Amber Enterprises India closed FY26 with a solid set of results and a clear shift in its business mix. The company is no longer only a major name in room air conditioner manufacturing. Its Electronics and Mobility businesses now have a much bigger role in the next phase of growth.
For FY26, Amber reported consolidated revenue of about ₹12,186 crore, up 22% from the previous year. Adjusted profit after tax rose 22% to ₹338 crore, while operating EBITDA rose 22% to ₹970 crore. The numbers show that the company was able to deliver healthy growth across a wider set of businesses.
The most important part of the FY26 update, however, was not just the past year’s result. Management also gave a strong outlook for FY27 and FY28. The Railways and Defence division, also referred to as the Mobility business, has a target of 30-35% revenue growth for both FY27 and FY28.
Mobility Becomes a Key Growth Engine
Amber’s Mobility business has become one of the most important parts of its long-term story. The division covers products and systems for railways, metros and defence. Its portfolio includes areas such as HVAC systems, doors, gangways, pantographs, brakes and couplers.
In FY26, revenue from the Railways and Defence division rose 19% year on year to ₹535 crore from ₹450 crore in FY25. The division also reported healthy EBITDA margins of about 17%.
Management now expects revenue from this business to rise by 30-35% in FY27 and FY28. This target has support from a strong order book of more than ₹2,600 crore. Such order visibility gives the company a better view of future sales and provides a base for capacity use over the next few years.
The growth can also come from new products. Amber’s Sidwal unit has a new greenfield facility for HVAC systems, doors and gangways. Commercial production was expected from the current quarter at the time of the FY26 result update. Its Yujin Machinery joint venture has also started work at its facility for pantographs, brakes and couplers, with approvals under process.
Railway Demand Offers Long-Term Support
India’s metro and railway network has seen a large rise in investment over the past few years. This creates a wider market for companies that supply systems and parts to rail projects.
Amber has already seen higher demand from metro rail projects. The company expects this demand to remain a major source of growth. Defence also adds another opportunity, as the company expands its presence in products and systems that require higher technical capability.
This business can also help Amber reduce its dependence on the room AC market. The consumer durables business remains important, but Mobility can add a separate source of revenue and profit. That makes the overall business mix more diverse.
Electronics Business Adds Another Growth Layer
The Electronics division is another major reason for the positive outlook. Revenue from this segment rose 49% year on year to ₹3,268 crore in FY26. Around ₹2,300 crore came from PCBA, about ₹600 crore from PCB, and the rest came from power electronics and automation.
For FY27, management has guided for about 40% revenue growth in the Electronics division. It has also set an EBITDA margin target of 9.5-10%.
The PCB business has faced higher costs because copper-clad laminate prices rose sharply and gold prices also moved higher. Management expects better price pass-through over time. It also sees a long-term PCB margin profile of about 16-17%, compared with around 12-13% at present.
This is important because higher-value electronics can improve Amber’s profit profile over time. The company also has a long-term goal to become India’s largest integrated PCB manufacturer, with products across single-layer, multi-layer and advanced HDI PCB categories.
Consumer Durables Business Remains Important
Amber’s core Consumer Durables business continues to provide a strong base. The room air conditioner market is expected to grow by about 12-13% in FY27, and management expects Amber to grow broadly in line with the industry.
This part of the business may not match the 30-35% growth target of Mobility or the 40% target for Electronics, but its size makes it important to the overall company.
The company has also taken cumulative RAC price hikes of about 14% year on year. Commodity costs and regulatory changes have played a role in these price moves. A healthy RAC market, along with Amber’s wide customer base, can support steady revenue growth from this segment.
Margin Pressure Remains a Risk
The growth outlook is strong, but there are some risks that investors need to watch. The biggest near-term concern is cost pressure in the Electronics business.
Copper-clad laminate prices rose about 60% year on year, while gold prices also rose about 60%. Currency weakness and higher minimum wages in Uttar Pradesh and Haryana add further pressure.
Management has guided for temporary consolidated EBITDA margin pressure of about 50-100 basis points in FY27.
This does not mean the growth story has weakened. It means revenue may rise faster than profit for some time if higher input costs take time to pass on to customers.
The key factor will be whether Amber can protect margins as raw material prices settle and customer price revisions take effect.
FY26 Results Show a Wider Business Mix
Amber’s FY26 performance shows how much the company has changed over the past few years. Consumer Durables remains the largest part of the business, but Electronics and Mobility now have a much greater role.
The company ended FY26 with sales of ₹121.9 billion, EBITDA of ₹9.5 billion and PAT of ₹2.2 billion in one broker estimate based on the reported results. For FY27, the same estimate sees sales at ₹155.7 billion, EBITDA at ₹12.3 billion and PAT at ₹4.4 billion.
That forecast points to a sharp rise in profit if the new businesses meet their targets. It also shows why investors are willing to look beyond the current margin pressure.
What Investors Should Watch Next
The next phase for Amber will depend on execution. The company has ambitious targets across three major areas. Mobility has a 30-35% revenue growth target, Electronics has a 40% target, while Consumer Durables is expected to stay close to the wider RAC market.
The order book gives confidence to the Mobility target, while new capacity should help Amber serve demand in railways and electronics. The bigger question is whether the company can convert this revenue growth into higher profit without a major rise in costs.
Valuation is another point that deserves attention. At the time of a May 2026 research update, Amber traded at a high valuation, with Motilal Oswal citing a FY27 estimated P/E of 57.5 times and an EV/EBITDA multiple of 21 times.
A high valuation means the market already expects strong future growth. Any delay in new capacity, weaker demand, lower margins or slower order execution could therefore affect investor sentiment.
The Bigger Picture
Amber Enterprises has entered FY27 with a stronger and more diverse business base. FY26 revenue rose 22%, while adjusted PAT and operating EBITDA both rose 22%. More important, the company now has clear growth targets for its newer businesses.
The 30-35% Mobility revenue target stands out because of the division’s strong order book and exposure to railways, metros and defence. The Electronics division adds another high-growth area with a 40% FY27 revenue target.
The core AC business should provide stability, while Mobility and Electronics can provide faster growth. If Amber executes its plans well, these businesses can gradually raise the company’s overall growth and profit potential.
For investors, the story is therefore not just about one strong FY26 result. It is about whether Amber can turn its new businesses into large, profitable parts of the company over the next two to three years. The targets are ambitious, but the order book, new capacity and wider product range provide a strong base for the next stage of its growth.
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