Amber Enterprises Q4 Results Review: Dolat Capital Maintains 'Accumulate' On Strong Growth Outlook

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Dolat Capital Report

Amber Enterprises India Pvt Ltd. exhibited revenue growth of 34% YoY in Q4, driven by robust 28/74% YoY growth in the consumer durables/ electronics divisions respectively. However, Railway Subsystem & Defense grew by a mere 2%.

During FY25, Electronics revenue grew 77%, surpassing the guided growth of 55%. Management has guided revenue growth of 30-40% in FY26E and margins to reach 10-12% in the next two years.

Despite mild summer, mgmt. is optimistic of double-digit growth in its RAC business and expects the CD division to outpace industry growth by ~10% in FY26. Railway division revenue is expected to double in the next two years.

With a better revenue mix, we expect the blended annual margins to improve from 7.7% in FY25.

We have broadly maintained our FY26/27E EPS at Rs 115/158 resp. Maintain ‘Accumulate’ rating with target price of Rs 7,350, valuing at 46 times FY27E EPS.

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