Exide (EXID)'s 4QFY21 performance was driven by all-round strong growth. We expect strength in the aftermarket to continue with the shift from the unorganized to the organized segment, whereas FY22 would see cyclical recovery in demand from the OEM segment. We largely maintain our earnings estimate. Maintain Buy, with TP of ~INR220/share (~15x FY23 EPS + INR25/share for the Insurance business)....