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Motilal Oswal Report
Amara Raja Energy and Mobility Ltd.'s Q2 FY25 financials were in line with our estimates. The quarter saw volume growth of ~12% YoY, driven mainly by increased demand in the aftermarket, two-wheeler original equipment manufacturers, and exports, while the industrial segment remained weak.
We expect demand to stay stable in the upcoming quarters, and margins are also likely to remain at current levels for H2 as the rise in input costs would be offset by price hikes taken.
We maintain our FY25/FY26 EPS estimates. The stock at ~25x/22x FY25E/FY26E EPS appears fairly valued. We, hence, maintain Neutral rating with a revised target price of Rs 1,310 (based on 20 times Sep-26E earnings per share).
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