Detailed Summary

Operational & Financial Highlights – Q1 FY27

Consolidated Financial Performance:

  • Revenue from Operations: ₹42,145 Mn, a 23.9% increase Year-over-Year (YoY) from ₹34,011 Mn in Q1 FY26.
  • EBITDA: ₹4,059 Mn, an 11.7% increase YoY from ₹3,635 Mn in Q1 FY26.
  • EBITDA Margin: 9.6%, a contraction of 106 basis points (bps) from 10.7% in Q1 FY26.
  • Profit After Tax (PAT): ₹1,909 Mn, a 15.8% increase YoY from ₹1,648 Mn.
  • PAT Margin: 4.5%, a contraction of 32 bps from 4.8% in Q1 FY26.
  • Diluted EPS: ₹10.43, a 15.9% increase from ₹9.00 in Q1 FY26.
  • The moderation in operating margins was attributed to elevated raw material costs and increased spending on brand promotion & strategic initiatives (Amaron Assist and Factory of Future).

Standalone Financial Performance:

  • Revenue from Operations: ₹40,414 Mn
  • EBITDA: ₹4,074 Mn
  • EBITDA Margin: 10.1%
  • PAT: ₹2,028 Mn
  • PAT Margin: 5.0%
  • Diluted EPS: ₹11.08

Geographical Revenue Split: The company noted a "degrowth in exports during Q1 FY27 on account of geopolitical factors."

Lead-Acid Business Performance:

  • Sustained double-digit growth momentum in OEM across 4-wheeler (4W) and 2-wheeler (2W) volumes.
  • Strengthened market share in Home Energy supported by a strong summer season.
  • Domestic aftermarket volumes registered double-digit growth.
  • Industrial UPS segment registered steady growth driven by demand from data centres.
  • Exports continued to face headwinds due to geopolitical uncertainty.

New Energy Business (NEB) Performance:

  • Revenue grew more than 50% Year-over-Year, driven by sustained supply of telecom packs and EV packs.
  • ₹1,900 crore has been infused into ARACT (a wholly-owned subsidiary) till date.
  • The Customer Qualification Plant (CQP) was commissioned in July 2026.
  • The E+ve plant (E Positive Energy Labs) commercialization is expected in Q2 FY27.
  • Construction has commenced on a 10GWh Battery Energy Storage Systems (BESS) Giga factory.

Strategic & Capex Updates

New Energy Business (NEB) Strategy:

  • Focus is on scaling the pack business by entering new mobility applications.
  • The Divitipally facility has a fully operational 1.5 GWh pack capacity for 2W and 3W segments and a 1.2 GWh capacity for the stationary segment.
  • A Giga cell plant with a target capacity of 16 GWh by FY30 is planned. Operations for the first 2 GWh phase (NMC Chemistry) are expected to commence in Q2 CY2027 (likely Q1 FY28). Further capacity will be added in phases, offering both NMC and LFP chemistries.

Customer Qualification Plant (CQP): Inaugurated on July 15, 2026. It is a state-of-the-art, multi-chemistry, multi-form factor pilot facility for manufacturing innovation, pilot production runs, product optimization, and process validation before scaling.

BESS Giga Factory & E+ve Research Lab:

  • The 10GWh BESS Giga factory is intended to serve both Commercial & Industrial (C&I) and Grid applications. India's BESS market is expected to be >25GWh p.a. by FY2031.
  • The E+ve Lab is a 2.2L sq ft R&D center with 4 test and validation labs. It has achieved IATF 16949:2016 & ISO 9001:2015 certification for Li-Ion Batteries and employs 100+ engineers and scientists.

Lead-Acid Battery Recycling: The recycling plant in Cheyyar has a current capacity of 100,000 MT/annum, with an eventual capacity target of 150,000 MT/annum. The refinery capacity is 150,000 MT/annum.

Digital & New Initiatives

Amaron Assist: A direct-to-consumer (D2C) doorstep automotive service platform launched as a pilot in Hyderabad in Q1 FY27. The platform offers services like car servicing, instant battery service, and professional car wash, and has shown strong initial traction.

Digital Transformation: Initiatives include the Amaron Konnect App for digital warranty cards, a Dealer Collections Solution Program, e-commerce capabilities for channel partners, a Digital Ecosystem for Lubes, a Dealer Management System, Enterprise Data Analytics, and building Enterprise AI capabilities.

ESG & Sustainability Commitments

  • Committed to Net Zero by 2050, with plans aligned with SBTi to limit warming to 1.5°C.
  • Renewable energy share is 21.82%, with 67 MW of captive renewable capacity.
  • Reduced intensity of Scope 1 & 2 emissions by ~37% in FY26 from an FY22 baseline.
  • All manufacturing plants are zero liquid discharge. The company is certified 12X water positive.
  • 99% of manufacturing waste is recycled.
  • Holds an AA+ Credit Rating from CRISIL and is ranked #1 in India in its sector by S&P Global's ESG rating.

Capital Structure & Market Data

  • Market Capitalization: ~₹154 Billion (as of the date in the presentation).
  • Approximately one-third of shares are held by Institutional Shareholders.
  • The consolidated Balance Sheet shows Total Assets grew to ₹114,567 Mn in FY26 from ₹89,778 Mn in FY24.
  • Property, Plant and Equipment stood at ₹37,695 Mn, and Capital Work-in-Progress was ₹15,847 Mn as of FY26.
  • Total Equity was ₹80,990 Mn as of FY26.