Amara Raja Energy & Mobility Limited — Q4 FY26
Amara Raja reported Q4 FY26 consolidated revenue of ₹3,530 crore, up 15% YoY, driven by strong domestic automotive OEM volumes (30%+ growth) and tubular battery demand (35%+ vol...
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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.
79%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Status of equipment procurement for new energy cell line.
Asked by Viper Zukshi, JP Morgan
Management directly confirmed equipment ordered and explained commissioning challenges.
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Question
Now for this about our sell line which will get commissioned next year. Just wanted to understand where are we in terms of equipment procurement... Is the equipment already ordered or are we going to do it now in SI27?
Vikram (management)
the equipment has been ordered. Uh the bigger challenge that we've been facing is uh not so much that we don't have access to equipment but we have a little bit of limitations in terms of getting the engineers from China to come and help to actually commission the equipment.
Partial answer
High priority
Progress on Gotion partnership and next steps.
Asked by Viper Zukshi, JP Morgan
Acknowledged challenges but did not provide concrete progress or timeline.
blamed external factorsno specific next steps given
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Question
the go partnership that we had announced almost couple of years back... I just wanted to understand how is that partnership progressing you know what are the next steps here in terms of you know technology licensing potential conversation with with customers
Vikram (management)
the sharing of technology, licensing technology is something that's been largely uh you know discouraged by the Chinese government. This is hitting all players and their technical tryups pretty equally at the moment.
Answered
High priority
Expected margins for the 5 GWh ESS plant once stabilized.
Asked by Viper Zukshi, JP Morgan
Provided specific margin range and upside potential.
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Question
just on this best plant uh I think 5 G that you mentioned any sense on how the margins are going to be you know once it's fully stabilized.
Demi (management)
The operating margins should be around uh let's say 6 to 7% to start with. uh but we feel uh as opportunity progresses... there is an upside possible on these margins
Answered
High priority
Growth rates for two-wheeler OEM, UPS, telecom, four-wheeler export in Q4 and FY27 outlook.
Asked by Ragunan NL, Noama Research
Provided specific growth percentages for requested segments.
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Question
can you also share uh how much was the growth for two-wheeler OEM, UPS, telecom and four-wheeler export segments in Q4 and also if you can share your thoughts on outlook for FI27 in uh replacement and industrial segments
Management (name not specified)
both the OEMs both in the four-wheeler as two-wheeler have grown more than 30% during the current quarter. Uh and uh after market was growing somewhere around 5 to 6% during the current quarter... Telecom obviously there is a degrowth
Partial answer
Medium priority
Raw material cost mix, under-recovery, and expected price hikes.
Asked by Ragunan NL, Noama Research
Gave mix percentages but avoided quantifying under-recovery and exact price hike.
no quantified under-recoveryprice hike dependent on competition
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Question
if you can broadly indicate uh uh within the raw material how would be the mix between uh uh uh lead uh plastic sulfur... how much is the current under recovery and uh how much price hike should we expect going forward
Management (name not specified)
about 70% of material between lead and alloys... plastics account for almost 10% of our raw material cost... at least another 2 to 3% kind of a price increase is something that we should look for
Answered
Medium priority
Benefit from capital recycling in the quarter and future expectations.
Asked by Ragunan NL, Noama Research
Provided specific benefit percentage and outlook.
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Question
you mentioned about the benefits of uh capital recycling. Uh if you can indicate how much was the benefit taken in the quarter and how much more benefits can we expect going forward.
Management (name not specified)
Last quarter we have seen about 0.5% benefit coming from the recycling plant... there is a 5% accretion because of uh uh the recycling operation. We hope that will sustain in the coming quarters.
Partial answer
High priority
Incremental buyer for scaling from 2 to 16 GWh and binding offtake.
Asked by Ganesh, Unifi Capital
Described safeguards but did not name specific buyers or quantify offtake.
no specific buyer namesvague on offtake details
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Question
who is the incremental buyer when we scale up from 2 to 16 gawatt hours and is there any binding offtake that we have on this capacity that we're putting up.
Vikram (management)
We do build in a little bit of safeguards something more akin to kind of a take or pay kind of agreement... when we're building the 5 G ESS plant any up to that uh capacity whatever we're making in ESS cell we are the end user
Partial answer
High priority
Cell cost per kWh vs imported cells and expected ROC on capex.
Asked by Ganesh, Unifi Capital
Gave cost gap and margin target but avoided explicit ROC figure.
no specific ROC numbercost disadvantage not quantified precisely
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Question
what do you expect would be your cell cost per kilowatt hour versus what's in the market for imported cells today? And in the grand 9,500 cr capital capage that uh you've planned, what's the ROC you've underwritten?
Vikram and Delhi (management)
we're not going to be cost competitive with uh a product that's imported from China... China plus $15 to $20 is the minimum... if we can achieve a scale of about 8 to 10 gawatt hour work uh we see that there is a possibility of an IITA margin in the range of 10 to 11%.
Partial answer
High priority
Medium-term margin outlook and risk of lead acid underutilization due to EV penetration.
Asked by Kapil Singh, Namura
Reiterated margin target but vague on timing; dismissed underutilization without quantification.
no timeline for margin targetunderutilization risk downplayed
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Question
how do you look at the margins uh as we move along... two to three year kind of outlook on margins... is there a case here that uh our lead acid facilities become underutilized uh as the EV penetration rises
Management (multiple)
we are still hopeful to reach a 13 to 14% kind of an AITA margin even at a two lakh kind of a lead day... we don't foresee an immediate problem with respect to our tubular batteries
Answered
Medium priority
Core competence and key success factors in the BESS business.
Asked by Kapil Singh, Namura
Provided specific competitive advantages and policy tailwinds.
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Question
what is kind of uh you think core competence or key success factors that uh we should expect in this business because there are many players who have been announcing that they will get into best.
Vikram (management)
a single 5 megatt hour container is almost a quarter million dollar of equipment... Amaraja is in a position to do a lot more localization domestic value addition... with policies coming in to mandate more domestic value addition I think a group like Amaraja is definitely in a better position
Answered
Medium priority
Approvals for Gotion tie-up and timeline for LFP plant.
Asked by Janesh Gandhi, Oakland Capital
Clearly answered no government approval needed and gave LFP timeline.
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Question
have we received approvals from both the governments uh India as well as China? ... when should we expect LFP uh plant also to come on stream?
Vikram (management)
the deal earlier announced with goan is simply a corporate to corporate tie up. We've never sought any government approval... probably 2028 ending 2028.
Answered
High priority
Localization expectations for BESS vs EVs and impact of customers making own cells.
Asked by Ganesh, Unifi Capital
Addressed both localization expectations and customer dynamics directly.
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Question
is this just an expectation of the best side or do you also think this will be extended to EVs... how does that play into your utilization equation and customer conversations?
Vikram (management)
we do expect that and we've already seen that battery packs are incurring a higher duty... by and large most of the OEMs that we're in touch with don't have plans to localize cells so they're in talks with players like us
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| OEMs grew more than 30% in Q4 | 30% | 15% | Overstated vs filing |
| Aftermarket grew 5-6% in Q4 | 5.5% | 15% | Understated vs filing |
| Tubular batteries grew more than 30% | 30% | 15% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.