Exide Targets Rs 20,000-Cr Core Business Revenue by FY28, Eyes Q3 Rollout of Bengaluru Lithium-Ion Plant

Exide Industries has set a target of crossing Rs 20,000 crore in revenue from its core lead-acid battery business by FY2027-28, driven by high single-digit to low double-digit annual growth, even as it accelerates investments in lithium-ion cell manufacturing to tap India's growing electric mobility market.

The battery maker reported standalone revenue of Rs17,269 crore in FY2025-26 and expects its Bengaluru lithium-ion gigafactory to begin contributing revenue from the third quarter of the current financial year, marking a key milestone in its transition towards advanced battery technologies.

Speaking after the company's 79th Annual General Meeting (AGM), Managing Director and CEO Avik Roy said Exide's strategy is to continue strengthening its leadership in the lead-acid battery business while simultaneously building capabilities in lithium-ion cells.

"Our strategy is simple—protect the legacy business while investing aggressively in future-ready technologies," Roy said.

The company has already supplied lithium-ion cell samples produced at its Bengaluru facility to original equipment manufacturers (OEMs) for homologation, the final stage before commercial deployment. Roy said initial revenues from domestically manufactured cells are expected around the third quarter, with a more meaningful contribution by the end of the calendar year.

Initially, Exide's lithium iron phosphate (LFP) cells will cater to telecom infrastructure, battery energy storage systems and electric three-wheelers, while two-wheeler applications using nickel manganese cobalt (NMC) chemistry will follow after completing longer homologation cycles.

The Bengaluru gigafactory has an initial capacity of 6 GWh and is designed to manufacture both LFP and NMC cells. During the first quarter of FY2026-27, the company dispatched its first customer samples from the facility, an important milestone in the commercialisation process.

Roy said demand would not be a constraint, estimating India's lithium-ion battery market at around 130 GWh by 2030, while noting that the key challenge would be ramping up manufacturing yields to produce high-quality cells consistently.

Alongside its lithium-ion expansion, Exide continues to dominate the conventional battery market, with nearly 60% share in the automotive OEM segment and around 50% in the replacement market. The company also remains India's largest lead recycler, meeting close to 80% of its lead requirement through recycled inputs.

During FY2025-26, Exide invested Rs1,500 crore in its wholly owned subsidiary, Exide Energy Solutions Ltd (EESL), taking its cumulative equity investment in the lithium-ion venture to Rs 4,802 crore.