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 retain HOLD tracking changing technology landscape in battery space and long gestation period of greenfield expansion in Li-On cell domain. We value EIL at revised SOTP-based TP of Rs 155 (Rs 108 for battery business at 10x FYFY24E EPS, Rs 47 for investments).
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