Amber Enterprises FY26: revenue ₹12,186 cr, PAT ₹338 cr

Management flags a strong FY26 despite a weak RAC season

Amber Enterprises India (NSE: AMBER) reported a sharp improvement in FY26 consolidated performance, even as the room air-conditioner (RAC) industry faced a challenging year due to weather conditions, according to management commentary from the earnings call. Wholetime Director Sachin Gupta said the group crossed the ₹12,000 crore consolidated revenue milestone in FY26, with growth supported by all three diversified divisions. The company also uploaded its investor presentation to the exchanges, management said.

The earnings commentary positioned FY26 as a year where diversification helped cushion cyclicality in RAC demand. Electronics remained the fastest-growing vertical, while the consumer durables business continued to be the largest contributor to revenue. Management also highlighted that margin pressures are being shaped by commodity prices, currency depreciation, and minimum wage revisions in Uttar Pradesh and Haryana.

Consolidated FY26 numbers: 22% growth across revenue and operating profit

CFO Sudhir Goyel detailed the consolidated financial highlights for FY26. Revenue increased to ₹12,186 crore compared with ₹9,973 crore in FY25, a year-on-year growth of 22%. Operating EBITDA rose to ₹970 crore from ₹796 crore, also up 22%.

Adjusted profit after tax (PAT) for FY26 stood at ₹338 crore versus ₹277 crore in FY25, reflecting 22% growth. The CFO clarified that operating EBITDA was stated before the impact of ESOP expenses and other non-operating income and expenses.

He also explained adjustments affecting comparability: adjusted PAT was stated prior to the exceptional one-off impairment of investment in Shivalik and the share of loss from the Shivalik JV amounting to ₹112 crore in FY26 and ₹26 crore in FY25. The FY26 adjusted PAT was also after considering a one-off provision of ₹9 crore related to the new labour code and other JV losses of ₹8 crore.

Division check: consumer durables remains the biggest engine

In consumer durables, Amber reported FY26 revenue of ₹8,383 crore compared with ₹7,329 crore in FY25, a growth of 14%. Operating EBITDA for the year increased to ₹593 crore from ₹562 crore, a 6% rise.

Management commentary during the call suggested the RAC market saw uneven demand through the year, with early quarters relatively weak and recovery visible later. This matters because consumer durables still drives the bulk of consolidated revenue, and volume swings in RAC can influence utilisation, cost absorption, and operating leverage.

Electronics division: FY26 revenue up 49%, EBITDA up 89%

The electronics division posted FY26 revenue of ₹3,268 crore, up 49% year-on-year from ₹2,194 crore. The growth was attributed to strong PCBA business, bare PCB business, and the addition of new businesses.

Operating EBITDA for the electronics division stood at ₹287 crore, with management indicating growth of 89%. In the same section of the call, FY25 electronics operating EBITDA was referenced at ₹151 crore.

Management also discussed the growth outlook for electronics. The division is expected to grow by around 40% in FY27, with remarks also referencing ongoing changes in the business mix such as job-work related shifts and efforts to move towards a higher-value business model.

Railways and defence: steady growth, higher offtake

For the railway systems and defence division, FY26 revenue increased to ₹535 crore from ₹450 crore in FY25, a 19% year-on-year rise. Operating EBITDA for the division was stated at ₹90 crore, with management indicating 8% growth.

Management attributed performance to increased offtake driven by metro railways. The company also stated it remains optimistic about division growth of 30% to 35% for FY27 and FY28, and separately reiterated an expectation of 30% to 35% revenue growth in FY27.

Q4 FY26 snapshot: revenue up 10.5% YoY, QoQ jump of 39%

On quarterly performance, the CFO said Amber clocked consolidated revenue of ₹4,148 crore in Q4 FY26, up 10% over last year, with quarterly operating EBITDA of ₹362 crore, up 15% year-on-year. Adjusted PAT for the quarter stood at ₹162 crore versus ₹128 crore last year, a 27% rise.

Separately, exchange-sourced tables for the quarter-ended March 2026 showed total income of ₹4,167.61 crore versus ₹3,772.79 crore in the year-ago quarter, a 10.5% year-on-year increase, and a 39.0% quarter-on-quarter rise from ₹2,997.58 crore.

Balance sheet: net debt reduces to ₹511 crore

Amber reported net debt of ₹511 crore as of March 2026, compared with ₹780 crore in March 2025. Net working capital days stood at 29 days, as per management.

For investors, the reduction in net debt alongside revenue and profit growth provides a cleaner backdrop to evaluate FY27 guidance. It also matters in a year where management flagged cost pressures from commodities, currency depreciation, and wage revisions.

Key numbers at a glance

What management said about FY27 demand and margins

On demand, management said the first half of FY26 saw weak volumes, while Q3 and Q4 showed recovery, and that Q1 FY27 has started on a positive note. Management also said the industry expects around 20% growth in Q1 due to a weak base.

For the full year, management indicated an industry growth estimate of around 12% to 13% (with another reference to around 14% versus last year during the same discussion). On margins, the company highlighted three active pressures: high commodity prices, currency depreciation, and minimum wage revisions in UP and Haryana, which management said pose headwinds in the consumer durables and electronics divisions.

Analysis: why this set of numbers matters

The FY26 print shows that Amber’s growth was not solely dependent on the RAC cycle. Electronics delivered the highest growth rate among divisions, and railways and defence added incremental growth, while the core consumer durables segment expanded in a difficult industry backdrop.

At the same time, the company’s margin commentary is important because it frames the trade-off between growth and profitability. If commodity and wage pressures persist, operating leverage may not fully translate into higher margins even if volumes recover. Amber’s decision to focus on volume and value in electronics, alongside reducing net debt, will likely remain key reference points for investors tracking execution quality through FY27.

Conclusion

Amber Enterprises closed FY26 with consolidated revenue of ₹12,186 crore, operating EBITDA of ₹970 crore, and adjusted PAT of ₹338 crore, with electronics leading growth at 49% year-on-year. Management indicated Q1 FY27 has begun positively and guided for strong growth in electronics and railways and defence, while flagging commodity, currency and wage-related margin pressures as near-term constraints.