Exide Industries (Exide) Q1FY16 performance was below our as well as street estimates, as revenue was much below expectation, despite decent margins. Its Revenue/EBIDTA/PAT declined 6%/8%/16% YoY, but grew 9%/12%/13% QoQ (due to seasonality) to Rs 18bn/2.66bn/1.55bn (our estimate of Rs 19.1bn/2.7bn/1.6bn) respectively. Company's EBIDTA margins contracted 37 bps YoY (rose 36bps QoQ) to 14.8%, as against our est of 14.1%, due to lower RM cost amid low lead prices.