Capex of ₹1,200-1,300 crore for FY26
Majority (₹800-900 crore) allocated to new energy projects; balance for lead-acid business.
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Amara Raja Energy & Mobility · forward-looking guidance across the available source record.
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capex
Tubular battery plant to reach full capacity in 2-3 months
Commercial production started in July; full capacity of 150,000 batteries per month expected by October 2025.
Customer qualification plant and research lab operational by end of FY26
Equipment orders placed; first gigafactory (1 GWh NMC) expected by end of FY27.
Margins expected to improve from Q2 onwards
Driven by normalization of trading mix, resolution of power cost issues, and stabilization of antimony prices.
Lead-acid revenue growth of 8-10% for FY26
Management expects lead-acid battery revenue to grow 8-10% in the current fiscal year, driven by OEM and aftermarket recovery.
EBITDA margin target of 13% near-term, 14% long-term
Management aspires to reach 13% EBITDA margin on a run-rate basis, and eventually return to 14% as efficiency projects and recycling plant contribute.
Capex of ₹1,400-1,500 crore for FY26
Total capex for FY26 is expected to be ₹1,400-1,500 crore, with major outlay towards new energy business in H2.
New energy revenue share to reach 5% by FY26 end, 7-8% in FY27
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.
Lead-acid battery business growth of mid-to-high single digits in FY27
Management expects the lead-acid battery business to grow in the mid-to-high single digits in FY27, driven by aftermarket and home energy segments.
Capex of ₹1,500-1,700 crore in FY27
Total capex for FY27 is expected to be ₹1,500-1,700 crore, with ~₹400 crore in lead-acid and the rest in new energy.
ESS integration facility to start production by end of calendar year 2026
The ESS integration facility in Bali will start production by end of 2026 with an initial capacity of 5 GWh, expandable to 10 GWh.
Giga 1 cell production line to start in June 2027
The first 2 GWh cell manufacturing line (Giga 1) is on track to start production in June 2027.