🔍

ARE&M - Amara Raja Ener.

📊 NSE: ARE&M 🏢 Auto Ancillaries 📅 Last Updated: 12/13/2025 18:14

📢 Recent Corporate Announcements

Amara Raja Energy & Mobility to Hold Virtual Meeting with IIFL Capital on March 19

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Mar 2026, 03:38 PM

Amara Raja Energy & Mobility Limited (ARE&M) has scheduled a virtual meeting with IIFL Capital for March 19, 2026, at 4:00 PM IST. This interaction is part of the company's regular engagement with institutional investors to discuss business performance based on publicly available information. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared during the meeting. This disclosure is a routine compliance filing under Regulation 30 of the SEBI (LODR) Regulations, 2015.

Virtual meeting with IIFL Capital scheduled for March 19, 2026, at 4:00 PM IST
No new corporate presentations or unpublished price-sensitive information will be shared
Discussions will be limited to information already available in the public domain
Official notification filed with NSE and BSE on March 14, 2026

💡 No immediate action is required as this is a routine investor interaction. Investors should focus on the company's upcoming quarterly results for fundamental updates.

Amara Raja Energy & Mobility Proposes 5-Year Re-appointment of Independent Director Annush Ramasamy

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 26 Feb 2026, 05:56 PM

Amara Raja Energy & Mobility Limited (ARE&M) has issued a postal ballot notice to seek shareholder approval for the re-appointment of Mr. Annush Ramasamy as an Independent Director. The proposed second consecutive term is for five years, effective from June 12, 2026, to June 11, 2031. The voting process will be conducted exclusively via remote e-voting, with the results expected to be announced within two working days of the voting conclusion. This move is part of the company's routine board governance and succession planning.

Proposed re-appointment of Mr. Annush Ramasamy as Independent Director for a second 5-year term.
The new term is scheduled to run from June 12, 2026, through June 11, 2031.
Remote e-voting period is set from February 27, 2026, to March 28, 2026.
The cut-off date for determining shareholder eligibility for voting was February 20, 2026.
The resolution is proposed as a Special Resolution, requiring a 75% majority for approval.

💡 This is a routine governance matter; shareholders should review the director's profile and cast their votes via the NSDL e-voting platform by March 28, 2026. No immediate impact on the stock price is anticipated from this announcement.

Amara Raja Q3 FY26: Revenue Up 4.2% to ₹3,410 Cr; New Energy Segment Revenue Doubles

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 17 Feb 2026, 06:42 PM

Amara Raja Energy & Mobility reported a consolidated revenue of INR 3,410 crores for Q3 FY26, a 4.2% YoY growth. While the lead-acid business remains the primary driver, the New Energy segment crossed the INR 200 crore milestone, doubling its revenue compared to the previous year. The company faced headwinds in exports, which declined 15%, and telecom lead-acid volumes, which fell over 45% due to lithium transition. To counter raw material cost pressures, a 2% price hike was implemented in January 2026, and the board approved a new 5 GWh BESS plant with a ₹280 crore outlay.

Consolidated revenue reached INR 3,410 crores with 4-wheeler OEM volumes growing 25% YoY.
New Energy business revenue doubled YoY to over INR 200 crores, driven by telecom lithium pack demand.
Board approved a 5 GWh integrated BESS plant with INR 280 crore investment, expected operational by FY27-end.
Standalone operating margins were 11.2%, but adjusted for recycling efficiencies and trading, margins stood at 12.3%.
YTD December capex stood at INR 950 crores, with FY27 New Energy capex projected at INR 1,000 crores.

💡 Investors should focus on the company's aggressive transition toward New Energy and BESS solutions as lead-acid telecom demand fades. Monitor the margin recovery in Q4 following the January price hike and the progress of the lithium cell subsidiary investments.

Amara Raja Energy & Mobility Releases Audio Recording of Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 09:43 PM

Amara Raja Energy & Mobility Limited has officially released the audio recording of its earnings conference call held on February 12, 2026. This filing is a mandatory compliance requirement under Regulation 30 of the SEBI (LODR) Regulations, 2015. The recording provides investors and analysts with management's detailed commentary on the company's financial performance and strategic outlook. Interested parties can access the full audio via the company's investor relations website.

Earnings call audio recording for the period ended December 2025 made available on February 12, 2026.
Compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations.
Management commentary accessible via the company's official investor portal link.
Follows the initial intimation of the earnings call schedule dated February 6, 2026.

💡 Investors should listen to the recording to understand management's perspective on the transition to green energy and mobility. No immediate action is required as this is a routine regulatory disclosure.

Amara Raja Q3 FY26: 9M Revenue Hits INR 1 Lakh Cr; New 5 GWh BESS Giga Factory Announced

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 09:53 AM

Amara Raja Energy & Mobility (ARE&M) reported a standalone revenue of INR 1,00,889 million for 9M FY26 with an EBITDA margin of 11.6%. The company is accelerating its transition to New Energy, announcing a 5 GWh Battery Energy Storage System (BESS) Giga Factory with a capex of INR 280 crores. The lithium pack business for telecom reached a significant milestone of INR 200 crores in quarterly revenue, while the traditional 4W OEM lead-acid segment maintained double-digit growth. Strategic investments continue with a INR 200 crore infusion into its subsidiary ARACT for advanced cell manufacturing.

9M FY26 Standalone Revenue reached INR 1,00,889 Mn with EBITDA of INR 11,671 Mn.
Announced 5 GWh BESS Giga Factory with INR 280 Cr capex, targeting operations by FY28.
New Energy telecom packs crossed INR 200 Cr revenue milestone with 80%+ capacity utilization.
Infused INR 200 Cr into subsidiary ARACT; 16 GWh Giga-cell plant construction is underway.
Lead recycling refinery operations commenced in Dec 2024, with battery breaking expected in Q4 FY26.

💡 Investors should focus on the company's successful scale-up of the lithium pack business and the progress of the Giga-cell factory as it pivots toward energy transition. The core lead-acid business remains a stable cash generator, supporting the aggressive INR 95 billion long-term capex plan.

Amara Raja to Incorporate US Subsidiary with $5 Million Investment for Global Expansion

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 11 Feb 2026, 07:29 PM

Amara Raja Energy & Mobility (ARE&M) has approved the incorporation of a wholly owned subsidiary in the USA, tentatively named 'ARE&M US Inc.' The company plans to invest up to USD 5 million in this new entity through equity, loans, or capital expenditure in one or more tranches. This move is aimed at strengthening customer service capabilities, facilitating global business expansion, and establishing a local presence to evaluate future manufacturing or assembly opportunities in the US market. The incorporation process is expected to be completed within the next 3 to 6 months.

Board approved a 100% wholly owned subsidiary in the USA to be incorporated within 3-6 months.
Total investment commitment of up to USD 5 million in equity, loans, or other securities.
Primary focus on battery and components distribution and improving customer service response times.
Strategic intent to evaluate future localization, including potential manufacturing or assembly in the US.

💡 Investors should view this as a positive step toward global diversification and potential entry into the US energy storage market. Monitor future updates regarding localization plans or larger capital commitments in the US.

Amara Raja Re-appoints Annush Ramasamy as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Feb 2026, 07:16 PM

Amara Raja Energy & Mobility Limited has approved the re-appointment of Mr. Annush Ramasamy as an Independent Director for a second consecutive five-year term. The new term is set to commence on June 11, 2026, and will extend until June 12, 2031, subject to shareholder approval. Mr. Ramasamy, currently the President & MD of Sri KumaraGuru Mill Limited, brings significant expertise in strategy and manufacturing management. This move ensures continuity in the company's independent board oversight and corporate governance framework.

Re-appointment for a second consecutive term of 5 years.
New term effective from June 11, 2026, to June 12, 2031.
Shareholder approval to be sought through a postal ballot process.
Mr. Ramasamy is the President & Managing Director of Sri KumaraGuru Mill Limited (KG Group).
The director has no relationship with promoters, other directors, or key managerial personnel.

💡 This is a routine governance update ensuring board continuity; investors do not need to take any immediate action.

Amara Raja Re-appoints Annush Ramasamy as Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Feb 2026, 07:09 PM

Amara Raja Energy & Mobility Limited has approved the re-appointment of Mr. Annush Ramasamy as an Independent Director for a second consecutive five-year term. The new term is scheduled to run from June 11, 2026, to June 12, 2031, subject to shareholder approval via a postal ballot. Mr. Ramasamy, currently the President & MD of Sri KumaraGuru Mill Limited, brings strategic expertise in manufacturing and technology to the board. This move ensures leadership continuity and maintains the company's compliance with independent board representation standards.

Re-appointment of Mr. Annush Ramasamy for a second 5-year term effective June 11, 2026
Mr. Ramasamy is the President & MD of Sri KumaraGuru Mill Limited with an MBA from Rochester Institute of Technology
The board confirmed no relationship with promoters, directors, or KMPs, ensuring independent status
Final approval for the appointment will be sought from shareholders through a Postal Ballot process

💡 This is a routine governance update ensuring board continuity. No immediate action is required as it does not impact the company's operational fundamentals.

Amara Raja Energy & Mobility Board Addresses NSE Fine for One-Day Filing Delay

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 11 Feb 2026, 06:49 PM

Amara Raja Energy & Mobility (ARE&M) informed the exchanges that its Board has reviewed a fine levied by the NSE for a one-day delay in filing Related Party Transactions (RPT) XBRL data. The company had filed the data with BSE on time on November 6, 2025, but mistakenly assumed the filing was API-integrated with NSE. The NSE filing was subsequently completed on November 7, 2025, leading to the penalty. The company has paid the fine, applied for a waiver, and the Board has directed management to strengthen internal compliance monitoring.

One-day delay in filing RPT XBRL with NSE on November 7, 2025, instead of November 6, 2025.
Company paid the stipulated fine and submitted a waiver application citing a bona fide oversight.
The delay occurred because the company assumed filing with one exchange would suffice for both.
NSE has since updated its system (January 2, 2026) to allow single filing for integrated financials.
Board has advised strengthening internal compliance and review mechanisms to avoid recurrence.

💡 This is a minor administrative lapse with no impact on the company's fundamentals or financial health. No specific action is required from investors as the issue is procedural and has been addressed by the Board.

Amara Raja Q3 Revenue Up 6% YoY to ₹3,351 Cr; New Energy Segment Crosses ₹200 Cr Milestone

🔵 WATCH ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 06:41 PM

Amara Raja Energy & Mobility reported a 6% year-on-year revenue growth to ₹3,350.84 crore for Q3 FY26, supported by strong domestic automotive OEM demand. However, profitability faced significant pressure as Profit Before Tax (PBT) fell to ₹207.48 crore from ₹422.16 crore in the previous year's corresponding quarter. The New Energy business achieved a key milestone by crossing ₹200 crore in revenue, while exports were hampered by geopolitical tensions. The company remains on track for its Gigafactory commercial production by early next calendar year.

Revenue from operations increased 6% YoY to ₹3,350.84 crore in Q3 FY26.
Profit before tax (PBT) declined sharply to ₹207.48 crore compared to ₹422.16 crore in Q3 FY25.
New Energy Business revenue crossed the ₹200 crore mark for the first time in a quarter.
Exports saw a decline during the period due to ongoing global geopolitical tensions.
Gigafactory commercial production remains on track for early next calendar year (2027).

💡 Investors should monitor the impact of geopolitical headwinds on export margins and the significant decline in PBT. While the New Energy segment's growth is a positive long-term catalyst, the current bottom-line volatility suggests a cautious approach until margins stabilize.

Amara Raja Q3 FY26 Consolidated Net Profit Drops 53% YoY to ₹140.15 Crore

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 11 Feb 2026, 06:28 PM

Amara Raja Energy & Mobility reported a modest 4.2% YoY growth in consolidated revenue to ₹3,410.15 crore for the quarter ended December 31, 2025. However, consolidated net profit saw a sharp decline of 53% YoY to ₹140.15 crore, significantly impacted by rising raw material costs and an exceptional charge of ₹47.63 crore related to new labour code gratuity liabilities. The company continues its capital-intensive transition toward green energy, infusing an additional ₹200 crore into its advanced cell technology subsidiary during the quarter.

Consolidated Revenue from operations increased 4.2% YoY to ₹3,410.15 crore.
Consolidated Net Profit fell 53% YoY to ₹140.15 crore from ₹298.37 crore in the previous year.
Exceptional item of ₹47.63 crore recognized due to increased gratuity liability from the new Labour Codes.
Cost of materials consumed rose approximately 10% YoY to ₹2,247.13 crore, impacting operating margins.
Total investment in Amara Raja Advanced Cell Technologies reached ₹1,400.01 crore following a ₹200 crore infusion this quarter.

💡 Investors should monitor the margin pressure resulting from rising input costs and the heavy capital expenditure required for the new energy business. While the core battery business remains stable, the short-term profitability is likely to remain volatile during the transition to advanced cell manufacturing.

Amara Raja Energy & Mobility Schedules Q3/9M-FY26 Earnings Call for February 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 05:40 PM

Amara Raja Energy & Mobility Limited (ARE&M) has scheduled an investor conference call on February 12, 2026, at 4:30 PM IST to discuss its Q3 and 9M-FY26 financial results. The call will feature key management including CFO Mr. Y. Delli Babu and Head of Corporate Finance Ms. Swajitha Rapeti. This is a standard regulatory filing following the announcement of financial results to provide clarity on operational performance. Investors can join via the DiamondPass link or universal dial-in numbers provided in the disclosure.

Conference call scheduled for February 12, 2026, at 4:30 PM IST.
Discussion to focus on Q3 and 9-month financial performance for FY26.
Management representation by CFO Mr. Y. Delli Babu and Ms. Swajitha Rapeti.
Call hosted by Avendus Spark Institutional Equities.
Audio recordings and transcripts will be made available on the company website post-call.

💡 Investors should monitor the call for management's outlook on the lead-acid battery market and updates on their energy transition initiatives. No immediate action is required as this is a routine scheduling announcement.

Amara Raja Energy & Mobility Appoints Narayan Sudhakar Choudhary as Chief Operations Officer

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 19 Jan 2026, 05:57 PM

Amara Raja Energy & Mobility (ARE&M) has appointed Mr. Narayan Sudhakar Choudhary as the Chief Operations Officer effective January 19, 2026. He succeeds Mr. C. Narasimhulu Naidu, who will be retiring in the next couple of months after a planned transition period. Mr. Choudhary brings extensive experience from leadership roles at Honeywell, Tata Toyo, and Autoliv, specializing in manufacturing excellence and Industry 4.0. This move is aimed at ensuring a seamless handover of operational responsibilities as the company continues its focus on the energy and mobility sectors.

Mr. Narayan Sudhakar Choudhary appointed as COO effective January 19, 2026
Outgoing COO Mr. C. Narasimhulu Naidu to superannuate after a transition period of 2 months
New COO joins from Taco Punch Powertrain with prior experience at Honeywell and Autoliv
Expertise includes Lean, TPM, Six Sigma, and Industry 4.0 practices for large-scale transformation

💡 This is a planned leadership succession and is unlikely to impact the stock price immediately. Investors should monitor how the new COO's expertise in manufacturing excellence influences operational margins over the long term.

Amara Raja Energy & Mobility Faces Rs 22.06 Crore GST Tax and Penalty Order

🔴 NEGATIVE ⭐ 4/10

LEGAL 📅 19 Jan 2026, 05:54 PM

Amara Raja Energy & Mobility Limited (ARE&M) has received an order from the Commissioner of Central Tax (Appeals-II), Delhi, upholding a previous tax demand. The order confirms a tax liability of Rs 11.03 crore along with an equivalent penalty of Rs 11.03 crore, totaling approximately Rs 22.06 crore plus interest. The dispute centers on excess Input Tax Credit (ITC) claims and taxability of goods supplied under warranty. The company has stated that this liability was already disclosed as a contingent liability and they intend to appeal the order before the GST Tribunal.

Tax demand of Rs 11,03,08,991 upheld by the Appellate Authority under CGST/DGST Act.
Penalty of Rs 11,03,08,991 imposed, matching the tax demand amount.
Violations include excess ITC utilization in GSTR-3B and issues with warranty period supplies.
The company plans to file an appeal before the GST Tribunal once it is formed.
Management states there is no material impact on the company's financial or operational activities.

💡 Investors should note the tax demand but recognize that the Rs 22.06 crore amount is relatively small compared to the company's annual revenue. No immediate action is required as the company is pursuing further legal remedies.

Amara Raja Energy & Mobility Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 05:58 PM

Amara Raja Energy & Mobility Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Cameo Corporate Services Limited, covers the period ending December 31, 2025. This document confirms that the company has processed share certificates for dematerialization and updated the records with the depositories. Such filings are standard administrative requirements for listed companies in India to ensure the integrity of shareholding records.

Submission of compliance certificate for the quarter ended December 31, 2025
Confirmation of adherence to SEBI (Depositories and Participants) Regulations, 2018
Certificate issued by Registrar and Share Transfer Agent, Cameo Corporate Services Limited
Verification that security certificates received for dematerialization were duly processed and cancelled

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's fundamental performance and upcoming quarterly earnings reports.

View All ARE&M Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Overall revenue grew 19% YoY in fiscal 2023 to INR 10,398 Cr, driven by double-digit volume growth in automotive and industrial battery divisions which contribute over 90% of total revenue. H1 FY24 revenue reached INR 5,755 Cr, a 8.1% increase from INR 5,321 Cr in H1 FY23.

Geographic Revenue Split

Not disclosed in available documents, though the company notes demand is spread across India while exports are being expanded into newer geographies to reduce domestic sector vulnerability.

Profitability Margins

Profit After Tax (PAT) margin improved from 5.9% in FY22 to 6.6% in FY23. Net profit for FY25 was INR 963.90 Cr compared to INR 905.86 Cr in FY24, representing a 6.4% YoY increase.

EBITDA Margin

Operating profitability improved to 13.6% in fiscal 2023 from 12.3% in fiscal 2022. Management targets a near-term EBITDA margin of 13% and a long-term goal of 14% as internal efficiency projects and recycling initiatives scale.

Capital Expenditure

Planned total expansion of INR 9,500 Cr for the ARACT giga factory over 10 years. Near-term annual capex is projected at INR 1,100-1,200 Cr for the next 2-3 years, including INR 400 Cr for lead recycling and up to INR 1,500 Cr for Phase-I of the Li-ion giga factory.

Credit Rating & Borrowing

Maintains a 'Stable' outlook from CRISIL with robust debt metrics; interest coverage was 65.4 times in FY23. Borrowing costs are low as the company maintains a gearing of 0.01 to 0.02 times, relying primarily on internal accruals.

⚙️ Operational Drivers

Raw Materials

Lead and Lead Alloys are the primary raw materials, accounting for over 80% of total input material value.

Key Suppliers

Not disclosed in available documents; however, 50% of critical suppliers were assessed on environmental impacts in FY23.

Capacity Expansion

Expanding into Lithium-ion cell manufacturing with a planned giga factory (ARACT). Lead recycling capacity is being expanded via a INR 400 Cr Phase-I facility at ARCSPL. Tubular battery manufacturing is being restored following a fire accident in FY23.

Raw Material Costs

Lead prices are currently elevated at approximately INR 210,000 per metric ton. Raw material costs are a significant driver, with the company aiming to increase lead recycling to 80%+ to mitigate price volatility.

Manufacturing Efficiency

Capacity utilization for the tubular plant is expected to reach full capacity in Q4 FY24. The company is focusing on internal efficiency projects to return to a 14% EBITDA margin.

Logistics & Distribution

Geographic concentration in Andhra Pradesh restricts distribution logistics, increasing the cost of reaching demand centers spread across the country.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be driven by a INR 9,500 Cr investment in a Li-ion giga factory, expanding the New Energy segment to 7-8% of revenue by FY27, and the acquisition of the plastic component division from Mangal Industries Ltd to capture operational synergies.

Products & Services

Lead-acid batteries (VRLA), Lithium-ion battery packs, EV chargers, automotive aftermarket batteries, industrial batteries for telecom/UPS, and plastic components.

Brand Portfolio

Amaron, PowerStack, Quanta.

New Products/Services

Lithium-ion cells and battery packs for EVs, and EV charging infrastructure, with New Energy expected to contribute 5% of revenue by end of FY25.

Market Expansion

Targeting export growth in newer geographies and increasing market share in the automotive aftermarket and 5G telecom infrastructure segments.

Market Share & Ranking

Established market leader in the domestic battery segment, particularly in automotive and industrial VRLA batteries.

Strategic Alliances

Acquisition of Amara Raja Power Systems Ltd (ARPSL) and the plastic component division of Mangal Industries Ltd (MIL) to integrate the supply chain.

🌍 External Factors

Industry Trends

The industry is shifting toward green energy and e-mobility. ARE&M is positioning itself by transitioning from a lead-acid battery player to an 'Energy & Mobility' company through its Li-ion giga factory and EV charger business.

Competitive Landscape

Intense competition in the telecom segment from infrastructure players and in the automotive aftermarket from small-to-mid-sized organized players offering competitive pricing.

Competitive Moat

Strong brand equity (Amaron), a dominant position in the replacement market, and a robust financial profile with near-zero debt (0.01 gearing) provide a sustainable competitive advantage over smaller organized and unorganized players.

Macro Economic Sensitivity

Highly sensitive to the domestic automotive cycle and industrial growth; however, diversified segments (UPS, Telecom, Exports) provide a buffer against specific sector downturns.

Consumer Behavior

Increasing consumer preference for maintenance-free batteries and the gradual shift toward electric vehicles (EVs) impacting long-term lead-acid demand.

Geopolitical Risks

Exposure to global lead price volatility and potential trade barriers affecting export growth in new geographies.

⚖️ Regulatory & Governance

Industry Regulations

Subject to Battery Waste Management Rules (BWMR) 2022, requiring 80%+ lead recycling and 50% collection rates. Operations are also subject to environmental pollution norms in Andhra Pradesh.

Environmental Compliance

The company is investing INR 400 Cr in lead recycling to comply with Battery Waste Management Rules (BWMR) 2022 and has a goal to reduce LTIFR by 60% by FY24.

Taxation Policy Impact

Effective tax expense for FY25 was INR 335.25 Cr on a profit before tax of INR 1,299.15 Cr, representing an effective tax rate of approximately 25.8%.

Legal Contingencies

Pending litigation regarding the operation of two plants in Andhra Pradesh; any adverse ruling impacting these plants is a key monitorable. Leasehold land in Chittoor involves a value of INR 25.85 Cr.

⚠️ Risk Analysis

Key Uncertainties

Potential for material time or cost overruns in the INR 9,500 Cr giga factory project and volatility in lead prices impacting the 13-14% EBITDA margin target.

Geographic Concentration Risk

100% of manufacturing operations are concentrated in Andhra Pradesh, exposing the company to state-specific regulatory and logistical risks.

Third Party Dependencies

Significant dependency on lead suppliers, though the company is mitigating this by increasing in-house recycling to 80%.

Technology Obsolescence Risk

High risk of lead-acid technology being superseded by Lithium-ion; the company is mitigating this via its 'New Energy' strategic pivot and giga factory investment.

Credit & Counterparty Risk

Maintains high-quality receivables; the company has been sanctioned working capital limits in excess of INR 5 Cr based on the security of current assets.