Amara Raja Energy & Mobility Management Guidance Tracker

8 forward-looking guidance items tracked across 2 quarters.

Capex

Q1 FY26Capex of ₹1,200-1,300 crore for FY26Tracked

Majority (₹800-900 crore) allocated to new energy projects; balance for lead-acid business.

Q2 FY26Capex of ₹1,400-1,500 crore for FY26Tracked

Total capex for FY26 is expected to be ₹1,400-1,500 crore, with major outlay towards new energy business in H2.

Expansion

Q1 FY26Tubular battery plant to reach full capacity in 2-3 monthsActive

Commercial production started in July; full capacity of 150,000 batteries per month expected by October 2025.

Q1 FY26Customer qualification plant and research lab operational by end of FY26Tracked

Equipment orders placed; first gigafactory (1 GWh NMC) expected by end of FY27.

Margins

Q1 FY26Margins expected to improve from Q2 onwardsActive

Driven by normalization of trading mix, resolution of power cost issues, and stabilization of antimony prices.

Q2 FY26EBITDA margin target of 13% near-term, 14% long-termTracked

Management aspires to reach 13% EBITDA margin on a run-rate basis, and eventually return to 14% as efficiency projects and recycling plant contribute.

Revenue

Q2 FY26Lead-acid revenue growth of 8-10% for FY26Active

Management expects lead-acid battery revenue to grow 8-10% in the current fiscal year, driven by OEM and aftermarket recovery.

Growth

Q2 FY26New energy revenue share to reach 5% by FY26 end, 7-8% in FY27Tracked

New energy business revenue share is expected to move to ~5% by end of FY26 and 7-8% in FY27, driven by pack and cell sales.