Amber Enterprises India LimitedQ1 FY27 Results & Financial Update
Amber Enterprises India Limited: Q1 FY27 consolidated results and company financials – revenue ₹3,887.72 Cr, PAT ₹45.09 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Amber Enterprises India Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Amber Enterprises reported consolidated revenue from operations of Rs. 3,887.72 crore for the quarter ended June 30, 2026, marking a 12.72% year-on-year increase compared to Rs. 3,449.13 crore in Q1 FY26, though down 6.26% sequentially from Rs. 4,147.52 crore.
Profit before tax (PBT) stood at Rs. 43.45 crore for the quarter, reflecting a decline compared to Rs. 154.33 crore in the corresponding period of the previous year, primarily impacted by exceptional items.
Profit after tax (PAT) for the quarter came in at Rs. 45.09 crore, with diluted earnings per share reported at Rs. 6.33.
The Consumer Durables Division continued to anchor top-line scale with revenues of Rs. 2,802.91 crore, while the Electronics Division delivered robust growth with segment revenues touching Rs. 984.84 crore.
The Railway Sub-system & Defense Division contributed Rs. 144.46 crore to segment revenues, backed by an order book visibility exceeding Rs. 2,750 crore.
During the quarter, the company recorded an exceptional item amounting to a negative impact of Rs. 122.63 crore, arising from the differential between the carrying value of put liability for minority interest and the consideration paid for acquiring an additional 37.50% stake in Ascent Circuits.
Consolidated revenue grew 13% year-on-year to INR3,888 crores for Q1 FY27, while operating EBITDA increased 28% to INR337 crores, and adjusted PAT rose 19% to INR126 crores.
01 · Business model
What does Amber Enterprises India do?
Amber Enterprises India Limited operates as a prominent solutions provider for the air conditioning and consumer durables industry in India, maintaining an extensive manufacturing footprint across components, finished goods, and sub-assemblies.
The company's operations span three primary business segments: Consumer Durables Division (focused on room air conditioners, commercial air conditioners, and related components), Electronics Division (covering EMS, printed circuit boards, and power electronics), and Railway Sub-system & Defense Division.
Amber engages in deep backward integration, achieving roughly 70% bill-of-material catering capability for room air conditioners, which allows it to serve top domestic and international brands efficiently.
Through strategic acquisitions and joint ventures—such as IL JIN Electronics, Ascent Circuits, Power-One, and Unitronics—the group has expanded its addressable markets into high-growth technology sectors like automotive electronics, telecommunications, aerospace, defense, and industrial automation.
02 · Historical context
What shaped the business before this quarter
On August 5, 2025, subsidiary IL JIN acquired a 60% majority equity stake in Power-One Micro Systems Private Limited for an initial consideration of Rs. 26,200 lakhs to expand power electronics capabilities.
On December 1, 2025, IL JIN acquired an 80% majority equity stake in Shogini Technoarts Pvt Ltd for an initial purchase consideration of Rs. 50,597.55 lakhs to strengthen its printed circuit board manufacturing portfolio.
In October 2025, IL JIN completed the acquisition of a 40.20% controlling stake in Israel-based Unitronics (1989) (R"G) Ltd. for NIS 1,561.03 lakhs (equivalent to Rs. 41,909.78 lakhs) through ILJIN Holding.
On February 2, 2024, IL JIN originally acquired a 60% stake in Ascent Circuits Private Limited by investing Rs. 31,100.13 lakhs, alongside put and call option structures for the remaining minority shares.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹3,887.72 Cr | ₹3,449.13 Cr | ₹4,147.52 Cr |
| Total income | ₹3,935.25 Cr | ₹3,471.81 Cr | ₹4,167.61 Cr |
| EBITDA | ₹359.57 Cr | ₹286.37 Cr | ₹378.33 Cr |
| Profit before tax | ₹43.45 Cr | ₹154.33 Cr | ₹211.31 Cr |
| Profit after tax | ₹45.09 Cr | ₹106.30 Cr | ₹164.83 Cr |
| EPS | ₹6.33 | ₹30.65 | ₹38.04 |
| EBITDA margin | 9.25% | 8.30% | 9.12% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
The Consumer Durables Division generated Rs. 2,802.91 crore in segment revenue, benefiting from strong demand in room air conditioners and commercial cooling solutions.
The Electronics Division grew rapidly to reach Rs. 984.84 crore in segment revenue, driven by organic scaling and inorganic contributions from EMS and bare PCB businesses.
The Railway Sub-system & Defense Division contributed Rs. 144.46 crore, reflecting steady execution against a robust order book.
What drove margins
Cost of raw materials consumed was reported at Rs. 3,069.91 crore, with specific input cost pressures noted in copper and Copper Clad Laminates (CCL) affecting bare PCB margins.
Employee benefit expenses stood at Rs. 154.55 crore, while other expenses aggregated to Rs. 263.55 crore for the quarter.
Depreciation and amortization expense was recorded at Rs. 108.21 crore, and finance costs were higher at Rs. 84.74 crore.
Management expects cost pressures from elevated commodity prices, currency depreciation, and minimum wage revisions to persist through H1 before normalizing.
Consumer durable operating EBITDA grew 12% to INR214 crores, supported by pre-stocking of compressors and copper at better prices and a product mix skewed toward premium 5-star and 2-tonne categories.
PCB margins dropped from standard levels of ~16% down to ~12% due to copper clad laminate cost spikes, with price pass-throughs operating on a two-quarter lag expected to normalize margins by Q3.
05 · Demand, customers & order book
Where demand is coming from
The Railway Sub-systems & Defense Division maintains a healthy order book visibility exceeding Rs. 2,750 crore.
Consumer durable revenue grew 8% year-on-year to INR2,758 crores, reflecting a high base from the previous year and pre-stocking ahead of regulatory changes.
EMS segment growth was slightly stunted as consumer durable customers carried high inventory and shifted toward job-work models, while smart meter and smartwatch segments saw degrowth.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Segment revenue reached Rs. 2,802.91 crore with segment results (profit before interest, depreciation, and tax) at Rs. 211.81 crore.
Segment revenue reached Rs. 984.84 crore with segment results of Rs. 81.44 crore, prior to accounting for exceptional items.
Segment revenue stood at Rs. 144.46 crore with segment results of Rs. 16.25 crore.
Geography and market mix
The group operates primarily across India while incorporating international subsidiaries such as Amber Enterprises USA Inc. and Israel-headquartered Unitronics.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The Sidwal greenfield facility is now operational, enhancing manufacturing capacity to support future growth in railway sub-systems.
Construction is progressing well for the new multi-layer PCB facility at Hosur, Tamil Nadu, following the receipt of ECMS approval.
Planning mode is underway for the mega AC plant in Uttar Pradesh, with construction expected to start in FY28 and trial production by FY29.
The mobile manufacturing vertical aims to commence trial production in Q4 FY27, commercial production in Q1 FY28 at ~8 million units, and double to 15-16 million units in the second year.
Received three approvals under the ECMS scheme for HDI PCB expansion: INR3,200 crores in Jewar Airport, INR1,000 crores in Hosur, and INR500 crores in Shogini, Pune.
Projects, capex and execution
Ascent-K Circuit conducted a ground-breaking ceremony for its new high-density interconnect (HDI) PCB manufacturing facility at YIEDA, near Jewar Airport in Uttar Pradesh.
08 · Strategy & new businesses
How the company is trying to change its growth mix
IL JIN acquired an additional 37.50% stake in Ascent Circuits on June 19, 2026, for Rs. 32,800 lakhs, increasing its shareholding from 60.00% to 97.50% (subsequently raised to 98.50% in July 2026).
Amber Group signed a manufacturing collaboration agreement with Oppo Mobiles India Private Limited covering smartphone brands OPPO, OnePlus, and Realme, with trial production expected in Q4 FY27.
Amber acquired the remaining 50% stake in joint venture Amber Resojet on April 10, 2026, making it a wholly owned subsidiary and resulting in a fair valuation gain of Rs. 123.08 lakhs.
IL JIN incorporated ILJIN Technologies Private Limited on June 4, 2026, in collaboration with Singularity Des Electronics to expand into high-growth sectors including medical devices, defense, and aerospace.
09 · Reported developments
What changed operationally
Consolidated revenue from operations grew by 12.72% year-on-year to reach Rs. 3,887.72 crore in Q1 FY27.
Consolidation of majority stakes in Ascent Circuits and strategic tie-ups in mobile and PCB manufacturing strengthen the group's electronics value chain.
The Electronics division reported a 29% revenue increase to INR985 crores, with operating EBITDA more than doubling to INR107 crores and margins expanding to 10.8%.
Sidwal's greenfield facility for heating, ventilation, air conditioners, pantry, doors, and gangways in Faridabad is now operational, positioning the company for scalable growth.
Conducted the groundbreaking ceremony for the HDI PCB facility at Jewar near Noida Airport under Ascent-K Circuit expansion, alongside ongoing construction for the multilayer PCB facility in Hosur, Tamil Nadu.
10 · Pressure points & risks
What is not going smoothly
A fire incident occurred on August 4, 2026, at an IL JIN factory in Ecotech, Greater Noida, causing temporary operational impact in the affected area, though assets are adequately insured.
The bare printed circuit board business experienced margin compression amid a steep rise in copper clad laminate (CCL) costs, subject to a two-quarter lag in price pass-throughs.
Operating EBITDA for the Railway Sub-system & Defense division declined 26% year-on-year to INR16 crores due to product mix, commodity inflation (copper), currency depreciation, and minimum wage revisions in Haryana.
Experienced a fire incident at an IL JIN facility, though management confirmed rebuilding approvals were received and the damage is adequately insured with business impact mitigated via multi-geographic shifts.
11 · Items worth noticing
The line items that can distort a quick read
An exceptional loss of Rs. 12,263.06 lakhs was recorded, representing the differential between the carrying value of the put liability and the consideration paid for acquiring additional stake in Ascent Circuits.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net debt as of 30th June 2026 stood at approximately INR1,225 crores, compared to around INR510 crores as of March 2026.
Capital allocation & funding
IL JIN raised additional capital of Rs. 32,812.29 lakhs via a rights issue of equity shares, with Amber subscribing to Rs. 29,602.71 lakhs, completed on April 21, 2026.
13 · Management guidance & targets
What management is targeting from here
Maintained full-year revenue growth guidance of 30% to 35% for the Railway Sub-system & Defense division, with expected annual margins of 15% to 16%.
Expected full-year growth for consumer durables to remain in tandem with RAC industry growth, projected between 13% and 15%.
Maintained full-year revenue growth guidance of over 40% for the Electronics division.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
Executive Re-appointments
The Board approved the re-appointment of Ms. Sabina Moti Bhavnani and Mr. Prakash Iyer as Non-Executive Independent Directors for a second term of five years effective September 19, 2026.
Reported update
CFO Appointment at IL JIN
Mr. Sudhir Goyal, CFO of Amber Enterprises, was appointed as the CFO of material subsidiary IL JIN Electronics effective August 13, 2026.
15 · Previous-quarter changes
What changed since the previous quarter
Senior Management Personnel de-classifications and retirement were effected in August 2026 pursuant to revised organizational reporting structures.
16 · Management call deep dive
What management said on the conference call
Operating takeaways
12 key pointsManagement expects cost pressures from elevated commodity prices, currency depreciation, and minimum wage revisions to persist through H1 before normalizing.
Planning mode is underway for the mega AC plant in Uttar Pradesh, with construction expected to start in FY28 and trial production by FY29.
Consumer durable revenue grew 8% year-on-year to INR2,758 crores, reflecting a high base from the previous year and pre-stocking ahead of regulatory changes.
EMS segment growth was slightly stunted as consumer durable customers carried high inventory and shifted toward job-work models, while smart meter and smartwatch segments saw degrowth.
The mobile manufacturing vertical aims to commence trial production in Q4 FY27, commercial production in Q1 FY28 at ~8 million units, and double to 15-16 million units in the second year.
Received three approvals under the ECMS scheme for HDI PCB expansion: INR3,200 crores in Jewar Airport, INR1,000 crores in Hosur, and INR500 crores in Shogini, Pune.
Consumer durable operating EBITDA grew 12% to INR214 crores, supported by pre-stocking of compressors and copper at better prices and a product mix skewed toward premium 5-star and 2-tonne categories.
PCB margins dropped from standard levels of ~16% down to ~12% due to copper clad laminate cost spikes, with price pass-throughs operating on a two-quarter lag expected to normalize margins by Q3.
Net debt as of 30th June 2026 stood at approximately INR1,225 crores, compared to around INR510 crores as of March 2026.
Maintained full-year revenue growth guidance of 30% to 35% for the Railway Sub-system & Defense division, with expected annual margins of 15% to 16%.
Expected full-year growth for consumer durables to remain in tandem with RAC industry growth, projected between 13% and 15%.
Maintained full-year revenue growth guidance of over 40% for the Electronics division.
Important analyst Q&A
3 key pointsManagement noted it is too early to comment on mobile export opportunities or PLI backward integration benefits until completing a year of commercial production and reviewing draft guidelines.
Management clarified that negative minority interest of INR19 crores this quarter was driven by net losses after exceptional items allocated across specific subsidiaries like ILJIN Technologies, Stelltek, and Unitronics.
An enabling board resolution was passed to raise up to INR5,000 crores at the IL JIN level, with exact quanta and terms to be finalized and communicated later.
17 · Key Q&A
The quarter, answered directly
What does Amber Enterprises India do?
Amber Enterprises India Limited operates as a prominent solutions provider for the air conditioning and consumer durables industry in India, maintaining an extensive manufacturing footprint across components, finished goods, and sub-assemblies.
What is the clearest takeaway from Q1 FY27?
Amber Enterprises reported consolidated revenue from operations of Rs. 3,887.72 crore for the quarter ended June 30, 2026, marking a 12.72% year-on-year increase compared to Rs. 3,449.13 crore in Q1 FY26, though down 6.26% sequentially from Rs. 4,147.52 crore.
What drove revenue or demand?
The Consumer Durables Division generated Rs. 2,802.91 crore in segment revenue, benefiting from strong demand in room air conditioners and commercial cooling solutions.
What mattered most for margins or profitability?
Cost of raw materials consumed was reported at Rs. 3,069.91 crore, with specific input cost pressures noted in copper and Copper Clad Laminates (CCL) affecting bare PCB margins.
What changed operationally beyond the headline numbers?
The Sidwal greenfield facility is now operational, enhancing manufacturing capacity to support future growth in railway sub-systems.
What is management guiding or targeting from here?
Maintained full-year revenue growth guidance of 30% to 35% for the Railway Sub-system & Defense division, with expected annual margins of 15% to 16%.
18 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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19 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Ascent-K Facility Progress: Monitor the construction and commissioning timeline of the HDI PCB manufacturing plant at YIEDA, Jewar.
- 02
Oppo Partnership Execution: Track progress toward scheduled trial production for the smartphone manufacturing collaboration in Q4 FY27.
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