Source: shutterstock
Highlights
- Motilal Oswal set a Neutral rating with a target price of ₹341, while Investec Bank issued a Buy call with a ₹465 target.
- Exide plans to raise exports by ₹400–500 crore through global partnerships and trade opportunities.
- Q3 FY26 standalone revenue increased 4.7% year-on-year to ₹4,030 crore.
Exide Industries Ltd. remained in focus on Wednesday and brokerage firms issued fresh ratings. Motilal Oswal Securities Ltd. issued a Neutral rating and a target price of ₹341, while Investec Bank (UK) Plc issued a Buy recommendation with a target price of ₹465. The stock was trading at ₹341.70 on the NSE at 10:59 am on February 4, up 4.18%, alongside gains in the broader Nifty Auto index.
Export Growth Anchored by Global Partnerships
According to media reports, Exide Industries is preparing to increase exports by ₹400–500 crore, supported by a European partnership and benefits emerging from India-US trade developments. Managing Director Avik Roy stated that exports and the company’s lithium-ion battery strategy are expected to contribute meaningfully to its medium-term plans. Exide is targeting a topline of ₹20,000 crore within the next three years and ₹25,000 crore by 2030
Q3 FY26 Financial Performance
For the quarter ended Q3 FY26, Exide Industries reported standalone revenue of ₹4,030 crore, marking a year-on-year increase of 4.7%. Profit before tax (before exceptional items) stood at ₹352 crore, up 5.6% from the corresponding quarter last year. Profit after tax rose to ₹258 crore, while earnings per share came in at ₹3.03. EBITDA for the quarter was reported at ₹470 crore, with margins at 11.7%.
Business Segment Trends
Domestic business growth, excluding telecom, was reported at 10% during the quarter. The auto OEM segment recorded over 25% year-on-year growth, achieving its highest-ever quarterly revenue and expanding market share across multiple categories. Replacement segments in two-wheelers and four-wheelers also reported their highest quarterly revenue, while industrial and infrastructure businesses saw increased order execution, particularly in railways and traction. Export performance, however, remained impacted by tariff-related challenges in certain markets.
Lithium-ion Investments and Liquidity Position
Exide Energy Solutions Limited (EESL) continued progress on its lithium-ion battery manufacturing project. The company invested ₹320 crore during Q3 FY26 and an additional ₹50 crore in January 2026, taking total equity investment to ₹4,252.23 crore. Product validation is underway for the cylindrical cell line, while installation and commissioning of other lines are nearing completion. The company reported zero debt and continued cash flow generation during the period.
With brokerage assessments diverging, Exide Industries is navigating a phase marked by export expansion plans, lithium-ion investments, and steady performance across key domestic segments. Market participants are tracking execution milestones as the company works toward its stated revenue targets over the coming years.
FAQs
Q1. What are the latest brokerage ratings for Exide Industries?
Motilal Oswal Securities Ltd. has issued a Neutral rating with a target price of ₹341, while Investec Bank (UK) Plc has given a Buy rating with a target price of ₹465.
Q2. What are Exide Industries’ revenue targets?
The company is targeting a topline of ₹20,000 crore within three years and ₹25,000 crore by 2030.
Q3. How did Exide Industries perform in Q3 FY26?
Exide reported standalone revenue of ₹4,030 crore and profit after tax of ₹258 crore for Q3 FY26.
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