India · Delayed Price · Currency is INR Amara Raja Energy & Mobility Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 revenue grew 15% year-over-year, led by strong domestic OEM and tubular battery growth, while new energy business expanded 1.5x. Margins remained resilient despite raw material inflation, with further price hikes likely. Strategic focus is shifting toward energy storage systems, with major CapEx planned for new energy projects.
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Q3 FY26 revenue grew 4.2% YoY to INR 3,410 crore, with strong four-wheeler OEM and new energy growth, but export and telecom lead-acid volumes declined due to tariffs and chemistry migration. Margins were pressured by raw material costs, but price hikes and recycling helped offset some impact.
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Q2 revenue grew 6.5% YoY to INR 3,467 crore, led by strong OEM and new energy business growth. Margins were impacted by a one-time EPR provision, but gross margin improved sequentially. CapEx focus remains on new energy, with gigafactory production targeted for H1 2027.
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Q1 FY26 revenue grew 4% year-over-year to INR 3,401 crore, with strong domestic OEM and aftermarket growth offset by export declines. Margins were subdued at 11.5% due to higher costs, but improvement is expected as power and trading mix normalize. Major investments continue in new energy and gigafactory projects.
Fiscal Year 2025
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Q4 FY25 revenue grew 5% YoY to INR 3,060 crore, with strong domestic aftermarket and OEM growth offsetting export and telecom weakness. Margins were pressured by higher material and power costs, but new manufacturing and recycling initiatives are expected to support margin recovery.
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Q3 FY25 revenue grew 7.5% year-over-year to INR 3,272 crores, led by strong automotive and industrial battery volumes, while telecom declined due to lithium transition. Margins were impacted by higher power and metal costs, but growth momentum and capacity expansions continue across segments.
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Revenue grew 10% year-over-year to INR 3,250 crore, led by strong aftermarket and export growth in four-wheeler and two-wheeler batteries, while industrial and new energy segments faced headwinds. Margin dilution was driven by higher trading revenue and input costs, but new manufacturing and recycling plants are expected to improve profitability in coming quarters.
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Revenue grew 13% year-over-year, with strong volume gains in both domestic and international automotive segments and robust new energy business growth. Operating margin improved, but input cost pressures and higher trading mix diluted sequential margins. Major CapEx and recycling initiatives are underway, with a debt-free position maintained.