AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep - Management to meet Sumitomo Mitsui DS Asset Management on September 15, 2026 in Hyderabad.
Source: Bse
Amara Raja Energy & Mobility Limited (ARE&M)
Small CapAuto stocks · Small cap · NSE
Amara Raja Energy & Mobility Limited (ARE&M), formerly Amara Raja Batteries, is a leading Indian manufacturer of lead-acid batteries (Amaron, PowerZone, Quanta) with ~70 Mn automotive and ~2.4 Bn Ah industrial capacity. The company is expanding into New Energy (Li-ion cells/packs, EV charging, ESS) with a planned INR 95 Bn Giga Corridor capex.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Aug, 12:35 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -12.2% / mo · MACD +
Stock trend: 25
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ARE&MD candles · FIT view-16.7%Latest close ₹732.90 on 2026-10-19
Bar
-1.4%
RSI
31
MACD hist
3.68
52W pos
18%
2026-10-19O ₹743.55H ₹745.35L ₹731.00C ₹732.90Vol 2.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ARE&MNifty AutoNifty 500
- ARE&M
- -19.6%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- -14.0 pp
Chart stats
19 Oct 2026- From 52W high
- -28.4%
- 52W range position
- 18%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.67x
- Avg traded value
- ₹27.2 Cr
- 20D price channel
- ₹715 - ₹815
₹1,023
₹670 - ₹1,023
₹17.3
Latest completed session
20-session average
19.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
pending—
No classified quarterly result is available yet.
Technical
Bearish34
Price trend and sector-relative-strength timing.
Valuation
Legacy model-147.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarterly result analysis pending
No classified quarterly result is available yet. Financial-history charts below may still contain upstream data.
Fundamentals
Valuation
- P/E
- 18.60
- P/B
- 1.67
- EV/EBITDA
- 6.45
- Market Cap
- 13551.00Cr
Profitability
- ROE
- 7.18%
- ROCE
- 12.20%
- ROA
- 8.07%
- Dividend Y
- 1.43%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- -3.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 33.46×
- Altman Z
- 5.42
- Book Value
- 442.00
Cash Flow
- FCF Yield
- 1.43%
- FCF Positive Y
- 8/5
- OCF
- 1118.00 Cr
- EPS TTM
- 50.37
Shareholding
- Promoter Hold
- 32.86%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 4,215+19.2% vs prev
Net Profit
₹ CrLatest: 191-39.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 31. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 falling (~13.9% over last month) — short-term momentum negative.
- RSI(14) at 31 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 28% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
16
RS percentile
Stage 4 Downtrend
1M return
-7.9%
3M return
-19.6%
6M return
-18.4%
1Y return
-27.0%
RS 1D
-7
RS 20D
-12
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is 12.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 76.2-0.34%
RS vs Nifty 50076
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation11/30
Growth5/25
Quality0/20
Balance Sheet12/15
Cash Flow5/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 12/15 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -147.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 5/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
18.6
PB
1.7
EV/EBITDA
6.5
ROE
7.2%
ROCE
12.2%
FCF Yield
1.4%
Debt/Equity
0.1
MoS
-147.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-147.9%
Previous: -147.9%
Score history
12 stored score snapshots. Latest stored move: +1 points.
21 Oct 2026
v4.3-runtime-valuation
37
37
37
38
38
37
37
37
37
37
37
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹707.76
-3.6% MoS
Growth-justified P/E
5.9
Growth-justified Value
₹295.67
-147.9% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
EXIDEIND
Mid
Exide Industries Limited
Auto Components
match 160
29
33.9
6.0%
-308%
OVERVALUED
MAXVOLT
SME
Maxvolt Energy Industries Ltd.
Auto Components
match 154
61
14.8
31.8%
+62%
UNDERVALUED
OLAELEC
Small
Ola Electric Mobility Limited
Auto Components
match 147
10
—
-43.2%
—
OVERVALUED
JBMA
Small
JBM Auto Limited
Auto Components
match 139
34
55.4
15.7%
-45%
WATCHLIST
SEDEMAC
Small
SEDEMAC Mechatronics Limited
Auto Components
match 137
56
129.0
26.9%
-254%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-14T00:43:46.521Z
Management commentary snapshot
ARE&M reported strong Q1FY27 revenue growth (+23.9% YoY, +19.2% QoQ) driven by lead-acid and new energy segments. However, EBITDA margins compressed to 9.6% (down 106 bps YoY, 127 bps QoQ) due to elevated raw material costs and increased strategic spending.
While revenue growth is robust across segments, the persistent decline in operating margins (EBITDA, PAT) and return ratios (ROCE, ROE) is concerning. The substantial capex into New Energy is a long-term bet, but current profitability is under pressure from raw material costs and strategic investments. Exports remain a drag.
Current business mix
Q1 FY27 Consolidated Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Lead Acid Business95.0%
Other Business5.0%
Growth engines
OEM & Aftermarket Lead-Acid
Sustained double-digit growth momentum in OEM across 4W & 2W volumes and domestic aftermarket.
Industrial UPS
Industrial UPS registered steady growth rates driven by demand from data centres.
New Energy Business (Packs)
Sustained supply of telecom packs & EV packs led to revenue growth of more than 50%.
Amaron Assist
Pilot D2C doorstep automotive service platform launched in Hyderabad in Q1 FY27, showing strong initial traction.
Capacity and execution
Customer Qualification Plant (CQP)
Commissioned in July 2026 for multi-chemistry, multi-form factor pilot production and process validation.
E+ve Plant
Commercialization expected in Q2 FY27.
BESS Giga Factory
10GWh Giga factory construction commenced; operations expected to commence in Q3 FY27.
Giga-Cell Factory
Phase 1 (2 GWh) to commence in Q2 CY27; target 16 GWh capacity by FY30 for NMC and LFP chemistries.
Tailwinds
Domestic Demand (Lead-Acid)
Strong summer season supported Home Energy market share; data centre demand driving Industrial UPS growth.
New Energy Market Potential
India's BESS market expected to be >25GWh p.a. by FY2031, supported by policies and domestic manufacturing push.
Headwinds
Elevated Raw Material Costs
Operating margins moderated primarily due to elevated raw material costs.
Increased Strategic Spending
Increased spending on Brand Promotion & Strategic Initiatives (Amaron Assist, Factory of Future) impacted margins.
Geopolitical Uncertainty
Exports continue to face headwinds and degrew in Q1 FY27 due to geopolitical uncertainty.
Risk radar
Margin Compression
Persistent decline in EBITDA and PAT margins due to raw material costs and strategic investments.
New Energy Capex Execution
INR 95 Bn Giga Corridor capex for New Energy business carries execution and ramp-up risks.
Export Volatility
Geopolitical factors causing degrowth in exports, indicating vulnerability to international market conditions.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing underlying business growth, especially for seasonal demand in lead-acid batteries. QoQ is relevant for tracking sequential momentum in new energy business execution and margin trends.
Sector KPIs management disclosed
Volume Growth (Lead-Acid)
PositiveSustained double-digit growth in OEM (4W & 2W) and domestic aftermarket volumes; Home Energy market share strengthened; Industrial UPS showed steady growth.
EV Exposure (New Energy Revenue)
PositiveNew Energy Business revenue grew >50% driven by telecom and EV packs. INR 1,900 crore infused into ARACT for Giga Corridor.
EBITDA Margin
NegativeConsolidated EBITDA margin moderated to 9.6% in Q1FY27 (vs 10.7% Q1FY26, 10.9% Q4FY26), primarily due to elevated raw material costs and increased strategic spending.
Exports
NegativeExports degrew in Q1FY27 and continue to face headwinds due to geopolitical uncertainty.
Management forward view
Energy Transition Leadership
Name change reflects broader vision to lead India’s Energy Transition by providing comprehensive energy solutions.
New Energy Focus
Focus on Pack business and building state-of-the-art manufacturing facilities for Li-ion cells and packs.
Digital Transformation
Implementing channel digitalization, partner enablement, and enterprise AI capabilities to enhance customer experience and productivity.
Circular Economy
Commitment to cradle-to-cradle solutions with a lead recycling plant and focus on sustainable sourcing.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 9.6% (Consolidated Q1FY27) | Stabilization or improvement in margins, indicating successful raw material pass-through or operating leverage. |
| New Energy Business Revenue Contribution | 5% of consolidated revenue (Q1FY27) | Accelerated growth and increasing share of revenue from New Energy segments. |
| Giga-Cell Factory Commissioning | Phase 1 (2 GWh) expected Q2 CY27 | Timely commissioning and ramp-up of initial capacity. |
| ROCE/ROE Trend | Declining (ROCE 12.0%, ROE 11.6% in FY26) | Reversal of the declining trend in return ratios as new capacities come online. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 53rd percentile within Auto. Main check: financial discipline is weak at 42/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
85 docs text-extracted · 31 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Auto: 53rd pctile, median 74 · Small: 77th pctile, median 66
Evidence depth
Financial-only
85 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
42
weak · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.05.
Trust risks
- ▸ROE is low at 7.2%.
- ▸ROCE trend is -3.5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Amara Raja Energy & Mobility Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Sep - Management will hold a virtual investor meeting with Tata Mutual Fund on September 11, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Sep
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 Jun
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.