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Export weakness may persist
View Risks →Amara Raja Energy & Mobility Limited — Q1 FY26
Amara Raja's Q1 FY26 consolidated revenue grew 4% YoY to ₹3,411 crore, driven by robust OEM demand (12-13% growth) and aftermarket expansion, but weighed down by export degrowth of 7-8% and a 30% decline in telecom lead-acid volumes.
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Amara Raja's Q1 FY26 consolidated revenue grew 4% YoY to ₹3,411 crore, driven by robust OEM demand (12-13% growth) and aftermarket expansion, but weighed down by export degrowth of 7-8% and a 30% decline in telecom lead-acid volumes. EBITDA margin at 11.7% was subdued due to higher material costs (antimony), power cost overruns, increased warranty provisioning, and a 4pp shift toward lower-margin trading revenue (23% of sales). The new energy business contributed ₹122 crore, with lithium pack sales crossing 100 MWh for the first time. Management expects margins to recover from Q2 as the tubular battery plant ramps up and power cost issues resolve. Key risks include persistent export weakness and competitive pricing pressure limiting margin expansion.
अमरा राजा की पहली तिमाही (अप्रैल-जून 2025) में कुल बिक्री पिछले साल से 4% बढ़कर ₹3,411 करोड़ हो गई। इसकी वजह गाड़ी बनाने वाली कंपनियों से मजबूत मांग (12-13% बढ़ोतरी) और बाजार में बिक्री बढ़ना था, लेकिन निर्यात में 7-8% गिरावट और टेलीकॉम बैटरी की बिक्री में 30% कमी से असर पड़ा। कंपनी का मुनाफा मार्जिन 11.7% रहा, जो कम है। इसकी वजह कच्चे माल (एंटीमनी) के ऊंचे दाम, बिजली के बढ़े खर्च, ज्यादा वारंटी प्रावधान और कम मुनाफे वाले कारोबार (23% बिक्री) पर जोर देना है। नई एनर्जी बिजनेस से ₹122 करोड़ आए और लिथियम बैटरी की बिक्री पहली बार 100 MWh पार कर गई। कंपनी को उम्मीद है कि अगली तिमाही से मार्जिन सुधरेगा। जोखिम: निर्यात कमजोर रहना और प्रतिस्पर्धा से कीमतों पर दबाव।
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Read Transcript →Quarter Snapshot
Lithium pack sales
100 MWh
+substantial QoQ
First time crossing 100 MWh in a quarter, driven by telecom sector demand.
Four-wheeler OEM volume growth
12-13%
+12-13% YoY
Outpaced industry growth due to higher allocation on existing platforms.
Export volume decline
7-8%
-7-8% YoY
Degrowth due to tariff-related disruptions and competitive intensity in APAC/Middle East.
Lube sales volume growth
2x
+100% YoY
Recently launched lubes product continues strong momentum, volumes doubled YoY.
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Guidance and risk preview
Majority (₹800-900 crore) allocated to new energy projects; balance for lead-acid business.
Export volumes declined 7-8% YoY due to tariff challenges and competitive intensity; management expects recovery only after 1-2 quarters.
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