Topline seen consolidating, margins to track muted lead prices! The duopolistic domestic battery market in the automotive segment realises demand from OEMs and aftermarket typically in ~40:60 ratio. The auto OEM space is currently in the grip of a slowdown given poor consumer sentiment and liquidity troubles. Hence, volume growth at ancillary players such as battery manufacturers would largely depend on aftermarket demand. The same is expected to be healthy given strong OEM sales over FY16-18. Simultaneously, margins at battery players including Exide are expected to...