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Buy Exide Industries; target of Rs 210: ICICI Direct

ICICI Direct is bullish on Exide Industries recommended buy rating on the stock with a target price of Rs 210 in its research report dated January 31, 2023.

February 02, 2023 / 03:31 PM IST
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ICICI Direct's research report on Exide Industries

Exide Industries (EIL) is a part of the duopolistic organised Indian lead acid battery market with a presence across automotive & industrial applications. Segment mix: -automotive sales~75% & industrial application ~25% • Channel exposure to replacement/OEMs is at ~60%, ~40%, respectively • Within its automobile segment sales, it derives ~60% of sales from OEMs.


We upgrade the stock from HOLD to BUY following a strong commitment to the Li-On technology in battery domain (setting up cell manufacturing unit in India with initial capacity of 6 GWh) and inexpensive valuations. Introducing FY25E, we value EIL at SOTP-based TP of Rs 210 (Rs161 for battery business at 15x average FY24-25E EPS, Rs 49 for invests.).

For all recommendations report, click here

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Exide Industries - 01 -01-2023 - ic

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first published: Feb 2, 2023 03:31 pm