Amber Enterprises makes things for other companies' brands in three businesses. The largest is air conditioners and their parts — it can supply about 70% of what goes into a room AC — which brought in ₹2,758 crore of June-quarter revenue. The second is electronics, from circuit boards to finished assemblies, at ₹985 crore. The third, the smallest, makes air conditioning, doors and other systems for trains, metros and defence, at ₹144 crore. FY26 revenue was ₹12,186 crore, up 22%, but profit fell 27% to ₹178 crore at a 7.1% operating margin. The bet is electronics: it is building circuit-board plants and will start making Oppo, OnePlus and Realme phones from April 2027. The weak spot is how little of each rupee of sales reaches shareholders — 1.5% in FY26.
Partly disclosed, and the numbers that are given point the right way. Order book: ₹2,750 crore-plus for the railway and defence business; no figure is given for the other two. Product breadth: Amber says it can make about 70% of what goes into a room air conditioner, which is the depth brands look for. Electronics: revenue up 29% in the June quarter to ₹985 crore, with operating margin up to 10.8% as the business moves towards higher-value boards. New capacity: a high-density circuit-board plant at Jewar and a multilayer board plant at Hosur, both approved under the government's component scheme, and phone assembly for Oppo from April 2027. Customer concentration and plant utilisation are not disclosed.
Not debt free, and the borrowing is rising. Borrowings were ₹2,702 crore at March 2026, up from ₹2,059 crore a year earlier, against ₹4,372 crore of shareholders' funds — a debt-to-equity of 0.62. Cash was ₹466 crore, leaving net debt of ₹2,236 crore on the balance sheet. The company's own measure put net debt at about ₹510 crore in March and ₹1,225 crore at the end of June. Either way it is going up, because Amber is building circuit-board plants and buying companies faster than its operations produce cash. The board has approved raising up to ₹5,000 crore in its electronics subsidiary, IL JIN, which would ease the load.
Sales growing, profit not. Revenue rose 22.19% in FY26 to ₹12,186 crore, but profit fell 27.06% to ₹178 crore. The operating margin was little changed at 7.1%; what hurt was below that line — interest on rising debt, depreciation on new plants and acquisitions, and a write-down of an investment. Before those one-off items, the company put FY26 profit at ₹338 crore. The June quarter repeated the pattern: revenue up 13% to ₹3,888 crore and operating profit up 28%, but a ₹123 crore one-off loss left reported profit at ₹3 crore.
No. Over five years revenue compounded at 32.09% a year, but profit only 16.84%, and the gap widened in FY26: sales up 22.19%, profit down 27.06%. Revenue went from ₹6,927 crore in FY23 to ₹12,186 crore in FY26, while profit went from ₹157 crore to ₹178 crore. The reasons are the cost of growth — more interest, more depreciation, write-downs on investments — and air conditioners, where margins are thin. Management's answer is electronics, whose operating profit more than doubled in the June quarter.
Increasingly bought. In FY26 its electronics arm, IL JIN, took 60% of Power-One Micro Systems in Bengaluru in August 2025, a stake in Unitronics of Israel from October 2025, and 80% of Shogini Technoarts in Maharashtra in December 2025. Gross fixed assets rose from ₹3,040 crore to ₹5,633 crore in the year, with ₹746 crore more under construction. Not every purchase has worked: the June quarter carried a ₹123 crore one-off loss, and FY26 a write-down of its investment in Shivalik. Air conditioners grew organically; the electronics business is being assembled.
Holding, at a thin level. The operating margin has stayed between 6% and 9% for a decade — 7.92% in FY17, 6.09% in FY23, 7.1% in FY26. On the company's own measure, before share-based pay and one-offs, it was 8.0% in FY26 and 8.7% in the June quarter, up from 7.6%. The mix is the lever: electronics earned 10.8% in the June quarter and is growing fastest, while railways fell on copper costs and a wage revision in Haryana. Management expects commodity and currency pressure to last through the first half and then ease.
Weak, and getting weaker. Return on capital employed fell from 14.56% in FY25 to 10.87% in FY26, and return on equity from 10.66% to 4.06%. Capital is growing much faster than profit: gross fixed assets nearly doubled in a year and ₹1,000 crore of new shares were issued, while profit fell. Kaynes earned 13.21%, Syrma 17.39%, PG Electroplast 10.31% and Dixon 47.29% on the same measure. The plants and companies bought in FY26 have to start earning before this improves.
Yes, better than profit suggests. Over three years operations brought in ₹1,916 crore of cash against ₹554 crore of reported profit — 3.46 times. Profit is held down by depreciation and write-downs that are not cash, which is why the two diverge. FY26 alone was weaker, ₹240 crore of cash against ₹711 crore the year before. Customers paid in about 67 days and stock sat for about 73 — reasonable for an air-conditioner maker that builds ahead of summer. The cash problem is not operations; it is that spending on plants and acquisitions runs well ahead of what operations bring in.
Run by its founding family, and paid well for it. Jasbir Singh is executive chairman and chief executive, Daljit Singh managing director, and Sachin Gupta a whole-time director; three independent directors sit alongside them. In FY26 Jasbir Singh was paid ₹5.97 crore by Amber, up 65.73% and 180.69 times the median employee's ₹3.30 lakh, and Daljit Singh ₹5.71 crore, up 57.67%; both drew further pay from the subsidiary Sidwal. That was in a year when profit fell 27% and median staff pay rose 15.46%. The record on building the business is real — revenue went from ₹1,652 crore in FY17 to ₹12,186 crore in FY26 — but pay rising this fast against falling profit is the point to weigh.
One real flag. The auditor, S.R. Batliboi & Co., qualified its opinion on the consolidated accounts for FY26 — the first time it has done so. The reason is that one subsidiary and one joint venture were included on unaudited figures supplied by management; the joint venture's share of losses was ₹81.9 crore. The board says audited figures would not have differed and that it will have every subsidiary audited from next year. The standalone accounts carry no qualification. Disputed claims are negligible, but the parent has guaranteed large loans of its subsidiaries — ₹331 crore for Sidwal and ₹207 crore for IL JIN among them.
A crowded field, and Amber's edge is depth in air conditioners plus a widening spread elsewhere. In room ACs it competes with PG Electroplast, Dixon, Epack Durable and the brands' own factories; its claim is that it can make about 70% of an air conditioner's parts itself. In electronics it meets Kaynes, Syrma and Dixon, and is building circuit-board plants, one with Korea Circuit, to make boards India mostly imports. In railways it supplies air conditioning, doors and gangways, with a ₹2,750 crore-plus order book. The breadth is the edge and the risk: three businesses and a phone venture to run at once.
Set against Dixon, PG Electroplast, Syrma and Kaynes, Amber is second by size, slower-growing than all but PG Electroplast, and the dearest on price. Revenue in FY26: ₹12,186 crore, against Dixon's ₹48,873 crore, PG Electroplast's ₹5,288 crore, Syrma's ₹4,819 crore and Kaynes' ₹3,626 crore. Growth: 22.2%, against 25.8%, 8.6%, 27.3% and 33.2%. Operating margin: 7.1%, against 3.8%, 7.3%, 11.3% and 15.8%. Return on capital: 10.9%, against 47.3%, 10.3%, 17.4% and 13.2%. Debt-to-equity: 0.62, the highest of the five. Price to earnings on 1 October 2026: 128.8 times, against 53.7, 69.8, 104.2 and 62.6.
Tailwinds first. Electronics, the fastest-growing part, grew 29% in the June quarter at a 10.8% margin. Three circuit-board projects have been approved under the government's component scheme — ₹3,200 crore at Jewar, ₹1,000 crore at Hosur and ₹500 crore at Shogini in Pune. Phone assembly for Oppo, OnePlus and Realme is due to start in April 2027 at about 8 million units, doubling in the second year. Railways is expected to grow 30–35% this year on a ₹2,750 crore-plus order book. The risks are as concrete. Debt is rising to pay for all of it. Copper and laminate costs hit margins before they can be passed on. Acquisitions have already produced write-downs and a qualified audit. And air conditioners still depend on the summer.
Long-term growth across all three of Amber's markets, with air conditioners as the cyclical part. Room-AC ownership in India is still low and brands keep handing manufacturing to partners; electronics manufacturing is being pushed by government schemes to make components, not just assemble them; and railways and metros are adding coaches and lines. The cycle is the weather and the price of copper and aluminium — a poor summer leaves stock unsold and squeezes everyone in the chain. Management expects commodity pressure to persist through the first half of FY27 and then ease. The direction is up; the margins along the way will stay thin.
Only on a long view. At ₹6,500 on 1 October 2026 the share traded at 128.8 times FY26 earnings and 5.2 times book value — on reported profit that fell 27%. The case for paying it: the company's own profit before one-off items was ₹338 crore, electronics is growing fast at better margins, and the circuit-board and phone projects could change what kind of company this is. The case against: reported profit keeps being cut by write-downs, debt is rising, the consolidated audit was qualified, and the price already assumes the bets pay off.
Very expensive on reported earnings. On 1 October 2026 the share was ₹6,500 against FY26 earnings of ₹50.47 a share — a price to earnings of 128.79 times, an earnings yield of 0.78%. It traded at 5.23 times book value and 1.88 times sales, valuing the company at ₹22,880 crore. Dixon was at 53.67 times earnings, Kaynes at 62.58, PG Electroplast at 69.83 and Syrma at 104.23 on the same day. On the company's own adjusted profit of ₹338 crore the multiple would be lower, but write-downs have recurred, so treating them as one-offs is a judgement, not a fact.
Indian funds buying, foreign funds selling. Over the four quarters to June 2026 Indian institutions raised their holding from 17.82% to 30.55%, and mutual funds from 14.41% to 22.42%. Foreign investors went the other way, from 28.59% to 20.48%, with most of the fall since September 2025. Together institutions now own 51.03% of the company, more than the promoters. Individual shareholders thinned out, from 132,907 to 119,692.
A long list of funds, few of them large. Above 1% at June 2026: Invesco India Manufacturing Fund 5.18%, Motilal Oswal Nifty Alpha 50 ETF 2.28%, HDFC Arbitrage Fund 2.0%, HDFC Life 1.97%, Sundaram Small Cap Fund 1.85%, SBI Life 1.61%, Canara Robeco Small Cap 1.47%, Norway's Government Pension Fund Global 1.36%, Axis Mutual Fund 1.31%, Franklin India Multi Cap 1.27%, HSBC Arbitrage Fund 1.15%, Goldman Sachs India Equity 1.14% and DSP Arbitrage Fund 1.05%. Three are arbitrage funds, which hold the shares against an offsetting futures position rather than as a bet on the company. The one individual above 1% is Akash Bhanshali, at 1.15%.
No dividend, and new shares sold. Amber paid nothing for FY26 and keeps its cash for expansion. In September 2025 it placed new shares with institutions to raise ₹1,000 crore, enlarging the share count by 4.14% over the year. Its board has also approved raising up to ₹5,000 crore inside the electronics subsidiary IL JIN, which would bring in outside investors below the listed company rather than diluting Amber's own shareholders. There have been no buybacks.
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