Amber’s FY26: Crossing INR 12,000 crore, while building the next electronics platform

Amber Enterprises India Limited ended FY26 with a clear headline moment: consolidated revenue crossed INR 12,000 crore for the first time. Revenue from operations rose to INR 12,186 crore, up 22% year on year. Operating EBITDA also increased 22% to INR 970 crore, with operating EBITDA margin steady at 8.0%.

The reported profit picture was more mixed because of items below EBITDA. FY26 PAT was INR 226 crore versus INR 251 crore in FY25. However, the company highlighted adjusted PAT of INR 338 crore, up 22% year on year, after adjusting for one-off impairment and JV loss items related to Shivalik.

The year mattered not only for the milestone revenue number, but also for what changed inside the portfolio. Amber’s dependence on RAC (CBU) has reduced over time, with the presentation stating RAC (CBU) contribution to total revenue reduced from 72% in FY18 to 47% in FY26. Management’s commentary across the investor presentation and earnings call reinforced the same direction: more depth in components and sub-assemblies in consumer durables, a wider electronics platform via acquisitions and capacity creation, and a rail and defense business that is being expanded through greenfield and JV initiatives.

FY26 performance in numbers, and what it says about the business

Amber’s consolidated growth was broad-based across divisions. The Consumer Durables Division remained the largest contributor, while Electronics delivered the fastest growth and sharpest improvement in operating profitability.

In Q4 FY26, consolidated revenue grew 10% year on year to INR 4,148 crore. Operating EBITDA rose 15% to INR 362 crore and adjusted PAT increased 27% to INR 162 crore.

Management also disclosed that net working capital days increased to 29 days in Mar-26 from 9 days in Mar-25, largely due to proactive inventory positioning amid supply chain disruptions driven by geopolitical uncertainty.

Division scorecard: steady consumer durables, a stronger electronics engine

The investor presentation provided a clear consolidated division build-up for FY26.

Consumer Durables revenue grew 14% year on year to INR 8,383 crore in FY26, which the company stated was in line with its guidance and ahead of a flattish industry year impacted by weather conditions. Operating EBITDA grew 6% to INR 593 crore, but margin declined to 7.1% from 7.7% in FY25. In Q4 FY26, the division’s EBITDA declined 5% year on year, which management attributed to a surge in commodity prices and currency depreciation.

Electronics delivered the most notable step-up. FY26 revenue rose 49% year on year to INR 3,268 crore, while operating EBITDA increased 89% to INR 287 crore. Division margin improved to 8.8% in FY26 and reached 10.8% in Q4 FY26. Management credited a combination of strong PCBA performance, bare PCB ramp-up, and the addition of new businesses through acquisitions.

Railway Sub-systems and Defense grew FY26 revenue 19% to INR 535 crore. Operating EBITDA increased 8% to INR 90 crore, with margins continuing to trend down versus earlier years. Management highlighted an order book visibility of over INR 2,600 crore and linked future growth to capacity addition and product line expansion.

FY26 strategy: acquisitions plus ECMS-backed PCB capacity build

Amber’s electronics push in FY26 was both acquisitive and capacity-led.

On the acquisition side, the presentation disclosed:

• Shogini Technoarts: 80% stake, manufacturer of bare PCBs
• Power-One Micro Systems: 60% stake, solar inverters, UPS systems, EV chargers and BESS
• Unitronics (Israel): stake increased to 50.4% as of the presentation date, providing PLCs and HMIs for industrial automation

Management stated these moves accelerate the division’s journey toward balancing value and volume, with a larger share of sticky, higher entry barrier electronics segments such as industrial automation and power electronics.

On capacity build, Amber highlighted ECMS approvals across multiple projects:

• Ascent-K Circuit (JV with Korea Circuits) for HDI PCB application of INR 3,200 crore
• Multi-layer PCB approvals for Ascent and Shogini applications

The execution timelines were also clearly laid out. The Hosur, Tamil Nadu multi-layer PCB facility at Ascent Circuits is under construction, with trial production expected around Sep/Oct 2026 as per the presentation. For Ascent-K Circuit, management stated construction is planned to commence in June 2026 on a 16-acre land parcel in YEIDA near Jewar Airport, with trial production expected by Q3 FY28.

Amber also disclosed that it has secured 100 acres of land in YEIDA for setting up manufacturing facilities, indicating a larger long-term manufacturing cluster plan.

What management is guiding for FY27, and the key constraints

The earnings call offered explicit operating guidance, which is useful because it includes both growth and margin expectations.

Electronics Division: management expects revenue growth of around 40% in FY27 and indicated a margin expectation in the range of 9.5% to 10%.

Railway Sub-systems and Defense: management expects 30% to 35% revenue growth in FY27, supported by order book and new capacity. Sidwal’s greenfield facility trial production is underway and commercial production is expected to begin in Q1 FY27. For the Yujin JV, the facility is ready, and commercial production is anticipated in H2 FY27 subject to RDSO approvals.

Consumer Durables: management discussed broader industry expectations, indicating room AC industry volume growth could be around 20% in Q1 FY27 and around 12% to 13% for FY27, and stated Amber expects to move in tandem with the industry.

The critical near-term constraint is margin. Management guided consolidated margin pressure of 50 to 100 basis points, citing high commodity prices, currency depreciation, minimum wage revisions in UP and Haryana, and sharp increases in copper clad laminate and gold prices affecting the bare PCB businesses.

Capital allocation is also a key FY27 topic. Management discussed FY27 capex of about INR 1,800 to INR 2,000 crore, with cash outflow expected to be lower due to supplier payment terms. Net debt was stated at INR 511 crore at Mar-26, and management guided net debt could increase to around INR 700 to INR 800 crore by end of FY27.

Takeaways

Amber’s FY26 results showed the benefit of diversification and the company’s ability to grow even when the room AC market is not supportive through the full year. The bigger signal, however, sits in the electronics strategy: acquisitions that widen the offering, and large, ECMS-backed PCB capacity creation that is designed to move Amber up the electronics value chain.

FY27, as described by management, is set up for strong growth in electronics and rail, but it is also likely to be a year where execution discipline and cost pass-through mechanics are tested. The company has been explicit that margin headwinds are temporary. Investors will likely track two things closely: the pace of electronics growth versus guidance, and whether working capital and cash generation improve as the new investments progress from build phase to production phase.