In FY26, Amber expects to 10-15% YoY growth in room AC segment and 35-40% YoY growth in electronics segment. (Photo: Amber Enterprises website)
Despite cutting margin assumptions and lowering FY26–28 estimates by 5–10%, Motilal Oswal expects Amber’s revenue, Ebitda, and PAT to grow at 20%, 28%, and 46% CAGR respectively over FY25–28. Valuations remain attractive with P/E expected to decline from 81.4x in FY26E to 30.9x in FY28E, supported by improving return ratios (RoE at 16.9% by FY28).