AMBER
Small CapAmber Enterprises India Limited
Consumer
Amber Enterprises India Limited is an OEM/ODM for consumer durables (RAC, components), electronics (PCB-A, bare PCB, power electronics, industrial automation), and railway sub-systems & defense. It operates 24 facilities in consumer durables, 8 in electronics, and 3 in railway division.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 57/100Rev +11% YoY · PAT +37% YoY · +41% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,148 Cr | +10.5% | +40.9% |
| EBITDA | ₹291 Cr | +3.2% | +22.8% |
| Operating margin | 7.0% | -100 bps | -100 bps |
| PAT | ₹162 Cr | +37.3% | NDF |
| PAT margin | 3.9% | +77 bps | +422 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated FY26 revenue surpassed ₹12,000 Cr milestone, growing 22% YoY, with Adjusted PAT up 22% YoY. Q4FY26 revenue grew 10% YoY, and Adjusted PAT increased 27% YoY, despite Q4 consumer durables margins impacted by commodity prices and currency.
The company delivered strong FY26 consolidated revenue and adjusted PAT growth, driven by robust performance in Electronics and Railway divisions. Strategic acquisitions and capacity expansions are underway, positioning for future growth. Q4FY26 consumer durables margins faced pressure from commodity prices and currency depreciation, which warrants monitoring.
FY26 Revenue by Division
Latest issuer-disclosed distribution across 3 reported categories.
Electronics Division Acquisitions
Power-One Microsystem (60% stake), Unitronics (50.4% stake), Shogini Technoarts (80% stake) accelerate value and volume play.
Electronics Division Expansion
Strategic alliance with Sumitronics (Japan) & ILJIN to expand EMS solutions for Japanese and global customers in India.
Railway Sub-systems Product Expansion
Wallet share enhanced by adding brakes into Yujin Machinery JV product line-up.
Consumer Durables Diversification
Growth driven by diversified product offering, adding wallet share within existing customers, expanding product baskets.
Ascent-K Circuit Facility (Jewar, U.P)
Construction to commence by June’26 for HDI PCB, Flex, Semiconductor Substrates PCBs; trial production expected by Q3FY28.
Ascent Circuits Facility (Hosur, T.N)
Construction progressing for new multi-layer PCB facility; trial production expected by Sep/Oct’26.
Consumer Durables RAC (CBU)
Augmented production capacity at Sri City facility, Andhra Pradesh.
Sidwal Greenfield Facility (Railway)
Trial production underway; commercial production to begin in Q1FY27.
Government Schemes
ECMS approval obtained for Ascent-K Circuit (₹3,200 Cr), Ascent (₹991 Cr), and Shogini Technoarts (₹500 Cr) for PCB applications.
Defense Projects
Defense projects gaining robust traction.
Commodity Price Surge
Margins for Consumer Durables Q4FY26 impacted by surge in commodity prices.
Currency Depreciation
Margins for Consumer Durables Q4FY26 impacted by currency depreciation.
Supply Chain Disruptions
NWC days increased due to pro-active inventory positioning amid supply chain disruptions from geopolitical uncertainty.
Geopolitical Uncertainty
Geopolitical uncertainty causing supply chain disruptions and impacting inventory positioning.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both Q4 and full-year (FY) results. Q4 offers insight into recent trends and seasonal performance, while FY provides a comprehensive view of annual operational and financial health.
Consolidated Revenue Growth FY26
22% YoY to ₹12,186 Cr
Consolidated Operating EBITDA Margin FY26
8.0% (FY25: 8.0%)
Consolidated Gross Margins FY26
18.4% (FY25: 17.9%)
Net Working Capital Days
Increased to 29 days in Mar-26 from 9 days in Mar-25.
Electronics Division FY27 Outlook
Expected to record revenue growth of around 40% in FY27.
Railway Sub-systems Division FY27 Outlook
Expected to deliver 30-35% revenue growth in FY27.
Balance Sheet Strengthening
Raised equity funds of ~₹1,000 Cr through QIP; ILJIN Electronics raised ₹1,750 Cr from marquee investors.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consumer Durables Division Margins | 7.5% (Q4FY26) | Stabilization and improvement from commodity price and currency impacts. |
| Electronics Division Revenue Growth | 49% (FY26) | Monitor if the 40% FY27 guidance is met, indicating successful integration and ramp-up of acquisitions/expansions. |
| Railway Sub-systems & Defense Division Revenue Growth | 19% (FY26) | Track if the 30-35% FY27 guidance is achieved, driven by new facilities and order book execution. |
| Net Working Capital Days | 29 days (Mar-26) | Observe if NWC days normalize as supply chain issues abate and new capacities ramp up. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +7.1% / mo
Technical chart
AMBERdaily · 5Y+8.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 51. Wait for confirmation.
- SMA20 falling (~6.4% over last month) — short-term momentum negative.
- RSI(14) at 51 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 14% off 52W high · 43% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 11/25 to the score.
- Balance sheet contributes 6/15 to the score.
Main drags
- Fair-value margin of safety is negative at -96.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 34th percentile of the scored universe and 34th percentile within Consumer. Main check: financial discipline is weak at 52/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 34th pctile, median 67 · Small: 39th pctile, median 65
166 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 1.5%.
- ▸ROE is low at 6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 138.00
- P/B
- 6.22
- EV/EBITDA
- 25.29
- Market Cap
- 27263.00Cr
Profitability
- ROE
- 5.95%
- ROCE
- 10.20%
- ROA
- 1.64%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.62
- Interest Coverage
- 3.04×
- Altman Z
- 3.39
- Book Value
- 1242.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 240.00 Cr
- EPS TTM
- 50.48
Shareholding
- Promoter Hold
- 38.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 65%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.