Amber Enterprises India

“Looking ahead, for the full year, we expect the growth in tandem with the RAC industry growth.”

“Well, I mean, currency and commodities are still very volatile. So I think we were earlier expecting 50 to 100 bps. But now we think that these margins are normalized at where we are in case there is no further disruption in the currency and commodity.”

“Apart from this, let me assure you that our full year guidance for the EMS segment, whatever we gave still remains intact. We are quite confident we will achieve that.”

“Currently, it will continue to be impacted for next quarter as well. But from quarter 3 onwards, you will see the margins coming back to normalized level.”

“That's the strategy that we have to add more value-added businesses and that's how we will maintain this double-digit number moving forward.”

“Secondly, on the Ascent-K Circuit Expansion front, I'm pleased to share that we recently conducted the groundbreaking ceremony of HDI PCB facility at Jewar, near new Noida Airport in Uttar Pradesh.”

“And we expect that '28, the construction will start. And by '29, it will start the trial production.”

“And the Ascent Circuits construction is progressing well for the multilayer PCB facility at Hosur in Tamil Nadu.”

“So HDI plant construction has started. The plant of air conditioners, that construction will start next year. So it is under -- we are just at a planning mode right now.”

“On the expansion front, Sidwal's greenfield facility of heating, ventilation, air conditioners, pantry, doors, and gangways in Faridabad is now operational, positioning us well for scalable growth and business expansion.”

“And I think by '29, '30, we expect that we should be having our own CCL plants by then.”

“The Consumer Durable division reported revenue of INR2,758 crores for the quarter compared to INR2,560 crores in quarter 1 financial year '26, reflecting a growth of 8% year-on-year.”

“Operating EBITDA for the quarter increased by 12% year-on-year to INR214 crores compared to INR192 crores in previous year.”

“On the Railway Sub-system & Defense division, revenue for the division grew by 18%, while the operating EBITDA declined by 26%, largely impacted by product mix, continued commodity inflation, particularly copper, along with currency depreciation and minimum wage revisions in Haryana.”

“The division reported revenue growth of 29% to touch INR985 crores. The operating EBITDA more than doubled to INR107 crores, and the margin has expanded to 10.8%.”

“The main causes have been that our customers who are in the consumer durable segment, they were carrying quite a lot of inventory.”

“So as a country, we are already -- the first CCL plant is almost operational now, Wipro's.”

“From 1st July, the tonnage has got mandatory.”

“So we are not expecting very, very high demand on this coming festive season.”

“Post that, we see that the market to be at equalized level. And we expect a strong summer starting from November month.”

“So you can imagine the TAM of current $16 billion for 3 verticals going to about $35 billion to $40 billion.”

“So obviously, that stocking of the compressors and copper has helped us to secure, I would say, the raw material at a better price.”

“So on an annualized basis, I think so we should be in line to our projections only. It's not like that the margins in this quarter will be reflecting in the complete year outlook.”

“But because we had taken the contracts, the first 2 to 3 trains of each have been supplied directly, which was just a pass on from us.”

“And second is, of course, the factors of currency and commodity and minimum wage in Haryana, which was shot up by 35% in one go.”

“Overall, on the margin, let me reiterate, the business continue to face pressure from elevated commodity prices, currency depreciation and minimum wage revision and expect this to persist through H1, which is temporary in nature and expect to normalize as macro environment improves.”

“that the net debt level as on 30th June is around INR1,225 crores. And last year, March '26, it was around INR510 crores.”

“So we have given the clarification that we'll be raising up to INR5,000 crores.”

“On timeline, we are on course to commence the trial production by quarter 4 of FY '27 and commercial production to begin quarter 1 of FY '28.”

“The scope covers 3 brands: Oppo, OnePlus, and Realme.”

“To reiterate, we view this as a beginning of a longer relationship with Oppo, and we will explore additional avenues of collaborations aligned with the Government of India's vision of Atmanirbhar Bharat with a focus on increasing local value addition gradually.”

“Now we wish to add medical and defense and aerospace moving forward for next 3 to 4 years' time.”

“One is for INR3,200 crores in Jewar Airport, then about INR1,000 crores in Hosur, and INR500 crores in Shogini, Pune. All 3 have been approved.”

“We have also onboarded a Chief Operating Officer for the mobile vertical, bringing along extensive experience and deep expertise from the mobile industry.”

“Adjusted PAT of quarter 1 financial year '27 is before the exceptional loss of INR123 crores.”

“So that is why on a net basis, there is a loss in the electronic division after the exceptional item, which has been allocated to the minority interest.”

“First is in the railway segment, Indian Railway segment, these are fixed-price contracts.”

“While the journey towards value-oriented business is yielding dividends, however, during the quarter, the bare printed circuit board business witnessed margin compression amid steep rise in the copper clad laminate cost.”

“It will keep on increasing because of artificial intelligence and data center requirements. And there's a lot of shortage of copper clad laminate also.”

“But only subject to no further CCL price increases are happening.”

“Aditya, basically, we have received permission to reconstruct the facility just yesterday from the departments.”

“Consolidated revenue of Amber grew by 13% year-on-year reaching INR3,888 crores for the quarter.”

“Operating EBITDA for the quarter increased to INR337 crores against INR263 crores in quarter 1 financial year '27, reflecting a growth of 28% year-on-year.”

“Adjusted PAT for the quarter stood at INR126 crores against PAT of INR106 crores in quarter 1 financial year '26.”

“Generally, the asset turns in this business is 0.8:1, depending on what level of complexity of the printed circuit boards you are producing.”

“So all those -- that's around 40% or 39% has been treated as a minority interest and balance is treated as an other equity.”