Sharekhan's research report on Exide Industries
A muted show by OEMs marred Q2FY25 numbers, even though replacement demand was strong. Li-ion project on track , while management is emphasising on an increase in penetration in export markets.
Outlook
We retain a Buy with a revised SOTP-based PT of Rs 534 on the expectation of continued recovery in replacement demand, improvement in EBITDA margins on steady raw material costs and timely execution of Li-ion cell project. Stock trades at P/E multiple of 25.7x/ 22.6x and EV/EBITDA multiple of 11.4x/10.2x its FY26/FY27 estimates.
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