Exide Industries Limited (EXIDEIND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-70.4%

₹101.75

vs ₹343.80 price

Levered DCF

₹804.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	28.65×	39.02×	30.12×	18.38×	18.23×	21.08×	14.4×	21.65×
P/B	1.76×	2.23×	2.05×	1.36×	1.21×	2.15×	1.73×	3×
P/S	1.36×	1.8×	1.57×	1×	1×	1.51×	0.77×	1.24×
EV / EBITDA	13.15×	18.27×	14.95×	9.88×	9.41×	11.57×	3.57×	5.5×
Gross margin	21.4%	32.3%	31.5%	30.9%	31.8%	35.1%	55.2%	51.4%
Operating margin	7.1%	24.1%	23.8%	23.5%	23.9%	26.4%	45.2%	41.8%
Net margin	4.7%	4.6%	5.2%	5.5%	34.1%	7.8%	5.4%	5.7%
Current ratio	1.22×	1.23×	1.41×	1.88×	1.82×	1.3×	1.66×	1.62×
Debt / equity	0.11×	0.14×	0.09×	0.06×	0.05×	0.07×	0.03×	0.01×
Interest coverage	10.35×	26.07×	33.26×	45.12×	47.52×	74.82×	60.42×	52.54×
Dividend yield	0.7%	0.5%	0.6%	0.0%	1.3%	1.1%	4.5%	1.3%
Payout ratio	19.9%	21.4%	19.4%	0.0%	3.9%	21.0%	64.6%	29.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.1%	5.7%	6.8%	7.4%	41.3%	11.1%	12.0%	13.8%
Return on invested capital	5.6%	17.5%	20.2%	21.5%	19.7%	8.4%	24.2%	21.9%
Return on assets	4.0%	3.7%	4.8%	5.9%	31.4%	2.8%	3.2%	3.8%
Free cash flow yield	4.9%	-2.2%	-1.3%	-1.5%	-4.7%	11.3%	9.0%	4.8%
Earnings yield	3.5%	2.6%	3.3%	5.4%	34.0%	5.2%	6.9%	4.6%
Enterprise value	₹257.9B	₹328.5B	₹272B	₹157B	₹131.7B	₹157.7B	₹110.5B	₹180.6B
Net debt / EBITDA	0.67×	1.02×	0.44×	0.36×	0.24×	0.12×	-0.04×	-0.08×
Cash conversion cycle (days)	40	74	69	87	77	67	39	64