Amara Raja Energy & Mobility Limited — Investor Meet, 12-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Amara Raja Energy & Mobility's Q2 FY26 consolidated revenue rose 6.5% YoY to INR 3,467 Cr, fueled by New Energy's 50%+ growth (INR 170 Cr) and Lead Acid's 5% growth (INR 3,297 Cr). Operating margins were around 12%, impacted by a one-time INR 35 Cr EPR provision and higher warranty costs. Lead acid OEM volumes jumped 30%, but aftermarket was stable. New Energy saw strong telecom pack demand (150 MW). The company expects FY26 capex of INR 1,400-1,500 Cr, heavily in New Energy, aiming for 13% EBITDA margins near-term. Investments in new tubular plant and recycling are expected to boost future margins. New Energy revenue share is projected to hit 5% by FY26 end, 7-8% by FY27. Management is confident in long-term growth from New Energy and improved Lead Acid efficiency.