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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹3,411 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Majority (₹800-900 crore) allocated to new energy projects; balance for lead-acid business.
- Commercial production started in July; full capacity of 150,000 batteries per month expected by October 2025.
- Equipment orders placed; first gigafactory (1 GWh NMC) expected by end of FY27.
- Driven by normalization of trading mix, resolution of power cost issues, and stabilization of antimony prices.
Risks flagged
- Export volumes declined 7-8% YoY due to tariff challenges and competitive intensity; management expects recovery only after 1-2 quarters.
- Management noted that competitive scenario does not permit further price increases despite input cost pressures, limiting margin recovery.
- Management acknowledged market shift toward LFP, leading to a cautious 1 GWh initial capacity instead of 2 GWh for NMC cells.
- Telecom lead-acid volumes degrew 30% YoY; overall industrial lead-acid volumes declined 3-4% despite UPS growth.
Key quotes
- For the first time in a quarterly basis, we have crossed almost 100 megawatt of sale of lithium packs to the telecom sector.
- Q1 and Q4 of last year are the worst that we have seen and it can only improve from here slowly but surely.
- We believe the $50 mark could be the bottommost and from there it can only move up.
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