Exide Industries: Motilal Oswal Reiterates Neutral Rating on 2QFY26 Earnings Miss, Cautious on Lithium-ion

Overview

Motilal Oswal's research report highlights Exide Industries' 2QFY26 Profit After Tax (PAT) miss due to lower-than-expected revenue, primarily impacted by channel destocking and weak demand. While management expects a revival in 2H FY26, the firm has cut EPS estimates and remains cautious on the long-term returns from Exide's lithium-ion venture. The stock is considered fairly valued at current multiples, leading to a reiterated Neutral rating with a price target of INR368.