This article first appeared on GuruFocus .
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Consolidated Revenue:INR12,186 crores, a growth of 22% year-on-year.
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Operating EBITDA:INR970 crores, reflecting a growth of 22% year-on-year.
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Adjusted PAT:INR338 crores, a growth of 22% over the previous year.
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Consumer Durable Division Revenue:INR8,383 crores, a growth of 14% year-on-year.
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Consumer Durable Division Operating EBITDA:INR593 crores, a growth of 6% year-on-year.
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Electronics Division Revenue:INR3,268 crores, a growth of 49% year-on-year.
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Electronics Division Operating EBITDA:INR287 crores, a growth of 89% year-on-year.
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Railway Systems and Defense Division Revenue:INR535 crores, a growth of 19% year-on-year.
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Railway Systems and Defense Division Operating EBITDA:INR90 crores, a growth of 8% year-on-year.
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Net Debt:INR511 crores as of March '26, reduced from INR780 crores in March '25.
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Net Working Capital Days:29 days as of March '26, increased from 9 days in March '25.
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Quarterly Revenue (Q4 FY '26):INR4,148 crores, up by 10% year-on-year.
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Quarterly Operating EBITDA (Q4 FY '26):INR362 crores, a growth of 15% year-on-year.
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Quarterly Adjusted PAT (Q4 FY '26):INR162 crores, a growth of 27% year-on-year.
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Release Date: May 18, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Amber Enterprises India Ltd ( NSE:AMBER ) reported a significant 22% growth in consolidated revenue, reaching INR12,186 crores for FY '26.
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The Electronics division showed strong growth momentum with a 49% increase in revenue, driven by the PCBA business and new business additions.
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The Railway division delivered a 19% revenue growth, supported by increased offtake in metro, railway, and defense solutions.
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The company has strategically expanded its PCB manufacturing capabilities, positioning itself as a leading PCB manufacturer in India.
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Amber Enterprises India Ltd ( NSE:AMBER ) has increased its stake in Unitronics Israel to 50.4%, achieving majority ownership and strengthening its position in industrial automation.
Negative Points
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The Consumer Durable division faced challenges due to weather conditions, resulting in a largely flat room AC industry.
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Prevailing high commodity prices, currency depreciation, and minimum wage revisions pose headwinds for the Consumer Durable and Electronic divisions.
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The company anticipates a margin pressure of 50- to 100-bps at the consolidated level due to temporary macroeconomic factors.
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Input costs for bare PCB businesses have increased significantly, with copper clad laminate and gold prices rising by over 60% in the past year.
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Fixed price contracts in the Indian railway sector limit the company's ability to pass on cost increases, impacting margins.
Q & A Highlights
Q: How do you see the industry volume growth for the RAC side given recent weather conditions, and what is Amber's growth outlook for this year? Also, could you elaborate on the expected margin impact across segments? A: The RAC industry had a flattish year due to weather conditions, but Q1 FY '27 has started positively with expected industry growth of 20% in Q1 and 12-13% for the full year. Amber anticipates similar growth. Margin pressures of 50-100 basis points are expected due to increased minimum wages and commodity prices, particularly affecting the PCB business, which has a two-quarter lag in passing on costs.
Q: Could you explain the impact of the government's import restrictions on RAC compressors and the current manufacturing capacity in India? A: Amber does not manufacture compressors but sources them from partners like GMCC. The government has imposed quality control orders, but with recent investments by companies like LG and Daikin, the capacity for room AC compressors is increasing. The government allows 30% of last year's import volumes to address shortages, and Amber does not foresee significant issues in compressor supply.
Q: What is the strategy regarding inventory buildup, and how does it affect your business model in terms of margins and growth? A: Amber has proactively increased inventory to mitigate supply chain risks, ensuring timely contract fulfillment rather than cost savings. The company continues to focus on higher-margin businesses, as seen in the Electronics division, which has grown significantly in both revenue and EBITDA margins. Amber aims to balance volume and value, focusing on high-margin, entry-barrier businesses like industrial and medical electronics.
Q: Can you provide an update on the CapEx plans for FY '27 and the expected impact on cash flow? A: Amber plans a CapEx of INR 1,800-2,000 crores for FY '27, with a cash outflow of INR 1,100-1,200 crores due to favorable supplier terms. The focus is on asset-heavy businesses like printed circuit boards, with significant government subsidies expected to offset costs over time.
Q: What is the expected growth and margin outlook for the Electronics division, considering recent acquisitions and job work conversions? A: The Electronics division is expected to grow by 40% in FY '27, with margins in the range of 9.5-10%. This growth includes the impact of job work conversions, which may affect top-line growth but not margins. The division focuses on high-margin areas like PCBA and industrial automation electronics.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
