Why did ENS underperform forecasts in Q3 2025?

The underperformance of EnerSys (ENS) in Q3 2025 can be attributed to several factors:

1. **Revenue Shortfall**: Although ENS's gross margin improved, net sales fell by 6% year-over-year, missing the consensus estimate of $876.40 million. This shortfall in revenue could be due to challenges in specific business segments, such as pressure in communications and inflationary impacts on costs.
2. **Market Conditions**: The broader market conditions, including economic uncertainties and potential impact of tariffs, might have affected ENS's performance. These external factors could influence demand patterns and operational efficiencies, impacting financial outcomes.

In summary, ENS's underperformance in Q3 2025 is likely a result of a combination of revenue shortfall and challenging market conditions.