Exide Industries Ltd. share price target

Segment mix: automotive sales - 70% & industrial application - 30%. Q3FY26 Results: On standalone basis, topline for the quarter at Exide came in at 4,030 crore, up 4.7% YoY. EBITDA for Q3FY26 came in at 470 crore, with EBITDA margins at 11.7% (up 220 bps QoQ). PAT in Q3FY26 stood at 258 crore (up 5%...

Exide’s 3QFY26 PAT at INR2.6b came in below our estimate of INR2.8b due to lower-than-expected revenue growth even as margins were largely in line with our estimates.

EXID's 2QFY26 PAT of INR2.2b came in well below our estimate of INR3.2b on account of lower-than-expected revenue. Revenue was mainly affected by channel destocking in segments like auto replacement, UPS and solar and weak demand in home UPS due to extended monsoon.

EXID's 1QFY26 PAT of INR3.2b came in ahead of our estimate of INR2.8b, aided by better-than-expected margins even as revenue was in line.

The order book for lithium-ion battery packs is in an incipient stage, with a ramp-up EIL is focusing on its new energy business to drive future growth. Strategic MOU with Korean OEMs, for the development, production and supply of battery cells...

Exide's 4QFY25 performance was in line with our estimates, with PAT declining 10% YoY to INR2.5b. Margin contracted 170bp YoY to 11.2% due to the rise in input costs and write-offs taken in the quarter.

A muted show by OEMs marred Q2FY25 numbers, even though replacement demand was strong.

? EXID’s 4QFY24 operating performance beat our estimates, mainly led by an
improved mix and lower RM costs. The company noted that all the verticals
saw healthy growth, with the industrial division growing in double digits on
a high base.

Reported EBITDA at Rs 516 crore in Q4FY24 against estimate of Rs 475 crore