ARE&M · Automobile and Auto Components
Amara Raja Energy & Mobility Ltd. reported revenue of ₹3,351 cr for October to December 2025, +5.9% on the year and −3.3% on the quarter. Over the last four quarters revenue comes to ₹13,142 cr, +7.5% on the four before.
Operating profit (EBITDA) was ₹374 cr, a margin of 11.2%, −199 bps on the year and +36 bps on the quarter. Over the last 8 quarters the margin has ranged from 10.8% to 14.6%, averaging 12.6%. Operating costs grew +8.3%, faster than revenue at +5.9%, so operating profit grew less than sales.
Net profit was ₹152 cr, −51.3% on the year and −45.0% on the quarter, with earnings per share of ₹8.29. Profit before other income, one-offs and tax grew faster, at −20.6%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹789 cr, −23.1% on the four before.
EV businesses are read on volumes and on how far losses narrow as they scale; incentives can be a material part of revenue. The quarterly statements do not carry volumes, incentive income and cash burn; those come with the filing read.
On earnings per share of ₹43.11 over the last four quarters, the stock at ₹744.80 trades at 17.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 11.2%, −199 bps on the year (+36 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: 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.
| Metric | Q2 FY26 |
|---|---|
| New Energy Business Segment Revenue (₹ crore) | 170.01 |
| New Energy Business Segment Result (₹ crore) | -48.72 |
| Lead Acid Batteries & Allied Products Segment Revenue (₹ crore) | 3,297 |
| Lead Acid Batteries & Allied Products Segment Result (₹ crore) | 393.92 |
Read using the Electric vehicles and EV supply chain framework (named in the filing read). Primary valuation lens: EV/Sales until margins settle.
Read more closely in this sector: PLI accrued against received · Margin without incentives · Warranty provision against volumes.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,882 cr | ₹2,797 cr | ₹3,131 cr | ₹3,136 cr | ₹3,164 cr | ₹2,974 cr | ₹3,350 cr | ₹3,467 cr | ₹3,351 cr | ₹3,460 cr | ₹4,215 cr | ₹4,109 cr |
| YoY | — | — | +13% | +12% | +10% | +6% | +7% | +11% | +6% | +16% | +26% | +19% |
| EBITDA margin | 15.1% | 14.6% | 13.7% | 14.1% | 13.1% | 11.5% | 11.6% | 10.8% | 11.2% | 10.9% | 9.6% | 8.8% |
| Other income, % of PBT | 7% | 9% | 8% | 6% | 33% | 9% | 5% | 8% | −8% | 48% | 8% | 11% |
| Exceptional items | — | — | — | — | — | — | — | −₹122 cr | — | — | — | — |
| Tax rate | 24% | 25% | 26% | 26% | 26% | 26% | 26% | 24% | 27% | 26% | 25% | 27% |
| Net profit | ₹253 cr | ₹228 cr | ₹245 cr | ₹241 cr | ₹312 cr | ₹167 cr | ₹194 cr | ₹276 cr | ₹152 cr | ₹322 cr | ₹191 cr | ₹152 cr |
| YoY | — | — | +23% | +7% | +23% | −27% | −21% | +15% | −51% | +93% | −2% | −45% |
| Core profit YoY | — | — | +24% | +9% | −8% | −26% | −18% | +50% | −21% | +10% | −5% | −59% |
| EPS | ₹14.80 | ₹12.46 | ₹13.36 | ₹13.15 | ₹17.04 | ₹9.11 | ₹10.60 | ₹15.11 | ₹8.29 | ₹17.61 | ₹10.43 | ₹8.33 |
| 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 ₹3,351 cr (+5.9% on the year) and net profit of ₹152 cr (−51.3% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved −20.6% on the year, against −51.3% for reported profit.
None of the 8 checks that could run raised a question.
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