Exide Industries: Stars are aligning?

Research evidence excerpt

Exide Industries: Stars are aligning?

J P M O R G A N Asia Pacific Equity Research

09 July 2026

Exide Industries Overweight

EXID.NS, EXID IN

Stars are aligning? Price (08 Jul 26):Rs421.35

Price Target (Sep-27):Rs485.00

We believe Exide’s stock price outperformance can continue in the near term, India Materials & Logistics

ACdriven by: 1) potentially strong 1QFY27 results (double-digit revenue YoY growth Vibhav Zutshi, CFA

after several quarters); 2) easing commodity cost pressures with lead/antimony (91-22) 6157-3585

spot prices down 4%/23% vs. the 4Q average; 3) start of commercial production vibhav.zutshi@jpmorgan.com

soon at the Li-ion gigafactory with management commentary suggesting Amyn Pirani

customers will be across 2Ws, PV (Hyundai) and stationary storage; and, 4) (91-22) 6157-3583

increasing government support for the battery industry, with: a) customs duty amyn.pirani@jpmorgan.com

J.P. Morgan India Private Limited, J.P. Morgan

exemption widening to 85 categories of equipment across battery production Tower, Santacruz(E), Mumbai - 400098, SEBI

process, and b) BESS focus seeing acceleration with recent newsflow that Ministry Registration: INH000001873, (91-22) 6157-3000.

of Heavy Industries will extend all possible support to enable environment for

domestic manufacturing. During the 4Q earnings call in May, Exide highlighted

that customer validation for cylindrical cells (2Ws) could finish in 2-3 months

depending on how much mileage the vehicle will run. Hence, a customer contract

win in the near term should be viewed positively by investors. Within stationary

storage, potential localization mandates by the government (in utility-scale BESS)

and increased duties on battery packs could help in the future. Even after the strong