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Dolat Capital Report
Exide Industries Ltd.'s revenue grew 13% YoY to Rs 38.4 billion led by strong growth in automotive replacement and industrial segment offset by muted growth in original equipment manufacturer segment. Ebitda margin contracted 31 basis points QoQ due to negative operating leverage
In the automotive segment, replacement demand continue to be strong. Most industrial sectors (such as IUPS, solar, telecom, traction, railways, etc.) are enjoying strong order flow on account of large investments flowing into these sectors
We value the core lead acid business at 16 times FY26E earning per share at Rs 284, Exide Industries’ 4.1% stake in HDFC Life Insurance Company Ltd.'s at Rs 41/share (at a 30% HoldCo discount).
We also now ascribe an additional Rs 32/share value to Exide’s lithium-ion business. Our SOTP value comes at Rs 357, Maintain 'Accumulate'.
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