Exide Industries shares rally; analysts split on lithium upside - The HinduBusinessLine SENSEX 78,598.87
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ADS.THIS AD SUPPORTS OUR JOURNALISM. SUBSCRIBE FOR MINIMAL ADS. Home Markets Stocks Exide Industries shares rally;
analysts split on lithium upside The stock touched an intraday high of ₹457.45 and a low of ₹441.60, with over 20.70
lakh shares changing hands valued at ₹92.75 crore by 10.42 am By BL Mumbai Bureau Updated - August 04, 2026 at 11:12
AM.×ShareWhatsAppXFacebookLinkedInMessengerRedditMailhttps://www.thehindubusinessline.com/markets/stock-markets/exide-industries-shares-rally-analysts-split-on-lithium-upside/article71304057.eceCopyShares
of Exide Industries were trading at ₹447.70 on Tuesday morning, up 0.67 per cent or ₹3 from the previous close of
₹444.70, after the battery maker reported a strong Q1 FY27 performance. The stock touched an intraday high of
₹457.45 and a low of ₹441.60, with over 20.70 lakh shares changing hands valued at ₹92.75 crore by 10.42 am. Sell
pressure was dominant with 76.96 per cent of orders on the sell side. The stock’s total market cap stood at
₹38,054.50 crore.The results showed Q1 FY27 revenue at ₹5,305 crore, up 17.6 per cent year-on-year. EBITDA rose 19.5
per cent to ₹655 crore with margins expanding to 12.4 per cent from 12.2 per cent. PAT jumped 27.1 per cent to ₹407
crore at a 7.7 per cent margin.Analyst reactions were mixed but broadly constructive. Citi maintained a Buy with a
raised target of ₹510, citing earnings beats across revenue and margins, double-digit volume growth, and resilient
profitability despite forex headwinds. It raised its core P/E multiple to 20x from 17x and retained ₹150 per share
value for the lithium-ion plant. Nomura also retained Buy with a target of ₹492, flagging stronger OEM growth and the
commencement of the lithium plant as future upside, while noting risks around Chinese raw material dependency and yield
ramp-up.Kotak Securities was the outlier, maintaining a Sell with a marginally raised target of ₹325, citing pressure
on profitability and return ratios, high capital expenditure, and the B2B and commoditized nature of the lithium
business with dependence on a technology partner.On the lithium front, the company’s subsidiary Exide Energy Solutions
has started sample deliveries from its 3GWh cylindrical NMC line and begun supplying LFP prismatic samples for
three-wheeler and telecom applications, with revenue expected to commence in FY27. Total investment in the gigafactory
stands at ₹4,902 crore.The stock has gained 23.25 per cent year-to-date and trades at a P/E of 40.36. Comments
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