Export weakness may persist
Export volumes declined 7-8% YoY due to tariff challenges and competitive intensity; management expects recovery only after 1-2 quarters.
AREM / Q1-FY26 / risks
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Amara Raja Energy & Mobility · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Margin pressure from competitive pricing
Management noted that competitive scenario does not permit further price increases despite input cost pressures, limiting margin recovery.
Shift from NMC to LFP chemistry could impact cell strategy
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 continue to decline
Telecom lead-acid volumes degrew 30% YoY; overall industrial lead-acid volumes declined 3-4% despite UPS growth.