In the same quarter last year, the company posted a consolidated PAT of Rs 270.32 crore.

Meanwhile, Exide’s consolidated revenue from operations for the quarter was Rs 4,450 crore, compared to Rs 4,371.52 crore in the year-ago period.

Total expenses for the quarter were higher at Rs 4,157.63 crore, up from Rs 4,043.57 crore in the same quarter last year, the company said.

In terms of performance, Exide saw robust demand in the two-wheeler and four-wheeler replacement markets, leading to double-digit revenue growth. Industrial-UPS and solar segments also experienced strong demand momentum during the quarter. However, demand in the home-UPS segment was soft due to the early onset of the monsoon, the company noted.

Nomura has maintained a ‘Buy’ rating on Exide, with a target price of Rs 589. While Exide’s Q2 EBITDA margin fell short of expectations, Nomura remains positive on its growth prospects.The brokerage expects industrial demand to grow by 12% during FY25-26 and sees a recovery in auto replacement demand, which could drive an 8-10% increase in volume growth. Nomura also believes that price hikes and an improved product mix will help Exide sustain its margins and offset rising commodity costs. On the lithium-ion front, the company is likely to benefit significantly from local sourcing initiatives by original equipment manufacturers (OEMs).

Citi has also maintained a ‘Buy’ rating on Exide but has lowered its target price from Rs 600 to Rs 540.

In Q2, Exide’s EBITDA slightly missed estimates, although other income helped support its profit after tax (PAT). The company’s management highlighted strong demand in the auto replacement sector, as well as in the industrial UPS and solar segments. Citi is awaiting further clarity on core demand trends and any updates on the client onboarding process for Exide’s lithium-ion cell plant.

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