2025-10-15 05:50:29 pm | Source: Motilal Oswal Financial Services Ltd
Neutral Amara Raja Energy Mobility Ltd for the Target Rs. 1,039 by Motilal Oswal Financial Services Ltd
* We expect battery demand to largely remain stable QoQ both in OE and replacement segments, and hence expect Amara to post 7% YoY growth in revenue (flat QoQ).
* Lead prices are largely stable QoQ. However, elevated power costs are likely to keep margins under pressure for at least 2Q.
* EBITDA margins to improve 50bp QoQ (down 210bp YoY) to 12%.

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