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Buy Exide Industries; target of Rs 215: Sharekhan

Sharekhan is bullish on Exide Industries has recommended buy rating on the stock with a target price of Rs 215 in its research report dated November 15, 2022.

November 21, 2022 / 03:09 PM IST
 
 
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Sharekhan's research report on Exide Industries

The stock trades at an attractive valuation at P/E multiple of 11.4x and EV/EBITDA multiple of 6.8x its FY2024E estimates. Exide Industries (Exide) reported mixed results in Q2FY23, with revenues below our expectations by 9.5%, while EBITDA margins expanded 30 bps more than expectations. Exide is expected to benefit from a robust automotive and industrial demand and expects its market share to grow in both OEMs and replacement markets.

Outlook

The company plans its 12-gigawatt lithium-ion cell manufacturing plant to start production by FY24 and fully operative by FY26, with a total investment of Rs6,000 crore from internal accruals.

For all recommendations report, click here

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Exide Industries - 21 -11-2022 - khan

Broker Research
first published: Nov 21, 2022 03:09 pm

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