Amara Raja Energy & Mobility Ltd(ARE&M)

NSE: ARE&MBSE: 500008

₹ 690-1.66%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 12,629 crNext results: 2 Nov 2026Website: www.amararajaeandm.comUpdated: 24 Oct 2026

About

Amara Raja Energy & Mobility Ltd (ARE&M) is India's leading manufacturer of lead-acid batteries for automotive and industrial applications, sold under the Amaron and PowerZone brands, with a growing New Energy Business spanning lithium-ion packs, EV charging, and BESS. In FY26 the company reported consolidated revenue of ₹13,814 crore across 10 manufacturing plants and exports to over 70 countries. ARE&M holds more than 60% combined market share in the telecom battery segment and is building a 16 GWh lithium-ion gigafactory complex at its Amara Raja Giga Corridor in Divitipally, Telangana.^[1][2][3]

Business segments

New Energy Business contributed 5.9% of consolidated revenue (₹808.71 cr) in FY26, recording an EBIT loss of ₹135.15 cr as the segment scales up.^[4]
Within the lead acid segment, manufactured batteries accounted for 83.40% of turnover and traded batteries 12.71% of turnover in FY26.^[2]

Products and brands

ARE&M markets lead-acid batteries under Amaron, PowerZone, Quanta, Power Stack, Amaron Volt, Amaron Brute, and Amaron Sleek brands.^[2]
The New Energy Business sells lithium-ion battery packs (EV and telecom), EV charging solutions (AC and DC), and lubricants through the aftermarket channel.^[2][5]
The R&D and technology team comprises 300+ professionals with 2,300 man-years of cumulative industry expertise, supporting advanced lead-acid and alternate battery chemistry development.^[2]

Manufacturing operations

Installed capacity across 10 manufacturing plants: 25 million 4W battery units, 45 million 2W battery units, 2.4 billion AH per annum VRLA batteries, and 1.8 million tubular battery units.^[2]
Plants are located at Karakambadi (Andhra Pradesh), Amara Raja Growth Corridor (Andhra Pradesh), Amara Raja Giga Corridor (Divitipally, Telangana), Cheyyar (Tamil Nadu), and Diguvamagham (Andhra Pradesh).^[2]
The tubular battery manufacturing plant operated at 100% capacity utilisation in Q1 FY27; traded batteries still supplement ~15% of lead acid battery revenue to meet excess demand.^[3]
Lead recycling subsidiary ARCS collected 1.49 lakh metric tonnes of scrap and commenced Battery Breaker operations in February 2026 at Cheyyar, Tamil Nadu.^[2]

Key operating volumes

In Q1 FY27, 4W OEM battery volumes grew +24% YoY and 2W OEM volumes grew >35% YoY; domestic aftermarket (4W+2W combined) grew ~15% YoY.^[3]
Home energy segment (tubular batteries and home EPS) grew >60% YoY in Q1 FY27.^[3]
New Energy Business revenue grew >70% YoY to ~₹209 crore in Q1 FY27; EV and telecom pack volumes each grew >50% YoY.^[3]
Li-ion telecom volumes grew ~50% YoY in Q1 FY27; combined (lead + lithium) telecom segment market share maintained at >60%.^[3]
Automotive export revenue fell ~20% YoY in Q1 FY27 due to significant volume declines in Middle Eastern markets caused by high alternative sea-route costs amid geopolitical disruptions.^[3]
Cumulative lithium-ion pack supply to the telecom sector crossed 1 GWh within two years, powering more than 50,000 telecom towers by end of FY26.^[2]

Customers and distribution

ARE&M serves OEM automotive manufacturers, telecom tower companies, UPS/inverter users, Indian Railways, data centres, motive power, power utilities, and export aftermarket channels.^[2]
Domestic channel network comprises more than 3,000 Amaron franchisees, Power retail partners, and Aqua channel partners, operating through 21 branches and 36 distribution points across India.^[2]
Exports accounted for 12.20% of total turnover in FY26, with products reaching customers in 70+ countries across Asia Pacific, Middle East, Africa, Europe, and the Americas.^[2]

Expansion and capex

FY27 total consolidated capex is estimated at ~₹1,700 crore: ~₹1,300 crore for the New Energy Business (gigafactory, BESS, E Positive facility) and ~₹400 crore for lead acid including recycling.^[3]
Gigafactory Phase 1 (2 GWh NMC cylindrical cells) at Divitipally is targeting commercial production in Q2 CY2027 (H1 FY28); equipment deliveries are due in Q3 FY27.^[3]
BESS 10 GWh integration gigafactory at Divitipally: construction commenced in mid-2026, commissioning targeted in Q3 FY27, with ramp to 5 GWh utilisation expected within 6 - 7 months of commissioning.^[3]
Long-term Amara Raja Giga Corridor roadmap targets ~16 GWh cell manufacturing capacity, ~5 GWh low-voltage pack manufacturing, and a 10 GWh BESS facility by FY2030.^[2][3]
Cell R&D expenditure for FY27 is expected at ~₹100 - 150 crore for NMC and LFP cell development programmes.^[3]

Recent developments

Customer Qualification Plant (multi-form, multi-chemistry) was inaugurated in July 2026, enabling B-sample NMC cell supply to OEMs ahead of gigafactory commissioning.^[3]
Two price hikes were announced: ~3% taken in June 2026 and an additional 2 - 3% planned for August 2026 across product segments to offset raw material cost inflation.^[3]
The Gotion LFP technology licensing deal was effectively set aside by Q4 FY26 due to Chinese government restrictions on technology transfers; NMC and LFP cell development is now pursued through internal teams.^[6]
ARE&M improved its S&P Global Corporate Sustainability Assessment score from 74 to 76, ranking #1 in India, #2 in Asia-Pacific, and #5 globally in its sector in FY26.^[2]
Amaron was recognised as Oman's Most Trusted Battery Brand for 2024 and 2025, with the award presented in Muscat in January 2026.^[2]

Market Cap

₹12,629 Cr

High / Low

₹1,023 / 671

Stock P/E

13.7

Price / Book

1.6

Book Value

₹443

EPS

₹48.9

No. of Shares

18.3 Cr

ROCE

12.4%

ROE

11.6%

OPM

7.2%

Debt / Equity

0.03

Sales

₹13,814 Cr

Net Profit

₹896 Cr

Promoter holding

32.9%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Amara Raja Energy & Mobility Ltd(ARE&M)

About

Business segments

Products and brands

Manufacturing operations

Key operating volumes

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions