Exide Balances Lead Acid And Lithium Ion For India Energy Transition

25 Jun 2026 CW Team

Gorthi said that lithium-ion technologies are expected to gain share in mobility and energy storage segments where their performance characteristics are best suited, and that the board views the EESL investment as a measured, long-term capital allocation decision. The company will continue to focus on product quality, customer validation, localisation, operating discipline and return on capital while balancing the need to preserve the cash generating strength of the core business and selectively invest for future growth.

Management highlighted that Exide remained debt free despite continued investments in future technologies, supported by strong liquidity and cash generation that enabled strategic moves through internal accruals. Managing Director and Chief Executive Officer Avik Roy described FY26 as a year of disciplined execution amid geopolitical uncertainty, commodity and currency volatility, technology shifts and uneven demand. Priorities during the year included delivering steady performance in core businesses, sharpening execution and building long term capabilities.

The management discussion and analysis said the solar business crossed Rs 10 billion (bn) in revenue during FY26, reflecting growing opportunities in renewable energy solutions. The report outlined EESL's engagement with original equipment manufacturers across two wheeler, three wheeler, passenger vehicle and stationary energy storage segments as the company pursues lithium-ion ambitions. It cited industry estimates that India's lithium-ion battery demand could rise to 140-150 GWh by 2030 from about 20 GWh, with electric vehicles expected to account for 60-70 per cent of demand.

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Exide Industries is positioning itself for India's energy transition through a calibrated expansion into lithium-ion cell manufacturing while retaining confidence in the long-term relevance of its core lead acid battery business. Chairman Sridhar Gorthi said in the annual report that investment in Exide Energy Solutions Limited (EESL) should be viewed as a long-term strategic move to build domestic lithium-ion manufacturing capability. He noted that lead acid technologies will remain relevant across several established use cases. Gorthi said that lithium-ion technologies are expected to gain share in mobility and energy storage segments where their performance characteristics are best suited, and that the board views the EESL investment as a measured, long-term capital allocation decision. The company will continue to focus on product quality, customer validation, localisation, operating discipline and return on capital while balancing the need to preserve the cash generating strength of the core business and selectively invest for future growth. Management highlighted that Exide remained debt free despite continued investments in future technologies, supported by strong liquidity and cash generation that enabled strategic moves through internal accruals. Managing Director and Chief Executive Officer Avik Roy described FY26 as a year of disciplined execution amid geopolitical uncertainty, commodity and currency volatility, technology shifts and uneven demand. Priorities during the year included delivering steady performance in core businesses, sharpening execution and building long term capabilities. The management discussion and analysis said the solar business crossed Rs 10 billion (bn) in revenue during FY26, reflecting growing opportunities in renewable energy solutions. The report outlined EESL's engagement with original equipment manufacturers across two wheeler, three wheeler, passenger vehicle and stationary energy storage segments as the company pursues lithium-ion ambitions. It cited industry estimates that India's lithium-ion battery demand could rise to 140-150 GWh by 2030 from about 20 GWh, with electric vehicles expected to account for 60-70 per cent of demand.

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