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Amara Raja Energy & Mobility Ltd.
NSE: ARE&MIndustrialsElectrical Equipment & Parts
- Last close
- ₹687.20
- Day change
- −₹14.00 (−2.00%)vs
- Market cap
- ₹13,599 crIndian rupees
- Research updated
- 1 report
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About Amara Raja Energy & Mobility
Amara Raja Energy & Mobility Ltd. is a prominent player in the Indian energy and mobility sector. Known for its innovative approach to energy solutions, the company focuses on developing and manufacturing advanced battery technologies and energy storage products. These solutions cater to a variety of applications including automotive, industrial, and renewable energy sectors. A key feature of Amara Raja Energy & Mobility is its commitment to sustainable energy, where it leverages cutting-edge technology to improve energy efficiency and reduce carbon footprint. The company's operations significantly impact industries like electric vehicles, portable power solutions, and large-scale energy storage systems, thereby supporting the transition to cleaner energy. With a strong presence in both the domestic market and emerging international markets, Amara Raja plays a critical role in supporting renewable energy initiatives and fostering advancements in mobility technologies. Its contributions are vital for meeting the growing energy demands and enhancing the eco-friendly landscape in alignment with global energy trends.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: ARE&M
- Next results
- Employees
- 10,763
- Headquarters
- Hyderabad, India
- ISIN
- INE885A01032
- Website
- amararajaeandm.com
Public research · Report of
Business model & financial foundation
Amara Raja Energy & Mobility (NSE: ARE&M), Lead-acid batteries and emerging lithium-ion energy storage: revenue of ₹13,814 crore in FY26 (+7.5% on FY25), an EBITDA margin of 10.8%, net profit of ₹895.8 crore and net cash of ₹61.5 crore.
- Revenue, FY26 (₹ crore)
- 13,814
- consolidated
- Revenue growth, FY26
- +7.5%
- on FY25
- EBITDA margin, FY26
- 10.8%
- EBITDA excluding other income and exceptional items / revenue
- Net profit, FY26 (₹ crore)
- 895.8
- to owners
- Return on equity, FY26
- 11.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -61.5
- Borrowings less cash equivalents and current investments
- Market capitalisation (₹ crore)
- 14,487
- at the close of 17 Oct 2026
Company profile
Manufactures automotive and industrial lead-acid batteries sold through OEM and replacement channels under Amaron and PowerZone brands. Investing in recycling and lithium-ion cells, packs and stationary storage through wholly owned subsidiaries; the cash-generating lead-acid franchise funds a capital-intensive new-energy build.
| Item | Value |
|---|---|
| Legal name | Amara Raja Energy & Mobility Limited (formerly Amara Raja Batteries Limited) |
| Exchange and ticker | NSE: ARE&M; BSE: 500008 |
| ISIN | INE885A01032 |
| CIN | L31402AP1985PLC005305 |
| Sector | Industrials |
| Industry | Lead-acid batteries and emerging lithium-ion energy storage |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP and K.S. Rao & Co. (since 2025) |
| Market capitalisation | ₹14,487 crore (17 Oct 2026) |
| Shares outstanding | 18.30 crore shares (FY26) |
| Price | ₹743.0 (close, 17 Oct 2026) |
| 52-week range | ₹670.0 - ₹1,023 (to 17 Oct 2026) |
| Website | https://www.amararajaeandm.com |
Corporate structure and shareholding
No subsidiary is recorded.
Material wholly owned subsidiaries confirmed in issuer disclosures include Amara Raja Advanced Cell Technologies, Amara Raja Circular Solutions and Amara Raja Power Systems. Subsidiary investments and losses are included in the consolidated analytical basis.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 32.86% | 32.86% | 32.86% | 32.86% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 17.37% | 17.31% | 17.34% | 17.24% |
| Domestic institutions | 17.12% | 16.95% | 15.31% | 14.93% |
| of which mutual funds | 7.05% | 7.17% | 5.88% | 5.50% |
| Retail | 32.63% | 32.88% | 34.50% | 34.96% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Amara Raja Energy & Mobility manufactures automotive and industrial lead-acid batteries for OEMs, replacement distributors and export customers, principally under Amaron and PowerZone. Replacement demand and distribution support the incumbent franchise; industrial applications include UPS, telecom, rail and stationary power. Subsidiary recycling, packs, cells and power systems expand the opportunity but consume the incumbent's cash. Consolidated reporting is the investment basis: parent-only earnings exclude subsidiary losses and investment economics. Material subsidiaries are confirmed wholly owned; the identity note no longer describes verification as unfinished.
The company controls manufacturing, distribution, pricing actions and investment timing, but not lead prices, customer price-pass-through acceptance, imported technology availability or cell qualification. New-energy segment sales must not be confused with a profitable qualified-cell business. Exact absolute battery volumes and realizations were not found as a continuous disclosed series; the model therefore uses segment-revenue growth proxies, not a fabricated volume-times-price model. Full extraction is in financials-annual.json, financials-quarterly.json, segments.json and kpis.json.
| Segment | revenue, FY26 (₹ crore) | Share | reported result, FY26 (₹ crore) | Share | pbt bridge, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Lead acid batteries and allied products | 13,005 | 94.1% | 1,270 | 111.9% | ||
| New energy business (formerly Others) | 808.7 | 5.9% | -135.2 | -11.9% | ||
| Unallocable income net of unallocable expenditure | 71.6 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Exide Industries (EXIDEIND) | Closest organised lead-acid and lithium-cell investment competitor. |
| HBL Engineering (HBLENGINE) | |
| Uno Minda (UNOMINDA) | Auto electrification components; growth comparison, not a direct battery peer. |
| Sona BLW Precision Forgings (SONACOMS) | EV drivetrain exposure; structurally different margin and export mix. |
| Endurance Technologies (ENDURANCE) | Auto component cash generation and return-on-capital benchmark. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 8,655 | 10,339 | 11,708 | 12,846 | 13,814 |
| Cost of revenue (vendor classification) * | 6,249 | 7,150 | 8,012 | 8,849 | 9,561 |
| Other operating costs (vendor classification) * | 909.2 | 1,134 | 1,291 | 1,548 | 1,788 |
| EBITDA (vendor classification) * | 1,100 | 1,526 | 1,741 | 1,686 | 1,572 |
| EBIT * | 705.5 | 1,025 | 1,280 | 1,302 | 1,237 |
| Finance costs | 14.3 | 28.3 | 34.4 | 44.3 | 44.5 |
| Profit before tax | 691.1 | 996.7 | 1,250 | 1,273 | 1,207 |
| Total current and deferred tax expense | 178.6 | 265.8 | 315.8 | 328.5 | 311.1 |
| Profit after tax | 512.6 | 730.8 | 934.4 | 944.7 | 895.8 |
| Diluted EPS (₹) | 30.01 | 39.93 | 51.05 | 51.62 | 48.95 |
| Materials, traded goods purchases and signed inventory change | 7,860 | 8,680 | 9,375 | ||
| Employee benefits expense | 734.7 | 823.0 | 955.0 | ||
| Other expenses | 1,456 | 1,727 | 1,987 | ||
| EBITDA excluding other income and exceptional items | 1,659 | 1,616 | 1,497 | ||
| Other income | 110.4 | 115.6 | 106.2 | ||
| Depreciation and amortisation | 484.3 | 525.7 | 607.2 | ||
| Exceptional income / (charge) | 0.00 | 111.1 | 255.3 | ||
| Profit after tax attributable to owners | 934.4 | 944.7 | 895.8 | ||
| Current income tax expense including prior-year adjustments | 325.8 | 321.3 | |||
| Deferred income tax expense / (credit) | 2.72 | -10.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 4,552 | 6,007 | 6,799 | 7,389 | 8,099 |
| Borrowings excluding separately reported lease liabilities | 125.9 | 111.1 | 53.3 | 144.6 | 276.5 |
| Cash and cash equivalents | 34.9 | 94.9 | 98.3 | 157.8 | 226.0 |
| Trade receivables net of loss allowance | 792.0 | 886.6 | 1,136 | 1,263 | 1,243 |
| Inventories | 1,805 | 1,734 | 1,948 | 2,195 | 2,515 |
| Trade payables including MSME and other creditors | 805.5 | 757.7 | 856.5 | 1,087 | 1,184 |
| Net property, plant and equipment excluding ROU and CWIP | 18.5 | 18.5 | 18.5 | 3,116 | 3,770 |
| Capital work in progress excluding intangible development | 943.8 | 308.1 | 803.7 | 1,298 | 1,585 |
| Total assets * | 6,376 | 7,962 | 8,978 | 10,168 | 11,457 |
| Current and noncurrent lease liabilities | 90.3 | 103.4 | 116.2 | 129.7 | |
| Current investments treated as liquidity | 329.4 | 111.9 | |||
| Other bank balances excluded from net-debt liquidity | 16.8 | 32.7 | |||
| Borrowings less cash equivalents and current investments | -342.7 | -61.5 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 347.5 | 789.4 | 1,266 | 1,351 | 1,118 |
| Free cash flow (vendor definition) * | -127.7 | 433.9 | 394.6 | 151.2 | -222.8 |
| Cash dividends paid (negative outflow) | -170.8 | -58.1 | -136.7 | -190.4 | -194.0 |
| Cash purchase of property, plant and equipment including CWIP | -759.8 | -509.6 | -871.5 | -1,200 | -1,341 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued shares outstanding at year end | 17.08 | 18.30 | 18.30 | 18.30 | 18.30 |
| Weighted-average shares: common basic and diluted denominator | 18.30 | 18.30 | |||
| Tax at statutory rate 25.168% | 320.4 | 303.8 | |||
| Prior-year current tax adjustment | 1.07 | 1.58 | |||
| Tax effect of nondeductible expenses | 9.55 | 6.62 | |||
| Deferred tax adjustment relating to earlier years | 1.14 | 0.54 | |||
| Tax effect of concessions and allowances | -4.54 | -1.40 | |||
| Other tax reconciliation adjustments | 0.85 | 0.03 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,251 | 3,272 | 3,060 | 3,401 | 3,467 | 3,410 | 3,536 | 4,215 |
| Cost of revenue (vendor classification) * | 2,194 | 2,188 | 2,052 | 2,384 | 2,266 | 2,423 | 2,976 | |
| Other operating costs (vendor classification) * | 415.5 | 466.8 | 466.2 | 431.1 | 534.8 | 481.4 | 565.7 | |
| EBITDA (vendor classification) * | 458.2 | 440.5 | 366.7 | 382.0 | 406.6 | 412.3 | 425.4 | |
| EBIT * | 330.7 | 420.0 | 222.6 | 239.9 | 202.1 | 435.7 | 266.6 | |
| Finance costs | 13.6 | 11.3 | 10.0 | 10.9 | 9.00 | 9.81 | 14.8 | 11.9 |
| Profit before tax | 317.1 | 408.8 | 212.6 | 228.9 | 364.8 | 192.2 | 420.9 | 254.6 |
| Total current and deferred tax expense | 81.5 | 110.4 | 51.1 | 64.1 | 88.3 | 52.1 | 106.6 | 63.7 |
| Profit after tax | 235.6 | 298.4 | 161.6 | 164.8 | 276.5 | 140.2 | 314.3 | 190.9 |
| Diluted EPS (₹) | 12.87 | 16.30 | 8.83 | 9.00 | 15.11 | 7.66 | 17.17 | 10.43 |
| Materials, traded goods purchases and signed inventory change | 2,194 | 2,188 | 2,052 | 2,384 | 2,302 | 2,266 | 2,423 | 2,976 |
| Employee benefits expense | 208.4 | 211.6 | 201.5 | 222.4 | 251.0 | 235.8 | 245.7 | 266.7 |
| Other expenses | 415.5 | 466.8 | 466.2 | 431.1 | 539.5 | 534.8 | 481.4 | 565.7 |
| EBITDA excluding other income and exceptional items | 432.7 | 405.8 | 340.9 | 363.5 | 374.3 | 373.8 | 385.5 | 405.9 |
| Other income | 25.5 | 34.7 | 25.8 | 18.5 | 28.1 | 32.8 | 26.8 | 19.5 |
| Depreciation and amortisation | 127.5 | 131.5 | 144.1 | 142.2 | 150.3 | 156.9 | 157.8 | 158.9 |
| Exceptional income / (charge) | 0.00 | 111.1 | 0.00 | 0.00 | 121.8 | -47.6 | 181.2 | 0.00 |
| Profit after tax attributable to owners | 235.6 | 298.4 | 161.6 | 164.8 | 276.5 | 140.2 | 314.3 | 190.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.3% | 19.5% | 13.2% | 9.7% | 7.5% |
| EBITDA margin | 14.2% | 12.6% | 10.8% | ||
| Net margin | 8.0% | 7.4% | 6.5% | ||
| Return on equity | 14.6% | 13.3% | 11.6% | ||
| Return on capital employed | 15.7% | 19.0% | 19.7% | 18.1% | 15.5% |
| Return on assets | 11.0% | 9.9% | 8.3% | ||
| Net debt (₹ crore) | -342.7 | -61.5 | |||
| Net debt / EBITDA | -0.21x | -0.04x | |||
| Interest cover | 49.2x | 36.2x | 37.2x | 29.4x | 27.8x |
| Asset turnover | 1.42x | 1.44x | 1.38x | 1.34x | 1.28x |
| Receivable days | 33 | 31 | 35 | 36 | 33 |
| Inventory days (on revenue) | 76 | 61 | 61 | 62 | 66 |
| Payable days (on revenue) | 34 | 27 | 27 | 31 | 31 |
| Cash conversion | 1.35x | 1.43x | 1.25x | ||
| Capex intensity | 8.8% | 4.9% | 7.4% | 9.3% | 9.7% |
| Free cash flow (₹ crore) | -412.3 | 279.8 | 394.6 | 151.2 | -222.8 |
| Dividend payout | 14.6% | 20.1% | 21.7% | ||
| EPS, diluted (₹) | 30.01 | 39.93 | 51.05 | 51.62 | 48.95 |
| Book value per share (₹) | 266.5 | 328.2 | 371.5 | 403.7 | 442.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and exceptional items / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash equivalents and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and exceptional items.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on Amara Raja Energy & Mobility
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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