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Nirmal Bang Report
While Amber Enterprises India Pvt. Ltd.'s topline was below our estimate by 6% YoY due to depressed room AC sales post unseasonal rains, Ebitda margin was slightly above our estimate (+72 basis points YoY) due to change in product mix.
Electronics and SIDWAL (Mobility) segments are expected to be the main growth levers going forward –2.0 and 3.0 growth story.
We maintain 'Accumulate' on Amber Enterprises with a revised target price of Rs 3,135, valuing it at 28 times September-2025E earnings per share.
Rising share of high-margin businesses such as room AC and non-room AC components and defence, consistent increase in wallet share and significant contribution from high growth divisions like electronics and mobility bode well for return ratios.
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