Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 18 Oct - IL JIN will acquire Ascent Circuits' remaining 1.5% stake via share swap, making it wholly owned.
Source: Bse
Amber Enterprises India Limited (AMBER)
Small CapConsumer stocks · Small cap · NSE
Amber Enterprises India Limited is an electronics manufacturing services (EMS) provider. It manufactures consumer durables (RACs, components), electronics (PCBA, PCB, industrial automation), and railway sub-systems & defense products. The group is expanding into mobile phone manufacturing and localizing HDI PCB production.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result14 Aug, 12:49 am IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -8.3% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 25
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
AMBERD candles · FIT view-15.8%Latest close ₹6529.50 on 2026-10-19
Bar
-2.5%
RSI
39
MACD hist
9.68
52W pos
32%
2026-10-19O ₹6695.00H ₹6725.00L ₹6501.00C ₹6529.50Vol 67,193 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AMBERNifty Consumer DurablesNifty 500
- AMBER
- -16.9%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -11.3 pp
Chart stats
19 Oct 2026- From 52W high
- -27.2%
- 52W range position
- 32%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.51x
- Avg traded value
- ₹88.8 Cr
- 20D price channel
- ₹6,380 - ₹7,214.5
₹8,974
₹5,400.5 - ₹8,974
₹192
Latest completed session
20-session average
37.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED23
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad5
Revenue +12.7% · PAT -97.1% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model-619.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 5/100PAT -97% YoY · Rev +13% YoY · margin expansion
Filed 13 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 112.00
- P/B
- 5.26
- EV/EBITDA
- 19.90
- Market Cap
- 23028.00Cr
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
- 3.17
- 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
- 32%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 12.2k+22.2% vs prev
Net Profit
₹ CrLatest: 226-10.0% vs prev
Return on Equity
%Latest: 646+11149.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.0% over last month) — short-term momentum negative.
- RSI(14) at 39 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 27% off 52W high · 21% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
22
RS percentile
Stage 4 Downtrend
1M return
-8.4%
3M return
-16.9%
6M return
-16.3%
1Y return
-23.4%
RS 1D
-1
RS 20D
-8
Sector rank
#8
Industry rank
#23
Stage evidence
- Price is 11.6% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 82.43-1.07%
RS vs Nifty 50082
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 23 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth11/25
Quality0/20
Balance Sheet5/15
Cash Flow2/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
23
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
23/100 · legacy band OVERVALUED
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 -619.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
112.0
PB
5.3
EV/EBITDA
19.9
ROE
6.0%
ROCE
10.3%
FCF Yield
—
Debt/Equity
0.6
MoS
-619.3%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
23
Previous: 23
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-619.3%
Previous: -619.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
23
23
23
23
23
23
23
23
23
23
23
23
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹872.8
-648.1% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹907.76
-619.3% MoS
PEG
7.67
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VOLTAS
Mid
Voltas Limited
Consumer Durables
match 83
22
73.7
6.1%
-1461%
OVERVALUED
BLUESTARCO
Mid
Blue Star Limited
Consumer Durables
match 82
44
61.0
17.2%
-90%
WATCHLIST
PGEL
Small
PG Electroplast Limited
Consumer Durables
match 62
30
70.8
6.7%
-112%
OVERVALUED
CROMPTON
Small
Crompton Greaves Consumer Electricals Limited
Consumer Durables
match 61
31
28.5
10.6%
-685%
OVERVALUED
WHIRLPOOL
Small
Whirlpool of India Limited
Consumer Durables
match 60
21
39.0
7.7%
-572%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-14T00:43:07.764Z
Management commentary snapshot
Consolidated revenue grew 13% YoY to INR3,888 crores in Q1 FY27. Operating EBITDA increased 28% to INR337 crores, with adjusted PAT up 19% to INR126 crores, despite commodity and wage headwinds. Electronics division saw strong growth, while Railway Sub-systems & Defense margins declined.
Q1 FY27 saw solid top-line growth, but margin pressures from elevated commodity costs, currency depreciation, and minimum wage revisions impacted profitability, particularly in Railway Sub-systems & Defense and PCB. Mobile manufacturing and HDI PCB expansion are progressing as planned, offering future growth avenues. The ILJIN fire impact is expected to be mitigated by insurance and multi-geographic operations.
Current business mix
Revenue by Division
Latest issuer-disclosed distribution across 3 reported categories.
Consumer Durable70.9%
Electronics25.3%
Railway Sub-systems & Defense3.7%
Growth engines
Mobile Phone Manufacturing
Manufacturing collaboration agreement with Oppo Mobiles India, expanding presence in the largest segment of the electronics industry, covering Oppo, OnePlus, and Realme brands.
HDI PCB Localization
HDI PCB facility at Jewar and multilayer PCB facility at Hosur to localize production, currently heavily import dependent, leading to greater import substitution.
Electronics Division Expansion
Adding new customers and applications in PCBA, growth in PCB, and industrial automation/power electronics, aiming for a balanced volume and value play.
Railway Sub-systems & Defense
Expected to deliver growth of about 30% to 35% for the full year, supported by the new operational greenfield facility in Faridabad.
Capacity and execution
Mobile Phone Manufacturing
Trial production by Q4 FY27, commercial production by Q1 FY28, targeting 8 million units in first year, doubling to 15-16 million in second year.
HDI PCB Facility (Jewar)
Groundbreaking ceremony conducted, construction started, trial production expected in 18 months.
Multilayer PCB Facility (Hosur)
Construction progressing well, plant will be up and running this financial year (FY27).
Sidwal Greenfield Facility (Faridabad)
Now operational for heating, ventilation, air conditioners, pantry, doors, and gangways, positioning for scalable growth.
Tailwinds
Government Support (Atmanirbhar Bharat)
Exploring additional avenues of collaborations aligned with Government of India's vision of Atmanirbhar Bharat with a focus on increasing local value addition.
Premiumization Trend
Production mix in Q1 was majorly for premium product categories (5-star, 2-tonne), leading to better realization of margins in consumer durables.
Import Substitution
HDI PCB facility will lead to greater import substitution as currently heavily import dependent, creating employment opportunities.
Headwinds
Elevated Commodity Prices
Business continues to face pressure from elevated commodity prices, currency depreciation and minimum wage revision, expected to persist through H1.
Currency Depreciation
Impacted Railway Sub-system & Defense operating EBITDA and overall margins.
Minimum Wage Revision
Impacted Railway Sub-system & Defense operating EBITDA and overall margins, shot up by 35% in Haryana.
PCB Margin Compression
Bare printed circuit board business witnessed margin compression amid steep rise in the copper clad laminate cost, with a 2-quarter lag for price pass-on.
Risk radar
Commodity Price Volatility
Copper clad laminate prices continue to increase due to AI/data center requirements and shortage; PCB margins subject to no further CCL price increases.
Fixed Price Contracts (Railways)
In the railway segment, these are fixed-price contracts, making it difficult to pass on commodity or currency changes.
ILJIN Fire Incident
Unfortunate incident at ILJIN, though adequately insured, the exact business impact is still being assessed.
Management accountability
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.
Analyst reading lens
Compare YOY
Q1 is a seasonally strong quarter for the Consumer Durable division (ACs), making year-on-year comparison more relevant to assess underlying business performance against a comparable period. Management also explicitly refers to YoY growth for all divisions.
Sector KPIs management disclosed
Consumption: Volume Growth vs. Pricing
Consumer Durable division reported revenue growth of 8% Y-o-Y. Operating EBITDA grew by 12% despite cost headwinds from commodity prices and minimum wage revision. Production mix in Q1 was majorly for premium product categories (5-star, 2-tonne), leading to better realization of margins.
Gross Margin
Electronics division operating EBITDA more than doubled to INR107 crores, and the margin has expanded to 10.8%. Bare printed circuit board business witnessed margin compression amid steep rise in the copper clad laminate cost. Railway Sub-system & Defense operating EBITDA declined by 26%.
Input-Cost Trends
Business continues to face pressure from elevated commodity prices, currency depreciation and minimum wage revision. Copper clad laminate prices continue to increase due to AI/data center requirements and shortage. Pre-stocking of compressors and copper helped secure raw material at better prices in Q1.
Management forward view
Mobile Vertical Ramp-up
New segment, gradual ramp-up planned; export opportunities to be explored after 1 year of domestic production.
Electronics Division Strategy
Balancing volume and value play; expanding applications organically and inorganically (medical, defense, aerospace) to create a unique EMS platform.
Backward Integration
CCL plant becomes an important backward integration; expect to have own CCL plants by '29-'30.
Full Year Guidance
Expect Consumer Durable growth in tandem with RAC industry (13-15%), Electronics division 40%+ revenue growth, and Railway Sub-systems & Defense 30-35% revenue growth.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Mobile Production Ramp-up | Trial production by Q4 FY27, commercial production by Q1 FY28. | Achievement of 8 million units in the first year and 15-16 million in the second year of operations. |
| PCB Margin Normalization | Hovering around 12% due to CCL cost, standard 16%. | Return to 15-16% from Q3 onwards, subject to no further CCL price increases. |
| Electronics Division Growth | Q1 FY27 revenue growth 29%, full year guidance 40%+. | Sustained growth across PCBA, PCB, and industrial automation verticals to meet full-year guidance. |
| ILJIN Fire Impact | Adequately insured, multi-geographic locations mitigating impact. | Exact assessment of business impact and reconstruction progress, to be communicated within the coming week. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
180 docs text-extracted · 70 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Consumer: 34th pctile, median 66 · Small: 36th pctile, median 66
Evidence depth
Financial-only
180 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
52
watch · capital discipline
Results
47
watch · quarterly consistency
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.
Continue researching Amber Enterprises India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 18 Oct - IL JIN will acquire remaining 1.5% stake in Ascent Circuits via share swap, making it wholly owned.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 18 Oct - Pursuant to Regulation 30 of SEBI LODR Regulations, we wish to inform the exchange that, IL JIN Electronics (India) Limited, a material subsidiary of the …
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 6 Oct - Amber incorporated wholly owned subsidiary Amber Digital Technologies on 18 Sep 2026 to manufacture mobile phones, investing ₹1 lakh.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - The copies of newspaper advertisements published on 4th September 2026 pertaining to the Notice ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug - In compliance with the applicable circulars issued by the Ministry of Corporate Affairs and the Securities ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Pursuant to the Order passed by the Hon''ble National Company Law Tribunal, Chandigarh Bench dated ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Copies of the newspaper advertisements pertaining to the Unaudited Financial Results (Standalone ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 3 Jul - IL JIN acquired additional 1% stake in Ascent Circuits for about Rs 8 crore, raising holding to 98.5%.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Declassification Of Ascent Circuits Private Limited And Sidwal Refrigeration Industries Private Limited, As Material Subsidiaries Of The Company 26 Jun - Ascent Circuits and Sidwal declassified as material subsidiaries from FY2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 May - Pursuant to SEBI (LODR) Regulations, 2015, we hereby enclose the copies of the Newspaper Advertisements pertaining to the Audited Financial Results (Standalone and Consolidated) of …
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.