ARE&M

2️⃣ AMARA RAJA ENERGY & MOBILITY LTD

Business One of India’s largest battery manufacturers. Produces lead-acid batteries, energy storage systems, industrial UPS batteries, and now investing heavily in Li-ion cell gigafactory. Strengths Strong brands in automotive batteries (Amaron). Large OEM + aftermarket network. Moving early into Li-ion cell manufacturing for EVs & stationary storage. Strong cash flow & leadership in industrial batteries. Future Growth Drivers EV adoption → demand for Li-ion batteries. Telecom & data center backup power. Renewable + grid storage (BESS). Aftermarket replacement cycle growth. Risks Lithium pricing & sourcing risk. Transition from lead-acid to Li-ion brings execution risk. High competition in EV battery ecosystem.