# Auto Ancillaries - Batteries — company-by-company sector analysis

> Auto Ancillaries - Batteries: Exide Industries Ltd owns the largest revenue base; Amara Raja Energy & Mobility Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Auto Ancillaries - Batteries has outperformed NIFTY 500 by 8.3% over 52 weeks and 19% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. Exide Industries Ltd leads with revenue of ₹17,996 crore, based on 2 of 3 comparable companies through Mar 2026.

### Is the Auto Ancillaries - Batteries sector outperforming NIFTY 500?

Auto Ancillaries - Batteries has outperformed NIFTY 500 by 8.3% over 52 weeks and 19% over 13 weeks. 2 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.

### Which Auto Ancillaries - Batteries company is largest by revenue?

Exide Industries Ltd leads with revenue of ₹17,996 crore, based on 2 of 3 comparable companies through Mar 2026.

### Which Auto Ancillaries - Batteries company is growing fastest?

Amara Raja Energy & Mobility Ltd has the fastest current revenue growth at 7.5%, across 2 of 3 comparable companies.

### Which Auto Ancillaries - Batteries company has the strongest 4-Factor Sector Score?

Exide Industries Ltd ranks first at 53.4/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto Ancillaries - Batteries company has the least gross debt?

CLN Energy Ltd has the lowest comparable gross debt at ₹93 crore. Exide Industries Ltd has the highest at ₹1,575 crore.

### Which Auto Ancillaries - Batteries company has the lowest comparable PEG?

Exide Industries Ltd has the lowest comparable Guarded PEG at 1.61, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Auto Ancillaries - Batteries comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Auto Ancillaries - Batteries has outperformed NIFTY 500 by 8.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 19%. 2 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Exide Industries Ltd is the strongest against the sector itself at +5%.

13-week sector return versus NIFTY 500: 19%
52-week sector return versus NIFTY 500: 8.3%
Stocks leading NIFTY: 2/3
Stocks leading sector: 1/2

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹54.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Exide Industries Ltd (EXIDEIND): 53/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 14.2/35 | Capital efficiency 11.6/25 | Valuation 7.6/20 | Relative strength 20.0/20
   - Exact sum: 14.2 + 11.6 + 7.6 + 20 = 53.4
   - Decision use: Price leads the evidence: RS versus the benchmark is 21.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Amara Raja Energy & Mobility Ltd (ARE&M): 33/100 — Adverse evidence; evidence 80%
   - Growth & earnings 8.9/35 | Capital efficiency 14.6/25 | Valuation 7.9/20 | Relative strength 1.6/20
   - Exact sum: 8.9 + 14.6 + 7.9 + 1.6 = 33
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. CLN Energy Ltd (544347): 60/100 — Thin evidence · provisional; evidence 30%
   - Growth & earnings 18.6/35 | Capital efficiency 18.5/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Exact sum: 18.6 + 18.5 + 10 + 12.5 = 59.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Exide Industries Ltd is the scale leader at ₹17,996 crore, 30.3% ahead of Amara Raja Energy & Mobility Ltd. Amara Raja Energy & Mobility Ltd's growth is 7.5% from a ₹13,814 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Exide Industries Ltd is the scale benchmark; Amara Raja Energy & Mobility Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Exide Industries Ltd's growth falls below Amara Raja Energy & Mobility Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Exide Industries Ltd · ₹17,996 crore | 30.3% versus #2 · Amara Raja Energy & Mobility Ltd | 7/8 recent comparable periods | 2/3 companies · 38 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Exide Industries Ltd (EXIDEIND): ₹18.0K Cr
2. Amara Raja Energy & Mobility Ltd (ARE&M): ₹13.8K Cr

### Revenue growth — fastest growers
1. Amara Raja Energy & Mobility Ltd (ARE&M): 7.5%
2. Exide Industries Ltd (EXIDEIND): 4.4%

### 20-quarter Revenue history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹75 Cr | Dec 2024 — | Mar 2025 ₹144 Cr | Jun 2025 — | Sep 2025 ₹152 Cr | Dec 2025 — | Mar 2026 ₹195 Cr
- EXIDEIND: Jun 2021 ₹3.5K Cr | Sep 2021 ₹4.8K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.4K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.5K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.7K Cr
- ARE&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.5K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.5K Cr

### 20-quarter Revenue growth history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 103% | Dec 2025 — | Mar 2026 35%
- EXIDEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 -19% | Dec 2022 6.8% | Mar 2023 4.4% | Jun 2023 5.5% | Sep 2023 14% | Dec 2023 12% | Mar 2024 13% | Jun 2024 4.5% | Sep 2024 1.8% | Dec 2024 0.9% | Mar 2025 3.9% | Jun 2025 5.8% | Sep 2025 -1.9% | Dec 2025 4.6% | Mar 2026 9.2%
- ARE&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15% | Mar 2024 20% | Jun 2024 17% | Sep 2024 9.8% | Dec 2024 7.5% | Mar 2025 5.2% | Jun 2025 4.2% | Sep 2025 6.6% | Dec 2025 4.2% | Mar 2026 16%

## Operating Economics & Margin Trend

What the numbers say: CLN Energy Ltd leads both opm at 11% and margin change at +1 percentage points.

Investor read: CLN Energy Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: CLN Energy Ltd · 11% | 0% versus #2 · Amara Raja Energy & Mobility Ltd | 1/2 recent comparable periods | 3/3 companies · 44 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. CLN Energy Ltd (544347): 11%
2. Amara Raja Energy & Mobility Ltd (ARE&M): 11%
3. Exide Industries Ltd (EXIDEIND): 10%

### Margin change — fastest expanders
1. CLN Energy Ltd (544347): +1.0 pp
2. Amara Raja Energy & Mobility Ltd (ARE&M): 0.0 pp
3. Exide Industries Ltd (EXIDEIND): 0.0 pp

### 20-quarter OPM history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 13% | Dec 2024 — | Mar 2025 10% | Jun 2025 — | Sep 2025 11% | Dec 2025 — | Mar 2026 11%
- EXIDEIND: Jun 2021 6.7% | Sep 2021 12% | Dec 2021 11% | Mar 2022 9.4% | Jun 2022 9.6% | Sep 2022 11% | Dec 2022 11% | Mar 2023 10% | Jun 2023 10% | Sep 2023 11% | Dec 2023 11% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 11% | Mar 2025 10% | Jun 2025 11% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 10%
- ARE&M: Jun 2021 13% | Sep 2021 12% | Dec 2021 12% | Mar 2022 10% | Jun 2022 10.0% | Sep 2022 13% | Dec 2022 15% | Mar 2023 15% | Jun 2023 13% | Sep 2023 14% | Dec 2023 15% | Mar 2024 14% | Jun 2024 13% | Sep 2024 13% | Dec 2024 12% | Mar 2025 11% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 11%

### 20-quarter Margin change history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 −2.0 pp | Dec 2025 — | Mar 2026 +1.0 pp
- EXIDEIND: Jun 2021 +1.5 pp | Sep 2021 +1.2 pp | Dec 2021 −2.3 pp | Mar 2022 −4.8 pp | Jun 2022 +2.9 pp | Sep 2022 −1.3 pp | Dec 2022 −0.5 pp | Mar 2023 +0.6 pp | Jun 2023 +0.4 pp | Sep 2023 −0.2 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp
- ARE&M: Jun 2021 +0.0 pp | Sep 2021 −5.7 pp | Dec 2021 −3.6 pp | Mar 2022 −5.0 pp | Jun 2022 −3.3 pp | Sep 2022 +1.4 pp | Dec 2022 +3.0 pp | Mar 2023 +4.9 pp | Jun 2023 +3.0 pp | Sep 2023 +0.7 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp

## Profit Scale & Acceleration

What the numbers say: Amara Raja Energy & Mobility Ltd leads with ₹895 crore of TTM profit, 3.9% above Exide Industries Ltd. Exide Industries Ltd shows 7.6% growth from a ₹861 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Amara Raja Energy & Mobility Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Amara Raja Energy & Mobility Ltd · ₹895 crore | 3.9% versus #2 · Exide Industries Ltd | 4/8 recent comparable periods | 2/3 companies · 38 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Amara Raja Energy & Mobility Ltd (ARE&M): ₹895 Cr
2. Exide Industries Ltd (EXIDEIND): ₹861 Cr

### Profit growth — fastest growers
1. Exide Industries Ltd (EXIDEIND): 7.6%
2. Amara Raja Energy & Mobility Ltd (ARE&M): -5.3%

### 20-quarter Net profit history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹5 Cr | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹9 Cr | Dec 2025 — | Mar 2026 ₹12 Cr
- EXIDEIND: Jun 2021 ₹32 Cr | Sep 2021 ₹194 Cr | Dec 2021 ₹178 Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹202 Cr | Sep 2022 ₹241 Cr | Dec 2022 ₹198 Cr | Mar 2023 ₹181 Cr | Jun 2023 ₹224 Cr | Sep 2023 ₹270 Cr | Dec 2023 ₹203 Cr | Mar 2024 ₹186 Cr | Jun 2024 ₹221 Cr | Sep 2024 ₹233 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹188 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹174 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹217 Cr
- ARE&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹222 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹198 Cr | Sep 2023 ₹238 Cr | Dec 2023 ₹268 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹249 Cr | Sep 2024 ₹236 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹276 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹314 Cr

### 20-quarter Profit growth history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 80% | Dec 2025 — | Mar 2026 50%
- EXIDEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 531% | Sep 2022 24% | Dec 2022 11% | Mar 2023 -95% | Jun 2023 11% | Sep 2023 12% | Dec 2023 2.5% | Mar 2024 2.8% | Jun 2024 -1.3% | Sep 2024 -14% | Dec 2024 -22% | Mar 2025 1.1% | Jun 2025 24% | Sep 2025 -25% | Dec 2025 23% | Mar 2026 15%
- ARE&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 62% | Jun 2024 26% | Sep 2024 -0.8% | Dec 2024 11% | Mar 2025 -30% | Jun 2025 -34% | Sep 2025 17% | Dec 2025 -53% | Mar 2026 94%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Exide Industries Ltd has the clearest covered balance-sheet capacity with ₹493 crore and gross debt of ₹1,575 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: CLN Energy Ltd · ₹93 crore | 77.1% versus #2 · Amara Raja Energy & Mobility Ltd | Not enough history | 3/3 companies · 28 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. CLN Energy Ltd (544347): ₹93 Cr
2. Amara Raja Energy & Mobility Ltd (ARE&M): ₹406 Cr
3. Exide Industries Ltd (EXIDEIND): ₹1.6K Cr

### Net debt — lowest net debt
1. Exide Industries Ltd (EXIDEIND): ₹493 Cr

### 20-quarter Gross debt history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹16 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹93 Cr
- EXIDEIND: Jun 2021 ₹503 Cr | Sep 2021 ₹691 Cr | Dec 2021 ₹691 Cr | Mar 2022 ₹520 Cr | Jun 2022 ₹520 Cr | Sep 2022 ₹525 Cr | Dec 2022 ₹525 Cr | Mar 2023 ₹588 Cr | Jun 2023 ₹588 Cr | Sep 2023 ₹743 Cr | Dec 2023 ₹743 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr
- ARE&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹126 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹201 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹157 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹261 Cr | Jun 2025 — | Sep 2025 ₹310 Cr | Dec 2025 — | Mar 2026 ₹406 Cr

### 20-quarter Net debt history
- EXIDEIND: Jun 2021 ₹-1.4K Cr | Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹-381 Cr | Jun 2022 ₹-391 Cr | Sep 2022 ₹-802 Cr | Dec 2022 ₹-802 Cr | Mar 2023 ₹-93 Cr | Jun 2023 ₹-147 Cr | Sep 2023 ₹-683 Cr | Dec 2023 ₹-683 Cr | Mar 2024 ₹541 Cr | Jun 2024 ₹594 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹837 Cr | Dec 2025 ₹837 Cr | Mar 2026 ₹493 Cr

## Return On Capital Employed

What the numbers say: CLN Energy Ltd leads ROCE at 22.4%, 10.2 percentage points above Amara Raja Energy & Mobility Ltd. Exide Industries Ltd has the strongest latest improvement at +0.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: CLN Energy Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: CLN Energy Ltd · 22.4% | 83.6% versus #2 · Amara Raja Energy & Mobility Ltd | Not enough history | 3/3 companies · 15 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. CLN Energy Ltd (544347): 22%
2. Amara Raja Energy & Mobility Ltd (ARE&M): 12%
3. Exide Industries Ltd (EXIDEIND): 8.5%

### ROCE change — fastest improvers
1. Exide Industries Ltd (EXIDEIND): +0.6 pp
2. Amara Raja Energy & Mobility Ltd (ARE&M): −4.0 pp

### 20-quarter ROCE history
- EXIDEIND: Jun 2021 — | Sep 2021 10% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 9.2% | Dec 2022 — | Mar 2023 9.3% | Jun 2023 — | Sep 2023 8.9% | Dec 2023 11% | Mar 2024 9.2% | Jun 2024 11% | Sep 2024 8.2% | Dec 2024 9.2% | Mar 2025 7.8% | Jun 2025 9.6% | Sep 2025 7.3% | Dec 2025 8.5% | Mar 2026 8.4%

### 20-quarter ROCE change history
- EXIDEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 — | Mar 2023 −8.9 pp | Jun 2023 — | Sep 2023 −0.3 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 −0.7 pp | Dec 2024 −1.4 pp | Mar 2025 −1.4 pp | Jun 2025 −1.1 pp | Sep 2025 −0.9 pp | Dec 2025 −0.7 pp | Mar 2026 +0.6 pp

## Valuation Against Growth & Quality

What the numbers say: Exide Industries Ltd has the lowest comparable Guarded PEG at 1.61×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Exide Industries Ltd · 1.61× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 8 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Exide Industries Ltd (EXIDEIND): 1.6

### P/E — lowest P/E
1. CLN Energy Ltd (544347): 26.4
2. Amara Raja Energy & Mobility Ltd (ARE&M): 28.8
3. Exide Industries Ltd (EXIDEIND): 45.3

### 20-quarter Guarded PEG history
- EXIDEIND: Jun 2021 — | Sep 2021 0.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.7 | Mar 2023 1.6 | Jun 2023 0.7 | Sep 2023 — | Dec 2023 — | Mar 2024 2.9 | Jun 2024 8.4 | Sep 2024 4.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.6 | Mar 2026 —

### 20-quarter P/E history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 17.5
- EXIDEIND: Jun 2021 21.4 | Sep 2021 19.8 | Dec 2021 19.1 | Mar 2022 18.5 | Jun 2022 19.0 | Sep 2022 17.0 | Dec 2022 19.4 | Mar 2023 19.2 | Jun 2023 24.4 | Sep 2023 26.3 | Dec 2023 31.0 | Mar 2024 29.7 | Jun 2024 54.8 | Sep 2024 48.3 | Dec 2024 42.5 | Mar 2025 38.6 | Jun 2025 41.5 | Sep 2025 39.0 | Dec 2025 39.4 | Mar 2026 30.7
- ARE&M: Jun 2021 19.7 | Sep 2021 17.7 | Dec 2021 16.7 | Mar 2022 15.8 | Jun 2022 15.5 | Sep 2022 16.1 | Dec 2022 16.9 | Mar 2023 15.1 | Jun 2023 15.9 | Sep 2023 13.7 | Dec 2023 16.7 | Mar 2024 14.8 | Jun 2024 30.9 | Sep 2024 24.9 | Dec 2024 22.3 | Mar 2025 19.6 | Jun 2025 20.3 | Sep 2025 22.8 | Dec 2025 22.9 | Mar 2026 18.7

## Enterprise Value & Book Value

What the numbers say: Amara Raja Energy & Mobility Ltd leads both ev/ebitda at 8.4× and p/bv at 1.98×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Amara Raja Energy & Mobility Ltd · 8.4× | 27.6% versus #2 · CLN Energy Ltd | 0/8 recent comparable periods | 3/3 companies · 41 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Amara Raja Energy & Mobility Ltd (ARE&M): 8.4
2. CLN Energy Ltd (544347): 11.6
3. Exide Industries Ltd (EXIDEIND): 13.9

### P/BV — lowest P/BV
1. Amara Raja Energy & Mobility Ltd (ARE&M): 2.0
2. Exide Industries Ltd (EXIDEIND): 2.7
3. CLN Energy Ltd (544347): 4.7

### 20-quarter EV/EBITDA history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 11.6
- EXIDEIND: Jun 2021 10.3 | Sep 2021 10.1 | Dec 2021 9.9 | Mar 2022 9.2 | Jun 2022 8.6 | Sep 2022 8.6 | Dec 2022 9.6 | Mar 2023 9.3 | Jun 2023 11.9 | Sep 2023 12.9 | Dec 2023 15.1 | Mar 2024 14.2 | Jun 2024 25.4 | Sep 2024 22.2 | Dec 2024 19.5 | Mar 2025 17.1 | Jun 2025 17.7 | Sep 2025 17.5 | Dec 2025 16.9 | Mar 2026 13.9
- ARE&M: Jun 2021 10.6 | Sep 2021 9.5 | Dec 2021 8.7 | Mar 2022 7.8 | Jun 2022 7.2 | Sep 2022 7.5 | Dec 2022 8.2 | Mar 2023 7.6 | Jun 2023 8.0 | Sep 2023 7.0 | Dec 2023 8.4 | Mar 2024 8.1 | Jun 2024 17.3 | Sep 2024 13.8 | Dec 2024 12.2 | Mar 2025 10.2 | Jun 2025 10.2 | Sep 2025 10.9 | Dec 2025 10.7 | Mar 2026 8.4

### 20-quarter P/BV history
- 544347: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.9
- EXIDEIND: Jun 2021 2.4 | Sep 2021 2.1 | Dec 2021 1.9 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.2 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.9 | Sep 2023 2.0 | Dec 2023 2.2 | Mar 2024 2.1 | Jun 2024 4.3 | Sep 2024 3.3 | Dec 2024 2.6 | Mar 2025 2.2 | Jun 2025 2.6 | Sep 2025 2.4 | Dec 2025 2.1 | Mar 2026 1.7
- ARE&M: Jun 2021 3.5 | Sep 2021 3.0 | Dec 2021 2.5 | Mar 2022 2.2 | Jun 2022 1.9 | Sep 2022 1.7 | Dec 2022 2.0 | Mar 2023 2.2 | Jun 2023 2.6 | Sep 2023 1.8 | Dec 2023 2.5 | Mar 2024 2.3 | Jun 2024 4.7 | Sep 2024 3.8 | Dec 2024 3.1 | Mar 2025 2.5 | Jun 2025 2.6 | Sep 2025 2.4 | Dec 2025 2.2 | Mar 2026 1.7

## Market action

Exide Industries Ltd has the strongest one-year price move in Auto Ancillaries - Batteries at +15.3%. It also leads on Mansfield relative strength against NIFTY at +21.2%. 2 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Exide Industries Ltd (EXIDEIND): 15%
2. Amara Raja Energy & Mobility Ltd (ARE&M): -11%

### Strongest relative strength versus NIFTY 500
1. Exide Industries Ltd (EXIDEIND): 21%
2. CLN Energy Ltd (544347): 17%
3. Amara Raja Energy & Mobility Ltd (ARE&M): -1.7%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Revenue, Net profit, Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Exide Industries Ltd (EXIDEIND) — market value ₹37.7K Cr; latest fundamentals Mar 2026
- Amara Raja Energy & Mobility Ltd (ARE&M) — market value ₹16.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- CLN Energy Ltd (544347) — market value ₹543 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 1. Unverified: 1. Withheld: 1. Graded companies: 3.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Amara Raja Energy & Mobility Ltd (ARE&M) — its two data sources disagree by up to 23% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | ARE&M | Amara Raja Energy & Mobility Ltd | diff_gt_2pct | disagreement up to 23.39% over 14 comparable periods

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Auto Ancillaries - Batteries index?

The Nifty Auto Ancillaries - Batteries index tracks India's listed Auto Ancillaries - Batteries companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Auto Ancillaries - Batteries sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Auto Ancillaries - Batteries stocks in India?

Ranked by this page's four-factor score, Exide Industries Ltd places first among 3 listed Auto Ancillaries - Batteries companies, followed by Amara Raja Energy & Mobility Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Auto Ancillaries - Batteries stocks are listed in India?

This comparison covers 3 listed Auto Ancillaries - Batteries companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Auto Ancillaries - Batteries company is the biggest?

Exide Industries Ltd is the largest, with trailing-twelve-month revenue of ₹17,996 crore, ahead of Amara Raja Energy & Mobility Ltd at ₹13,814 crore. That covers 2 of 3 companies with comparable reporting through Mar 2026.

### Which Auto Ancillaries - Batteries company is growing fastest?

Amara Raja Energy & Mobility Ltd has the fastest revenue growth at 7.5% year on year, across 2 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Auto Ancillaries - Batteries company has the best profit margins?

CLN Energy Ltd has the highest operating margin at 11%, from 3 of 3 comparable companies. CLN Energy Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto Ancillaries - Batteries company makes the most profit?

Amara Raja Energy & Mobility Ltd earns the most, at ₹895 crore of trailing-twelve-month net profit, from 2 of 3 comparable companies. Exide Industries Ltd has the fastest profit growth at 7.6%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Auto Ancillaries - Batteries company earns the highest return on capital?

CLN Energy Ltd leads on return on capital employed at 22.4%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Auto Ancillaries - Batteries stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Exide Industries Ltd screens cheapest at 1.61×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Auto Ancillaries - Batteries company has the strongest balance sheet?

CLN Energy Ltd carries the lowest comparable gross debt at ₹93 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Auto Ancillaries - Batteries sector beating the market?

Auto Ancillaries - Batteries has outperformed NIFTY 500 by 8.3% over the last 52 weeks and 19% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto Ancillaries - Batteries stock has the strongest price momentum?

Exide Industries Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Auto Ancillaries - Batteries company scores highest for research priority?

Exide Industries Ltd scores 53.4 out of 100 with 97% evidence confidence, from 14.2 points on growth and earnings, 11.6 on capital efficiency, 7.6 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Auto Ancillaries - Batteries companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Auto Ancillaries - Batteries sector?

The 3 Auto Ancillaries - Batteries companies on this page carry ₹54,174 crore of combined market value. Exide Industries Ltd is the largest at ₹37,655 crore, about 70% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Auto Ancillaries - Batteries sector performing?

2 of the 3 covered Auto Ancillaries - Batteries companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 8.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/auto-ancillaries-batteries