Exide Industries Ltd.

Exide Industries is engaged in the design, manufacture and sale of automotive batteries, industrial batteries and submarine batteries. Co. supplies batteries to almost all the car and two-wheeler manufacturers in the country. Co. designs and manufactures its industrial batteries in a range from 2.5 Ah to 20,600 Ah in conventional flooded and Valve Regulated Lead Acid (VRLA) design. Industrial batteries are of three types, Conventional lead acid batteries, Valve regulated lead acid batteries and Nickel-Cadmium batteries. Co. manufactures high-end submarine batteries (Type 1, 2 & 3). Two to three submarine batteries are manufactured a year to meet the country's defence requirements.
  • TickerEXIDEIND
  • ISININE302A01020
  • ExchangeNational Stock Exchange of India
  • SectorAutomobiles & Parts
  • CountryIndia
EXIDEIND Exide Industrie... (Automobiles & Parts)

With a more favourable environment, EXIDE INDUSTRIES improves to Sligh...

EXIDE INDUSTRIES (IN), a company active in the Auto Parts industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 182.60 and its potential was estimated at INR 197.51.

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE (Buy)-Revenue beat; margin impacted by higher RM cost

EXIDE: Revenue beat; margin impacted by higher RM cost (EXID IN, Mkt Cap USD2b, CMP INR179, TP INR215, 20% Upside, Buy)   Captive smelters dilute higher lead prices EXID’s topline performance was driven by growth in both Auto and Industrial segments in 1QFY22, while margin was restricted due to commodity cost inflation. We expect a cyclical recovery in demand from the OEM segment in FY22, along with strength in the Aftermarket segment, with a continuous shift from the unorganized to the organized segment. We largely maintain our earnings estimate. We maintain our Buy rating, with a TP o...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE (Buy)-Below est.; Weaker revenues offset RM cost benefits

Exide: Below est.; Weaker revenues offset RM cost benefits (EXID IN, Mkt Cap USD2.2b, CMP INR188, TP INR222, 18% Upside, Buy)   Weak auto OEM/telecom sector hurts performance EXID’s 3QFY20 operating performance was weak as benefit of lead prices was more than offset by the operating deleverage. As expected, the aftermarket continued to witness strong growth, ratifying our view of value migration from the unorganized to the organized sector. We downgrade our EPS estimates by ~4% for FY21, but maintain our Buy rating with TP of ~INR222 (~18x Dec’22E S/A EPS).  Op. deleverage dilutes RM...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE INDUSTRIES (Buy)-Below est.-Benefit of mix more than offse...

EXIDE INDUSTRIES: Below est.; Benefit of mix more than offset by operating deleverage (EXID IN, Mkt Cap USD2.2b, CMP INR187, TP INR232, 24% Upside, Buy)   Weak Auto OEM and telecom segment hurts performance: 2QFY20 net sales declined ~4% YoY to ~INR26b (v/s est. ~INR28b) due to decline in demand from Auto OEMs and telecom segment. However, demand from auto replacement, UPS, solar and Infrastructure segment (except telecom) witnessed growth. 1HFY20 revenue/EBITDA/PAT grew -2%/7%/15%. Healthy operating performance drives margins: EBITDA increased ~10% YoY to ~INR3.7b (v/s est. ~INR4b). EB...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE INDUSTRIES (Buy)-In-line-Muted topline, RM cost savings bo...

EXIDE INDUSTRIES: In-line; Muted topline, RM cost savings boost margins (EXID IN, Mkt Cap USD2.2b, CMP INR181, TP INR228, 26% Upside, Buy)   Automotive segment's pain offset by Industrial segment growth: Net sales were flat YoY (+7% QoQ) to INR27.8b (v/s est. ~INR28.2b), driven by growth in UPS, Telecom and Infrastructure battery segments. However, Automotive batteries remained weak in 1QFY20. Also, weakness in lead prices (-18% YoY, -9% QoQ) restricted revenue growth due to pass-through mechanism. Currently, spot lead prices have inched up from 1QFY20 lows by ~4% to ~INR135/kg. Healthy ...

EXIDEIND Exide Industrie... (Automobiles & Parts)

With a more favourable environment, EXIDE INDUSTRIES improves to Sligh...

EXIDE INDUSTRIES (IN), a company active in the Auto Parts industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 182.60 and its potential was estimated at INR 197.51.

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE (Buy)-Revenue beat; margin impacted by higher RM cost

EXIDE: Revenue beat; margin impacted by higher RM cost (EXID IN, Mkt Cap USD2b, CMP INR179, TP INR215, 20% Upside, Buy)   Captive smelters dilute higher lead prices EXID’s topline performance was driven by growth in both Auto and Industrial segments in 1QFY22, while margin was restricted due to commodity cost inflation. We expect a cyclical recovery in demand from the OEM segment in FY22, along with strength in the Aftermarket segment, with a continuous shift from the unorganized to the organized segment. We largely maintain our earnings estimate. We maintain our Buy rating, with a TP o...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE (Buy)-Below est.; Weaker revenues offset RM cost benefits

Exide: Below est.; Weaker revenues offset RM cost benefits (EXID IN, Mkt Cap USD2.2b, CMP INR188, TP INR222, 18% Upside, Buy)   Weak auto OEM/telecom sector hurts performance EXID’s 3QFY20 operating performance was weak as benefit of lead prices was more than offset by the operating deleverage. As expected, the aftermarket continued to witness strong growth, ratifying our view of value migration from the unorganized to the organized sector. We downgrade our EPS estimates by ~4% for FY21, but maintain our Buy rating with TP of ~INR222 (~18x Dec’22E S/A EPS).  Op. deleverage dilutes RM...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE INDUSTRIES (Buy)-Below est.-Benefit of mix more than offse...

EXIDE INDUSTRIES: Below est.; Benefit of mix more than offset by operating deleverage (EXID IN, Mkt Cap USD2.2b, CMP INR187, TP INR232, 24% Upside, Buy)   Weak Auto OEM and telecom segment hurts performance: 2QFY20 net sales declined ~4% YoY to ~INR26b (v/s est. ~INR28b) due to decline in demand from Auto OEMs and telecom segment. However, demand from auto replacement, UPS, solar and Infrastructure segment (except telecom) witnessed growth. 1HFY20 revenue/EBITDA/PAT grew -2%/7%/15%. Healthy operating performance drives margins: EBITDA increased ~10% YoY to ~INR3.7b (v/s est. ~INR4b). EB...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE INDUSTRIES (Buy)-In-line-Muted topline, RM cost savings bo...

EXIDE INDUSTRIES: In-line; Muted topline, RM cost savings boost margins (EXID IN, Mkt Cap USD2.2b, CMP INR181, TP INR228, 26% Upside, Buy)   Automotive segment's pain offset by Industrial segment growth: Net sales were flat YoY (+7% QoQ) to INR27.8b (v/s est. ~INR28.2b), driven by growth in UPS, Telecom and Infrastructure battery segments. However, Automotive batteries remained weak in 1QFY20. Also, weakness in lead prices (-18% YoY, -9% QoQ) restricted revenue growth due to pass-through mechanism. Currently, spot lead prices have inched up from 1QFY20 lows by ~4% to ~INR135/kg. Healthy ...

EXIDEIND Exide Industrie... (Automobiles & Parts)

With a more favourable environment, EXIDE INDUSTRIES improves to Sligh...

EXIDE INDUSTRIES (IN), a company active in the Auto Parts industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 182.60 and its potential was estimated at INR 197.51.

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE (Buy)-Revenue beat; margin impacted by higher RM cost

EXIDE: Revenue beat; margin impacted by higher RM cost (EXID IN, Mkt Cap USD2b, CMP INR179, TP INR215, 20% Upside, Buy)   Captive smelters dilute higher lead prices EXID’s topline performance was driven by growth in both Auto and Industrial segments in 1QFY22, while margin was restricted due to commodity cost inflation. We expect a cyclical recovery in demand from the OEM segment in FY22, along with strength in the Aftermarket segment, with a continuous shift from the unorganized to the organized segment. We largely maintain our earnings estimate. We maintain our Buy rating, with a TP o...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE (Buy)-Below est.; Weaker revenues offset RM cost benefits

Exide: Below est.; Weaker revenues offset RM cost benefits (EXID IN, Mkt Cap USD2.2b, CMP INR188, TP INR222, 18% Upside, Buy)   Weak auto OEM/telecom sector hurts performance EXID’s 3QFY20 operating performance was weak as benefit of lead prices was more than offset by the operating deleverage. As expected, the aftermarket continued to witness strong growth, ratifying our view of value migration from the unorganized to the organized sector. We downgrade our EPS estimates by ~4% for FY21, but maintain our Buy rating with TP of ~INR222 (~18x Dec’22E S/A EPS).  Op. deleverage dilutes RM...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE INDUSTRIES (Buy)-Below est.-Benefit of mix more than offse...

EXIDE INDUSTRIES: Below est.; Benefit of mix more than offset by operating deleverage (EXID IN, Mkt Cap USD2.2b, CMP INR187, TP INR232, 24% Upside, Buy)   Weak Auto OEM and telecom segment hurts performance: 2QFY20 net sales declined ~4% YoY to ~INR26b (v/s est. ~INR28b) due to decline in demand from Auto OEMs and telecom segment. However, demand from auto replacement, UPS, solar and Infrastructure segment (except telecom) witnessed growth. 1HFY20 revenue/EBITDA/PAT grew -2%/7%/15%. Healthy operating performance drives margins: EBITDA increased ~10% YoY to ~INR3.7b (v/s est. ~INR4b). EB...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE INDUSTRIES (Buy)-In-line-Muted topline, RM cost savings bo...

EXIDE INDUSTRIES: In-line; Muted topline, RM cost savings boost margins (EXID IN, Mkt Cap USD2.2b, CMP INR181, TP INR228, 26% Upside, Buy)   Automotive segment's pain offset by Industrial segment growth: Net sales were flat YoY (+7% QoQ) to INR27.8b (v/s est. ~INR28.2b), driven by growth in UPS, Telecom and Infrastructure battery segments. However, Automotive batteries remained weak in 1QFY20. Also, weakness in lead prices (-18% YoY, -9% QoQ) restricted revenue growth due to pass-through mechanism. Currently, spot lead prices have inched up from 1QFY20 lows by ~4% to ~INR135/kg. Healthy ...

EXIDEIND Exide Industrie... (Automobiles & Parts)

With a more favourable environment, EXIDE INDUSTRIES improves to Sligh...

EXIDE INDUSTRIES (IN), a company active in the Auto Parts industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 14, 2021, the closing price was INR 182.60 and its potential was estimated at INR 197.51.

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE (Buy)-Revenue beat; margin impacted by higher RM cost

EXIDE: Revenue beat; margin impacted by higher RM cost (EXID IN, Mkt Cap USD2b, CMP INR179, TP INR215, 20% Upside, Buy)   Captive smelters dilute higher lead prices EXID’s topline performance was driven by growth in both Auto and Industrial segments in 1QFY22, while margin was restricted due to commodity cost inflation. We expect a cyclical recovery in demand from the OEM segment in FY22, along with strength in the Aftermarket segment, with a continuous shift from the unorganized to the organized segment. We largely maintain our earnings estimate. We maintain our Buy rating, with a TP o...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE (Buy)-Below est.; Weaker revenues offset RM cost benefits

Exide: Below est.; Weaker revenues offset RM cost benefits (EXID IN, Mkt Cap USD2.2b, CMP INR188, TP INR222, 18% Upside, Buy)   Weak auto OEM/telecom sector hurts performance EXID’s 3QFY20 operating performance was weak as benefit of lead prices was more than offset by the operating deleverage. As expected, the aftermarket continued to witness strong growth, ratifying our view of value migration from the unorganized to the organized sector. We downgrade our EPS estimates by ~4% for FY21, but maintain our Buy rating with TP of ~INR222 (~18x Dec’22E S/A EPS).  Op. deleverage dilutes RM...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE INDUSTRIES (Buy)-Below est.-Benefit of mix more than offse...

EXIDE INDUSTRIES: Below est.; Benefit of mix more than offset by operating deleverage (EXID IN, Mkt Cap USD2.2b, CMP INR187, TP INR232, 24% Upside, Buy)   Weak Auto OEM and telecom segment hurts performance: 2QFY20 net sales declined ~4% YoY to ~INR26b (v/s est. ~INR28b) due to decline in demand from Auto OEMs and telecom segment. However, demand from auto replacement, UPS, solar and Infrastructure segment (except telecom) witnessed growth. 1HFY20 revenue/EBITDA/PAT grew -2%/7%/15%. Healthy operating performance drives margins: EBITDA increased ~10% YoY to ~INR3.7b (v/s est. ~INR4b). EB...

Jinesh Gandhi
  • Jinesh Gandhi
EXIDEIND Exide Industrie... (Automobiles & Parts)

MOSL: EXIDE INDUSTRIES (Buy)-In-line-Muted topline, RM cost savings bo...

EXIDE INDUSTRIES: In-line; Muted topline, RM cost savings boost margins (EXID IN, Mkt Cap USD2.2b, CMP INR181, TP INR228, 26% Upside, Buy)   Automotive segment's pain offset by Industrial segment growth: Net sales were flat YoY (+7% QoQ) to INR27.8b (v/s est. ~INR28.2b), driven by growth in UPS, Telecom and Infrastructure battery segments. However, Automotive batteries remained weak in 1QFY20. Also, weakness in lead prices (-18% YoY, -9% QoQ) restricted revenue growth due to pass-through mechanism. Currently, spot lead prices have inched up from 1QFY20 lows by ~4% to ~INR135/kg. Healthy ...

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