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Amber Enterprises' subsidiary IL JIN Electronics has signed agreements to acquire an additional stake in Ascent Circuits

ICICIdirect Research 19 Jun 2026 DISCLAIMER

News: As per the exchange filing, Amber Enterprises' subsidiary IL JIN Electronics has signed agreements to acquire an additional 38.50% stake in Ascent Circuits for ₹336.75 crore, increasing its shareholding from 60.00% to 98.50%. Ascent Circuits reported turnover of ₹472 crore in FY26. Following the transaction, IL JIN will gain near-complete ownership and effective control of Ascent, strengthening its presence in the electronics manufacturing ecosystem.

View: Ascent was acquired by Amber in 2024 wherein it acquired 60% stake which marked its entry into bare PCB manufacturing, strengthening backward integration in its EMS business. Ascent manufactures single-sided, double-sided, multilayer and RF PCBs and serves sectors such as aerospace, defence, telecom, automotive and consumer electronics. The transaction values Ascent at around ₹875 crore, implying a Price-to-Sales multiple of ~2x based on FY26, broadly in line with Amber's current valuation of ~2.3x sales. Amber through Ascent is investing ~₹990 crore for multilayer facility at Hosur which is expected to commence production by Sept/Oct’26. This acquisition grants better control over the subsidiary and strengthen backward integration.

Impact: Positive

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