Amber Enterprises India (AMBER IN) – Management Meet Update – Positioned for multi-segment growth – BUY
Published on 15 Dec 2025
We interacted with the management of Amber Enterprises to understand its medium - to long-term outlook across Consumer Durables, Electronics and Railways. The RAC industry is likely to stay flattish in FY26, yet the company expects to maintain its 25–28% manufacturing share, aided by rising ODM contributions and growing domestic sourcing by Japanese brands. In Electronics, the acquisition of Shogini strengthens Amber’s PCB capabilities, broadens its customer base, and enhances the overall competitiveness of its PCB vertical, with the combined business this segment is expected to contribute 30–40% over next three years with double digit margin. In Railways, the Rs26bn order book provides visibility, with FY26 expected to be stable However expects to double the revenue in next two financial years.
We cut our earnings estimate by 3.1%/3.5% for FY27/28E and Maintained ‘BUY’ rating and SOTP-based TP of Rs8,269 valuing its Consumer Durables segment at 23x EV/EBITDA FY28E, which implies 20x EV/EBITDA FY28E and 40x FY28E earnings on consolidated basis. We estimate revenue/EBITDA/PAT CAGR of 21.8%/26.5%/42.1% over FY25-28E with EBITDA margin expanding by ~90bps to reach 8.6% by FY28E.
