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Informist, Tuesday, May 12, 2026

By Taniva Singha Roy

MUMBAI – Amber Enterprises India Ltd. is expected to report on-year growth in its consolidated net profit for the March quarter, driven by continued traction in the consumer durables division. Growth in the company's electronics business and seasonal demand for room air conditioners ahead of the summer are likely to have helped the overall topline for the quarter, analysts said.

The company is expected to report a consolidated net profit of INR 1.37 billion for the March quarter, according to the average of estimates from 11 brokerages. This implies a rise of nearly 18% on year and 60.5% on quarter. The estimates for the company's net profit vary from a low of INR 874 million from Yes Securities (India) Ltd. to a high of INR 1.76 billion from Kotak Securities Ltd. The company reported a net loss of INR 272.42 million for the December quarter.

The company's March quarter consolidated revenue is expected to come in at INR 42.27 billion, according to the average of estimates. This is a rise of nearly 13% on year and nearly 44% on quarter. The estimates for its top line range from a low of INR 37.76 billion from Anand Rathi Share and Stock Brokers Ltd. to a high of INR 45.33 billion from HDFC Securities Ltd. The company will detail its earnings for Jan-Mar on Friday.

The company's consumer durables segment is likely to benefit from seasonal demand for room air conditioners. "Amber's consumer durables revenue is expected to grow at high single digit on high base of the previous year," YES Securities said. At the same time, increasing outsourcing by brands and sustained expansion in the EMS portfolio are expected to drive medium-term revenue momentum.

In terms of the near-term outlook, brokerages remain divided. While some expect strong execution momentum to continue into the March quarter, others flag risks from earlier channel stocking and supply-side disruptions. Elara Securities expects the company to deliver around 20% on-year sales growth, led by channel filling in room air conditioners ahead of the summer season and continued strong momentum in the electronics segment.

Equirus Securities also sees robust execution, driven by sustained traction in the consumer durables segment and rising outsourcing by brands. The electronics division is expected to remain the key growth driver, with its revenue contribution likely increasing to 35% from 29%, aided by expansion in Printed Circuit Board and Printed Circuit Board Assembly programmes.

However, JM Financial and HDFC Securities expect growth in the March quarter to remain subdued due to channel stuffing in the previous quarter and disruptions such as LPG shortages impacting production. Kotak Securities estimates revenue growth of around 10% on year.

The margin performance, however, remains a key concern. Several brokerages, including Nuvama and Prabhudas Lilladher, expect pressure on profitability due to rising commodity prices and currency depreciation. There is also a lag in passing on raw material cost increases, particularly in the PCB segment, which could weigh on operating margins.

The company's earnings before interest, tax, depreciation, and amortisation are seen at INR 3.31 billion for the March quarter, according to the average of 10 estimates. This implies a rise of 5.3% on year and nearly 34% on quarter. The lowest estimate is INR 2.93 billion from Yes Securities (India) Ltd. and the highest is INR 3.71 billion from HDFC Securities Ltd.

Elevated input costs and delayed pass-through of raw material inflation are likely to weigh on margins. YES Securities expects gross margins to contract sequentially due to this lag. But Kotak Securities models the EBITDA margin at around 8.4%, reflecting a modest improvement on year, supported by better margins in the electronics segment.

Equirus highlighted that full integration of acquisitions such as Shogini Technoarts, Power-One Micro Systems, and Unitronics is likely to support margin stability to some extent, even as input cost pressures persist.

Investors will closely track key factors, including execution of railway orders, the outlook for the room air conditioners segment in FY27, progress on capital expenditure, and growth strategy across acquired entities such as Korea Circuits, Shogini Technoarts, and Ascent Circuits.

Overall, while Amber Enterprises is expected to deliver steady revenue growth backed by its electronics business, profitability may remain under pressure in the near term due to cost headwinds.

On Tuesday, shares of the company closed 4.4% lower at INR 8163.50 on the National Stock Exchange. Shares of the company have risen 8.7% since the company announced its December quarter results on Feb. 10.

Out of the 12 brokerage reports on the company available with Informist, 11 have a 'buy' recommendation on the stock, with an average target price of INR 8,910 which is nearly 12% higher than the current market price. One brokerage has a 'hold' recommendation on the stock.

Following are the Jan-Mar earnings estimates for Amber Enterprises India, from 11 brokerages, in descending order of net profit in INR billion:

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Edited by Avishek Dutta

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