Amara Raja Energy & Mobility Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 19 Aug 2026 | Auto Components | Market Cap: ₹17.2K Cr

Domestic market expected to grow at least 1 percentage point ahead, with stable 5-6% industry growth. The company aims to improve EPS over time despite current margin headwinds caused by increased raw material costs (lead, alloys, acid).

From Amara Raja Energy & Mobility Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹920

Market Cap

₹17.2K Cr

P/E Ratio

26.8

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Amara Raja Energy & Mobility Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹3.5K Cr, net profit ₹322 Cr.

Full financials →

📊 Revenue & Sales Performance

→Domestic market expected to grow at least 1 percentage point ahead, with stable 5-6% industry growth.
→OEM business showing strong growth (~25% this quarter), aftermarket growth to reflect OEM growth in about 3 years.
→Export business targeted to grow at 10-15% CAGR, aiding overall margin improvement.
→Telecom lead acid volumes expected to decline due to lithium shift; telecom now less than 5% of revenue.
→2-wheeler and 4-wheeler segments showing flat to modest growth, with some recent base effects.
→New Energy (lithium-ion) and battery energy storage (BESS) segments expected to grow, with 5 GWh capacity operational by FY27 and market size forecasted around 30 GWh in 4-5 years.
→Focus on improving capacity throughput without large capex to increase sales volumes.
→Lithium cell manufacturing to be considered once scale and demand justify capital investment.

📈 Profitability & Margins

→The company aims to improve EPS over time despite current margin headwinds caused by increased raw material costs (lead, alloys, acid).
→Price increases (e.g., 2% hike in January) are implemented to mitigate cost pressures.
→Focus on growing at least a percentage point ahead of the domestic market growth (~5-6%).
→Export business growth projected at 10-15% CAGR could enhance overall margins.
→Operational efficiencies being improved without significant additional capex to boost capacity and sales.
→Lithium-ion and new energy business investments (~INR1,400 crores infused) expected to build future profitability.
→Battery recycling plant and technological improvements expected to improve margins gradually.
→No immediate aggressive double-digit EPS growth expected; longer-term EPS improvement is anticipated as costs stabilize and new business segments scale up.

See what Amara Raja Energy & Mobility Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→INR 280 crores planned capex for grid and commercial/industrial energy storage solutions (BESS), plant operational by end of FY '27.
→INR 200 crores infused in Q3 into Amara Raja Advanced Cell Technologies (lithium subsidiary), total lithium investment now INR 1,400 crores.
→YTD December capex around INR 950 crores: INR 600 crores towards lead acid business, INR 300 crores towards New Energy business.
→Anticipated full-year lead acid capex around INR 750 to 800 crores for FY '27.
→Future investments focused on lithium-ion cell manufacturing depend on achieving sufficient scale; capital-intensive with careful timing based on demand.
→Plans for capacity expansion in lithium-ion cells (LFP chemistry) for BESS and other applications, with potential cell factory development over time.
→Battery recycling plant operations starting Q4 FY '26, aiding margin improvements and cost mitigation.

💰 Fundraising & Capital Structure

→The transcript does not explicitly mention any current or planned fundraising through debt or equity.
→It does note significant ongoing investments, including around INR 950 crores spent year-to-date on capex between lead acid and new energy businesses.
→INR 200 crores was infused into Amara Raja Advanced Cell Technologies in Q3, bringing total investment in the lithium subsidiary to INR 1,400 crores.
→The company is investing approximately INR 280 crores towards a new BESS (Battery Energy Storage System) plant expected operational by end of FY '27.
→No mention was made of raising funds via debt or equity in the call or letter; rather, the focus is on internal investments and growth capex funded presumably from operations or internal accruals.

See what Amara Raja Energy & Mobility Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→The company is focusing on Battery Energy Storage Systems (BESS) with an expected market growth to about 30 gigawatt hours in 4-5 years.
→Multiple tenders for BESS are being floated, indicating evolving and growing demand.
→The current supply in BESS is less than 1 gigawatt hour, with gradual ramp-up expected.
→There's no specific mention of exact current orderbook size or pending orders volume.
→Company plans a 5 gigawatt hour capacity for BESS, targeting around 15% market share.
→BESS demand driven by solar power storage needs and government mandates for domestic content.
→For telecom lithium-ion cells, current demand is insufficient (telecom cell demand under 3 gigawatt hours), causing delay in in-house cell manufacturing investment.
→Overall, orders and capacity utilization are growing gradually, with multiple tenders indicating a positive order pipeline.

Key Metrics

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Frequently Asked Questions

What were Amara Raja Energy & Mobility Ltd Q3 FY26 results?

What is Amara Raja Energy & Mobility Ltd share price analysis?

Amara Raja Energy & Mobility Ltd currently shows a neutral. The stock trades at a P/E of 26.8 with a market cap of ₹17,183 Cr. Investors should review the full earnings analysis for detailed insights.

Is Amara Raja Energy & Mobility Ltd planning capital expenditure?

INR 280 crores planned capex for grid and commercial/industrial energy storage solutions (BESS), plant operational by end of FY '27.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.