Buy Amara Raja Batteries; target of Rs 819: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi's research report on Amara Raja Batteries

For Amara Raja, volumes improved across automotive and industrial business on a y/y basis. The aftermarket segment grew, while the OEM segment was weak. Growth in telecoms and UPS aided growth in the industrials segment. Supplies to EV 3W applications have commenced and augurs well for long-term growth. Multi-gigawatt capacity is on track and would be ready in the next 16-18 months.

Outlook

We maintain a Buy at a revised TP of Rs819 (14x FY25e).

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Amara Raja Batteries - 30 -01-2023 - anand