Analysts/Institutional Investor Meet/Con. Call Updates

November 08, 2026 National Stock Exchange of India Limited BSE Limited Listing Compliance Department Corporate Relations Department “Exchange Plaza” Phiroze Jeejeebhoy Towers Bandra – Kurla Complex Dalal Street, Fort Bandra East, Mumbai – 400 051 Mumbai – 400 001 NSE Symbol: ARE&M BSE SCRIP CODE: 500008 Dear Sir / Madam, Sub: Transcript of Earnings Call - Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 With reference to our letter dated October 26, 2026, the transcript of the Earnings call held on November 03, 2026, is enclosed herewith and the same is also available on the website of the Company at: https://www.amararajaeandm.com/investors/Earnings-calls We request you to take the same on record. Thank you Yours faithfully For Amara Raja Energy & Mobility Limited Vikas Sabharwal Company Secretary & General Counsel Encl: a/a “Amara Raja Energy and Mobility Limited Q2 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. Y. DELLI BABU – CHIEF FINANCIAL OFFICER – AMARA RAJA ENERGY & MOBILITY LIMITED MS. SWAJITHA RAPETI – HEAD, CORPORATE FINANCE – AMARA RAJA ENERGY & MOBILITY LIMITED MODERATOR: MR. MUKESH SARAF – AVENDUS Page 1 of 16 Amara Raja Energy and Mobility Limited November 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to Amara Raja Energy & Mobility Limited Q2 FY27 Earnings Conference Call hosted by Avendus. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mukesh Saraf from Avendus. Thank you, and over to you, sir. Mukesh Saraf: Hi, good evening everyone, and thank you for joining the Q2 FY27 earnings conference call of Amara Raja Energy & Mobility Limited. On behalf of the management, we have with us today Mr. Y. Delli Babu, Chief Financial Officer, and Ms. Swajitha Rapeti, the Head of Corporate Finance. Now I would like to hand over the call to the management for their opening remarks. Over to you. Swajitha Rapeti: Yes, hi. Good evening everyone. Thanks for joining the call. This quarter ended September 30 2026, we have achieved a revenue of around INR4,108 crores on consolidated basis. With about 94% of the revenue coming from lead-acid business, which grew by around 18%. The new energy business grew by more than 30%, recording a revenue of around INR232 crores. Our revenue growth has remained strong, driven by sustained volume momentum in both aftermarket and OEM segments. We continue to strengthen and deepen our market position in automotive and home energy sectors. OEM segment continued to retain the volume growth momentum of around 17% in four-wheeler and more than 30% in two-wheeler on Y-o-Y basis. Domestic aftermarket volumes reflected a growth of around 6% in both four-wheeler and two-wheeler on Y-o-Y basis. Further, we also delivered growth of more than 50% in home energy business, both on tubular batteries and home UPS. The trading revenue in the current quarter moderated to 10% of the lead-acid battery revenue. On the international revenues, we improved on a quarter-on-quarter basis, but on a Y-o-Y basis, we de-grew by around 20% owing to the volume drop in Middle East markets. We are expecting to recover these volumes in these markets in the subsequent quarters. Lead-acid telecom volumes witnessed a one-time spike during the quarter of more than 30%, and lithium-ion telecom packs grew by around 15% on Y-o-Y basis. This one-off uptick in lead- acid volumes is due to delays in yearly lithium telecom pack volumes negotiations with the OEMs. Page 2 of 16 Amara Raja Energy and Mobility Limited November 03, 2026 During the quarter, on a combined basis, we continue to maintain a market share of over 60%, and meanwhile, UPS volumes sustained modest volume growth of around 8%. New Energy business during the quarter continued to deliver robust performance with revenue supported by increased demand for telecom pack volumes, which grew by around 15% during the quarter on Y-o-Y basis. However, EV volumes faced some demand headwinds during the quarter, which is expected to recover in the coming months. Further, we are happy to share that our ePositive Lab commenced operations on October 26, which will support the new energy business in its technology advancements. The board also approved our next phase of investment in prismatic cell gigafactory and pack assembly capacity with a total capex outlay of around INR2,320 crores, which is expected to be completed within next 30 months. The cell gigafactory would be LFP-based with a capacity of around 5 gigawatt-hour, which would initially cater to stationary applications and later on for mobility applications. The pack capacity enhancement is done to cater to new pack opportunities which we are foreseeing for various storage & mobility applications. The margins during Q1 on standalone EBITDA is around 10.1%. The margins are stable on quarter-on-quarter basis, but we were impacted on Y-o-Y basis. This is primarily due to elevated material cost and increased spending on our strategic initiatives, namely Amaron Assist and the Factory of the Future, and also a higher OEM mix contributed to the margin moderation to some extent. As communicated in our earlier calls, we have launched Amaron Assist during Q1 FY27 in Hyderabad, a project which is focused on providing automotive services in B2C segment. Based on the pilot response and our future plans, Board has approved setting up a wholly owned subsidiary under the brand name Amaron Assist for carrying out this business. We'll be scaling up this project to new locations gradually over the near future. This business would be having some cash burn in the initial period, which also had some impact in the Q2 margins. Further, we also increased our spending on improving our manufacturing excellence by way of capacity enhancement in our existing automotive plants, which also added to the moderation of margins. Higher expenses on these strategic initiatives during the quarter led to margin moderation of around 1%. The other major aspect that led to the moderation in profitability is a significant increase in the procurement costs of alloys, sulfuric acid and poly. We took price hikes during Q1 FY27 to offset these cost pressures. However, acid and poly have further increased during To absorb these costs, we again took a price increase of around 2% during Q2 FY27, which should help offset a portion of these cost pressures. Along with this Q2 price hike, till H1 of the current financial year, our cumulative price hike was around 5%. At a consolidated level, the margins were lowered by around 1.3% to 8.8% due to additional cost at our new energy business towards the product development and other fixed costs pertaining to our Giga-1 and BESS plans. Page 3 of 16 Amara Raja Energy and Mobility Limited November 03, 2026 On the capex outlay during FY27, we estimate to spend around INR2,200 crores towards various capex projects, with major capex outlay in our new energy business, which is expected to be around INR1,600 crores. This INR1,600 crores includes the payment towards the earlier mentioned new cell and pack plans. Out of the planned INR2,200 crores, we already spent INR800 crores in the first half of FY27, and out of this INR800 crores, INR500 crores is spent towards new energy business. We can now move on to Q&A. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question comes from the line of Kapil Singh from Nomura. Please go ahead. Kapil Singh: Yes, hi, good evening, sir. Firstly, I just wanted to check on both the market growth that you mentioned in aftermarket, 6%, that is in line with the industry, and it appe [Showing first 8,000 characters — download PDF for full document]