ARE&M

Amara Raja Energy & Mobility share price & financials

India's largest lead-acid battery maker (Amaron); scaling lithium-ion cells & energy storage.

Price: ₹795.3
Market cap: ₹14.5k Cr
Sector: Automobile and Auto Components
Calls analysed: 7

Open Amara Raja Energy & Mobility Limited in Inve Case →

Latest concall · Q1 FY27 · call held 11 Aug 2026

Amara Raja Energy & Mobility Limited Q1 FY27

Consolidated Revenue ₹4,215 cr +24%Standalone EBITDA Margin 10.1%

What went well

Consolidated revenue grew around 24% to INR4,215 crores in Q1 FY27.
New energy business demonstrated strong growth of more than 70%, reaching INR209 crores in revenue.
Automotive aftermarket volumes (4-wheeler and 2-wheeler) grew by around 15%.

What to watch

Standalone EBITDA margin was around 10.1% and consolidated margin stood at 9.6%, impacted by elevated material costs and increased strategic spending.
Automotive international revenue degrew by around 20% due to significant volume drop in the Middle East market.

Read the full call →

What Amara Raja Energy & Mobility Limited does

Amara Raja Energy & Mobility manufactures lead-acid batteries for automotive (2W/3W/4W/CV) and industrial (telecom, railways, UPS, solar, data centres) applications under the Amaron, PowerZone and Quanta brands, sold domestically and exported to over 70 countries. It earns through a large franchise/dealer distribution network and OEM supply contracts with automakers, plus a growing New Energy business (under wholly-owned subsidiary ARACT) making lithium-ion cells, battery packs and EV/AC-DC charging products. The company also runs a captive lead-recycling operation that feeds raw material back into its battery plants, and sells lubricants under the Amaron Hi-Life brand.

Segments

Lead Acid Battery (Automotive & Industrial)
New Energy Business (NEB)

Manufacturing facilities: 14 facilities across Andhra Pradesh, Telangana and Tamil Nadu
Automotive battery capacity: ~70 million units annualized
Industrial battery capacity: ~2.4 billion Ah annualized
Export presence: 70+ countries
Domestic automotive distribution network: 17 branches, 1,500+ direct dealer partners, 100,000+ points of sale
Lead recycling capacity: 100,000 MT/annum current, eventual capacity 150,000 MT/annum (Cheyyar, Tamil Nadu)

Founded 1985Employees 12,000 (FY26 (Mar 2026))

Guidance record · Q1 FY27

updates from the last two tracked quarters 18 tracked 1 delivered 2 missed 15 open

New Energy Revenue Share delivered said Q2 FY26 Promised: 5% by end of FY26 Q1 FY27: FY26 has concluded. The promise was achieved.
Export Volume Growth missed said Q3 FY25 Promised: Double Digit by year end FY25 Q1 FY27: Automotive international revenue degrew by around 20% YoY, continuing the negative trend.
EBITDA Margin at risk said Q4 FY25 Promised: 14% (Medium Term) Q1 FY27: Consolidated EBITDA margin fell to 9.6%, moving further away from the 14% medium-term target.

All 18 tracked — see the targets, revisions and supporting evidence.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 20.6%, net profit up 4.6% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	3,136	3,164	2,974	3,350	3,388 +8%	3,351 +6%	3,460 +16%	4,041 +21%
Expenses	2,695	2,748	2,632	2,963	2,982	2,976	3,083	3,634
EBITDA	441	416	342	387	406 −8%	374 −10%	377 +10%	407 +5%
Margin	14%	13%	12%	12%	12%	11%	11%	10%
Other income	18	140	20	14	146	-17	209	16
Interest	13	11	9	10	8	9	13	11
Depreciation	122	123	128	129	138	141	140	140
Profit before tax	324	422	224	261	406 +25%	207 −51%	433 +93%	272 +4%
Tax rate	26%	26%	26%	26%	25%	27%	26%	26%
Net profit	241	312	167	194	302 +25%	152 −51%	322 +93%	203 +5%
EPS	13.15	17.04	9.11	10.60	16.52	8.29	17.61	11.08

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −23.3% 1Y

1Y: ₹1,036.75 on 16 Sept 2025 → ₹795.3. High ₹1,036.75 (16 Sept 2025), low ₹672.45 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +8.1%; 11 Aug
Q4 FY26: +0.7%; 26 May
Q3 FY26: −5.5%; 12 Feb
Q2 FY26: −0.9%; 7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Valuation and ratios

Current values use the same calculations as the financial screener. Compare FY and TTM where available. Each ratio shows its reporting period.

Return on capital employed: 12.67%; TTM to Jun 2026; How it is calculated

Adjusted EBIT ÷ average capital employed, including minority equity and deposits.; 12.17%; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Return on equity: 9.43%; TTM to Jun 2026; How it is calculated

Adjusted profit attributable to owners ÷ average owners’ equity.; 7.18%; FY ending Mar 2026; How it is calculated

Adjusted profit attributable to owners ÷ average owners’ equity.
Return on assets: 6.77%; TTM to Jun 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ average total assets.; 5.15%; FY ending Mar 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ average total assets.
Operating margin (EBITDA): 10.53%; TTM to Jun 2026; How it is calculated

Operating profit ÷ revenue.; 10.89%; FY ending Mar 2026; How it is calculated

Operating profit ÷ revenue.
Net margin: 4.99%; TTM to Jun 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ revenue.; 4.02%; FY ending Mar 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ revenue.
Free cash flow margin: -1.59%; FY ending Mar 2026; How it is calculated

(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Cash conversion (CFO/PAT): 124.78%; FY ending Mar 2026; How it is calculated

Operating cash flow ÷ reported total net profit.
Capex intensity: 9.71%; FY ending Mar 2026; How it is calculated

Fixed-asset purchases ÷ revenue.
Revenue growth (YoY): 12.66%; TTM to Jun 2026; How it is calculated

Revenue change against the same period one year earlier.; 7.54%; FY ending Mar 2026; How it is calculated

Revenue change against the same period one year earlier.
PAT growth (YoY): -7.01%; TTM to Jun 2026; How it is calculated

Adjusted profit attributable to owners vs the same period one year earlier.; -28.17%; FY ending Mar 2026; How it is calculated

Adjusted profit attributable to owners vs the same period one year earlier.
EBITDA growth (YoY): -0.26%; TTM to Jun 2026; How it is calculated

Operating profit vs the same period one year earlier.; -7.21%; FY ending Mar 2026; How it is calculated

Operating profit vs the same period one year earlier.
Debt to equity: 0.05×; FY ending Mar 2026; How it is calculated

Borrowings ÷ owners’ equity.
Interest coverage: 22.25×; TTM to Jun 2026; How it is calculated

Adjusted EBIT ÷ interest expense.; 21.84×; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ interest expense.
Asset turnover: 1.36×; TTM to Jun 2026; How it is calculated

Revenue ÷ average total assets.; 1.28×; FY ending Mar 2026; How it is calculated

Revenue ÷ average total assets.
Net debt: ₹147.00 Cr; FY ending Mar 2026; How it is calculated

Borrowings less cash equivalents.
Net debt / EBITDA: 0.09×; TTM to Jun 2026; How it is calculated

(Borrowings − cash equivalents) ÷ adjusted EBITDA.; 0.09×; FY ending Mar 2026; How it is calculated

(Borrowings − cash equivalents) ÷ adjusted EBITDA.
Financial leverage (average assets/equity): 1.33×; FY ending Mar 2026; How it is calculated

Average total assets ÷ closing owners’ equity.
Net interest income: —; TTM to Jun 2026; How it is calculated

Interest earned less interest expense.; —; FY ending Mar 2026; How it is calculated

Interest earned less interest expense.
Deposit growth: —; FY ending Mar 2026; How it is calculated

Deposits vs the same period one year earlier.
Price to earnings: 19.91×; TTM to Jun 2026; How it is calculated

Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.; 26.14×; FY ending Mar 2026; How it is calculated

Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Price to book: 1.79×; TTM to Jun 2026; How it is calculated

Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
EV / EBITDA: 8.91×; TTM to Jun 2026; How it is calculated

(Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.; 9.23×; FY ending Mar 2026; How it is calculated

(Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Earnings yield: 6.97%; TTM to Jun 2026; How it is calculated

Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.; 6.69%; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Debtor days: 33.00 days; FY ending Mar 2026; How it is calculated

Reported receivable days from the annual accounts.
Inventory days: 98.00 days; FY ending Mar 2026; How it is calculated

Reported inventory days, using material cost / cost of goods sold.
Days payable: 46.00 days; FY ending Mar 2026; How it is calculated

Reported payable days, using material cost / cost of goods sold.
Cash conversion cycle: 85.00 days; FY ending Mar 2026; How it is calculated

Reported debtor days plus inventory days less payable days.
Working capital days: 37.00 days; FY ending Mar 2026; How it is calculated

Reported net working capital days from the annual accounts.
Dividend payout: 22.00%; FY ending Mar 2026; How it is calculated

Reported dividend payout as a percentage of annual profit.
Market cap: ₹14,536.00 Cr; Current market cap; How it is calculated

Market capitalisation from the current stock record.

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside our supported range. FY uses the reported fiscal period; TTM uses the latest twelve months. Valuations use current market cap with the selected earnings period.

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Annual ratio history

Period ending	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Return on capital employed	21.66%	15.61%	19.77%	19.19%	16.17%	12.17%
Return on equity	16.20%	11.64%	14.53%	14.34%	10.91%	7.18%
Return on assets	11.80%	8.38%	10.70%	10.84%	8.09%	5.15%
Operating margin (EBITDA)	15.62%	11.85%	13.92%	14.20%	12.63%	10.89%
Net margin	8.91%	5.86%	7.38%	7.84%	6.03%	4.02%
Free cash flow margin	4.27%	-1.46%	4.19%	3.40%	1.24%	-1.59%
Cash conversion (CFO/PAT)	123.96%	123.39%	129.27%	135.55%	142.96%	124.78%
Capex intensity	6.95%	8.75%	4.92%	7.44%	9.34%	9.71%
Revenue growth (YoY)	4.55%	21.64%	19.49%	12.66%	9.72%	7.54%
PAT growth (YoY)	-1.85%	-19.94%	50.39%	19.69%	-15.69%	-28.17%
EBITDA growth (YoY)	1.64%	-7.70%	40.35%	14.86%	-2.41%	-7.21%
Debt to equity	0.02×	0.03×	0.03×	0.02×	0.04×	0.05×
Interest coverage	79.18×	46.73×	35.87×	37.15×	26.84×	21.84×
Asset turnover	1.32×	1.43×	1.45×	1.38×	1.34×	1.28×
Net debt	₹-84.00 Cr	₹72.00 Cr	₹96.00 Cr	₹39.00 Cr	₹86.00 Cr	₹147.00 Cr
Net debt / EBITDA	-0.07×	0.07×	0.06×	0.02×	0.05×	0.09×
Financial leverage (average assets/equity)	1.28×	1.34×	1.19×	1.25×	1.29×	1.33×
Net interest income	—	—	—	—	—	—
Deposit growth	—	—	—	—	—	—
Debtor days	40.00 days	33.00 days	31.00 days	35.00 days	36.00 days	33.00 days
Inventory days	111.00 days	108.00 days	90.00 days	90.00 days	92.00 days	98.00 days
Days payable	57.00 days	48.00 days	40.00 days	40.00 days	46.00 days	46.00 days
Cash conversion cycle	93.00 days	93.00 days	82.00 days	86.00 days	83.00 days	85.00 days
Working capital days	53.00 days	51.00 days	60.00 days	52.00 days	41.00 days	37.00 days
Dividend payout	29.00%	15.00%	14.00%	19.00%	20.00%	22.00%

The same formulas applied to each reported year. Periods longer or shorter than twelve months are labelled and are not annualised. Current prices are not used for historical valuations.

Financials, as filed

Year ending	FY23	FY24	FY25	FY26
Revenue	₹10.4k Cr	₹11.3k Cr	₹12.4k Cr	₹13.5k Cr
Operating profit	₹1.4k Cr	₹1.6k Cr	₹1.6k Cr	₹1.5k Cr
Interest	₹24 Cr	₹34 Cr	₹42 Cr	₹40 Cr
Depreciation	₹437 Cr	₹479 Cr	₹491 Cr	₹548 Cr
Net profit	₹697 Cr	₹906 Cr	₹965 Cr	₹970 Cr
Cash from operations	₹956 Cr	₹1.3k Cr	₹1.4k Cr	₹1.3k Cr
Free cash flow	₹492 Cr	₹874 Cr	₹631 Cr	₹588 Cr

How to read this

Reported financial amounts. Ratios and their reporting periods are shown above.

Balance sheet

Year ending	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026
Equity capital	₹17 Cr	₹17 Cr	₹18 Cr	₹18 Cr	₹18 Cr	₹18 Cr
Reserves	₹4.5k Cr	₹6.0k Cr	₹6.8k Cr	₹7.4k Cr	₹7.8k Cr	₹8.1k Cr
Borrowings	₹126 Cr	₹201 Cr	₹153 Cr	₹258 Cr	₹286 Cr	₹373 Cr
Other liabilities	₹1.7k Cr	₹1.7k Cr	₹1.9k Cr	₹2.4k Cr	₹2.5k Cr	₹2.6k Cr
Total liabilities	₹6.4k Cr	₹7.9k Cr	₹8.8k Cr	₹10.0k Cr	₹10.6k Cr	₹11.1k Cr
Fixed assets	₹2.5k Cr	₹3.7k Cr	₹3.5k Cr	₹3.5k Cr	₹3.9k Cr	₹3.9k Cr
Capital work in progress	₹830 Cr	₹234 Cr	₹322 Cr	₹844 Cr	₹541 Cr	₹588 Cr
Investments	₹78 Cr	₹486 Cr	₹1.5k Cr	₹2.0k Cr	₹2.3k Cr	₹2.6k Cr
Other assets	₹3.0k Cr	₹3.5k Cr	₹3.5k Cr	₹3.7k Cr	₹3.9k Cr	₹4.0k Cr
Total assets	₹6.4k Cr	₹7.9k Cr	₹8.8k Cr	₹10.0k Cr	₹10.6k Cr	₹11.1k Cr

How to read this

As filed on each reporting date, including interim balance sheets. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.05 pp while DIIs added +1.31 pp. The shareholder count shrank 6% to 8,18,619.

Promoters: 32.9%
FIIs: 17.3%
DIIs: 15.3%
Public: 34.5%

Since Jun 2025

FIIs −2.05 pp
DIIs +1.31 pp
Public +0.74 pp

How it drifted, 12 quarters

Over this window FIIs fell from 24.6% to 17.3% — −7.3 pp.

Sep '23Dec '24Jun '26

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Amara Raja Energy & Mobility Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Amara Raja Enterprises Private Limited (formerly RNGalla Family Private Limited)	32.86%	unchanged
Nalanda India Equity Fund Limited FPI fund	8.76%	unchanged
Life Insurance Corporation Of India - P & Gs Fund Insurer	7.97%	−0.24 pp
Franklin India Small Cap Fund Mutual fund	1.72%	−0.39 pp
Sundaram Mutual Fund A/C Sundaram Value Fund Mutual fund	1.22%	−0.34 pp
Mangal Industries Limited	0.00%	unchanged
Padmavathi Galla	0.00%	unchanged
G V Ramakrishna Vara Prasad	0.00%	unchanged
Harshavardhana Gourineni	0.00%	unchanged
Vikramadithya Gourineni	0.00%	unchanged
Ashok Galla	0.00%	unchanged
Siddharth Galla	0.00%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ARE&M

Filings to Aug 2026

1 new, 4 added, 1 trimmed, 0 sold out — net +4.03 L shares (+131.1%).

Held by funds: ₹63 Cr; 6 schemes
Biggest holder: Nippon India Value Fund; ₹36 Cr · 0.4% of that fund

Scheme	Holding	Last month	Held since
Nippon India Value Fund Nippon India Mutual Fund	₹36 Cr	new	Aug '26
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund	₹17 Cr	+0.02 L	Mar '22
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund	₹9 Cr	+0.01 L	Oct '22
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund	₹1 Cr	+0.00 L	Sep '24
SBI Nifty 500 Index Fund SBI Mutual Fund	₹0 Cr	−0.00 L	Sep '24
SBI Nifty Small Cap 250 ETF SBI Mutual Fund	₹0 Cr	+0.00 L	May '26

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +4.03 L shares (+131.1%)

Funds are sitting on: -12%; vs est. average cost
Held by funds: ₹63 Cr; 6 schemes · ≈ 0.39% of the company
Biggest holder: Nippon India Value Fund; ₹36 Cr · 0.4% of that fund
Longest holder: Nippon India Nifty Smallcap 250 Index Fund; 4y 6m · since Mar '22

Shares held by these funds −85%

Aug '23 3.08 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹795, this stock must grow earnings at 14% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹303 — downside of 62%.

Growth the price implies: 13.9% a year; for 7 years, fading to 4%
It has actually compounded at: -1.7% a year; net profit, FY23–FY26 · EPS -3.9%
The gap: 0.2 pp; -62% downside if it only repeats history

Price today ₹795.3 Value at the reference growth ₹303.44

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Amara Raja Energy & Mobility Limited

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