Furthermore, FY21 would see the continued benefit of the mix (lower OEMs) We upgrade our EPS by 8%/10% for FY21/FY22E to factor lower revenues, a better mix, and lower lead prices. Maintain with TP of ~INR205 (~16x S/A Mar22 EPS + INR21/sh for the Life Insurance remains largely duopoly, Exide is the largest lead acid battery manufacturer in India, with leadership in the Auto OEM and Replacement segments. However, EXID has largely caught up with competitors by investing in technology, being more proactive in customer service, and plugging the gaps in the product portfolio, among other EXID plans to improve its market share as economic recovery has resulted in demand from the Auto OEM and Industrial segments. We upgrade our EPS by 8%/10% for FY21/FY22E to factor lower revenues, a better mix, and lower lead prices. We prefer EXID as it offers superior risk-reward considering its market leadership, technology alliances, backward integration, and better mix.