Maintain Buy with SOTP-based TP of Rs 275, based on 20x Dec-20E EPS + 2x Inv (Rs 37) for the insurance business stake. Exide reported lower than expected 3Q results, as the EBITDA margin was flat (+10bp y/y, +30bp q/q) at 12.5%. Thus, while lead prices have corrected through the year, the company has incurred higher other expenses. Although gross margin improved 200bps QoQ, EBITDA margin was largely flat (+10bp y/y, +30bps q/q) at 12.5%. The modest revenue growth of 10% is also partially impacted by lower lead prices (which are a pass through) as management highlighted that volumes for automotive, UPS and solar have been quiet healthy.