45.99%45.99%45.99%45.99%45.99%45.99%
FIIs13.74%12.31%▼1.411.72%▼0.611.6%▼0.111.47%▼0.110.88%▼0.610.91%▲0.010.3%▼0.6
DIIs17.87%17.96%▲0.117.64%▼0.317.15%▼0.517.39%▲0.218.46%▲1.118.7%▲0.219.12%▲0.4
Public22.39%23.73%▲1.324.63%▲0.925.25%▲0.625.14%▼0.124.66%▼0.524.39%▼0.324.59%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales3,8414,0094,3134,2673,8494,1594,5104,1784,0304,551
Expenses3,4013,4933,8183,7843,4003,6933,9623,7843,5604,021
Operating Profit440516494484449467548395470530
OPM %11%13%11%11%12%11%12%9%12%12%
Net Profit240284280298245255320221258312
EPS ₹2.833.343.293.52.8833.772.63.033.68

AI Insights

Revenue Trend

Mar 2026 revenue at ₹17,269Cr, up 4.1% YoY. OPM at 11%.

Debt Position

Borrowings at ₹375Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹162Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.12% (-0.65pp change). FIIs: 10.3% (-2.56pp change). Promoters hold 45.99%.

Margin & Efficiency

ROCE declining from 21% (Mar 2015) to 10% (Mar 2026). Working capital days: 28.

Valuation

PE 26.1x with 10.3% ROCE. Price is 98% above book value of ₹173. Dividend yield: 0.57%.

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