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Amber Enterprises delivered strong Q4FY25 results with a robust performance across RAC and electronics segments. In its 20 May research update, Motilal Oswal Financial Services reiterated a BUY rating, adjusting the target price to Rs 7,600 (from Rs 7,800 earlier).

“With increased capex and diversification across new segments in electronics, we expect strong growth... further boosted after the company’s capacity in JV with Korea Circuit is commissioned,” the report noted.

Financial Performance (Q4FY25):

Revenue: Rs 37.5 billion (up 34% YoY; 22% above estimate)

EBITDA: Rs 1.58 billion (up 33% YoY)

PAT: Rs 1.16 billion (up 23% YoY; 10% below estimate due to higher tax)

EBITDA margin: 7.9%

Consumer durables: Rs 27.9 billion (+27% YoY)

Electronics: Rs 8.4 billion (+74% YoY)

Motilal Oswal notes that Amber plans a Rs 30B capex over five years under the Electronic Component Manufacturing Scheme (ECMS). The net capex outlay is expected to be reduced by 65% due to state and central government incentives.

Revised Estimates

Motilal Oswal expects a CAGR of:

20% in revenue

27% in EBITDA

49% in PAT over FY25–27

The report states that near-term headwinds in RAC and losses from the washing machine vertical are factored into revised estimates, which have been lowered by 8% for FY26 and FY27.

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