Exide Industries (500086) Q4 24/25 earnings summary

Executive summary

• 75% of business segments registered double-digit growth in Q4, led by mobility aftermarket, solar, and IUPS, while auto OEMs, telecom, and home inverters saw declines, resulting in overall 4% sales growth on a high base; sequential Q4 growth was 8%.

• Standalone revenue for Q4 FY25 rose 3.5% YoY and 8.1% QoQ to Rs.4,159 crore; full-year revenue reached Rs.16,588 crore, up from Rs.16,029 crore in FY24.

• The company maintains a strong balance sheet with zero debt and high cash flow generation.

• Leadership transition occurred with a new CFO and Chairman appointed.

• Board recommended a final dividend of Rs.2.0 per share for FY25.

Financial highlights

• Q4 sales grew 4% year-over-year, with 8% sequential growth from the previous quarter; standalone EBITDA for Q4 FY25 was Rs.467 crore, margin at 11.2%.

• Full-year standalone revenue reached Rs.16,588 crore, with EBITDA at Rs.1,893 crore and PAT at Rs.1,077 crore.

• Operating profitability was impacted by high input costs, especially due to a sharp rise in antimony prices and write-offs of slow/non-moving assets.

• Q4 saw a negative impact of INR 50 crore from antimony price increases and a write-off of INR 25 crore.

• Consolidated revenue for FY25 was Rs.17,238 crore, with PAT at Rs.800 crore and EPS at Rs.9.35.

Outlook and guidance

• Positive outlook for lead-acid business across most verticals in FY 2026, supported by advanced product portfolio, distribution network, and brand strength.

• Home inverter demand expected to rebound in Q1 FY 2026, with new go-to-market strategies and product launches targeting growth.

• Lithium-ion cell manufacturing project to start commercial production in FY 2026, with multiple customer commitments and ongoing capacity expansion.

• Management expects demand to improve, focusing on sales growth and cost efficiencies.