Exide Industries: Profit **5.2%** bada, par ROCE **7.4%**? EV battery ka kya plan?

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AuthorAarav Shah|Published at:
Exide Industries: Profit **5.2%** bada, par ROCE **7.4%**? EV battery ka kya plan?
Overview

Exide ne FY26 ke Q3 mein taqdeeer profit dikhaya hai, **5.2%** YoY badh kar **₹258 Cr** ho gaya hai. Revenue bhi **4.7%** up raha. Lekin, core business ke ROCE mein girawat thodi chinta ki baat hai.

Toh bhaiyo aur beheno, Exide Industries ne apne FY26 ke teesre quarter ke numbers daal diye hain. Aao dekhte hain kya chal raha hai company ke andar.

Sabse pehle, revenue ki baat karein toh woh 4.7% badhkar ₹3,812 Cr par pahunch gaya. Pichhle saal isi quarter mein yeh ₹3,533 Cr tha. Aur 9 mahine (9M FY26) ka dekhein toh revenue 2.3% badhkar ₹12,032 Cr ho gaya hai.

Ab aata hai profit. Profit After Tax (PAT) 5.2% upar gaya hai, matlab ₹258 Cr. Pichhle saal isi quarter mein ₹245 Cr tha. Profit Before Tax (PBT) bhi 5.6% badhkar ₹343 Cr ho gaya. EBITDA bhi lagbhag stable raha, ₹449 Cr par, aur EBITDA margin 11.7% par bana raha.

Magar, jab hum 9 mahine (9M FY26) ka combined performance dekhte hain, toh PAT 2.5% neeche gir gaya hai, matlab ₹1,071 Cr. EBITDA bhi 1.0% kum ho kar ₹1,412 Cr raha hai.

Achhi baat ye hai ki company bilkul debt-free hai, apni projects ke liye paisa andar se hi nikal rahi hai. Jo naya lithium-ion battery plant ban raha hai, uska kharcha bhi internal funds se ho raha hai.

Lekin, ek badi chinta ki baat hai - core business ka ROCE (Return on Capital Employed). Yeh March 2025 mein 11.8% tha, jo December 2025 tak gir kar sirf 7.4% reh gaya hai. Iska matlab hai ki company apne lagaye hue paise par pehle jaisa profit nahi bana paa rahi hai. Working capital management mein bhi sudhaar dikha hai, inventory days kam hokar 95 ho gaye hain.

Management ne future growth ke liye bade plans bataye hain. Automotive sector mein sudhaar ki ummeed hai, solar energy targets (jaise PM Surya Ghar scheme) aur infrastructure projects bhi madad karenge. Sabse bada focus hai EV battery market par, jiske liye lithium-ion plant lagaya ja raha hai. OEM ke saath bhi deals pakki ho rahi hain, jaise 100% Share of Business for key models.

Sabse bada risk wohi core ROCE ka girna hai, jise dekhna padega. Agar company naye EV battery business ko sahi se scale kar payi aur traditional business mein bhi profit margins maintain kar payi, toh long-term mein fayda hoga. Investor abhi yahi dekh rahe hain ki core business ke profits wapas track par aate hain ya nahi.

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