Motilal Oswal's research report on Exide Industries
Exide’s 3QFY26 PAT at INR2.6b came in below our estimate of INR2.8b due to lower-than-expected revenue growth even as margins were largely in line with our estimates. Despite the boost in auto sector demand after GST rate cuts, Exide’s revenue grew just 5% YoY, mainly due to weak exports and a continued decline in the telecom segment.
Outlook
Reiterate Neutral with an SOTP-based TP of INR341. We value the core (lead acid) business at 15x Dec’27E EPS (in line with Amara). We add INR59 per share value for the EV business (based on book) and INR52 per share for its stake in HDFC Life.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
