Amber Enterprises India Limited — Q3 FY26
Amber Enterprises delivered a strong Q3 FY26 with consolidated revenue of ₹2,943 crore (+38% YoY) and EBITDA of ₹247 crore (+53% YoY), driven by robust performance in the electr...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Outlook for RAC industry in Q4 and CY26 given inflation and GST changes.
Asked by Nadasha Jane, Philip Capital
Management gave industry flattish but did not quantify Q4 impact, instead reiterated annual guidance.
no specific Q4 number givenreframed to long-term industry growth
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Question
how should we see uh fourth quarter? I mean from a very near-term perspective and then calendar 26 given that there is high amount of inflation and the entire GST benefit probably is written off
Management (likely CEO, unnamed)
the industry should be flattish this year whereas we have again and again maintained our guidance and we are uh we are hopeful to deliver about 14 to 15% kind of a growth.
Answered
High priority
Risk from Mitsubishi Electric's backward integration into compressors.
Asked by Nadasha Jane, Philip Capital
Management directly denied risk and explained they are already supplying components to that factory.
Read the exchange
Question
Mitsubishi Electric had announced that they are doing a 2100 cr capex and backward integrating into RAC in compressors. ... does it entail any risk for us?
Management (likely CEO, unnamed)
No there's no risk Natasha ... we have already uh gone into uh supplying the components for the factory which was inaugurated. We are very much part of this
Answered
High priority
Will Amber gain share as PLI ends and brands insource?
Asked by Du Jane, Ambit Capital
Management explained they adapt to customer insourcing by supplying components, no evasion.
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Question
with the PLI now getting over ... should we now the share in moves given the fact is getting over and for growth for you guys should be you know a plus uh industry
Management (likely CEO, unnamed)
we have moved in tandem to the industrial ... we have established 24 factories now in vicinity to customers. So any customer who would like to manufacture on their own we are very happy to supply them uh the components.
Answered
Medium priority
Reason for finance cost increase despite QIP.
Asked by Du Jane, Ambit Capital
CFO gave specific reasons: inventory build, acquisition payout, and stake increase.
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Question
despite the QIP we have seen the finance cost go up marginally ... if you could just help us understand the reason for this.
Sudhir (CFO)
finance cost has increased because of ... we have build some inventory ... plus we have acquired uh shogimi ... and also we increase our stake in unitronics
Answered
High priority
What drove 26% YoY growth in consumer durables?
Asked by Sonali Salangar, Jefferies
Management gave clear drivers: wallet share, non-AC components, new products.
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Question
the consumer durable division with a growth of about 26% year on year on sales ... would you like to help us understand what drove this?
Management (likely CEO, unnamed)
we've increased our uh wallet share in some customers and uh our nonAC components is actually paying dividends now. That's uh and plus the new product categories which we have launched.
Answered
High priority
Capex outlook for FY26 and FY27, and Shivalik journey after impairment.
Asked by Sonali Salangar, Jefferies
CFO provided specific capex numbers and clear status on Shivalik.
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Question
the capex outlook for 26 and also 27 ... how should we look at the journey of Shivalik from here on now that we have taken the impairment loss.
Sudhir (CFO)
current year capex we are expecting it should be around 800 crores and ... for the next year ... should be around 1 1200 crores ... for shivalik ... we have taken a complete impairment ... we don't see now uh anything coming from the shivalik
Partial answer
High priority
Does 13-15% guidance imply flattish or negative Q4 for RAC?
Asked by Indarjit Agarwal, CLSA
Management said flattish but did not reconcile with 13-15% annual guidance, advised against quarterly focus.
no specific Q4 growth numberreframed to annual view
Read the exchange
Question
when we look at your guidance of 13 to 15%. That implies a mid-single digit kind of growth for RAC's in fourth quarter. So, would you still think that the industry would actually end up being flattish or negative in the fourth quarter?
Management (likely CEO, unnamed)
quarter four should be flattish at least ... that is our estimate ... I would urge everybody not to look at RAC sector on a quarterly basis rather than on a complete uh financial year basis.
Answered
Medium priority
Regulation on old BEE norm inventory after Dec 31.
Asked by Indarjit Agarwal, CLSA
CFO clearly explained the regulation timeline for manufacturing, supply, and retail.
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Question
what does the regulation state? Does it state that post 31st December you cannot sell to the brands or retailers or the retailers cannot sell?
Sudhir (CFO)
the norm says that the manufacturing cannot happen for the old products post 1st January whereas the manufacturer can supply the old inventory for 3 months. Coming to the retail part, the retailers are allowed to sell the old inventory for 6 months.
Answered
Medium priority
Breakdown of consumer durables between AC and non-AC components.
Asked by Pulkit, Goldman Sachs
Management provided specific percentage breakdown for the quarter.
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Question
could you give a rough breakdown of uh consumer durables between AC components and nonAC components?
Management (likely CEO, unnamed)
this quarter it has been about 60/40 60% has been finished goods and 40% have been components and sir within components AC and nonAC now almost we have reached to 50/50 split
Partial answer
High priority
Will commodity inflation pressure consumer durable margins next year?
Asked by Pulkit, Goldman Sachs
Management acknowledged slight impact but did not quantify, only said 'not very big'.
no quantification of margin impact
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Question
is it fair to assume that consumer durable especially air conditioner margins could be under pressure next year given the magnitude of commodity price increase?
Management (likely CEO, unnamed)
from a B2B company's perspective it will happen with a quarter lag ... there will be slight margin impact uh but not not very big impact
Answered
High priority
Plans to scale up Power One and Unitronics businesses.
Asked by Tan Sha, DAM Capital
Management outlined four specific synergy strategies for scaling.
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Question
on the electronics piece ... we've acquired Power One now and even Unitronics. if you could just spend some ... on how we're looking to scale these businesses up
Management (likely CEO, unnamed)
geography expansion scope bring those products to India. Second is the product expansion ... third will be ... purchase leverage ... fourth is the backward integration.
Answered
Medium priority
Organic vs inorganic growth in electronics segment for 9 months.
Asked by Pravin Sahai, PL Capital
Management gave specific numbers: 12% inorganic, 240 cr out of 2100 cr.
Read the exchange
Question
out of a 79% of a growth if you can uh give some color on how much is the organic and uh how much is the inorganic uh growth
Management (likely CEO, unnamed)
about 12% uh is the uh inorganic growth contribution out of 2,100 or the number almost about 240 cr is the inorganic and rest is organic
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Consumer durable growth 26% YoY | 26% | 38% | Understated vs filing |
| Electronics division EBITDA margin 10.5% | 10.5% | 8% | Overstated vs filing |
| Inorganic growth contribution 12% in 9 months | 12% | 38% | Understated vs filing |
| Sidwal defense revenue expected 50 cr this year | ₹50 cr | ₹2,943 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.