Future growth expectations in sales/revenue/volumes?

Electronics division grew 77% in FY '25; expected 30-40% growth in FY '26, driven by adding industrial, auto, aerospace, and defense applications. Ascent Circuits operating at 90% capacity; expansion with new 30,000 sqm plant starting commercial production in Q4 FY '26, contributing to revenue growth. Korea Circuit JV with INR 2,500 crore capex over 5 years; expected to add about INR 1,500 crores revenue over 2-3 years post commissioning. Consumer Durable division grew 46% in FY '25; RAC business expects double-digit growth despite weaker summer, supported by strong CAC and non-RAC component b

Future growth expectations in earnings/operating earnings/profits/EPS?

Electronics division expects 30%-40% top-line growth in FY '26 and aims to achieve 10%-12% EBITDA margins within 2 years by adding margin-accretive applications (industrial, automobile, defense). Railway division anticipates doubling revenue over next 2 financial years, with significant growth expected from FY '27 onward as delayed projects take off. Consumer durable division plans to outpace industry RAC growth by 10%-12%, backed by strong underlying demand and diversified product portfolio. Overall company PAT grew 80% YoY in FY '25; strong margin expansion and capital efficiency (ROCE

Any current/future capex/capital investment/strategic investment?

**INR 3,000 crores capex under ECMS scheme** planned over 5 years, mainly for PCB manufacturing via three categories: PCB-Ascent Circuit (ongoing), Korea Circuit JV (new JV), and PCB-A; the scheme offers ~48% capex reimbursement over 5 years plus ~35% state subsidies, resulting in net capex of 25-30%. **INR 650 crore ongoing capex** for expansion of Ascent Circuit, expected commercial production by Q4 FY '26. Potential addition of **INR 500 crore capex** for Ascent Circuit after 2-3 years depending on demand. **Korea Circuit JV** involves INR 2,500 crores spread over 5 years, with first

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Amber Enterprises India LtdQ1 FY25Consumer Durables

Amber Enterprises India Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹7,659P/E: 121.5Market Cap: ₹28.2K CrSector: Consumer Durables

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Electronics division grew 77% in FY '25; expected 30-40% growth in FY '26, driven by adding industrial, auto, aerospace, and defense applications.
→Ascent Circuits operating at 90% capacity; expansion with new 30,000 sqm plant starting commercial production in Q4 FY '26, contributing to revenue growth.
→Korea Circuit JV with INR 2,500 crore capex over 5 years; expected to add about INR 1,500 crores revenue over 2-3 years post commissioning.
→Consumer Durable division grew 46% in FY '25; RAC business expects double-digit growth despite weaker summer, supported by strong CAC and non-RAC component businesses.
→Railway division saw a muted year (INR 450 crores); confident to double revenue in next 2 years, with major growth from FY '27 onwards.
→Joint ventures currently incurring losses but expected to reduce and aim breakeven by FY '27, supporting future growth.
→Overall, Amber aims to outpace industry growth by 10-12%, leveraging diversified portfolio and new applications.

Margin guidance

Category 3

→Electronics division expects 30%-40% top-line growth in FY '26 and aims to achieve 10%-12% EBITDA margins within 2 years by adding margin-accretive applications (industrial, automobile, defense).
→Railway division anticipates doubling revenue over next 2 financial years, with significant growth expected from FY '27 onward as delayed projects take off.
→Consumer durable division plans to outpace industry RAC growth by 10%-12%, backed by strong underlying demand and diversified product portfolio.
→Overall company PAT grew 80% YoY in FY '25; strong margin expansion and capital efficiency (ROCE 19.5%) expected to continue.
→JV losses expected to reduce gradually, with potential breakeven in FY '27.
→Large capex projects (INR 3,000 crore over 5 years) funded partly by government incentives will drive earnings growth through higher asset turns and expanded capacity.

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Fundraise plans

Yes

No information is provided regarding the same in the latest conference call.

Order book

Yes

- Electronics division has an order book of approximately INR 2,193 crores currently. - The 2-year order book stands close to INR 5,000 crores and is executable over the next 2 years. - The order book keeps adding up as the company keeps delivering and securing new orders, making it a perpetuity kind of order flow. - Railway division's order book has grown to over INR 2,000 crores (20 billion plus INR). - The Railway division expects to double its revenue over the next 2 years, driven by a larger product portfolio and new orders such as doors, gangways, couplers. - Korea Circuit JV expects revenue ramp-up starting from Q4 FY 26 with a project investment of INR 2,500 crores over 5 years, leading to about INR 1,500 crores in revenue in 2-3 years. - Sidwal (railway exports) has started developmental orders and expects tangible revenue contribution in about 3 years. These orderbooks reflect significant ongoing and future business opportunities.

Capex plans

Yes

→**INR 3,000 crores capex under ECMS scheme** planned over 5 years, mainly for PCB manufacturing via three categories: PCB-Ascent Circuit (ongoing), Korea Circuit JV (new JV), and PCB-A; the scheme offers ~48% capex reimbursement over 5 years plus ~35% state subsidies, resulting in net capex of 25-30%.
→**INR 650 crore ongoing capex** for expansion of Ascent Circuit, expected commercial production by Q4 FY '26.
→Potential addition of **INR 500 crore capex** for Ascent Circuit after 2-3 years depending on demand.
→**Korea Circuit JV** involves INR 2,500 crores spread over 5 years, with first phase ~INR 1,000 crores and plant commissioning targeted by Q4 FY '26.
→Without ECMS, expect **INR 500 crore capex** for Railway and RAC divisions.
→FY '25 capex expected around INR 800-900 crores (including Ascent Circuit expansion and Korea Circuits JV).

How does Amber Enterprises India Ltd rank vs peers in Consumer Durables?

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