Overview

Detailed Summary

Amber Enterprises India Limited is a market leader in Room Air Conditioner OEM/ODM manufacturing that has diversified into consumer durables components, HVAC mobility solutions and a rapidly expanding electronics and PCB manufacturing business through acquisitions and joint ventures; the company operates multiple manufacturing facilities across India and several international subsidiaries to serve global OEM customers.
Q3FY26 consolidated revenue grew 38% year‑on‑year to ₹2,943 crore with Operating EBITDA up 53% to ₹247 crore, driven by a very strong Electronics Division that reported 79% revenue growth and 157% operating EBITDA growth in the quarter, reflecting successful revenue diversification beyond RAC finished goods into higher‑value electronics and PCB‑A services.
Amber Enterprises is executing large strategic capex and inorganic moves: ECMS approvals for multi‑thousand crore PCB projects (₹3,200 crore for Ascent‑K JV and ₹991 crore for Hosur), land allotments near Jewar airport and acquisitions (Shogini, increased ILJIN stake, Unitronics) which together reposition the company toward semiconductor‑grade PCB and box‑build manufacturing at scale.
Railway Sub‑systems & Defense business shows ₹2,600+ crore order book visibility and management targets meaningful growth in rail and defense, while consumer durables continues to diversify components and finished goods, capitalizing on the RAC industry’s shift to stricter BEE efficiency norms from January 2026 which could accelerate premium product adoption.
Profitability is influenced by one‑offs and execution costs: adjusted PAT (before a one‑off Shivalik impairment of ₹94 crore) was ₹84 crore in Q3FY26, but the reported consolidated PAT was impacted by the exceptional item and higher depreciation and finance costs due to recent acquisitions and capex, requiring careful monitoring of integration and margin recovery.

Sector: Consumer Durables
Industry: Household Appliances
Market Cap: 27,889 Cr
Volatility: High Risk
P/E Ratio: 174.5
Industry P/E: 50.9
PEG Ratio: 1.9
P/B Ratio: 7.8
52W High: 8,625.00
52W Low: 5,404.00

Sales CAGR

1Y: 48.20%
3Y: 29.05%
5Y: 17.57%
10Y: —

Profit CAGR

1Y: 80.07%
3Y: 41.17%
5Y: 2.79%
10Y: —

ROE

TTM: 6.11%
3Y: 4.36%
5Y: 3.93%
10Y: 5.54%

ROCE

TTM: 8.65%
3Y: 9.72%
5Y: 8.50%
10Y: 10.06%

Technicals

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Forecasts

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Peers

Consumer Discretionary Consumer Durables Consumer Durables Household Appliances

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
VOLTAS		1235.80	48,774 Cr	97.41	7.66	0.47	8.60	10.53	3.82
BLUESTARCO		1816.35	37,778 Cr	76.43	12.14	0.49	17.55	18.66	6.25
AMBER		6435.00	28,455 Cr	178.02	7.80	0.00	6.11	8.65	2.00
CROMPTON		231.15	17,772 Cr	38.53	5.23	1.09	13.91	19.05	7.86
VGUARD		322.80	14,574 Cr	50.72	6.65	0.45	13.26	16.88	8.61
WHIRLPOOL		820.80	12,599 Cr	37.86	3.09	0.50	8.59	11.96	5.12
EUREKAFORB		483.85	9,803 Cr	60.85	2.17	0.00	4.12	5.34	2.37
Median: 7 Co.	—	820.80	17,772 Cr	60.85	6.65	0.47	8.60	11.96	5.12

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	927	1,295	2,805	2,401	1,685	2,133	3,754	3,449	1,647	2,943
Expenses	868	1,216	2,584	2,205	1,571	1,975	3,459	3,192	1,556	2,697
Operating Profit	60	79	222	196	114	159	295	257	91	246
OPM %	6.42	6.06	7.91	8.17	6.75	7.44	7.85	7.44	5.54	8.36
Other Income	13	5.21	16	15	15	6.97	6.39	23	8.12	-57
Interest	37	37	48	52	49	54	55	63	77	79
Depreciation	45	47	51	55	57	59	58	62	70	91
Profit Before Tax	-9.48	0.30	138	104	24	53	189	154	-48	19
Tax %	40.40	270.00	28.15	28.49	11.22	30.48	37.20	31.33	32.72	150.35
Net Profit	-5.65	-0.52	99	75	21	37	118	106	-32	-9.34
EPS in Rs	-1.97	-0.13	26.82	20.49	5.45	10.14	32.79	29.38	-9.34	-7.71

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,736	2,172	2,752	3,963	3,031	4,206	6,927	6,729	9,973	11,021
Expenses	1,521	1,945	2,539	3,654	2,810	3,931	6,509	6,237	9,210	10,197
Operating Profit	214	227	213	309	220	275	418	492	763	824
OPM %	12.36	10.45	7.73	7.80	7.27	6.55	6.03	7.31	7.65	7.48
Other Income	8.81	8.72	9.95	8.16	33	33	53	53	44	51
Interest	64	54	25	42	41	46	112	167	209	220
Depreciation	40	49	62	85	92	108	139	187	228	235
Profit Before Tax	36	89	136	191	120	154	220	191	370	420
Tax %	37.98	30.31	30.28	13.94	30.68	27.84	25.44	27.11	32.11	32.73
Net Profit	22	62	95	164	83	111	164	139	251	282
EPS in Rs	—	—	27.61	45.64	23.20	31.03	44.67	37.68	68.87	45.12
Dividend Payout %	21.53	0.00	0.00	6.35	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	31	31	31	34	34	34	34	34
Reserves	339	861	955	1,097	1,570	1,701	1,875	2,031	2,252
Borrowings	374	106	236	336	364	1,069	1,455	1,539	2,059
Other Liabilities	514	730	1,152	1,437	1,619	2,110	2,879	2,990	4,083
Total Liabilities	1,251	1,728	2,374	2,901	3,587	4,912	6,243	6,593	8,428
Fixed Assets	557	710	809	1,106	1,144	1,505	2,222	2,825	3,024
CWIP	21	30	34	12	43	128	50	91	198
Investments	0.00	5.71	0.00	0.00	108	225	193	217	251
Other Assets	673	983	1,531	1,783	2,291	3,054	3,778	3,460	4,955
Total Assets	1,251	1,728	2,374	2,901	3,587	4,912	6,243	6,593	8,428

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	142	127	-63	288	221	241	321	965	711
Cash from Investing Activity	-84	-152	-111	-320	-481	-678	-489	-1,035	-953
Cash from Financing Activity	-46	128	93	63	370	555	193	-122	323
Net Cash Flow	11	103	-81	31	110	119	25	-191	81

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	40.32%	40.31%	40.31%	40.31%	39.87%	39.79%	39.72%	39.72%	39.65%	38.22%	38.19%	38.17%
FIIs	24.19%	29.69%	28.29%	25.98%	28.42%	26.39%	28.56%	27.05%	28.59%	30.60%	26.98%	23.96%
DIIs	12.66%	13.08%	14.67%	15.84%	15.73%	17.81%	19.11%	19.43%	17.82%	20.20%	23.86%	27.92%
Public	22.83%	16.92%	16.72%	17.87%	15.98%	16.02%	12.61%	13.81%	13.94%	10.98%	10.97%	9.95%
Total Shareholders	97,344	81,407	78,144	89,145	90,725	96,987	1,25,374	1,38,651	1,32,907	1,15,647	1,20,726	1,16,560

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan