Exide starts FY27 strong: consolidated PAT ₹351 Cr, up ~28% YoY on margin expansion

Exide Industries opened FY27 with a broad-based beat on its own guidance. Consolidated revenue rose ~17.7% YoY to ₹5,528 Cr and net profit climbed ~27.9% YoY to ₹351 Cr (EPS ₹4.12), with profit outpacing revenue — the hallmark of margin expansion rather than volume alone. Net margin widened to ~6.4% from 5.8% a year ago. The standalone print tells the same story (revenue ₹5,305 Cr, +17.6%; PAT ₹407 Cr, +27.1%), so there is no divergence between the two bases. Management's Q4 concall had guided to only high-single to early-double-digit growth in the core lead-acid business; the actual ~18% topline comfortably clears that bar, aided by GST 2.0 affordability tailwinds and double-digit growth across every major vertical. The margin bridge is the real story. Despite genuine cost headwinds — West Asia-driven input-cost volatility and rupee depreciation against the USD lifting import-linked costs — calibrated price hikes plus cost-excellence and supply-chain gains lifted standalone EBITDA margin to 12.4% (+20 bps YoY, +70 bps QoQ). This directly confirms the prior-call promise to 'protect margins through calibrated price hikes and strict cost controls.' The sequential jump (PAT +62% QoQ vs Q4's ₹217 Cr) is flattered by seasonality — Q1 is peak summer demand for inverters, solar and automotive batteries — so YoY, not QoQ, is the honest read. Growth was led by Automotive OEM (25%+ YoY for a third straight quarter), Reserve Power (20%+), double-digit 2W/4W replacement, and a return to growth in exports (20%+ on a low base). On the new-energy front, the company delivered exactly what it flagged last quarter: Exide Energy Solutions dispatched its first NMC cylindrical cell samples during Q1 and its LFP prismatic line began sample supplies, with all four Bengaluru gigafactory lines installed and utilities operational; a further ₹100 Cr equity infusion in July took cumulative EESL investment to ₹4,902 Cr, against the ₹1,400 Cr FY27 capex plan. Revenue from the plant is guided to begin during FY27. No published street consensus for the quarter surfaced, and management offers no formal quantitative guidance beyond directional commentary; on both counts the print reads at least in-line-to-ahead of a low-double-digit expectation.