Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,444.80 last close on 16 Oct 2026 −0.25%
Research updated
Amber Enterprises India Ltd.
NSE: AMBERConsumer CyclicalFurnishings, Fixtures & Appliances
- Last close
- ₹6,668.00
- Day change
- −₹22.00 (−0.33%)vs
- Market cap
- ₹23,517 crIndian rupees
- Research updated
- 2 reports
About Amber Enterprises India
Amber Enterprises India Ltd. is a leading solution provider for the air conditioning industry. Primarily focused on manufacturing air conditioner original equipment manufacturer (OEM) and original design manufacturer (ODM) products, it plays a pivotal role in the HVAC (heating, ventilation, and air conditioning) sector. Amber Enterprises' product offerings span the full spectrum of the air conditioning value chain, including indoor units, outdoor units, and other critical components such as heat exchangers, motors, and multi-flow condensers. The company is a key supplier to several major Indian and international air conditioner brands, supporting them with both innovative design and efficient production capabilities. With its extensive manufacturing footprint and advanced R&D facilities, Amber Enterprises is at the forefront of technological advancements in the residential and commercial cooling industry. Its strategic focus on energy-efficient products aligns well with global trends towards sustainability, positioning the company as a vital contributor to evolving market demands.
- Sector
- Consumer Cyclical
- Industry
- Furnishings, Fixtures & Appliances
- Listing
- NSE: AMBER
- Chief executive
- Mr. Jasbir Singh
- Employees
- 1,960
- Headquarters
- Gurugram, India
- ISIN
- INE371P01015
- Website
- ambergroupindia.com
Public research · Report of
Business model & financial foundation
Amber Enterprises (NSE: AMBER), Contract manufacturing of room ACs, components, electronics (PCBA, bare PCB) and railway subsystems: revenue of ₹12,186 crore in FY26 (+22.2% on FY25), an EBITDA margin of 7.8%, net profit of ₹177.6 crore and net debt of ₹510.8 crore.
- Revenue, FY26 (₹ crore)
- 12,186
- consolidated
- Revenue growth, FY26
- +22.2%
- on FY25
- EBITDA margin, FY26
- 7.8%
- EBITDA (Statutory EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 177.6
- to owners
- Return on equity, FY26
- 5.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 510.8
- Net debt (company basis: borrowings less cash, deposits, investments)
- Market capitalisation (₹ crore)
- 23,594
- at the close of 18 Oct 2026
Company profile
Amber Enterprises is India's largest contract designer and manufacturer of room air conditioners and their components for most AC brands, and has built an electronics arm (PCBA through IL JIN, bare and HDI PCBs through Ascent, Shogini and the Ascent-K JV) and a railway and defence subsystems business through Sidwal. FY26 consolidated revenue was INR12,186cr, about 69% from consumer durables, 27% electronics and 4% railway.
| Item | Value |
|---|---|
| Legal name | Amber Enterprises India Limited |
| Exchange and ticker | NSE: AMBER; BSE: 540902 |
| ISIN | INE371P01015 |
| Sector | Consumer Durables / Electronics Manufacturing Services |
| Industry | Contract manufacturing of room ACs, components, electronics (PCBA, bare PCB) and railway subsystems |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP |
| Market capitalisation | ₹23,594 crore (18 Oct 2026) |
| Shares outstanding | 3.52 crore shares (FY26) |
| Price | ₹6,668 (close, 18 Oct 2026) |
| 52-week range | ₹5,401 - ₹8,974 (to 18 Oct 2026) |
| Website | https://www.ambergroupindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| IL JIN Electronics (India) | 60.15% | EMS: PCBA, electronics for consumer durables, smart meters, wearables; holds Ascent Circuits and Ascent-K |
| Ascent Circuits | 100% | Bare PCB manufacturing (held via IL JIN; wholly owned from 18 Oct 2026); Hosur multi-layer PCB plant under ECMS |
| Sidwal Refrigeration Industries | 100% | Railway and metro HVAC, doors, gangways; defence |
| PICL (India) | 100% | Motors for RAC and other consumer durables |
| Power-One Micro Systems | 60% | Power electronics / inverters, acquired 5 Aug 2025 |
| Unitronics | 50.43% | Electronics manufacturing, acquired Oct 2025 (controlling stake) |
| Shogini Technoarts | 80% | Bare PCB (multi-layer) manufacturing, acquired 1 Dec 2025; ECMS approval INR500cr project |
| Ascent-K Circuit | 70% | HDI PCB JV with Korea Circuit at Jewar (YEIDA), ECMS project INR3,200cr |
| Amber Digital Tech | 100% | Mobile/electronics manufacturing subsidiary incorporated 18 Sep 2026 |
Holdings as of FY26 annual report unless dated otherwise. Shivaliks JV (49%) disposed 30 Mar 2026 after impairment.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 38.19% | 38.17% | 38.09% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 26.98% | 23.96% | 20.48% | |
| Domestic institutions | 23.86% | 27.92% | 30.55% | |
| of which mutual funds | 18.58% | 21.66% | 22.42% | |
| Retail | 10.97% | 9.96% | 10.89% | |
| Other | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | operating ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Consumer Durables | 8,383 | 68.8% | 593.0 | 61.1% |
| Electronics | 3,268 | 26.8% | 287.0 | 29.6% |
| Railway Sub-systems & Defence / Mobility | 535.0 | 4.4% | 90.0 | 9.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Dixon Technologies (DIXON) | Largest Indian EMS/ODM; competes in RAC, consumer electronics, mobiles |
| PG Electroplast (PGEL) | Direct RAC ODM competitor plus plastics and washing machines |
| Syrma SGS Technology (SYRMA) | EMS (PCBA) peer with consumer and industrial mix |
| EPACK Durable (EPACK) | RAC and small-appliance ODM competitor |
| Voltas (VOLTAS) | Largest RAC brand and a customer-side read on industry volumes |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,106 | 6,927 | 6,729 | 9,973 | 12,186 |
| Cost of revenue (vendor classification) * | 3,542 | 5,889 | 5,525 | 8,215 | 9,973 |
| Other operating costs (vendor classification) * | 127.5 | 203.3 | 254.6 | 343.1 | 454.4 |
| EBITDA (vendor classification) * | 304.2 | 461.3 | 534.0 | 800.2 | 943.4 |
| EBIT * | 193.9 | 316.3 | 344.1 | 541.9 | 579.7 |
| Finance costs | 39.6 | 111.8 | 167.0 | 208.7 | 284.4 |
| Profit before tax after JV and exceptional items | 154.3 | 219.7 | 191.3 | 370.0 | 336.4 |
| Current, prior-period and deferred tax total | 43.0 | 55.9 | 51.9 | 118.8 | 110.0 |
| Total group profit after tax including NCI | 111.3 | 163.8 | 139.5 | 251.2 | 226.5 |
| Reported diluted EPS INR per share | 32.41 | 46.66 | 39.41 | 71.67 | 50.28 |
| Materials, traded goods and signed inventory change | 5,868 | 5,500 | 8,186 | 9,948 | |
| Employee benefits including ESOP expense | 211.6 | 257.2 | 324.6 | 459.3 | |
| Statutory other expenses | 429.8 | 480.2 | 699.5 | 827.1 | |
| Statutory EBITDA excluding other income | 417.9 | 491.9 | 763.4 | 952.3 | |
| Statutory other income | 52.7 | 55.3 | 73.6 | 120.2 | |
| Depreciation and amortisation | 139.1 | 186.5 | 228.3 | 322.6 | |
| Share of associate and joint-venture profit or loss | 0.00 | -2.34 | -30.0 | -90.0 | |
| Exceptional gains or losses signed | 0.00 | 0.00 | 0.00 | -39.1 | |
| PAT attributable to non-controlling interests | n.r. | 6.59 | 7.59 | 48.8 | |
| PAT attributable to owners of Amber | 157.2 | 132.9 | 243.6 | 177.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of Amber only | 1,773 | 1,954 | 2,064 | 2,286 | 4,372 |
| Current and noncurrent borrowings excluding leases | 1,069 | 1,455 | 1,433 | 1,940 | 2,306 |
| Cash equivalents plus other bank balances | 298.6 | 323.2 | 691.3 | 726.8 | 465.6 |
| Trade receivables | 1,315 | 1,763 | 1,569 | 1,750 | 2,246 |
| Inventories | 840.9 | 1,091 | 840.8 | 1,655 | 2,452 |
| Trade payables MSME and other creditors | 1,702 | 2,304 | 2,167 | 2,478 | 2,839 |
| Net property plant and equipment excluding ROU and intangibles | 1,079 | 1,617 | 1,925 | 2,082 | 2,680 |
| Tangible capital work in progress excluding intangible development | 176.9 | 62.7 | 24.3 | 115.1 | 500.3 |
| Total consolidated assets | 4,912 | 6,243 | 6,593 | 8,428 | 13,767 |
| Current investments | 106.4 | 117.0 | 0.50 | ||
| Net debt (company basis: borrowings less cash, deposits, investments) | n.r. | 779.7 | 510.8 | ||
| Equity attributable to non-controlling interests | 51.8 | 24.5 | 1,430 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -172.9 | 320.6 | 964.8 | 710.9 | 240.2 |
| Free cash flow (vendor definition) * | -172.9 | -341.6 | 552.8 | 136.1 | -1,055 |
| PPE CWIP intangible and development purchases outflow | -407.7 | -662.2 | -412.0 | -574.8 | -1,295 |
| Subsidiary acquisition and additional stake cash outflow | -306.2 | -116.9 | -1,253 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end equity shares crore, not weighted average | 3.37 | 3.37 | 3.37 | 3.38 | 3.52 |
| Management Operating EBITDA, separate from statutory | 519.0 | 796.0 | 970.0 | ||
| Management adjusted group PAT including NCI | n.r. | 277.0 | 338.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,685 | 2,133 | 3,754 | 3,449 | 1,647 | 2,943 | 4,148 | 3,888 |
| Cost of revenue (vendor classification) * | 1,346 | 1,734 | 3,131 | 2,907 | 2,363 | 3,368 | 3,158 | |
| Other operating costs (vendor classification) * | 148.5 | 161.5 | 235.4 | 195.4 | 211.0 | 265.1 | 263.6 | |
| EBITDA (vendor classification) * | 128.9 | 165.7 | 301.2 | 279.5 | 292.2 | 311.3 | 359.0 | |
| EBIT * | 72.3 | 106.9 | 243.2 | 217.7 | 97.9 | 276.1 | 128.2 | |
| Finance costs | 48.6 | 53.7 | 54.6 | 63.4 | 76.9 | 79.4 | 64.7 | 84.7 |
| Profit before tax after JV and exceptional items | 23.6 | 53.3 | 188.6 | 154.3 | -47.8 | 18.5 | 211.3 | 43.5 |
| Current, prior-period and deferred tax total | 2.65 | 16.2 | 70.2 | 48.4 | -15.6 | 27.9 | 49.3 | 40.4 |
| Total group profit after tax including NCI | 21.0 | 37.0 | 118.4 | 106.0 | -32.1 | -9.34 | 162.0 | 3.09 |
| Reported diluted EPS INR per share | 5.68 | 10.55 | 34.12 | 30.51 | -9.30 | -7.71 | 37.89 | 6.33 |
| Materials, traded goods and signed inventory change | 1,346 | 1,734 | 3,131 | 2,907 | 1,309 | 2,363 | 3,368 | 3,158 |
| Employee benefits expense including ESOP | 76.8 | 79.0 | 92.3 | 89.8 | 90.7 | 123.0 | 155.7 | 154.6 |
| Statutory other expenses | 148.5 | 161.5 | 235.4 | 195.4 | 155.5 | 211.0 | 265.1 | 263.5 |
| Statutory EBITDA excluding other income | 113.7 | 158.7 | 294.8 | 256.7 | 91.3 | 246.1 | 358.2 | 312.1 |
| Statutory other income | 17.8 | 16.0 | 19.1 | 29.7 | 15.6 | 54.8 | 20.1 | 47.5 |
| Depreciation and amortisation | 56.6 | 58.8 | 58.0 | 61.8 | 70.2 | 91.2 | 99.3 | 108.2 |
| Share of associate and joint-venture profit or loss | -2.67 | -9.01 | -12.7 | -6.88 | -7.51 | -8.64 | -67.0 | -0.55 |
| Exceptional gains or losses signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -103.1 | 64.0 | -122.6 |
| PAT attributable to non-controlling interests | 1.71 | 1.18 | 2.35 | 2.11 | 0.71 | 17.9 | 28.1 | -19.2 |
| PAT attributable to owners of Amber | 19.2 | 35.9 | 116.1 | 103.9 | -32.9 | -27.2 | 133.9 | 22.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 37.6% | 68.7% | -2.9% | 48.2% | 22.2% |
| EBITDA margin | 6.0% | 7.3% | 7.7% | 7.8% | |
| Net margin | 2.3% | 2.0% | 2.4% | 1.5% | |
| Return on equity | 8.4% | 6.6% | 11.2% | 5.3% | |
| Return on capital employed | 8.0% | 10.1% | 10.0% | 14.0% | 10.6% |
| Return on assets | 2.8% | 2.1% | 3.2% | 1.6% | |
| Net debt (₹ crore) | 779.7 | 510.8 | |||
| Net debt / EBITDA | 1.02x | 0.54x | |||
| Interest cover | 4.90x | 2.83x | 2.06x | 2.60x | 2.04x |
| Asset turnover | 0.96x | 1.24x | 1.05x | 1.33x | 1.10x |
| Receivable days | 117 | 93 | 85 | 64 | 67 |
| Inventory days (on revenue) | 75 | 58 | 46 | 61 | 73 |
| Payable days (on revenue) | 151 | 121 | 118 | 91 | 85 |
| Cash conversion | 2.04x | 7.26x | 2.92x | 1.35x | |
| Capex intensity | 9.9% | 9.6% | 6.1% | 5.8% | 10.6% |
| Free cash flow (₹ crore) | -580.7 | -341.6 | 552.8 | 136.1 | -1,055 |
| EPS, diluted (₹) | 32.41 | 46.66 | 39.41 | 71.67 | 50.28 |
| Book value per share (₹) | 526.2 | 579.9 | 612.7 | 675.8 | 1,242 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Statutory EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company basis: borrowings less cash, deposits, investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Statutory EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Reported diluted EPS INR per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Amber Enterprises India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Amber Enterprises India
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 18 Oct 2026.
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