Amber Enterprises Ltd. has received a bullish target price upgrade from multinational brokerage Jefferies which expects multiple tailwinds for the company including summer sales, acquisition ramp-up, and new customers in data centers business. Analysts have raised the share price target to Rs 9,120 from Rs 8,890 and maintained 'buy' rating on the stock. The revised target price implies an upside potential of 25% from the previous close.
In the consumer durables segment, Amber is positioned as a major air‑conditioner demand aggregator. The company's strong backward integration, covering nearly 70% of the bill of materials (excluding compressors), enables it to maintain roughly 25% value market share in domestic Room Air Conditioner (RAC) manufacturing, analysts said in a note. Management forecasts 13-15% revenue growth in FY26, outpacing broader industry trends.
Amber Enterprises is also expanding into data center cooling, having onboarded two customers in the previous quarter and developed in‑row and in‑rack cooling systems. Work on liquid and immersive cooling solutions is underway, with trials expected around CY27. The company has additionally launched new products in the commercial AC space, the note said.
Electronics, currently 28% of revenue, is set for faster growth. Amber has secured three ECMS approvals for printed circuit board manufacturing along with land, funding, and HDI technology via a joint venture with Korea Circuits Co. Electronics is expected to exceed 30% of sales by FY28. The consolidation of Shogini Technoarts Pvt. Ltd., acquired last year, will further boost PCB capabilities.
In mobility, Amber aims to double sales over the next three years, supported by a Rs 2,600 crore order book and new facilities in railways and metro systems.
Several recent acquisitions and planned capex of Rs 3,200 crore over the next few years are expected to accelerate growth across businesses, Jefferies said.
Shares of Amber Enterprises have risen nearly 17% on a 12-month basis. Out of the 31 analysts tracking the company, 24 have a 'buy' rating on the stock, six recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets is Rs 8,626, which implies a potential upside of 16%.
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