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...
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Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
45%Questions answered3Evaded / deflected10Questions audited
Partial answer
High priority
Export degrowth outlook and recovery timeline.
Asked by Dunandan, Noama Research
Management gave qualitative outlook but no specific growth numbers or quantification of degrowth.
no specific numbersvague timeline
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Question
Uh sir firstly on the volume side uh you indicated that export has seen a degrowth. How do you see the outlook forward there?
Management (unidentified)
Uh yeah, I think see some of the uh additional uh volumes that we are expected to get from some of the u markets has kind of weakened during the current quarter. Uh we hope uh this revised uh scenario will settle down in the next one or two quarters and then we will again be back on a growth momentum.
Answered
Medium priority
Industrial lead acid volume growth breakdown.
Asked by Dunandan, Noama Research
Management provided a specific percentage decline for industrial volumes.
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Question
Uh on the industrial side uh telecom was uh 30% decline uh lead asset then UPS was 15% growth. How much was the growth uh on the total industrial sides?
Management (unidentified)
There is no growth on the overall volumes. In fact, if you look at 30% degrowth and 15% growth in UPS, it will result in a degrowth of industrial lead acid volumes by about 3 to 4%.
Answered
Low priority
Home inverter volume growth.
Asked by Dunandan, Noama Research
Management gave a specific percentage range for home inverter volume growth.
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Question
And for home inverter uh how much has it uh been on by basis?
Management (unidentified)
Yeah, it was a 3 to 4% kind of an increase.
Evasive
High priority
Margin impact from traded mix and input costs.
Asked by Dunandan, Noama Research
Management did not quantify the under recovery or give a clear timeline for margin normalization.
no quantification of under recoveryno commitment on price hikes
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Question
Uh the traded mix has increased and this you said will normalize in the coming quarter and sec uh within margin there is also some under recovery because of the increase in uh input cost like antimony. So, so just wanted to understand uh how much is the under recovery uh whether more price hikes will be taken and uh whether traded mix will also normalize in coming quarter.
Management (unidentified)
Uh see as far as antimony is concerned I think it is now getting stabilized at a given level. As you know, we have taken some price increase in Q4 and thereafter uh the competitive scenario uh doesn't permit us to think about a further price increase immediately.
Partial answer
High priority
Lithium cell project investment and capacity details.
Asked by Dunandan, Noama Research
Management gave initial capacity but did not provide total investment figure or clear timeline for LFP.
total investment not specifiedfuture capacity unclear
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Question
Uh so so we will be investing uh about uh uh last year was 850 cr another 800 to 900 cr is the investment this year and fi27 when the facilities are likely to be operational by fi27 how much will be the total investment and the facility which will come up will it be both NMC and LSP and what capacity will it be?
Management (unidentified)
Yeah, as I mentioned earlier the first capacity that will come is only of NMC uh where we have we are going to make the 21700 uh cells. The initial capacity will be 1 GAW hour. Thereafter we will see if it needs to be expanded to 2 G or should we go with an alternative LFP cylindrical cell of 30 to 140 pm factor.
Declined
Medium priority
Customer updates for lithium cell business.
Asked by Dunandan, Noama Research
Management explicitly declined to provide any customer updates.
refused to disclose
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Question
Any update on the customers sir? Uh we had added earlier few customers like ether and all. Any further updates?
Management (unidentified)
No or no. I think there are discussions both happening at the low voltage as well as high voltage side. So there is nothing that I can uh disclose at this point of time.
Partial answer
Medium priority
Reason for strong four-wheeler OEM growth.
Asked by Kapil Singh, Namura
Management attributed growth to platform allocation but did not quantify or confirm market share gain.
no specific market share datano quantification of allocation increase
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Question
Uh sir, I noticed that your uh four-wheeler OEM growth is quite strong during the quarter. Uh could you give some color because the industry has not grown uh during the quarter. So have we gained some market share, some new customers that we have added here?
Management (unidentified)
No, see as you know see we it all depends on the platform that we are participating and where we are getting a bit of a higher volume in certain OEMs. The number of customers that we are operating has not changed anything during the current quarter but only the some of the allocation that we have received on some of the platforms that we are participating has increased.
Answered
Low priority
Unorganized market share in aftermarket.
Asked by Kapil Singh, Namura
Management provided a specific percentage range for unorganized market share.
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Question
And sir uh just to refresh like in terms of uh the unorganized market now would you have an estimate like what percentage of the market is unorganized in the afterm market in uh four-wheeler and two wheeler
Management (unidentified)
it still remains around that 10 to 15% range uh depending on uh which product segment that we are talking about uh both in four-wheeler and two wheeler I think it is around that uh 15%
Partial answer
Medium priority
LFP cell price movement during the quarter.
Asked by Kapil Singh, Namura
Management gave qualitative view but no actual price change numbers for the quarter.
no specific price movement dataspeculative outlook
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Question
And so last time you had on the lithiumion side last time you had mentioned that the LFP price was had dropped to closer to $50 also in some cases. How is that moved uh during the quarter?
Management (unidentified)
Recently we have seen some uptick at the raw material level uh but we are yet to see that translating into uh price change at the cell level. uh but I think our reading at this point of time is there could be a possible upward movement at the sell prices also because some of the base raw material there is a uptick in the price but how much of that will come into the market is something to be seen but we believe uh the $50 mark could be the bottommost and from there it can only uh move up.
Partial answer
High priority
Margin recovery to typical 13% range.
Asked by Mukkesh Sarah, Amendas Park
Management agreed with the expectation but conditioned it on demand recovery, no firm commitment.
conditional on demandno specific timeline
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Question
Uh is it fair to say that uh from here on I mean we should go back to our typical margin range 13 odd percent.
Management (unidentified)
Yes, m that's what my my estimate also at this point of time. Um it depends on how the in the coming quarter the inventor season will behave. Uh because you know the current very very low demand considering the way the weather is behaving.
Answered
High priority
Ramp-up status of tubular plant and recycling plant.
Asked by Samra Jada, Prosperity Wealth Advisor
Management provided specific timeline and capacity numbers for both plants.
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Question
Can you please provide me an update on the ramp up facility of our table plant at Chto and the battery recycling plant at chair? Any delays or challenges you're expecting there or is it on time?
Management (unidentified)
No, no. See the tubular plant is uh quite as expected we are able to ramp up. So July we have commenced our commercial production. So it will take generally about 2 to 3 months to reach its uh full capacity. Uh thereafter it will run at its stated capacity of about 150,000 batteries per month.
Evasive
Medium priority
Opportunities in battery energy storage systems (BESS).
Asked by Girish Kumar, Valpro
Management confirmed exploration but gave no concrete plans or financial commitments.
no specific timeline or revenue expectationsvague on progress
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Question
Uh given the rising demand for battery energy storage system best in India. Is Amra Raj exploring any opportunities in to participate in this space?
Management (unidentified)
Yes, very much. I I think uh energy storage system is a very important area for our growth from a solution side because there are three segments to this market. One is the retail home level. Second is the commercial and industrial level. Third is the grid level. So all three levels we are trying to now develop our own solutions and then see how we do how do we go for these three segments differently.