Amber Enterprises India Ltd (NSE:AMBER) Q3 2026 Earnings Call Highlights: Robust Revenue Growth …

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Tue, February 10, 2026 at 8:01 PM GMT+9 4 min read

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**Consolidated Revenue:** INR2,943 crores, up 38% year-on-year.

**Operating EBITDA:** INR247 crores, a growth of 53% year-on-year.

**PAT Before Exceptional Items:** INR84 crores, up 128% year-on-year.

**Consumer Durable Division Revenue:** INR1,971 crores, a growth of 27% year-on-year.

**Consumer Durable Division EBITDA:** INR141 crores, up 22% year-on-year.

**Electronics Division Revenue:** INR845 crores, a growth of 79% year-on-year.

**Electronics Division EBITDA:** INR88 crores, up 157% year-on-year.

**Railway Subsystem and Defense Revenue:** INR127 crores, a growth of 20% year-on-year.

**Railway Subsystem and Defense EBITDA:** INR18 crores, up 49% year-on-year.

**Nine Months Consolidated Revenue:** INR8,039 crores, a growth of 29% year-on-year.

**Nine Months Operating EBITDA:** INR608 crores, a growth of 26% year-on-year.

**Nine Months Profit Before Impairment Loss:** INR158 crores, a growth of 19% year-on-year.

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Release Date: February 10, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Amber Enterprises India Ltd (NSE:AMBER) reported a consolidated revenue growth of 38% year-on-year for Q3 FY26, reaching INR2,943 crores.

The company's operating EBITDA grew by 53% year-on-year, amounting to INR247 crores for the quarter.

The Electronics division showed significant growth with a 79% increase in revenue, driven by the printed circuit board assembly vertical and new additions in power electronics and automation electronics.

Amber Enterprises secured land allotments for future expansion, including 100 acres near Jewar Airport for manufacturing facilities.

The Consumer Durable division recorded a 27% revenue growth, supported by a diversified product offering and expanded customer base.

Negative Points

The company recognized a one-time exceptional impairment loss for its investment in Shivalik, impacting profitability.

There are concerns about the sharp surge in commodity costs and currency depreciation, which could affect margins.

The room AC industry is expected to remain flattish this year, posing challenges for growth in that segment.

The PCB vertical faces margin pressure due to CCL and gold price spikes, with a lag in passing costs to customers.

Finance costs increased due to inventory buildup and acquisitions, impacting overall financial performance.

Q & A Highlights

Q: Given the push in Q3 due to BEE and low-cost inventory, how should we view Q4 and calendar '26 for the RAC sector considering inflation and GST changes? A: Jasbir Singh, CEO, explained that the room AC sector is expected to be flattish this year, but Amber aims for 14-15% growth. Historically, the industry has faced challenges but has grown significantly over 25 years. The industry is expected to grow 12-15% annually for the next 4-5 years, with potential for 20-25% growth as per capita income increases.

Story continues  

Q: With Mitsubishi Electric’s CapEx in RAC and compressors, is there a risk for Amber given that Mitsubishi is a major client? A: Jasbir Singh assured that there is no risk. Amber has adapted to similar situations before by supplying components to clients who set up their own factories. Amber continues to supply components to Mitsubishi and maintains a strong relationship.

Q: With the PLI scheme ending, should Amber’s growth exceed the industry average due to EMS gaining share? A: Jasbir Singh stated that Amber has adapted to shifts in in-house and outsourcing trends over 25 years. Amber offers comprehensive solutions, supplying both full boxes and components, and is expanding into commercial ACs and non-room AC components, which should help it outpace industry growth.

Q: Why has finance cost increased despite the QIP? A: Sudhir Goyal, CFO, explained that finance costs rose due to inventory buildup ahead of energy rating changes and acquisitions, including Shogini and increased stake in Unitronics. These factors contributed to higher costs, but costs are expected to decrease in the current quarter.

Q: What drove the Consumer Durable division’s 26% year-on-year growth? A: Jasbir Singh attributed the growth to increased wallet share with customers, non-AC components gaining traction, and new product categories. The team has expanded the product portfolio and customer base, contributing to the strong performance.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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