AMBERNSEQ4 & FY26May 18, 2026

Amber Enterprises India Limited

7,920words
94turns
11analyst exchanges
7executives
Management on call
Jasbir Singh
EXECUTIVE CHAIRMAN, CEO,
Daljit Singh
MANAGING DIRECTOR
Sudhir Goyal
GROUP CHIEF FINANCIAL OFFICER
Sachin Gupta
WHOLE-TIME DIRECTOR
Sanjay Arora
WHOLE TIME DIRECTOR, ILJIN ELECTRONICS
Ravi Kharbanda
HEAD OF INVESTOR RELATIONS
Rohit Singh
HEAD OF CORPORATE AFFAIRS
Key numbers — 40 extracted
INR12,000 crore
to report FY '26 has been a remarkable year for the company as our consolidated revenue surpassed INR12,000 crores milestone despite the RAC industry witnessed a challenging year on the account of weather condit
INR4,500 crore
artnerships with Power-One, Unitronics and Shogini. On the expansion front, we have got more than INR4,500 crores total investment approvals under ECMS for Ascent-K Circuit in Noida for HDI PCB, along with Asce
50.4%
ast-growing industrial automation space, we have now increased our stake in Unitronics, Israel to 50.4%, achieving the majority ownership. Switching to performance. The consolidated revenue of Amber gr
22%
eving the majority ownership. Switching to performance. The consolidated revenue of Amber grew by 22%, reaching INR12,186 crores for the year and recorded operating EBITDA of INR970 crores with growt
INR12,186 crore
ty ownership. Switching to performance. The consolidated revenue of Amber grew by 22%, reaching INR12,186 crores for the year and recorded operating EBITDA of INR970 crores with growth of 22%. Adjusted PAT sto
INR970 crore
nue of Amber grew by 22%, reaching INR12,186 crores for the year and recorded operating EBITDA of INR970 crores with growth of 22%. Adjusted PAT stood at INR338 crores, recording a growth of 22% over previous
INR338 crore
the year and recorded operating EBITDA of INR970 crores with growth of 22%. Adjusted PAT stood at INR338 crores, recording a growth of 22% over previous year. Let me now take you through the d
14%
he year. In line with our guidance, the division outperformed the industry, recording a growth of 14% over previous year. The performance is driven by a diversified product portfolio, deepening of wa
INR3,268 crore
Electronics division. The division continues its strong growth momentum in FY '26 with revenue of INR3,268 crores, reflecting a growth of 49% year-on-year basis, driven by strong PCBA business, along with bare
49%
nues its strong growth momentum in FY '26 with revenue of INR3,268 crores, reflecting a growth of 49% year-on-year basis, driven by strong PCBA business, along with bare PCB business and addition of
INR287 crore
with bare PCB business and addition of new businesses. The division reported operating EBITDA of INR287 crores with growth of 89%. Continuing the strong growth momentum, this division is expected to grow by
89%
ddition of new businesses. The division reported operating EBITDA of INR287 crores with growth of 89%. Continuing the strong growth momentum, this division is expected to grow by around 40% in FY '27
Guidance — 20 items
Jasbir Singh
opening
“With trial production expected by quarter 3 FY '28, this will be a state-of-the-art facility strategically located near new Noida Airport.”
Jasbir Singh
opening
“In line with our guidance, the division outperformed the industry, recording a growth of 14% over previous year.”
Jasbir Singh
opening
“On the Railway division side, the Indian railway contracts are fixed price contracts, whereas the metro project contracts are the pass on mechanism is there.”
Jasbir Singh
opening
“To sum up, we expect a margin pressure of 50 to 100 bps at consolidated level, which is of temporary in nature and expected to normalize as macro environment improves.”
Sudhir Goyal
opening
“Further going forward, there won't be any impact of Shivalik in our financials.”
Sudhir Goyal
opening
“In the current year, we expect to receive INR78 crores under the PLI scheme for the financial year '26.”
Ankur
qa
“If you could just try and help us understand which segments would see most of these pressures and some guidance there on the margin front across segments, if possible?”
Nattasha Jain
qa
“And do you think this and next year could see some pain in terms of shortage there?”
Nattasha Jain
qa
“So can we say at least for this calendar year or rather FY '27, there will still be a shortage of about 40% given industry will grow at 12% in terms of volume?”
Jasbir Singh
qa
“No, we don't think so because if you map each and every manufacturer's capacity versus the requirement in the industry, looking at a CAGR of about 13% to 15% growth.”
Risks & concerns — 13 flagged
On inventory front, considering the geopolitical uncertainty, we have proactively built inventory to mitigate for any supply chain risk.
— Jasbir Singh
To sum up, we expect a margin pressure of 50 to 100 bps at consolidated level, which is of temporary in nature and expected to normalize as macro environment improves.
— Jasbir Singh
For clarification, operating EBITDA is before impact of ESOP expenses and other nonoperating income and expenses.
— Sudhir Goyal
Further going forward, there won't be any impact of Shivalik in our financials.
— Sudhir Goyal
Number two, on the margin front, as you said, there could be an impact of 50 to 100 basis.
— Ankur
Against last year because the base was very weak, the industry expects to grow by somewhere around 20% in quarter 1.
— Sachin Gupta
So in Tier 1, we directly deal with the customers, and we can increase the pass on or reduction of commodity and currency risk within a quarter 1 -- at a quarterly lag basis.
— Jasbir Singh
But if we have to build self-resilient, self-reliant, I would say, electronic component ecosystem, these asset-heavy businesses are good to have, good ROCE business on a long-term basis, and we are taking a very cautious call to develop this.
— Jasbir Singh
So it varies from customer to customer and quarter-to-quarter, very difficult.
— Jasbir Singh
So basically in '25-26, as you are saying that there is an impact of the realization.
— Sachin Gupta
But the real term of real basically impact of commodity currency, we pass on to our customers, and that is happening from last so many years.
— Jasbir Singh
Jasbir, just clarifying whatever we have discussed so far, I think for the CD business, we're talking about 25% revenue growth and some bit of percentage margin decline.
— Rahul Agarwal
And what would be the impact of that on interest cost and other income in FY '27?
— Santhosh Seshadri
Q&A — 11 exchanges
Q
Hi. Good morning. Two questions. One on the RAC side Jasbirji, how do you see the industry volume growth given whatever we've seen. It's been kind of some heat waves, the rainfall in the beginning of the season in April. Things seem to be getting better as we get into May. So overall, if you could just help us both for Q1 and also for the full year, what is that the industry growth could be? And more importantly, how is Amber kind of seeing growth for this year? That's number one. Number two, on the margin front, as you said, there could be an impact of 50 to 100 basis. If you could just try a
Jasbir Singh
Good morning, Ankur. I'll ask Sachin to reply to your first question, and then I'll answer the second question. Sachin, over to you. Yes, Ankurji, so coming to the volume side, obviously '25-26, as everyone knows, the quarter 1 and quarter 2 were very, very flattish or they were like down by 30%. But quarter 3 and quarter 4 saw the recovery. So the complete year is probably on a flattish side. But the quarter 1 has started at a very positive note for '26-27. So initial 10 days of April were very sluggish because of the rain and all that. But since 12th April, you can see that the South, West a
Q
Thanks for the opportunity and good morning gentlemen. I just have one question. So recently, there was a news article that government has imposed import restriction on RAC compressors and other appliance compressors. So sir, could you help us understand the industry dynamics, what is the manufacturing capacity in India? How much Amber as a company manufactures? And do you think this and next year could see some pain in terms of shortage there?
Jasbir Singh
So Natasha, basically, there are room AC category of compressors required 2 tonne and below compressors, whereas commercial air conditioners industry require 2 tonne and above compressors. So there are 2 categories of compressors. And then the third compressor which kicks in is in for refrigerators, right? We, at Amber, we are not producing or manufacturing compressors. We buy compressors from outside. We have a long-term agreement with GMCC, who is supporting us on the compressor, and we also buy from other manufacturers like LG and other compressor manufacturers. So we don't see any shortage
Q
Yes, thank you very much. So 2 questions. First one on the inventory side. So from my understanding, you're talking about inventory that's built up, that's basically the components and the parts, not the finished products because you said the demand was strong. So on that front, by front loading this, what sort of benefit do you think you've got in terms of if you could quantify how much savings would that be in current component prices, that would be appreciated? And my second question is Jasbir, in just in terms of -- whenever we've spoken, you always mentioned how we've seen the progression
Jasbir Singh
So coming on the first question on the inventory buildup, yes, we proactively increased our inventory level looking into the supply chain constraints. And we are not getting a very big advantage on the pricing side, but we are getting advantage on the supply side that we are able to fulfill our contracts on a timely basis to each and every customer. As far as our endeavor on going towards the higher business model goes, I'll just give you a brief of what we have done in electronics. We had acquired ILJIN in 2018 when this was a INR300 crore company with about 3% of EBITDA. Now this last year,
Q
Thanks for the opportunity. My first question is on capex. So in last quarter you had said that the capex would be about INR800 crores, but this number has been much higher. So just wanted to get a sense that is it some front end of capex that you've done and how should we look at FY '27 capex also?
Sudhir Goyal
Yes, hi Dhruv. This is Sudhir. So rightly said that there is some front ending of capex. If you see our overall capex out of the overall capex, capitalized capex is only INR550 crores. The balance is under CWIP, which is under process and which will get operational in the current financial year. So the overall capex is around INR1070crores. Okay. So how should we think about FY '27 capex then? So FY '27, we are expecting that one is Ascent and one is the other than Ascent. Ascent will be around INR1200-odd crores, including the capitalized portion out of this INR547 crores. And apart from that
Q
Yes, thank you for opportunity. Sir, my first question is a clarification on the CD consumer durable segment. In that you had given 47% of your revenue for FY '26 comes from the RAC CBU. So how is the growth? Because if I look at the 47% of our total revenue, it gives me around 33% of growth, so how that's a number to look at? Is that the full complete built-up unit has grown faster than the component? Or is more on the realization front growth is there? Or how is the volume? Can you just give us some detail on that?
Jasbir Singh
So this keeps on changing because sometimes customer wants us full boxes. Sometimes they want semi-knockdown conditions and sometimes only the components. So it varies from customer to customer and quarter-to-quarter, very difficult. But if you see the trajectory and the history, we were about 80% banking on finished goods when we got listed in FY '18. Now despite the growth in the top line side on the consol basis, the whole FG has come down to as low as maybe 40% or something around that. So -- and it's basically -- Sachin, you would like to add something? Yes. So basically in '25-26, as you
Q
Hi. Thanks very much. I have a couple of questions. First, if you can throw some light on the pricing of PCBs, both globally and India, given that the cost inflation would have been felt by everyone across the geographies?
Jasbir Singh
So pricing on PCBs is basically right now, 90% is getting import and 10% is India. But whereas you would have seen that there is an antidumping duty imposed by government to a tune of 30%. So despite of this commodity increase of CCL and gold has been a global phenomenon. It's not particularly to India. So even Chinese import or Taiwanese PCB imports have gone expensive. So it's just -- and it is from -- up to 6 layers, it is protected through the antidumping duty. So that's why the demand has not shifted from India to China or other nations. It's very much intact. No, my question is, is the p
Q
Good morning, sir. Thank you for the opportunity. Sir, first, if you could clarify in terms of the growth, you said 40% revenue growth for the electronics business. Is this post the conversion, what you talked about and hence, the growth -- the revenue growth number is weaker. So in that case, could you also clarify the margin for that division? And within that, if you could also clarify if it would be driven by PCBA or PCB business in terms of the margin?
Jasbir Singh
So what conversion are you talking about? The job work what you said… Considering the job work change, we are expecting a 40% growth on the top line. And the margins, what we are expecting right now should be in the range of 9.5% to 10% range. Understood. Number two, in terms of the RAC business, the consumer durables, how do you see the margins there? And is it fair to say that the percentage appears lower because of the price inflation or there is impact in actually rupees per unit margin as well? So percentage, yes, will look dip because whenever the prices increases happens because now 14%
Q
Hi. Good morning everyone. Thank you so much for the opportunity. Jasbir, just clarifying whatever we have discussed so far, I think for the CD business, we're talking about 25% revenue growth and some bit of percentage margin decline. On electronics, you already mentioned 40% growth after the job work adjustment with 9.5%, 10% range. For railways, the growth is about 30%, 35%. Margins you could clarify. We don't know the order book breakdown between Indian Railways and Metro Railways just clarify that. And second is a question with Sudhirji. First on capex. My sense is that given where we are
Jasbir Singh
So let me answer the first question, and Sudhir will take up for the second one. On the CD front, we have informed that the markets are expecting to grow in about range of 13% to 14% range, and that's how we are also expecting to move in tandem with the markets. It's not 24%, 25%, Rahul. On electronics, you are right, it's -- we expect that post our conversion of job work basis, we expect the number to be around 40% range bound and margins in the range of 9.5% to 10%. In railways, 30 to 35% looks doable if there is no disruption of offtake from Indian Railway and Metro. Currently, it's going s
Q
Good morning. Thanks for the opportunity. I have a question on net debt position. So, how should we think about our overall gross debt and net debt relative to fourth quarter levels considering the capex spending and maybe the working capital associated with the project ramp- up? And what would be the impact of that on interest cost and other income in FY '27? So that's my first question.
Sudhir Goyal
So FY '26, we have reported a net debt of INR511 crores. And looking into the capex, what we are doing and the cash flow, slight increase in the net debt position by year-end. It could be more by INR200 crores to INR300 crores where we'll be generating a cash flow and then we'll be spending out of that. But cash generation might be a little less than what we are generating from the overall business. So you can expect around INR700 crores to INR800 crores of net debt by year-end. All right. Thank you very much. And my second question is on the Consumer Durables division. Sorry if this is a repe
Q
Hi sir. Good morning. Sir, my first question is on the noncontrolling interest. Just wanted to check, as per schedule it's written INR1,750 crore fund that we took in has been accounted in the balance sheet. So if you can help us understand that how much percentage stake dilution is being considered already in this NCI? And based on the CCPS conversion, how much could there be further dilution upon the conversion?
Sudhir Goyal
So nothing is being considered as a dilution on CCPS. Nothing -- no dilution has still now happened due to CCPS. It will happen in future based on the future multiple and valuation. So currently, on a conservative side, the auditor has considered the diluted percentage and calculated the NCI. So this is a maximum amount that we have considered looking into the agreement, but this is on the maximum side. It will be much lesser than what the actual conversion will happen in the equity. And sir, can we get that what's that maximum percentage dilution that the auditors considered? I think they are
Q
Thank you, everyone, for joining on the call. For any further information, kindly get in touch with our Head of IR, Mr. Ravi Kharbanda or SGA, our Investor Relations advisors. Thank you very much, and have a good day ahead. In case you have further queries, you can reach out to both the gentlemen. Thank you.
Management
Speaking time
Jasbir Singh
29
Moderator
13
Sudhir Goyal
11
Achal Lohade
6
Dhruv Jain
5
Indrajit Agarwal
5
Praveen Sahay
4
Santhosh Seshadri
4
Ankur
3
Sachin Gupta
3
Opening remarks
Jasbir Singh
Hello. Good morning, everybody. On the call today, I'm joined by Mr. Daljit Singh, our Managing Director; Mr. Sudhir Goyal, Group CFO; Mr. Sanjay Arora, Whole-Time Director of ILJIN Electronics; and Mr. Sachin Gupta:, Whole-Time Director of Amber. We have uploaded our presentation on the exchanges, and I hope everyone had an opportunity to go through the same. I'm pleased to report FY '26 has been a remarkable year for the company as our consolidated revenue surpassed INR12,000 crores milestone despite the RAC industry witnessed a challenging year on the account of weather conditions. While Amber Group demonstrated resilience with growth driven by all 3 of its diversified divisions and each engine propelling the growth forward. Let me reflect briefly on the strategic initiatives taken in Electronic division during the year. We strengthened the volume and value play by expanding both horizontally and vertically through our partnerships with Power-One, Unitronics and Shogini. On the expa
Sudhir Goyal
Hi. Good morning, everyone. Let me take you through the consolidated financial highlights, starting with the full year performance. Revenue for financial year '26 increased to INR12,186 crores compared to INR9,973 crores in the previous year, recording a growth of 22%. Operating EBITDA increased to INR970 crores against INR796 crores, reflecting a growth of 22% year- on-year. For clarification, operating EBITDA is before impact of ESOP expenses and other nonoperating income and expenses. Adjusted PAT for the year stood at INR338 crores against adjusted PAT of INR277 crores in financial year '25, reflecting a growth of 22%. Adjusted PAT is prior to the exceptional one-off impairment of investment in Shivalik and share of loss of Shivalik JV amounting to INR112 crores in financial year '26 and INR26 crores in financial year '25, whereas it's after considering the one-off provision of INR9 crores of new labor code and other JV losses of INR8 crores. Coming to the quarterly performance for
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