Amber Enterprises India (AMBER IN) – Analyst Meet Update – Smartphone Foray Opens a New Growth Avenue – BUY
Published on 21 Jun 2026
Amber Enterprises hosted a business update call to discuss its manufacturing collaboration agreement with OPPO Mobiles India, wherein management outlined its strategic entry into the smartphone manufacturing segment while highlighting its focus on strengthening backward integration and expanding its presence across the electronics manufacturing ecosystem. We have incorporated the mobile business contribution in our FY28 estimates, which has increased our FY28 EPS estimate by ~10%, We estimate revenue/EBITDA/PAT CAGR of 42.3%/33.1%/80.7% over FY26-28E with EBITDA margin contracting by ~100bps to reach 6.8% by FY28E. Maintained ‘BUY’ rating and SOTP-based TP of Rs9,375 (Earlier 8,396) valuing its Consumer Durables segment (including Mobile business) at 23x EV/EBITDA Mar’28, which implies 21x EV/EBITDA Mar’28E and 47x Mar’28E earnings on consolidated basis.
