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Last Updated on: 24 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo

Exide Industries Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 22, 2024, 11:19 pm

Market Cap 36,018 Cr.
Current Price 424
High / Low620/278
Stock P/E43.1
Book Value 163
Dividend Yield0.47 %
ROCE10.2 %
ROE7.05 %
Face Value 1.00
PEG Ratio18.59

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Exide Industries Ltd

Competitors of Exide Industries Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
PAE Ltd 4.86 Cr. 4.666.25/4.11 26.90.00 %%% 10.0
HBL Power Systems Ltd 15,531 Cr. 561724/33044.9 49.50.09 %35.9 %27.7 % 1.00
Goldstar Power Ltd 261 Cr. 10.818.2/10.184.8 1.220.00 %17.5 %15.5 % 1.00
Exide Industries Ltd 36,018 Cr. 424620/27843.1 1630.47 %10.2 %7.05 % 1.00
Industry Average17,270.00 Cr250.1257.6060.160.14%21.20%16.75%3.25

All Competitor Stocks of Exide Industries Ltd

Quarterly Result

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales2,8913,0242,5663,3893,3123,5234,0223,8413,5383,6774,2454,3723,980
Expenses2,4932,5952,3932,9662,9323,1913,6343,4103,1403,3053,8073,8723,548
Operating Profit399429173423379332387431398372438499432
OPM %14%14%7%12%11%9%10%11%11%10%10%11%11%
Other Income299516-27-43,83230362436233825
Interest10111311152116181921243032
Depreciation99101106107111116122123127131132141145
Profit before tax319412692782504,026280326276256304366281
Tax %25%22%54%30%29%2%28%26%28%29%26%26%28%
Net Profit240320321941783,953202241198181224270203
EPS in Rs2.843.790.392.312.1046.582.392.842.342.122.623.172.36

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales5,2726,3088,2549,4719,47711,17912,80814,72114,47110,35912,78915,07815,832
Expenses4,5235,4527,3858,5288,2899,80511,40013,15913,0148,99411,38713,48514,125
Operating Profit7498558699441,1871,3741,4081,5621,4571,3661,4021,5931,707
OPM %14%14%11%10%13%12%11%11%10%13%11%11%11%
Other Income415673945910221148401323,725125120
Interest19121497915311411710837647994
Depreciation108122140155175226267344418394440502532
Profit before tax6637777878749921,0971,0481,2499721,0684,6231,1381,202
Tax %30%31%31%29%29%27%34%32%22%25%6%28%
Net Profit4495515466167008046948477628034,357823874
EPS in Rs5.256.466.417.238.209.428.139.959.149.5351.389.6810.25
Dividend Payout %29%25%28%30%29%25%30%24%45%21%4%21%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)22.72%-0.91%12.82%13.64%14.86%-13.68%22.05%-10.04%5.38%442.59%-81.11%
Change in YoY Net Profit Growth (%)0.00%-23.62%13.73%0.82%1.22%-28.54%35.73%-32.08%15.42%437.21%-523.70%

Exide Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:3%
3 Years:17%
TTM:8%
Compounded Profit Growth
10 Years:5%
5 Years:2%
3 Years:2%
TTM:-4%
Stock Price CAGR
10 Years:10%
5 Years:17%
3 Years:36%
1 Year:51%
Return on Equity
10 Years:16%
5 Years:17%
3 Years:19%
Last Year:7%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 12:33 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital85858585858585858585858585
Reserves2,9953,3753,7564,3054,9475,3446,0226,3827,18710,49911,04712,80113,740
Borrowings51355811518760891965095205881,1231,867
Other Liabilities8,1788,9999,98910,86612,54614,32616,23517,68820,6252,7993,0374,1404,592
Total Liabilities11,30912,49413,88715,37017,76519,81522,43124,35128,40613,90214,75818,14920,284
Fixed Assets1,6771,6861,7811,9752,2592,6813,0803,2483,5993,3613,6823,8534,061
CWIP61631151921492413004054313415251,3522,464
Investments6,7877,8908,81710,44611,88412,49014,32815,81618,8075,5585,1065,9406,774
Other Assets2,7842,8553,1752,7573,4744,4024,7234,8835,5704,6425,4447,0046,985
Total Assets11,30912,49413,88715,37017,76519,81522,43124,35128,40613,90214,75818,14920,284

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +3998721801,5839379141,6871,6192,263617681,531
Cash from Investing Activity +-86-591-61-1,329-727-535-1,438-1,097-2,08266-799-1,458
Cash from Financing Activity +-155-215-199-167-182-386-217-532-170-172-30110
Net Cash Flow15866-798728-632-911-45-61183

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow749.00804.00834.00886.00-114.00-186.00-59.00-88.00-195.00-508.00-519.00-587.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days342927282431312738313030
Inventory Days126118129106131120107138144120121124
Days Payable89100829693918192130786587
Cash Conversion Cycle714774376160567352748567
Working Capital Days401222216231723-11445037
ROCE %27%24%23%26%26%23%21%17%14%11%10%10%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthDec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
Promoters45.99%45.99%45.99%45.99%45.99%45.99%45.99%45.99%45.99%45.99%45.99%45.99%
FIIs9.63%10.13%10.40%10.48%10.96%12.32%12.86%12.81%12.94%13.57%13.74%12.31%
DIIs20.61%19.16%17.83%17.82%19.56%18.92%19.77%19.05%19.24%18.57%17.87%17.96%
Public23.77%24.71%25.78%25.71%23.49%22.76%21.36%22.14%21.82%21.88%22.39%23.73%
No. of Shareholders6,96,5698,04,2888,37,7888,11,8407,30,8087,17,7856,94,1888,18,6818,63,8429,43,33110,75,62611,96,190

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Emerging Equity Fund - Regular Plan22,419,2041.75638.395,000,0002024-11-20348.38%
Aditya Birla Sun Life Flexi Cap Fund9,264,6841.45263.815,000,0002024-11-2085.29%
Kotak Small Cap Fund - Regular Plan7,781,9801.66221.595,000,0002024-11-2055.64%
Kotak Equity Opportunities Fund - Regular Plan7,600,2471.31216.425,000,0002024-11-2052%
ICICI Prudential Value Discovery Fund6,631,3130.54188.835,000,0002024-11-2032.63%
DSP ELSS Tax Saver Fund6,187,9701.4176.25,000,0002024-11-2023.76%
DSP Equity Opportunities Fund5,001,8191.48142.435,000,0002024-11-200.04%
Nippon India Multi Cap Fund5,000,0000.63142.385,000,0002024-11-200%
Franklin India Smaller Companies Fund4,118,8881.09117.295,000,0002024-11-20-17.62%
Kotak Equity Arbitrage Fund - Regular Plan3,758,4000.34107.025,000,0002024-11-20-24.83%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue1.001.001.001.001.00
Basic EPS (Rs.)10.319.6851.389.539.14
Diluted EPS (Rs.)10.319.6851.389.539.14
Cash EPS (Rs.)16.9715.5856.4414.5613.89
Book Value[Excl.RevalReserv]/Share (Rs.)151.78131.07124.9986.1076.64
Book Value[Incl.RevalReserv]/Share (Rs.)151.78131.07124.9986.1076.64
Revenue From Operations / Share (Rs.)197.29177.39150.46179.96170.25
PBDIT / Share (Rs.)22.4420.1617.2019.4217.74
PBIT / Share (Rs.)15.8414.2512.0314.3212.83
PBT / Share (Rs.)14.4813.3811.3112.6511.44
Net Profit / Share (Rs.)10.389.6851.279.468.97
NP After MI And SOA / Share (Rs.)10.319.6851.389.539.14
PBDIT Margin (%)11.3711.3611.4310.7910.42
PBIT Margin (%)8.038.037.997.957.53
PBT Margin (%)7.337.547.517.026.71
Net Profit Margin (%)5.265.4534.075.255.27
NP After MI And SOA Margin (%)5.225.4534.145.295.36
Return on Networth / Equity (%)6.807.3941.2611.1312.01
Return on Capital Employeed (%)9.8210.319.215.095.16
Return On Assets (%)4.835.5731.392.823.18
Long Term Debt / Equity (X)0.010.010.010.010.00
Total Debt / Equity (X)0.050.020.010.010.01
Asset Turnover Ratio (%)1.021.040.580.590.64
Current Ratio (X)1.411.881.821.301.66
Quick Ratio (X)0.530.740.800.750.92
Inventory Turnover Ratio (X)3.143.593.442.743.06
Dividend Payout Ratio (NP) (%)19.390.000.0020.9944.86
Dividend Payout Ratio (CP) (%)11.820.000.0013.6729.17
Earning Retention Ratio (%)80.610.000.0079.0155.14
Cash Earning Retention Ratio (%)88.180.000.0086.3370.83
Interest Coverage Ratio (X)16.4423.2023.9911.6115.61
Interest Coverage Ratio (Post Tax) (X)8.6112.1412.416.659.12
Enterprise Value (Cr.)26264.1115278.0912889.7015426.6510928.97
EV / Net Operating Revenue (X)1.571.011.011.010.75
EV / EBITDA (X)13.778.928.829.347.25
MarketCap / Net Operating Revenue (X)1.541.001.001.020.77
Retention Ratios (%)80.600.000.0079.0055.13
Price / BV (X)2.011.361.212.151.73
Price / Net Operating Revenue (X)1.541.001.001.020.77
EarningsYield0.030.050.340.050.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Exide Industries Ltd as of November 24, 2024 is: 497.61

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of November 24, 2024, Exide Industries Ltd is Undervalued by 17.36% compared to the current share price 424.00

Intrinsic Value of Exide Industries Ltd as of November 24, 2024 is: 509.15

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 24, 2024, Exide Industries Ltd is Undervalued by 20.08% compared to the current share price 424.00

Last 5 Year EPS CAGR: 2.32%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 19.33%, which is a positive sign.
  2. The stock has a low average Working Capital Days of 22.92, which is a positive sign.
  3. The company has higher reserves (7,107.69 cr) compared to borrowings (415.23 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (10.77 cr) and profit (390.38 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 63.08, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Exide Industries Ltd:
    1. Net Profit Margin: 5.26%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 9.82% (Industry Average ROCE: 21.2%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 6.8% (Industry Average ROE: 16.75%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 8.61
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 0.53
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 43.1 (Industry average Stock P/E: 57.6)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.05
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

Exide Industries Ltd. is a Public Limited Listed company incorporated on 31/01/1947 and has its registered office in the State of West Bengal, India. Company’s Corporate Identification Number(CIN) is L31402WB1947PLC014919 and registration number is 014919. Currently Company is involved in the business activities of Manufacture of batteries and accumulators. Company’s Total Operating Revenue is Rs. 12381.69 Cr. and Equity Capital is Rs. 85.00 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Auto Ancl - BatteriesExide House, Kolkata West Bengal 700020exideindustrieslimited@exide.co.in
http://www.exideindustries.com
Management
NamePosition Held
Mr. Bharat Dhirajlal ShahChairman & Ind.Director
Mr. R B RahejaVice Chairman, Non Exe&Non Ind.Director
Mr. Avik Kumar RoyManaging Director & CEO
Mr. A K MukherjeeDirector - Finance & CFO
Ms. Mona N DesaiIndependent Director
Mr. Sridhar GorthiIndependent Director
Mr. Surin KapadiaIndependent Director
Ms. Radhika Govind RajanIndependent Director

FAQ

What is the latest intrinsic value of Exide Industries Ltd?

The latest intrinsic value of Exide Industries Ltd as on 23 November 2024 is ₹497.61, which is 17.36% higher than the current market price of ₹424.00.

What is the Market Cap of Exide Industries Ltd?

The Market Cap of Exide Industries Ltd is 36,018 Cr..

What is the current Stock Price of Exide Industries Ltd as on 23 November 2024?

The current stock price of Exide Industries Ltd as on 23 November 2024 is 424.

What is the High / Low of Exide Industries Ltd stocks in FY 2024?

In FY 2024, the High / Low of Exide Industries Ltd stocks is 620/278.

What is the Stock P/E of Exide Industries Ltd?

The Stock P/E of Exide Industries Ltd is 43.1.

What is the Book Value of Exide Industries Ltd?

The Book Value of Exide Industries Ltd is 163.

What is the Dividend Yield of Exide Industries Ltd?

The Dividend Yield of Exide Industries Ltd is 0.47 %.

What is the ROCE of Exide Industries Ltd?

The ROCE of Exide Industries Ltd is 10.2 %.

What is the ROE of Exide Industries Ltd?

The ROE of Exide Industries Ltd is 7.05 %.

What is the Face Value of Exide Industries Ltd?

The Face Value of Exide Industries Ltd is 1.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Exide Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE