Amara Raja Energy & Mobility Limited — Q2 FY26
Amara Raja's Q2 FY26 consolidated revenue grew 6.5% YoY to ₹3,467 crore, driven by 30% YoY growth in OEM volumes for lead-acid batteries, while aftermarket remained flat due to...
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✓ Verified against BSE filing
Claim Ledger
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.
63%Questions answered3Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Volume growth breakdown for lead-acid batteries by segment
Asked by Rahul Andan, Noama Research
Management provided specific growth percentages for each segment as requested.
Read the exchange
Question
can you share some numbers for four-wheeler two-wheeler how is the OEM replacement export and also on the industrial side how much is the growth with respect to the OEM volumes there
Management (unidentified)
OEM has grown by around 30% during the quarter whereas aftermarket on four-wheeler side is pretty stable. On two-wheeler side slight stable growth of around 1 to 2%. Telecom volumes declined by around 35%. UPS has gone by around 5%.
Answered
High priority
Sustainability of EPR credits of 35 crores
Asked by Rahul Andan, Noama Research
Management clearly stated it is one-time and gave future monthly impact.
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Question
EPR credits which you indicated at 35 crores would this sustain at these levels for coming quarters
Management (unidentified)
This is a one-time provision. Going forward the impact on a monthly basis will not be more than a crore of rupees depending on sales volume. So this is not going to be a recurring expenditure.
Evasive
High priority
Margin benefit from tubular plant, power cost, recycling plant
Asked by Rahul Andan, Noama Research
Management acknowledged the question but refused to quantify margin impact, deferring to future.
no number givendeferred to future
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Question
How do you see the benefits to the margin given these three initiatives going forward?
Management (unidentified)
Manufacturing impact will only be felt in the next season. I wouldn't want to give absolute numbers in this call. The power issues got resolved except for LFCG duty issue. Scrap recycling will commence in January.
Answered
High priority
Full year capex and lithium investment outlook
Asked by Rahul Andan, Noama Research
Management provided specific capex ranges for both lead-acid and lithium for current and next year.
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Question
KEX in first half is around 400 cr in standalone. How much would be the full year capex and lithium investment so far is 1200 cr how much more will be invested in FI26 and FI27.
Management (unidentified)
Lead acid will be around 500 to 600 crores. New energy may have to spend another 600 to 700 crores during the year. Next year lead acid may fall back to 350 to 400 crores and lithium about another thousand odds.
Answered
High priority
Impact of China's equipment restrictions on lithium-ion cell
Asked by Adept Jaw, Invest
Management directly addressed the impact, stating no major challenge but possible minor delays.
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Question
The recent announcement from China on restriction on equipment used for lithiumion cell. Are we seeing any impact or deferment because of that?
Management (unidentified)
To the extent of the machinery that we have ordered so far for all three projects we don't see a challenge. We are also exploring alternatives from other geographies. There could be some minor delays but I don't see major challenge.
Evasive
High priority
Timeline for LFP capacity expansion
Asked by Adept Jaw, Invest
Management acknowledged the question but refused to provide any timeline, deferring to future quarters.
no timeline givendeferred to future
Read the exchange
Question
In between when can we expect an LFP? And if you can just explain the timeline from now till 2030 in different phases of expansion.
Management (unidentified)
There are internal timelines but I am unable to put a specific timeline now. I will come back to you with specific dates in the coming quarters.
Answered
High priority
Reason for 30% OEM growth and sustainability
Asked by Kabil Singh, Namura Holdings
Management explained the reason and gave outlook that growth is not sustainable.
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Question
Can you just give some color here as to what could be the reasons for that because obviously the underlying market hasn't grown at that pace and how to think about it going forward?
Management (unidentified)
We had some good traction in some OEMs and production ramp up during September for festival season. I don't see this momentum will continue in coming quarters; we'll fall back to normal growth rates.
Answered
Medium priority
Pricing action due to rising lead prices
Asked by Kabil Singh, Namura Holdings
Management clearly stated no pricing action taken yet.
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Question
We have seen lead prices going up. Is there any pricing action by the company as well or anything expected there?
Management (unidentified)
As of now, no. We expect it will come back. But as of now we are yet to take any pricing action.
Partial answer
Medium priority
Expected growth for UPS business on annualized basis
Asked by Vnavi Gurong, Craven Alpha Wealth Fund
Management gave qualitative direction but no specific growth rate.
no specific growth number
Read the exchange
Question
On the data center side how do we expect the UPS business to grow going ahead on an annualized basis?
Management (unidentified)
Data centers will be helpful for lithium volumes but lead acid requirements on UPS side might be growing at a very slow pace.
Partial answer
High priority
Revenue guidance for FY26 consolidated
Asked by Vnavi Gurong, Craven Alpha Wealth Fund
Management declined overall revenue guidance but provided lead-acid growth range.
no specific revenue numbergave only segment growth
Read the exchange
Question
On the revenue side consolidated for FI26 if you can give any guidance on that.
Management (unidentified)
We have not been giving any specific guidance on the revenue. We expect lead acid pack revenue to grow anywhere between 8 to 10% in the next year.
Partial answer
High priority
Margin guidance for each business vertical
Asked by Sorup Tachawa, Indent General Insurance
Management gave entity-level aspiration but not per-vertical margins as asked.
no segment-level marginonly entity level
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Question
I wanted to understand your aspiration or guidance for the margins for your each of the business verticles.
Management (unidentified)
At entity level we aspire to move to 13% EBITDA margin and then back to original margin of 14% over a period of time.
Evasive
Medium priority
Quantification and reason for warranty provision increase
Asked by Mihir Vora, Equirus
Management acknowledged the provision but did not quantify it, saying exact number not available.
no number given
Read the exchange
Question
It was mentioned that you have took some warranty provision. So one is can you quantify the same and whether what are this warranty provisions regarding?
Management (unidentified)
We have increased overall warranty provision. I don't have immediately the exact number. It was one of the reasons for quarter increase in expenditure.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| OEM volume growth of 30% in the quarter | 30% | 6.5% | Overstated vs filing |
| Aftermarket two-wheeler growth of 1-2% | 1.5% | 6.5% | Understated vs filing |
| Telecom volume decline of 35% | -35% | 6.5% | Understated vs filing |
| UPS volume growth of 5% | 5% | 6.5% | Matches filing |
| Lead acid revenue growth guidance 8-10% next year | 9% | 6.5% | Overstated vs filing |
| New energy revenue last year 500 crores | ₹500 cr | ₹3,467 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.