Amara Raja Energy & Mobility Ltd

ARE&M

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Market Cap

₹ 17,123 Cr

P/E

23.31

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Performance

UNDER PERFORMER

Valuation

UNDERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Amara Raja Energy & Mobility Limited, formerly known as Amara Raja Batteries Limited, is a leading Indian manufacturer of lead-acid batteries for industrial and automotive markets.

ARE&M is heavily investing in the New Energy sector, with an ambitious INR 95 billion capex plan to establish a Giga Corridor in Telangana focusing on advanced battery technologies.

The company achieved a 6.5% revenue growth in Q2 FY26 mainly due to strong OEM demand, although international sales remained flat due to trade uncertainties.

ARE&M is dedicated to innovation, being the first in India to achieve ISO certifications for Li-ion Batteries and developing India's first 21700 Cylindrical Cell.

Sustainability is a key focus, with a commitment to Net Zero by 2050 and a notable 12X water positivity, reflecting strong environmental stewardship.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Batteries

Market Cap

17,123 Cr

Volatility

Moderate Risk

P/E Ratio

23.3

Industry P/E

32.9

PEG Ratio

1.4

P/B Ratio

2.2

52W High

1,310.55

52W Low

805.05

Sales CAGR

9.72%

12.57%

12.65%

10Y

10.18%

Profit CAGR

1.10%

23.54%

7.84%

10Y

7.77%

ROE

TTM

9.49%

13.19%

13.20%

10Y

14.72%

ROCE

TTM

12.51%

17.25%

17.19%

10Y

19.44%

Technicals

‌

Forecasts

No. of Analysts

20

1Y Price Target

1073.21 ▲ 16.43%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EXIDEIND	372.45	31,658 Cr	40.13	2.15	0.54	5.36	8.09	3.64
HBLENGINE	815.50	22,626 Cr	34.22	11.40	0.12	32.25	42.41	23.88
ARE&M	935.55	17,123 Cr	23.31	2.21	1.12	9.49	12.51	8.31
MAXVOLT	473.80	517 Cr	51.06	7.53	0.00	22.40	22.83	11.91
CLN	449.90	477 Cr	36.90	5.04	0.00	16.35	12.84	6.33
WAAREE	228.50	245 Cr	—	0.00	0.00	130.87	-37.65	-24.66
GOLDSTAR	7.35	210 Cr	91.88	2.61	0.00	4.83	7.07	2.12

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,796	2,960	3,045	2,908	3,263	3,251	3,272	3,060	3,401	3,467
Expenses	2,429	2,534	2,589	2,498	2,826	2,818	2,867	2,719	3,038	3,093
Operating Profit	367	425	456	410	437	433	406	341	364	374
OPM %	13.14	14.37	14.96	14.11	13.40	13.31	12.40	11.14	10.69	10.80
Other Income	24	29	24	33	30	25	146	26	19	150
Interest	7.63	8.15	7.69	11	9.44	14	11	10	11	9.00
Depreciation	117	122	122	123	123	127	132	144	142	150
Profit Before Tax	266	325	350	309	335	317	409	213	229	365
Tax %	25.46	26.66	23.39	25.73	25.57	25.69	27.01	24.01	28.01	24.21
Net Profit	198	238	268	230	249	236	298	162	165	276
EPS in Rs	10.12	12.16	13.66	12.55	13.61	12.87	16.30	8.83	9.00	15.11

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,793	6,839	7,150	8,697	10,392	11,708	12,846	12,984
Expenses	5,842	5,741	6,034	7,673	8,960	10,050	11,230	11,442
Operating Profit	951	1,099	1,116	1,024	1,432	1,659	1,616	1,543
OPM %	14.01	16.06	15.60	11.77	13.78	14.17	12.58	11.88
Other Income	47	55	87	78	45	110	227	216
Interest	6.95	12	11	15	30	34	44	46
Depreciation	261	301	319	396	450	484	526	545
Profit Before Tax	730	841	873	691	997	1,250	1,273	1,167
Tax %	33.81	21.40	25.94	25.83	26.67	25.26	25.80	26.30
Net Profit	483	661	647	513	731	934	945	860
EPS in Rs	—	36.11	35.34	28.02	37.59	48.49	51.61	49.24
Dividend Payout %	25.03	28.43	29.05	15.00	15.28	19.39	20.34	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	17	17	17	18	18
Reserves	3,318	3,638	4,193	4,535	5,990	6,780	7,371
Borrowings	47	71	92	126	201	157	261
Other Liabilities	1,114	1,274	1,495	1,698	1,754	2,022	2,518
Total Liabilities	4,496	5,000	5,797	6,376	7,962	8,978	10,168
Fixed Assets	1,813	1,829	2,455	2,492	3,747	3,807	4,014
CWIP	315	827	399	830	249	641	1,298
Investments	20	156	280	77	427	714	682
Other Assets	2,348	2,189	2,663	2,977	3,539	3,816	4,174
Total Assets	4,496	5,000	5,797	6,376	7,962	8,978	10,168

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	541	1,177	802	633	945	1,266	1,351
Cash from Investing Activity	-463	-849	-635	-482	-773	-1,020	-1,132
Cash from Financing Activity	-92	-364	-122	-213	-112	-242	-160
Net Cash Flow	-13	-37	46	-62	60	3.41	60

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	28.06%	28.06%	28.06%	28.06%	28.06%	32.86%	32.86%	32.86%	32.86%	32.86%	32.86%	32.86%
FIIs	35.48%	36.19%	35.22%	24.64%	24.00%	24.45%	23.84%	22.34%	21.82%	20.70%	19.39%	17.97%
DIIs	9.25%	9.21%	10.47%	16.81%	17.92%	15.35%	14.55%	15.36%	14.81%	14.58%	14.00%	16.23%
Public	27.20%	26.54%	26.25%	30.48%	30.01%	27.33%	28.75%	29.44%	30.51%	31.85%	33.75%	32.93%
Total Shareholders	4,79,962	4,71,435	4,64,529	5,60,987	5,52,894	5,63,871	6,62,428	7,34,151	8,07,657	8,62,059	8,71,584	8,49,222

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 25, 2024	Hrti private limited	Bulk	Buy	1,592.93	146.11 Cr	9,17,264	0.50
Jun 25, 2024	Hrti private limited	Bulk	Sell	1,601.28	112.13 Cr	7,00,236	0.38
Feb 16, 2024	Rngalla family private limited	Insider - Promoter	Acquisition	1.00	1.22 Cr	1,22,12,864	7.14
Jul 20, 2023	Bnp paribas arbitrage	Bulk	Sell	623.53	64.35 Cr	10,31,976	0.56
Jul 20, 2023	Bnp paribas arbitrage	Bulk	Buy	619.45	8.50 Cr	1,37,223	0.07
Jul 18, 2023	Clarios arbl holding lp	Bulk	Sell	652.97	1,561.50 Cr	2,39,13,750	13.0
Jul 18, 2023	Societe generale	Bulk	Buy	652.00	273.84 Cr	42,00,000	2.29
Jul 18, 2023	Pinebridge inv asia limited a...	Bulk	Buy	651.98	65.20 Cr	10,00,000	0.54
Jul 18, 2023	Nippon india mutual fund	Bulk	Buy	652.00	95.18 Cr	14,59,854	0.79
Jul 18, 2023	Kotak mahindra mutual fund	Bulk	Buy	652.00	60.00 Cr	9,20,245	0.50

Projection

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Presentations

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
EXIDEIND	372.45	31,658 Cr	40.13	2.15	0.54	5.36	8.09	3.64
HBLENGINE	815.50	22,626 Cr	34.22	11.40	0.12	32.25	42.41	23.88
ARE&M	935.55	17,123 Cr	23.31	2.21	1.12	9.49	12.51	8.31
MAXVOLT	473.80	517 Cr	51.06	7.53	0.00	22.40	22.83	11.91
CLN	449.90	477 Cr	36.90	5.04	0.00	16.35	12.84	6.33
WAAREE	228.50	245 Cr	—	0.00	0.00	130.87	-37.65	-24.66
GOLDSTAR	7.35	210 Cr	91.88	2.61	0.00	4.83	7.07	2.12

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,796	2,960	3,045	2,908	3,263	3,251	3,272	3,060	3,401	3,467
Expenses	2,429	2,534	2,589	2,498	2,826	2,818	2,867	2,719	3,038	3,093
Operating Profit	367	425	456	410	437	433	406	341	364	374
OPM %	13.14	14.37	14.96	14.11	13.40	13.31	12.40	11.14	10.69	10.80
Other Income	24	29	24	33	30	25	146	26	19	150
Interest	7.63	8.15	7.69	11	9.44	14	11	10	11	9.00
Depreciation	117	122	122	123	123	127	132	144	142	150
Profit Before Tax	266	325	350	309	335	317	409	213	229	365
Tax %	25.46	26.66	23.39	25.73	25.57	25.69	27.01	24.01	28.01	24.21
Net Profit	198	238	268	230	249	236	298	162	165	276
EPS in Rs	10.12	12.16	13.66	12.55	13.61	12.87	16.30	8.83	9.00	15.11

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,793	6,839	7,150	8,697	10,392	11,708	12,846	12,984
Expenses	5,842	5,741	6,034	7,673	8,960	10,050	11,230	11,442
Operating Profit	951	1,099	1,116	1,024	1,432	1,659	1,616	1,543
OPM %	14.01	16.06	15.60	11.77	13.78	14.17	12.58	11.88
Other Income	47	55	87	78	45	110	227	216
Interest	6.95	12	11	15	30	34	44	46
Depreciation	261	301	319	396	450	484	526	545
Profit Before Tax	730	841	873	691	997	1,250	1,273	1,167
Tax %	33.81	21.40	25.94	25.83	26.67	25.26	25.80	26.30
Net Profit	483	661	647	513	731	934	945	860
EPS in Rs	—	36.11	35.34	28.02	37.59	48.49	51.61	49.24
Dividend Payout %	25.03	28.43	29.05	15.00	15.28	19.39	20.34	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	17	17	17	17	17	18	18
Reserves	3,318	3,638	4,193	4,535	5,990	6,780	7,371
Borrowings	47	71	92	126	201	157	261
Other Liabilities	1,114	1,274	1,495	1,698	1,754	2,022	2,518
Total Liabilities	4,496	5,000	5,797	6,376	7,962	8,978	10,168
Fixed Assets	1,813	1,829	2,455	2,492	3,747	3,807	4,014
CWIP	315	827	399	830	249	641	1,298
Investments	20	156	280	77	427	714	682
Other Assets	2,348	2,189	2,663	2,977	3,539	3,816	4,174
Total Assets	4,496	5,000	5,797	6,376	7,962	8,978	10,168

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	541	1,177	802	633	945	1,266	1,351
Cash from Investing Activity	-463	-849	-635	-482	-773	-1,020	-1,132
Cash from Financing Activity	-92	-364	-122	-213	-112	-242	-160
Net Cash Flow	-13	-37	46	-62	60	3.41	60

Overview

Detailed Summary

Amara Raja Energy & Mobility Limited, formerly known as Amara Raja Batteries Limited, is a leading Indian manufacturer of lead-acid batteries for industrial and automotive markets.

ARE&M is heavily investing in the New Energy sector, with an ambitious INR 95 billion capex plan to establish a Giga Corridor in Telangana focusing on advanced battery technologies.

The company achieved a 6.5% revenue growth in Q2 FY26 mainly due to strong OEM demand, although international sales remained flat due to trade uncertainties.

ARE&M is dedicated to innovation, being the first in India to achieve ISO certifications for Li-ion Batteries and developing India's first 21700 Cylindrical Cell.

Sustainability is a key focus, with a commitment to Net Zero by 2050 and a notable 12X water positivity, reflecting strong environmental stewardship.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Batteries

Market Cap

17,123 Cr

Volatility

Moderate Risk

P/E Ratio

23.3

Industry P/E

32.9

PEG Ratio

1.4

P/B Ratio

2.2

52W High

1,310.55

52W Low

805.05

Sales CAGR

9.72%

12.57%

12.65%

10Y

10.18%

Profit CAGR

1.10%

23.54%

7.84%

10Y

7.77%

ROE

TTM

9.49%

13.19%

13.20%

10Y

14.72%

ROCE

TTM

12.51%

17.25%

17.19%

10Y

19.44%