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Revenue
₹3,530 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
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%+ volume growth). Lead-acid battery revenue grew 12% YoY, while the new energy business contributed ₹280 crore (1.5x YoY). EBITDA margin on a standalone basis was 11%, with lead-acid margins at 12.3% after adjusting for recycling benefits. Raw material cost inflation (lead, alloys, plastics) and a higher OEM mix pressured margins, partially offset by 5-6% price hikes. Management guided for mid-to-high single-digit growth in FY27 for lead-acid, with capex of ₹1,500-1,700 crore (mostly for new energy). The new energy business is progressing: customer qualification plant commissioning, ESS facility targeting Q4 FY27 production, and Giga 1 cell line expected in June 2027. Key risk: cost disadvantage vs. imported cells and reliance on policy support for localization.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- The ESS integration facility in Bali will start production by end of 2026 with an initial capacity of 5 GWh, expandable to 10 GWh.
- The first 2 GWh cell manufacturing line (Giga 1) is on track to start production in June 2027.
Risks flagged
- Lead, alloys, plastics, and sulfuric acid prices have increased substantially, and further price hikes may be needed to protect margins.
- Domestic cell manufacturing faces a cost disadvantage of $15-20/kWh vs. Chinese imports, and localization may not bridge the gap quickly.
- Export volumes were muted due to geopolitical issues in the Middle East and tariff barriers in North America, impacting lead-acid revenue.
- The Gotion technology licensing deal faces headwinds from Chinese government restrictions, forcing self-reliant R&D and delaying LFP cell plans.
Key quotes
- We are not going to be cost competitive with a product that's imported from China. I think the best of our ability whatever we're able to bridge. I think it's like a China plus $15 to $20 is the minimum that we can bridge immediately.
- We believe at Amaraja that this is the time where hybrids have to be accelerated in India and we have the right solutions for all levels of hybridization in vehicles.
- We will continue to unlock capacity and value from our existing investments and we will be able to take advantage of all market conditions and technology adoptions because we will be the number one low voltage solution supplier in India.
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