Exide Industries Q2 FY27 Results: Consolidated Profit Rises 65.37%; 6 GWh Lithium-Ion Gigafactory Commissioned

10 November 2026
Curated by the team of Boldvoices

Exide Industries Limited has reported strong year-on-year growth in its consolidated September-quarter results for FY 2026-27. Revenue from operations increased 21.25% to ₹5,291.87 crore, while consolidated net profit rose 65.37% to ₹287.14 crore. Operating profit also improved, reflecting better operating performance compared with the same quarter last year.

The company’s latest business update also highlighted the commissioning of its 6 GWh lithium-ion cell gigafactory, a major step in its plan to build a domestic battery manufacturing business. The project is strategically important as India’s electric mobility and energy-storage markets expand, although commissioning capacity should not be confused with immediate full-scale commercial output.

Exide Industries Q2 FY27: consolidated results

The company’s consolidated revenue growth was accompanied by a faster rise in operating profit and net profit. Operating profit increased 43.45% year-on-year, while profit before tax rose 67.26%. This indicates that the improvement was not limited to higher sales alone. The reported figures are consolidated; Exide’s standalone numbers are different and should not be mixed with this table.

Standalone performance: revenue crosses ₹5,000 crore

On a standalone basis, revenue from operations reached ₹5,026.14 crore, up 20.29% from ₹4,178.29 crore in Q2 FY26. Standalone operating profit increased 22.42% to ₹4,453.36 crore as reported in the results table, while profit before tax rose 75.52% to ₹522.32 crore. Standalone net profit increased 75.07% to ₹386.45 crore, compared with ₹220.74 crore a year earlier.

These standalone figures are presented separately because they exclude subsidiaries and consolidation adjustments. Readers comparing Exide’s performance with other battery manufacturers should ensure that they are comparing the same reporting basis and equivalent financial measures.

Half-year performance remains strong

For the six months ended 30 September 2026, Exide reported standalone revenue of ₹10,331 crore, an increase of 18.9% year-on-year. Standalone profit after tax rose 46.7% to ₹794 crore. The company also reported standalone EBITDA of ₹1,262 crore for the first half, up 33.8%, with the EBITDA margin improving to 12.2% from 10.9% in the year-ago period.

The half-year numbers indicate that the improvement extends beyond a single quarter. However, the quarterly comparison still matters: consolidated revenue and net profit were lower sequentially than Q1 FY27, so investors should track whether demand and margins remain resilient in the second half.

6 GWh lithium-ion cell gigafactory commissioned

One of the most significant strategic developments in Exide’s update is the commissioning of its 6 GWh lithium-ion cell manufacturing facility. The project is being developed through Exide Energy Solutions Limited, the company’s wholly owned subsidiary, and is intended to strengthen Exide’s presence in the advanced battery value chain.

Lithium-ion cells are a critical component in electric vehicles and stationary energy-storage systems. A domestic cell manufacturing base could help India reduce dependence on imported cells over time, develop local supply-chain capabilities and support the wider transition to electric mobility. For Exide, the facility creates an opportunity to move beyond its established lead-acid battery business into a faster-changing technology segment.

Commissioning is an important project milestone, but it does not by itself mean the plant is already operating at full capacity or generating revenue at the nameplate level. Commercial ramp-up depends on customer qualification, product validation, yield improvement, supply-chain readiness and the pace at which production scales. The utilisation rate and quality of customer orders will be key indicators to follow.

Demand, input costs and the battery market

Exide’s established battery business serves automotive, industrial and infrastructure-related applications. Demand can be influenced by vehicle production, replacement cycles, power backup requirements, telecom infrastructure and industrial activity. Growth in electric vehicles and renewable-energy storage is creating additional opportunities, but it also brings new technology, capital and competition requirements.

The company noted that input costs remained elevated amid geopolitical challenges and currency movements. Higher commodity and imported component costs can put pressure on margins, particularly when price increases cannot be passed through immediately. Cost optimisation, product mix and operating efficiency will therefore remain important to sustaining profitability.

What to watch in the coming quarters

• Gigafactory ramp-up: Progress from commissioning to stable commercial production and higher capacity utilisation.
• Cell customer approvals: Product qualification, validation and customer supply agreements for lithium-ion cells.
• Capital expenditure: Funding requirements and the pace of investment in the advanced-cell business.
• Core battery demand: Replacement demand and industrial orders across lead-acid battery products.
• Margins: Whether operating profit growth can be sustained despite elevated input costs and currency pressure.
• Cash flow: The impact of investment and working-capital needs as the new business scales.

Bottom line

Exide Industries delivered strong consolidated year-on-year growth in Q2 FY27, with revenue up 21.25% and net profit up 65.37%. The commissioning of its 6 GWh lithium-ion cell gigafactory adds a significant long-term growth opportunity and marks an important step in India’s battery manufacturing ambitions. The next challenge is execution: scaling production, securing customers, improving utilisation and generating sustainable returns while protecting the performance of the established battery business.

This report is for general news and information purposes only. It is not investment advice or a recommendation to buy, sell or hold any security. Financial figures are based on Exide Industries’ unaudited Q2 and half-year FY27 disclosures.

Official company documents: Exide Industries financial results and investor disclosures.

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