Amara Raja Batteries's (AMRJ) delivered disappointing Q2FY16 performance with EBIDTA margin of 17.2% (170bps below our estimate, down 101 bps QoQ and just up by 18 bps YoY), despite sharp fall in commodity prices. On account of intensifying competition, slowdown in Telecom segment coupled with lower OEM sales, company has to pass on raw material benefit to customer, which impacted its operating performance.