# Exide beats Amara in Q2, lithium-ion returns decide winner

> Exide's Q2 profit surge outpaces Amara despite heavy lithium-ion investments.
- Title: Exide beats Amara in Q2, lithium-ion returns decide winner
- Summary: Exide's Q2 profit surge outpaces Amara despite heavy lithium-ion investments. Exide's 54% Ebitda growth beats Amara's 5% decline in Q2 as lithium-ion returns…
- Keywords: exide industries, amara raja batteries, lithium-ion, e2w sales, q2fy27, ebitda, lithium iron phosphate, ev batteries, mint
- Source: mint — https://livemint.com/market/mark-to-market/exide-beats-amara-in-q2-but-returns-from-li-ion-investments-will-decide-winner-11793950879635.html
- Author: Ashish Agrawal
- Published: 2026-11-09T00:30:42+00:00
- Read time: 1 min
- Topics: exide industries, amara raja batteries, lithium-ion, e2w sales, q2fy27, ebitda, lithium iron phosphate, ev batteries, money, business
## Q2 results contrast
Exide's Ebitda rose 54% year-on-year to ₹ 606 crore while Amara's fell 5% to ₹ 386 crore.
## Price hikes and margins
Exide raised four-wheelers by 10% and two-wheelers by 5% while Amara increased prices only 2% in Q2.
## Lithium-ion investments
Exide began commercial production at LFP battery plant while Amara plans Q4FY27 commercial production for energy storage.
## Investment scale
Exide invested ₹ 5,352 crore in EESL while Amara invested ₹ 2,320 crore in new energy facilities.
## Market risks
Both face risks from high capital costs and unproven lithium-ion technology viability.
## Profitability challenges
Amara's higher procurement costs and interest expenses threaten profitability while Exide faces limited market access.
## Stock performance
Exide down 3% this year vs Amara Raja's 22% drop despite both correcting 29% from 52-week highs.
## Key takeaway

Exide's 54% Ebitda growth beats Amara's 5% decline in Q2 as lithium-ion returns determine future success.