Amara Raja Energy & Mobility Ltd
Amara Raja Batteries Limited [1] (ARBL), the flagship company of the Amara Raja Group, is the technology leader and is one of the largest manufacturers of lead-acid batteries for both industrial and automotive applications in the Indian storage battery industry.
ARBL has prestigious OEMs as its clients. The Company's Industrial and Automotive batteries are exported to over 50 countries across the globe.
In India, Amara Raja is the preferred supplier to major telecom service providers, Telecom equipment manufacturers, UPS sector (OEM & Replacement), Indian Railways and to Power, Oil & Gas among other industry segments.
Termination of Shareholders Agreement (tie up) with Johnson Control [2]
- Market Cap ₹ 18,308 Cr.
- Current Price ₹ 1,000
- High / Low ₹ 1,776 / 805
- Stock P/E 20.8
- Book Value ₹ 403
- Dividend Yield 0.99 %
- ROCE 16.9 %
- ROE 12.5 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 18.1%
- Company's working capital requirements have reduced from 51.4 days to 40.7 days
Cons
- Company has a low return on equity of 13.6% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
3,437 | 4,211 | 4,618 | 5,317 | 6,059 | 6,793 | 6,839 | 7,150 | 8,696 | 10,390 | 11,260 | 12,405 | |
2,876 | 3,507 | 3,793 | 4,465 | 5,174 | 5,838 | 5,741 | 6,033 | 7,666 | 8,939 | 9,635 | 10,776 | |
Operating Profit | 560 | 704 | 825 | 853 | 885 | 955 | 1,099 | 1,117 | 1,030 | 1,450 | 1,625 | 1,629 |
OPM % | 16% | 17% | 18% | 16% | 15% | 14% | 16% | 16% | 12% | 14% | 14% | 13% |
42 | 41 | 44 | 47 | 65 | 43 | 55 | 86 | 71 | 27 | 98 | 204 | |
Interest | 1 | 0 | 6 | 6 | 5 | 7 | 12 | 11 | 15 | 30 | 33 | 42 |
Depreciation | 65 | 134 | 141 | 191 | 230 | 261 | 301 | 319 | 396 | 450 | 479 | 492 |
Profit before tax | 537 | 610 | 723 | 702 | 714 | 730 | 841 | 873 | 690 | 997 | 1,211 | 1,299 |
Tax % | 32% | 33% | 32% | 32% | 34% | 34% | 21% | 26% | 26% | 27% | 25% | 26% |
367 | 411 | 492 | 478 | 471 | 483 | 661 | 647 | 511 | 731 | 906 | 964 | |
EPS in Rs | 21.51 | 24.05 | 28.78 | 28.01 | 27.59 | 28.31 | 38.69 | 37.87 | 29.93 | 42.78 | 49.49 | 52.66 |
Dividend Payout % | 15% | 15% | 15% | 15% | 15% | 25% | 28% | 29% | 15% | 14% | 20% | 20% |
Compounded Sales Growth | |
---|---|
10 Years: | 11% |
5 Years: | 13% |
3 Years: | 13% |
TTM: | 10% |
Compounded Profit Growth | |
---|---|
10 Years: | 8% |
5 Years: | 6% |
3 Years: | 20% |
TTM: | -2% |
Stock Price CAGR | |
---|---|
10 Years: | 1% |
5 Years: | 8% |
3 Years: | 26% |
1 Year: | -22% |
Return on Equity | |
---|---|
10 Years: | 15% |
5 Years: | 14% |
3 Years: | 14% |
Last Year: | 12% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 18 | 18 |
Reserves | 1,346 | 1,682 | 2,099 | 2,576 | 2,920 | 3,318 | 3,639 | 4,193 | 4,534 | 5,989 | 6,750 | 7,360 |
86 | 76 | 74 | 72 | 64 | 58 | 84 | 92 | 126 | 201 | 153 | 258 | |
535 | 611 | 761 | 919 | 1,168 | 1,102 | 1,261 | 1,494 | 1,699 | 1,730 | 1,913 | 2,356 | |
Total Liabilities | 1,984 | 2,386 | 2,951 | 3,585 | 4,169 | 4,496 | 5,001 | 5,797 | 6,376 | 7,937 | 8,834 | 9,993 |
623 | 944 | 1,352 | 1,492 | 1,703 | 1,813 | 1,829 | 2,455 | 2,492 | 3,688 | 3,550 | 3,475 | |
CWIP | 145 | 86 | 123 | 240 | 226 | 315 | 827 | 399 | 830 | 234 | 322 | 844 |
Investments | 16 | 16 | 20 | 147 | 35 | 20 | 156 | 281 | 78 | 486 | 1,479 | 1,998 |
1,200 | 1,340 | 1,456 | 1,706 | 2,204 | 2,348 | 2,188 | 2,662 | 2,976 | 3,529 | 3,483 | 3,676 | |
Total Assets | 1,984 | 2,386 | 2,951 | 3,585 | 4,169 | 4,496 | 5,001 | 5,797 | 6,376 | 7,937 | 8,834 | 9,993 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
279 | 395 | 555 | 553 | 322 | 541 | 1,177 | 802 | 633 | 956 | 1,314 | 1,375 | |
-342 | -294 | -387 | -529 | -236 | -448 | -831 | -616 | -482 | -789 | -1,072 | -1,154 | |
-53 | -75 | -164 | -2 | -138 | -92 | -364 | -122 | -213 | -112 | -242 | -157 | |
Net Cash Flow | -117 | 26 | 4 | 22 | -52 | 1 | -18 | 64 | -62 | 55 | -0 | 64 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 48 | 48 | 47 | 39 | 47 | 41 | 34 | 40 | 33 | 27 | 33 | 34 |
Inventory Days | 54 | 55 | 75 | 85 | 93 | 83 | 94 | 111 | 108 | 87 | 88 | 88 |
Days Payable | 20 | 34 | 44 | 44 | 53 | 40 | 50 | 57 | 48 | 39 | 41 | 45 |
Cash Conversion Cycle | 81 | 69 | 78 | 81 | 88 | 85 | 77 | 93 | 93 | 76 | 80 | 77 |
Working Capital Days | 40 | 45 | 49 | 48 | 62 | 66 | 49 | 55 | 52 | 62 | 51 | 41 |
ROCE % | 42% | 38% | 36% | 29% | 25% | 23% | 23% | 22% | 16% | 20% | 19% | 17% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
1d - Q4 FY25 earnings: 5% revenue growth, margin pressures, INR1200 Cr capex, gigafactory progress, new energy business update.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
30 May - Audio recording of May 30, 2025 investor call available on company's website.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 30 May
- Announcement under Regulation 30 (LODR)-Investor Presentation 30 May
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
29 May - FY25 revenue grew 10.2% to ₹12,405 Cr; PBT ₹1,299 Cr; final dividend ₹5.20; Giga Factory construction started.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
from nse
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Financial Year 2011
from bse
Concalls
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Jun 2025Transcript PPT
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Feb 2025Transcript PPT
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT REC
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Aug 2024TranscriptNotesPPT
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Jul 2024TranscriptPPTREC
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Jun 2024TranscriptPPTREC
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT
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Nov 2023TranscriptNotesPPT REC
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Aug 2023TranscriptPPTREC
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May 2023Transcript PPT
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Sep 2022Transcript PPT
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Jun 2021Transcript PPT
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Jun 2021TranscriptNotesPPT
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Jun 2020TranscriptPPT
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Dec 2019TranscriptNotesPPT
Business Segments [1] [2] [3] [4]
1. Lead Acid Batteries (96% in Q3 FY25 vs 98% in FY23): The company is one of the largest lead-acid battery (LAB) manufacturers for industrial and automotive applications in India’s storage battery industry.
a) Automotive Batteries: It is a leading player in the Indian battery industry, known for its popular Amaron brand, the country's largest-selling aftermarket automotive battery brand. It is the largest exporter of automotive Batteries. It manufactures batteries for 2W, 3W, 4W & CVs. Brands include Amaron, Powerzone, and Elito. It serves customers, including Maruti Suzuki, Tata Motors, Hyundai, Honda, Eicher, Mahindra, Ashok Leyland, and many more.
b) Industrial Batteries: It is a pioneer in manufacturing Valve Regulated Lead Acid (VRLA) batteries in India, offering a wide range of industrial batteries catering to various segments like UPS, Telecom, Railways, etc. It is a market leader in the Telecom sector and the largest exporter of VRLA batteries.
Brands include Power Stack, Amaron Sleek, Amaron Volt, Amaron Brute, Amaron Quanta, and Li-on. It serves customers, including Indus Tower, BSNL, Airtel, ABB, Infosys, Indian Railways, and many more. [5]