Neutral Amara Raja; target of Rs 555: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Amara Raja

AMRJ’s 1QFY23 earnings were led by strong revenue growth across segments. High RM costs continued to impact margin. The recent moderation in lead prices will aid a margin recovery. Volumes should see good growth across segments in FY23. We lower out FY23 earnings by 11% due to a cut in margin, whereas we raise our FY24 earnings by 11% to factor in an upgrade in revenue and the lowering of depreciation.

Outlook

We maintain our Neutral rating with a TP of INR555/share (12x Jun’24E EPS).

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Amara Raja - 080822 - moti