Sharekhan's research report on Exide Industries
Reported EBITDA at Rs 516 crore in Q4FY24 against estimate of Rs 475 crore. Company has invested over Rs 2,302 crore in its Li-Ion cell manufacturing project (EESL).
Outlook
We retain a Buy on the stock with a revised SOTP-based PT of Rs. 537 on the expectation of a steady recovery in replacement demand, better EBITDA margins on steady raw material costs and timely execution of its Li-ion cell project. Stock trades at a P/E multiple of 25.5x and EV/EBITDA multiple of11.9x its FY2026 estimates.
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