NSE: AMBER · BSE: 540902
AMBER ENTERPRISES (I) LTD
Manufactures room air conditioners, electronics and railway sub-systems in India, with a new line entering mobile phone assembly. In FY26 the group earned Rs 12,186.4766 crore across three segments. The Consumer Durables Division contributed Rs 8,562.8578 crore (69.2% of segment revenue) making RAC units and components; the Electronics Division contributed Rs 3,268.4685 crore (26.4%) covering PCBA and PCB work; and the Railway Sub-system & Defense Division added Rs 535.4046 crore (4.3%) supplying railway and defense sub-systems with an order book of Rs 2,600 crore+ going into FY27. On 18 June 2026 the group signed a manufacturing collaboration with Oppo Mobiles India to assemble Oppo, OnePlus and Realme smartphones under an asset-light sublease, targeting around 8 million units in Year 1 and 13-15 million in Year 2, with trial production in Q4 FY27 and commercial production from Q1 FY28. Capacity expansion is underway with a 100-acre Ultra Mega AC plant and a 16-acre HDI PCB plant at YIEDA, Jewar, plus FY27 capex guided at Rs 1,800-2,000 crore. Materials account for 79.1% of revenue, making commodity inputs such as copper, aluminium and electronic components the dominant cost line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumer Durables Division (69%), Electronics Division (26%), Railway Sub-system & Defense Division (4%). Asset-heavy, diversified contract manufacturer across consumer durables, electronics and railway systems
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,206 | 6,927 | 6,729 | 9,973 | 12,186 |
| EBITDA (ex other income) | 275 | 418 | 492 | 763 | 913 |
| margin % | 6.5 | 6.0 | 7.3 | 7.7 | 7.5 |
| Owners' profit | 109 | (4) | 133 | 244 | 178 |
| EPS, as reported (₹) | 32.41 | 46.66 | 39.44 | 72.01 | 50.48 |
| ROE % · ROCE % | 6.3 · 8.8 | 8.4 · 11.9 | 6.6 · 10.9 | 10.9 · 15.7 | 3.9 · 8.8 |
| Debt / equity (x) | 0.58 | 0.69 | 0.68 | 0.84 | 0.47 |
| Cash from operations | 250 | 321 | 965 | 711 | 240 |
| Capex | (414) | (662) | (412) | (575) | (1,295) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,685 | 2,133 | 3,754 | 3,449 | 1,647 | 2,943 | 4,148 | 3,888 |
| Profit before tax | 26 | 62 | 201 | 161 | (40) | 27 | 278 | 44 |
| Net profit | 21 | 37 | 118 | 106 | (32) | (9) | 162 | 3 |
| EPS (₹) | 5.70 | 10.61 | 34.32 | 30.65 | (9.34) | (7.75) | 38.04 | 6.34 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Consumer Durables Division | 8,563 | 69.2 |
| Electronics Division | 3,268 | 26.4 |
| Railway Sub-system & Defense Division | 413 | 3.3 |
| Railway Sub system and Defense Division | 123 | 1.0 |
| Total, before eliminations | 12,367 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LG ELECTRONICS INDIA LTD | 1,13,694 | 62.3 | 14.83 | — | 22.0 | 27.2 | — | 13.8 |
| BLUE STAR LIMITED | 31,375 | 61.6 | 9.14 | 33.2 | 15.4 | 18.9 | 23.8 | 6.1 |
| VOLTAS LTD | 31,300 | 69.7 | 4.89 | 36.7 | 5.8 | 9.9 | 13.8 | 7.6 |
| AMBER ENTERPRISES (I) LTD ◆ | 21,267 | 221.0 | 3.67 | 23.0 | 3.9 | 5.3 | 32.1 | 6.1 |
| CROMPT GREA CON ELEC LTD | 12,637 | — | 3.68 | 91.4 | (6.7) | (2.1) | 11.0 | 11.0 |
| V-GUARD IND LTD. | 11,578 | 31.9 | 4.88 | 21.9 | 13.0 | 15.5 | 17.0 | 11.2 |
| WHIRLPOOL OF INDIA LTD | 10,633 | 42.4 | 2.56 | 15.4 | 7.1 | 8.1 | 6.4 | 7.6 |
| TTK PRESTIGE LTD | 7,397 | 38.3 | 3.75 | 23.5 | 7.9 | 10.2 | 6.3 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 221.0 | 42.4 | 18 of 19 | 6% |
| P/B | 3.7 | 4.3 | 8 of 23 | 68% |
| ROCE | 5.3 | 9.4 | 16 of 24 | 35% |
| ROE | 3.9 | 7.1 | 17 of 23 | 27% |
| Debt / Equity | 0.5 | 0.0 | 20 of 23 | 14% |
| EBITDA margin | 6.1 | 7.6 | 16 of 23 | 32% |
| Revenue growth | 12.7 | 15.4 | 15 of 22 | 33% |
| Profit growth | (97.1) | 38.1 | 20 of 21 | 5% |
| Market cap | 21267 | 3661 | 4 of 24 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 18 Oct 2026 · Amber's subsidiary IL JIN to acquire remaining 40% in Power-One via share swap | strategic transactions | medium | — | — |
| 18 Oct 2026 · IL JIN to acquire remaining 40% in Power-One via share swap | strategic transactions | high | — | — |
| 18 Oct 2026 · Amber's subsidiary IL JIN to acquire remaining 1.50% in Ascent Circuits via share swap | strategic transactions | high | — | — |
| 18 Oct 2026 · Amber unit IL JIN acquires remaining 1.50% stake in Ascent Circuits | strategic transactions | medium | — | — |
| 17 Oct 2026 · IL JIN subsidiary gets new CEO; existing WTD exits via internal move | management changes | medium | — | — |
| 13 Oct 2026 · Routine compliance certificate for dematerialized shares for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · New wholly owned subsidiary Amber Digital to make mobile phones | strategic transactions | medium | — | — |
| 5 Oct 2026 · Amber Enterprises updates on fire incident insurance claim at IL JIN subsidiary | capex operations | high | — | — |
| 1 Oct 2026 · NCLT order received on AmberPR Technoplast amalgamation scheme | strategic transactions | medium | — | — |
| 30 Sept 2026 · Amber Enterprises: 2nd Tranche Investment in MoMagic Extended to Nov 2026 | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.