Amber Enterprises India Ltd(AMBER)

NSE: AMBERBSE: 540902

₹ 6,008.4-2.87%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 21,190 crWebsite: www.ambergroupindia.comUpdated: 24 Oct 2026

About

Amber Enterprises India Ltd is a backward-integrated B2B solution provider across Consumer Durables, Electronics (including EMS) and Railway Subsystems & Defence. It is India's largest contract manufacturer of room air conditioners and holds approximately 27% of India's RAC manufacturing footprint. The company reported consolidated revenue of ₹12,186 Cr in FY26 and is expanding into printed circuit boards, industrial automation and mobile phone manufacturing.^[1][2][3]

Business segments

Consumer Durables Division: 69.2% of FY26 revenue (₹8,562.86 Cr); manufactures room ACs, components, and non-AC appliances under contract for brands.^[4]
Electronics Division: 26.4% of FY26 revenue (₹3,268.47 Cr); provides PCBA, bare PCB manufacturing, power electronics, and industrial automation.^[4]
Railway Sub-systems & Defence Division: 4.3% of FY26 revenue (₹535.4 Cr); supplies HVAC, pantry, doors, gangways, and couplers to Indian Railways, Metro, and defence.^[4]
RAC CBU made up 43% of the consolidated business in FY25, down from 72% in FY2017-18.^[2]

Products and portfolio

Consumer Durables mix in Q1 FY27: RAC (including components) approximately 75% of divisional revenue; pure RAC finished goods approximately 55 - 60%; non-RAC the remainder.^[5]
RAC range covers window and split ACs from 0.75 to 2.0 ton, in fixed speed and inverter; Amber can cater to about 70% of an AC's bill of materials in-house (FY25).^[2]
Commercial AC range (Tower, Cassette, Ductable, 3 - 17.5 tons) launched and contributing to Consumer Durables growth in FY26.^[6]
Electronics division spans PCBA, bare multilayer and flex PCBs (Ascent Circuits, Shogini Technoarts), HDI PCBs (Ascent-K Circuit), power electronics (Power-One Microsystems), and industrial automation PLCs/HMIs (Unitronics, Israel).^[6]
Railway division products include HVAC, pantry units, doors, gangways (Sidwal), and couplers (Yujin Machinery JV); Defence vertical was growing to approximately ₹50 Cr in FY26 from ₹4 - 7 Cr in prior years.^[6]
Wallet share per railway coach rose from 4% to 16%-18% as the portfolio expanded (FY25).^[2]

Operations and capacity

As of FY25, Amber operated 30 manufacturing facilities across 9 states, with a workforce of 18,000+ and 300+ R&D employees.^[2]
R&D centres are at Rajpura, Sri City and Jhajjar and within PICL, Sidwal and ILJIN (FY25).^[2]
Shogini Technoarts (Pune), acquired December 2025 at 80% stake for approximately ₹575 Cr, added 4.5 lakh sq.m of PCB manufacturing capacity across single-sided, multilayer, and flex PCB types.^[6]
Sidwal's greenfield HVAC, pantry, doors, and gangways facility in Faridabad commenced operations in Q1 FY27.^[5]
Ascent Circuits Hosur multilayer PCB facility: trial production targeted September/October 2026 (Q2 FY27); commercial production expected mid-February 2027.^[1]
Amber holds 97.5% of ILJIN Electronics as of 30 June 2026, rising to 98.5% in July 2026.^[5]

Key operating numbers

Consumer Durables division revenue: ₹8,383 Cr in FY26 (+14% YoY), outperforming a largely flat RAC industry; ₹2,758 Cr in Q1 FY27 (+8% YoY).^[1]
Electronics division revenue: ₹3,268 Cr in FY26 (+49% YoY); ₹985 Cr in Q1 FY27 (+29% YoY); Operating EBITDA margin 10.8% in Q1 FY27.^[1]
Railway Sub-systems & Defence division revenue: ₹535 Cr in FY26 (+19% YoY); ₹144 Cr in Q1 FY27 (+18% YoY); Operating EBITDA margin 11.3% in Q1 FY27, down from 17.9% in Q1 FY26.^[1]
Railway & Defence order book: ₹2,750+ Cr as of Q1 FY27, vs order visibility of over ₹2,000 Crore at FY25 year-end.^[5][2]
Bare PCB EBITDA margin compressed to approximately 12% in Q1 FY27 from a normalised 15 - 16%, due to copper clad laminate (CCL) cost inflation and a two-quarter pass-through lag.^[5]
PCBA sub-vertical was approximately 85% of Electronics division revenue in H1 FY26, with consumer durables comprising 58 - 60% of PCBA revenue at that time.^[7]

Customers and distribution

Amber held a 26-27% share of the RAC industry manufacturing footprint in value terms (FY25) and supplies major domestic AC brands on a contract/ODM basis.^[2][7]
Ascent Circuits' named customers include ISRO, BEL and BHEL; it also exports (FY25).^[2]
Sumitronics (Japan) cooperation agreement with ILJIN positions the company to participate in automotive PCBA businesses, addressing a prior credential barrier in that segment.^[1]

Expansion and capex

Ascent-K Circuit HDI PCB facility at YEIDA, Jewar (near Noida Airport): groundbreaking conducted in Q1 FY27; ECMS scheme approval of ₹3,200 Cr received; trial production approximately 18 months from groundbreaking (approximately Q1 FY29).^[5]
Ascent Circuits Hosur multilayer PCB facility has ECMS approval for ₹991 Cr planned investment; trial production Q2 FY27, commercial production February 2027.^[7]
Shogini Technoarts (Pune) also holds ECMS approval of ₹500 Cr for multilayer PCBs.^[6]
FY27 total capex guidance: ₹1,800 - 2,000 Cr; cash outflow approximately ₹1,100 - 1,200 Cr due to long-term supplier payment terms.^[1]
New AC mega plant near Jewar: construction to start in FY28, trial production to begin in FY29.^[5]
Amber targeting own CCL (copper-clad laminate) plant in India by FY29 - 30 via a JV; discussions with prospective partners ongoing.^[5]

Recent developments

18 Oct 2026: ILJIN Electronics acquired the remaining 40% of Power-One Micro Systems via share swap, issuing 1,76,000 CCPS at Rs. 10,000 each, making it wholly owned.^[8]
18 Oct 2026: ILJIN Electronics acquired a further 1.50% of Ascent Circuits for 13,120 CCPS via share swap, making Ascent a wholly owned subsidiary of ILJIN.^[9]
Sanjay Kumar Arora resigned as Whole Time Director of ILJIN Electronics effective 16 October 2026 due to an inter-group transfer.^[10]
October 2026: Amber incorporated Amber Digital Technologies Private Limited as a wholly owned subsidiary for the mobile phone manufacturing business, with ₹1,00,000 subscription money.^[11]
Q1 FY27: Amber signed a manufacturing collaboration agreement with Oppo Mobiles India covering three brands (Oppo, OnePlus, Realme); trial production targeted Q4 FY27, commercial production from Q1 FY28, starting at approximately 8 million units in year one.^[5]
Q1 FY27: An incident occurred at ILJIN Electronics' facility; government permission to reconstruct was received; company stated it is adequately insured and is shifting production to other sites.^[5]
ILJIN Electronics' board approved an enabling resolution for fundraising of up to ₹5,000 Cr; form and quantum to be finalised.^[5]
Unitronics (Israel) stake raised to 50.4% in Q4 FY26, achieving majority ownership from the initial 40.2% controlling stake taken in October 2025.^[1]

Market Cap

₹21,190 Cr

High / Low

₹8,970 / 5,404

Stock P/E

220.4

Price / Book

4.8

Book Value

₹1,242

EPS

₹50.5

No. of Shares

3.52 Cr

ROCE

9.5%

ROE

5.3%

OPM

6.1%

Debt / Equity

0.62

Sales

₹12,186 Cr

Net Profit

₹226 Cr

Promoter holding

38.1%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Amber Enterprises India Ltd(AMBER)

About

Business segments

Products and portfolio

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions