ARE&M Q2 FY27 Guidance vs Delivery (ARE&M Management Mirror)

FY27 Capex Guidance Raised to ~INR 2,200 Crore, Up From INR 1,700 Crore Guided in Jun'26 Qtr

In Sep'26 Qtr, the company reported H1 FY27 actual capex spend of INR 800 crores. Against this, management upgraded its full-year FY27 capex guidance to around INR 2,200 crores, raised from the INR 1,700 crores guided in Jun'26 Qtr and the initial INR 1,500 to INR 1,700 crores guided in Mar'26 Qtr. Looking ahead, the revised INR 2,200 crore outlay includes approximately INR 1,600 crores for the New Energy business. Additionally, the Board has approved the next phase of investment for a 5 GWh LFP-based prismatic cell gigafactory and pack assembly with a total capex outlay of around INR 2,320 crores, to be executed within the next 30 months, initially catering to stationary energy storage and subsequently mobility applications.