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Nirmal Bang Report
Nirmal Bang has maintained Hold rating on Amber Enterprises India Ltd. with a target price of Rs 7,182. This implies a blended P/E of 42x on Mar28E earnings per share – a ~38% discount to the five-year historical average P/E on 1-yr forward basis.
FY26 performance remained mixed, with topline growth of 22% but relatively modest ~12% bottom-line expansion, impacted by elevated JV losses and higher depreciation and interest costs from an accelerated capex cycle.
Management's 14% growth guidance for the consumer durables segment in FY27 appears conservative relative to stronger volume outlooks from branded RAC players, suggesting potential upside if industry demand sustains.
Following the recent 15% correction, the stock appears fairly valued, contingent on timely execution of Electronics margin expansion without material slippages.
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