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Exide's dual bet: Can lithium-ion offset a weakening core?

Mint Ahmedabad

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November 20, 2025

Exide Industries Ltd is struggling to fuel its core lead-acid business while simultaneously turning its capex-heavy lithium-ion venture into a viable second growth engine.

- Manvi Agarwal

Investors remain wary—the stock is down 9% in CY25 so far. September quarter (Q2FY26) earnings were soft, hurt by channel destocking across auto replacement, UPS and solar following goods and services tax (GST) cuts.

A prolonged monsoon further weakened home-UPS demand. Revenue fell 2% year-on-year to ₹4,178 crore. Exide expects a rebound in H2FY26 as distributors rebuild inventory and OEM demand improves.

Operating margin slipped 180 basis points (bps) to 9.4% in Q2FY26, hit by weak revenue, higher input costs and an extended producer responsibility (EPR) provision.

MEER VERHALEN VAN Mint Ahmedabad

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