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).