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Exide Industries Takes Lead in Lithium-ion Battery Market with Strong Customer Connect and Impressive Order Book: Ken Research

Exide Industries leads in lithium-ion batteries, with strong customer relationships and a Rs 600-700 crore order book. Joint ventures and a multi-gigawatt cell manufacturing plant further bolster their market position.


  • Exide Industries leads in customer engagement.
  • Current order book worth Rs 600-700 crore.
  • Joint venture with Leclanché SA for lithium-ion batteries.
  • As per Ken Research, the initiative has received mixed reactions from industry experts.

1. What’s it all about?

Exide Industries, a major storage battery player, feels that it is ahead of its competitors in the lithium-ion battery business, particularly in terms of customer relationships. With an order book worth Rs 600-700 crore, the company’s module and pack making facility is set to fulfill orders from two-wheelers, three-wheelers, commercial vehicles, and telecom OEMs over the next 12-15 months. Additionally, the company’s collaboration with Leclanché SA and its establishment of a multi-gigawatt lithium-ion cell manufacturing plant further solidify its position in the market.

Subir Chakraborty, MD and CEO, Exide Industries

Also Read: Global Battery Market Trends

2. What else to showcase the USP?

Subir Chakraborty, MD and CEO, Exide Industries

The company also formed a joint-venture with Switzerland-based Leclanché SA & has been making lithium-ion batteries modules and packs in Gujarat. The collaboration was done in June, 2018, in a bid to foray into lithium-ion battery systems and energy solutions, eyeing India’s EV market.

Moreover, setting-up of a green-field multi-gigawatt lithium-ion cell manufacturing plant in Karnataka is also on the plates for Exide. For this, the company has entered into a multi-year technical collaboration agreement with China’s SVOLT Energy Technology.

Also Read: Battery Market Dynamics

3. A mixed reaction from Industry Experts?

The company has tied up with SVOLT for Li-ion manufacturing and is already in discussion with 2W, 3W, CV and Telecom OEMs. However, as domestic PV OEMs have already tied-up with other companies for the procurement of EV cells, the company’s addressable market size is anticipated to be limited. We have assumed Li-ion battery business revenues of Rs1700 crore and EBITDA margin of 5% in FY2026,” Kotak Institutional Equities said in its report on Exide.

 “Although Exide Industries will be foraying into the EV battery space over the coming years, it needs to secure orders from OEMs. Given limited opportunity in the EV PV segment, the company will have to win orders in other segments. The valuation remains fair at the current juncture and a re-rating of the stock will depend on its ability to transition to lithium-ion technology,” the domestic brokerage firm noted.

Also Read: Global Li-ion battery market Future trends

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