ARE&M · Automobile and Auto Components
Amara Raja Energy & Mobility Ltd. reported revenue of ₹3,388 cr for July to September 2025, +8.0% on the year and +1.1% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹12,876 cr, +7.8% on the four before.
Operating profit (EBITDA) was ₹406 cr, a margin of 12.0%, −208 bps on the year and +43 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.5% to 15.1%, averaging 13.2%. Operating costs grew +10.6%, faster than revenue at +8.0%, so operating profit grew less than sales.
Net profit was ₹302 cr, +25.3% on the year and +55.7% on the quarter, with earnings per share of ₹16.52. Profit before other income, one-offs and tax fell 15.0%, so 40 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹975 cr, +0.8% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹53.27 over the last four quarters, the stock at ₹744.80 trades at 14.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +25.3% on the year; profit before other income, exceptional items and tax −15.0%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 36% of profit before tax, against 6% a year earlier.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 12.0%, −208 bps on the year (+43 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,811 cr | ₹2,882 cr | ₹2,797 cr | ₹3,131 cr | ₹3,136 cr | ₹3,164 cr | ₹2,974 cr | ₹3,350 cr | ₹3,388 cr | ₹3,351 cr | ₹3,460 cr | ₹4,041 cr |
| YoY | — | — | — | +13% | +12% | +10% | +6% | +7% | +8% | +6% | +16% | +21% |
| EBITDA margin | 14.6% | 15.1% | 14.6% | 13.7% | 14.1% | 13.1% | 11.5% | 11.6% | 12.0% | 11.2% | 10.9% | 10.1% |
| Other income, % of PBT | 9% | 7% | 9% | 8% | 6% | 33% | 9% | 5% | 36% | −8% | 48% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 24% | 25% | 26% | 26% | 26% | 26% | 26% | 25% | 27% | 26% | 26% |
| Net profit | ₹226 cr | ₹253 cr | ₹228 cr | ₹245 cr | ₹241 cr | ₹312 cr | ₹167 cr | ₹194 cr | ₹302 cr | ₹152 cr | ₹322 cr | ₹203 cr |
| YoY | — | — | — | +23% | +7% | +23% | −27% | −21% | +25% | −51% | +93% | +5% |
| Core profit YoY | — | — | — | +24% | +9% | −8% | −26% | −18% | −15% | −21% | +10% | +4% |
| EPS | ₹13.25 | ₹14.80 | ₹12.46 | ₹13.36 | ₹13.15 | ₹17.04 | ₹9.11 | ₹10.60 | ₹16.52 | ₹8.29 | ₹17.61 | ₹11.08 |
| Flags | · | · | · | ✓ | ✓ | 2 | 1 | ✓ | 2 | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Amara Raja Energy & Mobility Ltd. reported revenue of ₹3,388 cr (+8.0% on the year) and net profit of ₹302 cr (+25.3% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −15.0% on the year, against +25.3% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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