Exide Industries (EXID.BO): Mngmt Outlook Optimistic Post Strong 1QFY27 Results; We Await More Details on Li Ion Cell Business Customer Wins and Revenue

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Exide Industries (EXID.BO): Mngmt Outlook Optimistic Post Strong 1QFY27 Results; We Await More Details on Li Ion Cell Business Customer Wins and Revenue

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03 Aug 2026 11:56:37 ET │ 14 pages

Exide Industries (EXID.BO)

Mgmt Outlook Optimistic Post Strong 1QFY27 Results; We Await More

Details on Li Ion Cell Business Customer Wins and Revenue

CITI'S TAKE

Exide had reported a strong beat in 1QFY27 results, driven by robust revenue Buy

growth as well as margin. Mgmt called out double-digit volume growth

across major segments, further supported by 4-6%YoY price hikes. Adverse Price (03 Aug 26 15:30) Rs444.25

fx rates inflated raw material cost despite a stable LME lead price. Outlook Target price Rs510.00↑

is positive, with strong demand trends across segments, in both rural and

from Rs410.00urban markets. The Li-ion cell plant is approaching its commercialization

phase, with the company having already commenced customer sample Expected share price return 14.8%

deliveries. We increase our estimates for the core business to reflect better Expected dividend yield 0.6%

revenue and margin trends. We also increase our target core P/E multiple to

Expected total return 15.4%20x from 17x to reflect higher confidence on earnings growth. The

contribution from the Li ion cell plant is retained at Rs150/sh (based on 2.5x Market Cap Rs377,613M

investment for Ph-1), as we await greater clarity on customers and revenue US$3,959M

stream. TP changes to Rs510 from Rs410. Maintain Buy.

Strong growth outlook for the core business — Volume growth in 1QFY27 was 1)

10%YoY in 4W replacement, 2) 21%YoY in 4W OEM, 3) 20%YoY in 2W OEM and 4) 12- Price Performance

14% YoY in solar segment. Blended price hike of 4-6%YoY further highlights and all-