Exide’s standalone profit rises 27.09% as margin improves sequentially
Revenue growth outpaced expense growth in Q1FY27, while the tax rate eased to 25.04%; other income contributed only 2.58% of pre-tax profit.
Filed 30 Jul 2026, 12:48 IST · Exide Industries Ltd (EXIDEIND)
Key takeaways
- Standalone revenue rose 17.63% year on year, while operating profit grew faster at 19.52% as expenses grew 17.37%.
- Standalone net profit increased 27.09% year on year to Rs 407.26 cr, helped by a 0.38 percentage-point reduction in the tax rate.
- Operating margin improved 0.70 percentage points sequentially to 12.35%, but remained 2.52 percentage points below the 14.87% median for 45 Consumer Discretionary peers.
Price around the results
Revenue growth lifted operating profit
Exide Industries reported standalone revenue growth of 17.63% year on year and 16.57% sequentially. Expenses grew slightly slower, at 17.37% year on year and 15.65% sequentially, allowing operating profit to rise 19.52% year on year and 23.53% sequentially. Net profit growth was faster at 27.09% year on year and 30.35% sequentially.
Margin recovery continued, but peer gap remains
Operating margin expanded 0.19 percentage points year on year and 0.70 percentage points sequentially because revenue growth exceeded expense growth. The 12.35% margin is a recovery from 9.45% in Q2FY26 and is above the 11.65% recorded in both Q3FY26 and Q4FY26. It remains 2.52 percentage points below the 14.87% median margin of 45 Consumer Discretionary peers that have reported.
Lower tax rate aided profit conversion
The tax rate fell 0.38 percentage points year on year and 0.64 percentage points sequentially, providing an additional lift to net profit growth. Other income accounted for 2.58% of pre-tax profit, so reported earnings were not materially dependent on non-operating income. Interest expense also declined 8.38% year on year.
Results have no reported market reaction yet
The current results have not yet produced a reported post-results stock move. Across the last eight result reactions, the stock was up four times and down four times, with a median absolute move of 1.55%, indicating a mixed and generally modest historical response.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹5,305 cr | ₹4,551 cr | +16.57% | +17.63% |
| Other income | ₹14 cr | ₹14 cr | -1.06% | -22.69% |
| Expenses | ₹4,650 cr | ₹4,021 cr | +15.65% | +17.37% |
| Operating profit | ₹655 cr | ₹530 cr | +23.53% | +19.52% |
| Operating margin (%) | 12.35% | 11.65% | — | — |
| Interest | ₹8 cr | ₹8 cr | -1.07% | -8.38% |
| Depreciation | ₹118 cr | ₹116 cr | +1.59% | -7.82% |
| Profit before tax | ₹543 cr | ₹420 cr | +29.24% | +26.44% |
| Tax | ₹136 cr | ₹108 cr | +26.02% | +24.54% |
| Net profit | ₹407 cr | ₹312 cr | +30.35% | +27.09% |
| EPS (₹) | ₹4.79 | ₹3.68 | +30.16% | +27.06% |
Operating margin of 12.35% compares with a Consumer Discretionary sector median of 14.87% across 45 peers that have reported Q1FY27.
What to watch
- Whether standalone operating margin holds above 12.35% after the sequential recovery.
- Whether revenue growth continues to outpace expense growth after the year-on-year gap of 17.63% versus 17.37%.
- Whether the tax rate remains near 25.04% without a larger contribution from other income than 2.58% of pre-tax profit.