Amber Enterprises India Limited (AMBER)
Small CapConsumer stocks · Small cap · NSE
Amber Enterprises India Limited, initially focused on Room Air Conditioners (RAC), has expanded into electronics and railways. The company has now entered the mobile phone manufacturing segment through a collaboration with Oppo Mobiles India Private Limited, aiming to diversify revenue and reduce seasonal concentration from its RAC business.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 5/100PAT -97% YoY · Rev +13% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,887.7 Cr | +12.7% | -6.3% |
| EBITDA | ₹311.5 Cr | +24.7% | +7.0% |
| Operating margin | 8.0% | +77 bps | +99 bps |
| PAT | ₹3.1 Cr | -97.1% | -98.1% |
| PAT margin | 0.1% | -299 bps | -382 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Amber Enterprises India Limited announces manufacturing collaboration with Oppo Mobiles India Private Limited for Oppo, OnePlus, and Realme brands.
The new mobile phone manufacturing collaboration with Oppo, OnePlus, and Realme diversifies Amber's revenue profile, reduces RAC seasonality, and aligns with its strategy of balancing high-margin value-added businesses with asset-light, high-volume, low-margin operations. Initial low margins are expected to improve with scale and deeper value addition.
Mobile Phone Manufacturing
Entry into India's mobile phone market, the second largest globally, with Oppo, OnePlus, and Realme brands.
Deepening Value Addition
Progressively deepen value addition into components such as high-density interconnect printed circuit boards.
Component Ecosystem
Long-term goal is to penetrate the mobile phone component business, where growth and margins are higher.
Mobile Phone Manufacturing Facility
Manufacturing at an existing Oppo facility under sublease. Capex requirements are minimal, below INR 50 crores to start.
Trial & Commercial Production
Trial production to commence in Q4 FY27, with commercial production starting by Q1 FY28.
Government Policy Support
Government of India drives domestic value addition and import substitution with renewed intent and policy momentum (Atmanirbhar Bharat).
Global Brand Confidence
Oppo's decision reflects confidence in Amber's manufacturing capabilities, quality infrastructure, and ability to deliver at scale.
Domestic Market Volume Stagnation
Domestic mobile phone volumes have been almost stagnant over the last 4-5 years, though average selling prices are rising.
Low Initial Margins
Initial returns are in line with industry standards (1.5-2% EBITDA), which are relatively low for Amber's overall profile.
Execution Risk in New Segment
This is Amber's first endeavor into mobile phone manufacturing; management plans to take 'baby steps'.
Dependence on Oppo
Initial volumes and the value addition roadmap are tied to Oppo's plans and support, despite a long-term arrangement.
Competitive Landscape
Oppo already partners with other EMS players; Amber is not disturbing their existing ecosystem.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
This call discusses a new business collaboration with future operational ramp-up targets. Financial results are not the primary focus; rather, sequential execution and capacity utilization are key for this new venture.
Volume Growth (Mobile Phones)
Expect to begin with ~8M units in year 1 (FY28), ramping up to 13M-15M units in year 2 (FY29).
EBITDA Margins (Mobile Phones)
Returns in line with industry standards at commencement (1.5-2% EBITDA), with improvement anticipated as operating scale and local value addition increase.
Local Value Addition
Commence with assembly and SMT, with a roadmap to progressively deepen value addition into components like HDI PCBs, aiming for 35-40% in 5-6 years.
Working Capital Intensity
Business is structurally low on working capital intensity, operating on net-working capital days of almost 4-10 days.
Strategic Diversification
Maintaining balance between high-margin value-added businesses and asset-light, high-volume, low-margin businesses.
Gradual Backward Integration
Objective is to gradually add components, similar to ACs, to increase margins over 5-6 years.
Dedicated Management
A senior management team will be dedicated to this sector, focusing on penetrating the component business.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Mobile Phone Production Volume | 8 million to 9 million units in year 1 (FY28). | Ramp-up to 14 million to 15 million units in year 2 (FY29). |
| Local Value Addition Progress | Commence with assembly and SMT. | Addition of HDI PCBs in year 2 and further component integration. |
| EBITDA Margin Improvement | 1.5% to 2% EBITDA at commencement. | Margin improvement as operating scale and local value addition increases. |
| ROCE for Mobile Business | More than 30% to 35% on a standalone basis. | Sustained high ROCE as the business scales and integrates components. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
50NeutralSMA20 -2.4% / mo · MACD +
Technical chart
AMBERdaily · 1Y · AUTO-4.5%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 52.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.5% over last month) — short-term momentum negative.
- RSI(14) at 52 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 17% off 52W high · 38% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 15.5% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+2.5% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 23 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 11/25 to the score.
- Balance sheet contributes 5/15 to the score.
Main drags
- Fair-value margin of safety is negative at -684.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 32nd percentile of the scored universe and 34th percentile within Consumer. Main check: results consistency is weak at 47/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 34th pctile, median 66 · Small: 36th pctile, median 66
164 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 128.00
- P/B
- 6.02
- EV/EBITDA
- 22.48
- Market Cap
- 26359.00Cr
Profitability
- ROE
- 5.99%
- ROCE
- 10.30%
- ROA
- 0.90%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 32.00%
- EPS 5Y
- 19.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.62
- Interest Coverage
- 3.02×
- Altman Z
- 3.38
- Book Value
- 1242.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 240.00 Cr
- EPS TTM
- 27.26
Shareholding
- Promoter Hold
- 38.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.