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Amber Enterprises India reported a mix set of results

ICICIdirect Research 14 Aug 2026 DISCLAIMER

News: Amber Enterprises India reported a mix set of results, with revenue growing 13% YoY but declining 6% QoQ to ₹3,888 crore. The Consumer Durables segment posted single-digit growth of ~8% YoY, against the high base in Q1FY26 (34% YoY growth in Q1FY26). Electronics revenue grew ~29% YoY to ₹985 crore while Railway & Defence division reported 18% YoY growth to ₹144 crore. Gross margins remained flat QoQ but improved 308 bps YoY, supported by a favourable product mix. EBITDA stood at ₹312.3 crore, up 22% YoY, with margins expanding 59 bps YoY to 8.03%, aided by the Electronics division achieving double-digit margins; however, margins declined 60 bps QoQ due to operating deleverage. Adjusted PAT for exceptional items increased 19% YoY to ₹126 crore but declined 22% QoQ.

View: Amber’s revenue growth remained tepid during the quarter with consumer durable segment growing in single digit against robust growth reported by its peers. The Electronics division grew ~29% YoY, below management’s ~40% FY27 growth guidance. Railway & Defence delivered steady 18% YoY growth, although management expects the segment to grow 30–35% in FY27. Margins remained broadly stable QoQ and improved YoY, supported by the increasing contribution from the Electronics division, which posted double-digit EBITDA margins. However, profitability was partly impacted by elevated raw-material costs in the Bare PCB business, particularly CCL, and the gradual pass-through to customers. Further, Q1FY27 EBITDA was impacted by ~₹15.4 crore of PPA-related inventory adjustments; hence, margins would have been higher on a normalized basis. We expect growth momentum to gradually recoup as Electronics capacity ramps up, acquisitions scale and the company progresses on its mobile manufacturing and PCB expansion initiatives. Management commentary is awaited.

Impact: Neutral

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