Sharekhan's research report on Exide Industries
Exide has signed a MoU with Hyundai Motors and Kia for their EV project- offers long-term business visibility. Uptrend in existing business along with steady input cost trend offers near-term earnings visibility.
Outlook
We maintain a Buy rating on Exide with a SOTP-based PT of Rs. 477 in expectation of a sustainable recovery in replacement demand, healthy traction in OEM business and timely execution of its Li-ion cell project. Stock trades at P/E multiple of 22.0xand EV/EBITDA multiple of 10.4x its FY2026E estimates.
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