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).
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Motilal Oswal Report
Motilal Oswal has reiterated its 'Buy' rating on Amber Enterprises India Pvt. Ltd. with a revised target price of Rs 8,000 (earlier Rs 8,400), implying an upside of 21% from the current market price of Rs 6,626.
The brokerage expects Amber Enterprises to deliver robust growth across segments despite near-term raw material headwinds and margin pressures.
Key risks and concerns
Key risks and concerns include lower-than-expected demand growth in the RAC industry; change in BEE norms making products costlier; change in announced capex policy; and increased competition across the RAC, mobility, and electronics segments.
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