Motilal Oswal's research report on Exide
EXID's 1QFY26 PAT of INR3.2b came in ahead of our estimate of INR2.8b, aided by better-than-expected margins even as revenue was in line. While the market appears to be upbeat on EXID’s lithium-ion foray, we remain cautious about the returns from the business. Besides, the stock at ~25.5x/23x FY26/27E EPS appears fairly valued. Reiterate Neutral with a TP of INR379 (based on 20x Jun’27E EPS).
Outlook
We remain cautious about the returns from the business. Besides, the stock at ~25.5x/23x FY26/27E EPS appears fairly valued. Reiterate Neutral with a TP of INR379 (based on 20x Jun’27E EPS).
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