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Nirmal Bang Report
Domestic brokerage firm Nirmal Bang upgraded Amber Enterprises to 'Buy' from 'Hold' and raised its target price to Rs 8,376, citing improving growth visibility in the electronics business, new opportunities in mobile manufacturing and the potential for a broader rerating of the electronics value chain.
The brokerage's revised target implies an upside of about 16% from the current market price of Rs 7,222.
Amber Enterprises delivered a strong Q1 FY27 performance, with consolidated revenue growing 13% YoY to Rs 3,890 crore, supported by broad-based growth across segments. Consumer durables revenue grew ~7%, with margins supported by strategic stocking of compressors and copper ahead of QCO related price increases, along with a richer mix of premium 5-star and 2-ton ACs.
Electronics remained the key growth driver, with revenue rising ~29% and operating Ebitda more than doubling, led by healthy growth across EMS, PCB, and industrial/automation, although bare PCB margins remained under pressure from higher CCL costs.
Mobility revenue increased 18%, while Ebitda declined 26% due to a higher trading-product mix, initial ramp-up of the new facility, commodity inflation, and higher labour costs.
Overall, operating Ebitda grew 22% to Rs 310 crore, while adjusted PAT increased ~40% to Rs 140 crore, despite commodity, currency, and wagerelated headwinds, reflecting strong execution and improving operating leverage.
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