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PCB input cost pass-through lag
View Risks →Amber Enterprises India Limited — Q4 FY26
Amber Enterprises reported a strong FY26 with consolidated revenue crossing 12,186 crore (up 22% YoY), driven by all three divisions.
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Amber Enterprises reported a strong FY26 with consolidated revenue crossing 12,186 crore (up 22% YoY), driven by all three divisions. The electronics division led with 49% revenue growth to 3,268 crore, while consumer durables grew 14% despite a flattish RAC industry. EBITDA grew 22% to 970 crore, and adjusted PAT rose 22% to 338 crore. Management guided for FY27 electronics growth of 40% and railway growth of 30-35%, but flagged margin headwinds of 50-100 bps from commodity inflation, currency depreciation, and wage hikes. Key risks include delayed pass-through of PCB input costs and fixed-price railway contracts. The company expects temporary margin pressure to normalize as macro conditions improve.
एम्बर एंटरप्राइजेज ने वित्त वर्ष 2026 में शानदार प्रदर्शन किया। कंपनी की कुल कमाई 12,186 करोड़ रुपये रही, जो पिछले साल से 22% ज्यादा है। तीनों डिवीजनों ने अच्छा योगदान दिया। इलेक्ट्रॉनिक्स डिवीजन ने 49% की बढ़ोतरी के साथ 3,268 करोड़ रुपये की कमाई की। कंज्यूमर ड्यूरेबल्स में 14% की वृद्धि हुई। कंपनी का मुनाफा (EBITDA) 970 करोड़ रुपये और शुद्ध मुनाफा (PAT) 338 करोड़ रुपये रहा। अगले वित्त वर्ष में इलेक्ट्रॉनिक्स में 40% और रेलवे में 30-35% बढ़ोतरी का अनुमान है। लेकिन कच्चे माल की बढ़ती कीमतों, रुपये की गिरावट और मजदूरी बढ़ने से मुनाफे पर 50-100 बेसिस पॉइंट का दबाव पड़ सकता है। कंपनी को उम्मीद है कि हालात सुधरने पर यह दबाव कम हो जाएगा।
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Electronics Division Revenue
3,268 Cr
+49% YoY
Driven by strong PCBA and bare PCB business, including partial contributions from acquisitions.
Consumer Durable Division Revenue
8,383 Cr
+14% YoY
Outperformed flattish RAC industry; growth from diversified product portfolio.
Railway Division Order Book
2,600+ Cr
+19% YoY
Strong visibility supports 30-35% revenue growth guidance for FY27 and FY28.
Net Working Capital Days
29 days
+20 days YoY
Increase due to proactive inventory buildup to mitigate supply chain risks.
What Changed vs Last Quarter
NEW
Electronics division revenue growth of ~40% in FY27
Post conversion of some customers to job work basis, the division expects 40% revenue growth with margins of 9.5-10%.
NEW
Railway division revenue growth of 30-35% in FY27 and FY28
Backed by strong order book of 2,600+ crore and product portfolio expansion.
NEW
Consolidated margin pressure of 50-100 bps in near term
Due to commodity inflation, currency depreciation, and wage hikes; expected to normalize as macro environment improves.
UPDATED
Capex of ~1,800-2,000 crore in FY27 with cash outflow of ~1,100-1,200 crore
Includes Ascent, SNK Circuit, and other divisions; net capex after subsidies will be lower.
DROPPED
Consumer durable division to grow 13-15% in FY26
Despite flattish industry, Amber expects its consumer durable division to grow 13-15% for the full year, driven by wallet share gains and product diversification.
DROPPED
Electronics division to achieve double-digit EBITDA margin in FY27
Management reiterated guidance that electronics division EBITDA margins will be in double digits for FY27, already achieved in Q3.
DROPPED
Railway division revenue to double over next two financial years
Backed by a strong order book of ₹2,600 crore+, management expects to double railway subsystem and defense division revenue in two years.
NEW RISK
Fixed-price railway contracts
Indian railway contracts are fixed-price, limiting ability to pass on cost increases, unlike metro contracts which have pass-through mechanisms.
NEW RISK
Consumer durable margin compression from wage hikes and commodity inflation
Minimum wage revisions in Haryana (35%) and UP (22%) along with commodity price increases may compress margins in the near term.
NEW RISK
Potential compressor shortage despite QCO extension
Analyst raised concern about compressor availability; management downplayed but acknowledged some industry players feel shortages persist.
RISK GONE
Currency depreciation impact on raw material costs
Currency depreciation adds to input cost pressures, especially for imported components, with limited short-term pass-through.
RISK GONE
Shivalik impairment and future losses
A one-time impairment of ₹94 crore was taken on Shivalik investment; management stated no further losses expected, but the venture underperformed.
RISK GONE
Potential margin pressure from brand insourcing
Analyst raised concern about Mitsubishi Electric's ₹2,100 crore backward integration into compressors; management downplayed risk, citing component supply opportunities.
Fast read
Guidance and risk preview
Post conversion of some customers to job work basis, the division expects 40% revenue growth with margins of 9.5-10%.
PCB business faces a two-quarter lag in passing on CCL and gold price increases due to tier-2 supply chain structure, pressuring margins.
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