Exide Q2 FY27: consolidated PAT up 65% YoY to ₹287 Cr as margins expand

On a consolidated basis (primary), Exide posted revenue of ₹5,291.87 Cr (+21.25% YoY, -4.28% QoQ) and PAT of ₹287.14 Cr (+65.37% YoY, -18.26% QoQ). Standalone PAT grew faster at ₹386.45 Cr (+75.08% YoY, matching the company's own press release), a divergence of roughly 10 percentage points from the consolidated growth rate — explained by Exide Energy Solutions (EESL), the lithium-ion cell subsidiary, which posted a ~₹24.8 Cr net loss this quarter (per the auditor's limited review note) as it ramps its newly commissioned gigafactory. Readers should treat the consolidated figure as the primary read since it captures this drag; neither the current nor year-ago quarter carried any exceptional item, so both YoY comparisons are clean and unadjusted. Margins expanded YoY on both measures: consolidated NPM rose to 5.38% from 3.93% (+145bps) and operating margin to ~10.6% from 8.97% (+165bps); standalone EBITDA margin (company-reported) gained 270bps YoY to 12.1%. Management credited cost-optimisation initiatives and calibrated price increases for absorbing input-cost pressure — Lead LME and antimony costs stayed elevated YoY on prolonged geopolitical disruption, and MD Avik Roy noted that even the sequential softening in these commodity prices could not fully flow through because of a weaker rupee. Sequentially, both revenue (-4.28%) and PAT (-18.26%) eased from Q1 FY27, which had been a seasonally stronger summer quarter for UPS/inverter demand (standalone Q1 PAT had itself risen 27.1% YoY) — so the QoQ dip reads as normalisation rather than a trend break, and the YoY print remains the more meaningful signal. No verifiable Street consensus specific to this quarter could be confirmed via search, so the comparison is marked unknown rather than guessed. Against the company's own prior commentary — "core business mid-double-digit growth momentum," with no formal full-year revenue guidance — standalone topline growth of 20.3% YoY comfortably clears that bar, a beat on the only guidance leg management had set. On the ₹1,400 Cr FY27 lithium capex plan and 25-30% utilisation target flagged last quarter, Exide stayed on schedule: EESL commissioned its 6 GWh cell gigafactory in Bengaluru on 23 September 2026 (scalable to 12 GWh), taking cumulative equity infused into the subsidiary to ₹5,352 Cr (₹550 Cr added this half) — but utilisation itself remains undisclosed, as the facility is still in a pre-revenue phase management describes as "stabilising the lines, improving yields and completing customer qualifications," so that leg is on-track rather than confirmed. Segment momentum was broad-based: Automotive OEM grew over 25% YoY for a fourth straight quarter (100% share-of-business wins on MG's Hector Tomahawk and Tata's Aeris CNG), 2W/4W replacement sustained double-digit growth for a fourth straight quarter, and Home Inverters/Solar and Exports each grew 20%+ YoY. Management's own framing — "sustained growth momentum, with most businesses growing in double digits" — matches the reported numbers, but Roy also flagged staying "mindful of the high base of last year's post-GST demand surge" heading into H2, a caution relevant since this quarter's own YoY strength was itself aided by last year's GST 2.0-driven demand pickup. H1 FY27 standalone revenue is up 18.9% YoY to ₹10,331 Cr and PAT up 46.7% YoY to ₹794 Cr, setting a materially higher base against which the next two quarters will be judged.