ICICI Direct has given Hold recommendation for Exide Industries with a target price of Rs. 210 in its research report issued on Sep 03, 2021

ICICI Direct’s research report on Exide Industries

Exide Industries (EIL) is a part of the duopolistic organised Indian battery market with a presence across automotive and industrial applications (~73%, ~26% of sales). Channel exposure to replacement and OEMs is at ~60% and ~40%, respectively.


We value EIL at revised SOTP-based TP of Rs 210 (Rs 135 for battery business at 12x FY23E EPS, Rs 75 for investments; earlier TP Rs 200).

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