Amber Enterprises India financials and balance sheet

NSE: AMBERBSE: 540902Consumer DurablesSmall Cap

₹6,004.50₹175.50 (2.84%)BSE ₹6,008.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹6,180.00.

52-week range of traded prices to 23 Oct 2026

₹5,400.50Low, 27 Jan 2026₹8,974.00High, 7 May 2026

Market cap: ₹21,177 Cr302nd largest listed
P/E: 220.5
P/E without one-offs: 82.2
P/B: 4.8
Dividend yield: Nonein the last 12 months
ROE: 2.9%
ROE without one-offs: 7.7%
ROCE: 7.5%
Debt to equity: 0.47
Volume, NSE: 2,55,04935.1% delivered

9 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Amber Enterprises India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹12,186 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue12,186
Materials and goods−9,948
Employee costs−459
Other expenses−827
Operating profit952
Depreciation−323
Other income+120
One-off items−39
Finance costs−284
Profit before tax426
Tax−110
Joint ventures−90
Net profit226

What the company owns

Plant, investments and other assets₹8,603 Cr
Inventory₹2,452 Cr
Receivables₹2,246 Cr
Cash and bank₹466 Cr
Current investments₹0 Cr

What pays for it: net worth and liabilities

Net worth₹5,802 Cr
Owed to suppliers₹2,839 Cr
Borrowings₹2,702 Cr
Other liabilities₹2,425 Cr

Amber Enterprises India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Amber Enterprises India segment results by quarter

Revenue by segment

₹12,367 CrTotal

Consumer Durables Division₹8,563 Cr69.2% of total
Electronics Division₹3,268 Cr26.4% of total
Railway Sub-system & Defense Division₹535 Cr4.3% of total

Profit by segment

Consumer Durables Division₹581 Cr61.0% of total
Electronics Division₹282 Cr29.6% of total
Railway Sub-system & Defense Division₹90 Cr9.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Consumer Durables Division
Revenue, ₹ crore
7,472
8,563
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
526
581
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Electronics Division
Revenue, ₹ crore
2,194
3,268
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
154
282
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Railway Sub-system & Defense Division
Revenue, ₹ crore
450
535
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
85
90
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	–	–	10,115	12,367
Company revenue, as in its results	2,752	3,963	3,031	4,206	6,927	6,729	9,973	12,186
Revenue	–	–	–	–	–	–	7,472	8,563
Revenue growth	–	–	–	–	–	–	–	14.6%
Profit	–	–	–	–	–	–	526	581
Profit growth	–	–	–	–	–	–	–	10.4%
Margin	–	–	–	–	–	–	7.0%	6.8%
Return on capital	–	–	–	–	–	–	26.7%	18.5%
Assets	–	–	–	–	–	–	6,694	8,733
Liabilities	–	–	–	–	–	–	4,725	5,586
Capital employed	–	–	–	–	–	–	1,969	3,148
Revenue	–	–	–	–	–	–	2,194	3,268
Revenue growth	–	–	–	–	–	–	–	49.0%
Profit	–	–	–	–	–	–	154	282
Profit growth	–	–	–	–	–	–	–	82.6%
Margin	–	–	–	–	–	–	7.0%	8.6%
Return on capital	–	–	–	–	–	–	41.7%	9.3%
Assets	–	–	–	–	–	–	1,489	5,239
Liabilities	–	–	–	–	–	–	1,119	2,205
Capital employed	–	–	–	–	–	–	370	3,034
Revenue	–	–	–	–	–	–	450	535
Revenue growth	–	–	–	–	–	–	–	19.0%
Profit	–	–	–	–	–	–	85	90
Profit growth	–	–	–	–	–	–	–	5.7%
Margin	–	–	–	–	–	–	18.9%	16.8%
Return on capital	–	–	–	–	–	–	29.7%	40.7%
Assets	–	–	–	–	–	–	624	771
Liabilities	–	–	–	–	–	–	338	550
Capital employed	–	–	–	–	–	–	287	221

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Amber Enterprises India quarterly results

₹ crore	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 1 Jun	Mar 2021Filed 22 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Revenue from operations	2,172	2,752	3,963	3,031	4,206	6,927	6,729	9,973	12,186
	1,988	2,539	3,654	2,810	3,931	6,509	6,237	9,210	11,234
Materials and goods bought	1,769	2,313	3,302	2,514	3,530	5,868	5,500	8,186	9,948
Employee costs	–	59	106	102	150	212	257	325	459
Other expenses	–	167	246	195	251	430	480	699	827
Operating profit before depreciation	184	213	309	220	275	418	492	763	952
Operating margin	8.5%	7.7%	7.8%	7.3%	6.5%	6.0%	7.3%	7.7%	7.8%
Materials, % of revenue	–	84.1%	83.3%	82.9%	83.9%	84.7%	81.7%	82.1%	81.6%
Employee costs, % of revenue	–	2.1%	2.7%	3.4%	3.6%	3.1%	3.8%	3.3%	3.8%
Other expenses, % of revenue	–	6.1%	6.2%	6.4%	6.0%	6.2%	7.1%	7.0%	6.8%
Depreciation and amortisation	49	62	85	92	108	139	187	228	323
Operating profit after depreciation	135	151	224	128	167	279	305	535	630
Other income	9	10	8	33	33	53	55	74	120
Finance costs	54	25	42	41	46	112	167	209	284
Profit before one-off items and tax	89	136	191	120	154	220	194	400	466
One-off items	0	0	0	0	0	0	0	0	−39
Profit before tax	89	136	191	120	154	220	194	400	426
	27	41	27	37	43	56	52	119	110
Current tax	–	31	43	32	31	52	46	99	113
Deferred tax	–	10	−17	5	12	4	6	20	−3
Share of profit of joint ventures and associates	–	–	–	–	–	–	−2	−30	−90
	62	95	164	83	111	164	139	251	226
Belonging to the company's shareholders	62	94	158	82	109	164	133	244	178
Belonging to outside owners of subsidiaries	–	1	6	2	2	0	7	8	49
Other comprehensive income	–	0	−1	1	5	−4	−2	1	15
Total comprehensive income	–	94	163	84	117	160	138	252	242
Net margin	2.9%	3.4%	4.1%	2.7%	2.6%	2.4%	2.1%	2.5%	1.9%
Net margin without joint ventures and associates	–	–	–	–	–	–	2.1%	2.8%	2.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 1 Jun	Mar 2021Filed 22 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
	1,005	1,163	1,641	1,773	1,954	2,116	2,310	5,802
	986	1,128	1,641	1,734	1,909	2,064	2,286	4,372
Share capital	31	31	34	34	34	34	34	35
Reserves	955	1,097	1,607	1,701	1,875	2,031	2,252	4,337
Belonging to outside owners of subsidiaries	19	35	–	39	45	52	25	1,430
	233	333	349	1,032	1,344	1,433	1,940	2,702
Repayable after a year	143	152	165	332	577	668	959	1,211
Repayable within a year	89	182	184	700	767	766	981	1,490
	1,148	1,447	1,676	2,628	3,449	3,285	4,556	5,701
Trade payables	941	1,107	1,317	1,702	2,304	2,167	3,170	2,839
Other financial liabilities	57	155	92	123	145	182	244	1,231
Other liabilities	52	0	67	97	219	160	143	85
Provisions	0	2	2	4	6	9	10	32
Tax owed	8	2	13	3	7	1	8	24
	222	293	270	512	841	1,192	1,561	2,264
Other financial liabilities	22	58	12	64	148	365	400	699
Other liabilities	2	2	2	2	0	0	0	4
Provisions	6	11	12	15	16	21	23	47
Deferred tax	48	70	79	98	98	138	177	300
	2,375	2,903	3,587	4,912	6,243	6,593	8,428	13,767
Held for sale or for a demerger	–	2	0	0	0	0	–	–
	892	1,167	1,390	1,944	2,407	3,237	3,780	7,317
Plant in use, after depreciation	651	747	786	1,079	1,617	1,925	2,082	3,182
Plant being built	9	3	29	106	13	24	115	500
Intangible assets	91	236	235	280	290	372	581	773
Goodwill	67	122	122	146	142	361	361	1,678
Intangible assets being developed	25	9	14	23	37	66	83	246
Property held to earn rent	0	0	0	0	0	0	16	0
Investments	0	0	55	106	2	3	3	5
Stakes in joint ventures and associates	0	0	0	0	0	107	115	32
Loans given	12	11	10	0	2	3	33	37
Other financial assets	2	2	106	108	52	107	231	617
Deferred tax	3	2	2	3	3	3	2	7
Other assets	32	35	30	94	75	265	159	239
	1,483	1,733	2,196	2,968	3,836	3,355	4,648	6,450
Inventories	561	656	716	841	1,091	841	1,655	2,452
Trade receivables	787	854	1,069	1,315	1,763	1,569	1,750	2,246
Cash and cash equivalents	40	70	180	299	323	132	213	231
Other bank balances	5	50	110	264	236	559	514	234
Current investments	0	0	53	120	191	106	117	0
Loans given	13	19	22	2	2	2	3	6
Other financial assets	46	45	8	128	32	39	251	959
Other assets	31	39	38	0	197	107	145	321
Net debt	188	213	7	349	593	636	1,096	2,236

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 22 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
	221	250	321	965	711	240
	229	303	409	1,011	782	243
	−1	3	−58	503	27	−700
Receivables	−215	−217	−451	261	−184	−280
Inventories	−61	−104	−250	297	−814	−535
Payables	218	353	603	−160	1,019	187
Other working capital	57	−30	40	106	7	−71
Tax paid	−8	−54	−54	−46	−71	−2
Capital spending	185	414	662	412	575	1,295
Free cash flow	36	−164	−342	553	136	−1,055
	−481	−698	−489	−1,035	−953	−3,074
Plant and property sold	13	6	9	14	19	7
Companies bought	−49	−47	0	−306	−117	−1,253
Interest received	10	17	31	40	45	70
	370	555	193	−122	323	2,683
Borrowings raised	117	653	364	176	671	638
Borrowings repaid	−101	−50	−52	−117	−164	−409
Interest paid	−37	−2	−116	−157	−206	−284
Lease payments	−2	−2	0	−24	−13	−24
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	394	0	0	0	0	2,707
Net change in cash	110	107	25	−191	81	−151

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Amber Enterprises India dividend history

₹ per share	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 1 Jun	Mar 2021Filed 22 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Earnings per share	₹19.81	₹30.14	₹52.20	₹24.96	₹32.41	₹46.66	₹39.44	₹72.01	₹50.48
Diluted earnings per share	₹19.81	₹30.14	₹52.20	₹24.96	₹32.41	₹46.66	₹39.41	₹71.67	₹50.28
Dividend per share	–	–	₹3.20	–	–	–	–	–	–
Book value per share	–	₹313.59	₹358.83	₹486.88	₹514.70	₹566.51	₹612.68	₹675.80	₹1,242.37
Dividend payout	–	–	6.4%	–	–	–	–	–	–
Shareholder yield	–	–	–	−3.5%	0.0%	0.0%	0.0%	0.0%	−11.8%
Market cap at the year end (₹ crore)	3,363	2,568	3,869	11,172	11,871	6,148	12,324	24,390	23,034

Ratios

Consolidated, years to March.Amber Enterprises India PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 1 Jun	Mar 2021Filed 22 May	Mar 2022Filed 16 May	Mar 2023Filed 17 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 16 May
Revenue growth	–	26.7%	44.0%	−23.5%	38.8%	64.7%	−2.9%	48.2%	22.2%
Operating profit growth	–	16.0%	45.3%	−28.8%	25.0%	51.8%	17.7%	55.2%	24.7%
Net profit growth	–	52.1%	73.2%	−49.3%	33.7%	47.1%	−14.8%	80.1%	−9.8%
Earnings per share growth	–	52.1%	73.2%	−52.2%	29.8%	44.0%	−15.5%	82.6%	−29.9%
	–	9.5%	15.0%	5.9%	6.5%	9.0%	6.7%	11.2%	5.3%
	–	–	5.5 pts	−9.1 pts	0.6 pts	2.5 pts	−2.3 pts	4.5 pts	−5.9 pts
From the net margin	–	–	1.7 pts	−4.9 pts	−0.2 pts	−0.6 pts	−1.5 pts	1.6 pts	−4.5 pts
From asset turnover	–	–	3.3 pts	−3.8 pts	0.3 pts	1.5 pts	−1.2 pts	2.2 pts	−1.2 pts
From borrowing	–	–	0.5 pts	−0.4 pts	0.4 pts	1.6 pts	0.3 pts	0.7 pts	−0.2 pts
Return on capital employed	–	12.2%	15.0%	6.4%	6.0%	8.5%	8.6%	12.6%	7.4%
Cash conversion	–	–	–	265.3%	224.2%	195.7%	691.8%	283.1%	106.1%
Interest cover	2.5	6.1	5.4	3.1	3.6	2.5	1.8	2.6	2.2
Debt to equity	–	0.23	0.29	0.21	0.58	0.69	0.68	0.84	0.47
Receivable days	–	104	79	129	114	93	85	64	67
Inventory days	–	88	72	104	87	68	56	74	90
Payable days	–	148	122	191	176	143	144	141	104
Cash conversion cycle, days	–	44	29	42	25	17	−3	−4	53
Working capital days	–	50	32	43	31	21	2	8	53
Asset turnover	–	1.16	1.50	0.93	0.99	1.24	1.05	1.33	1.10
Assets per rupee of net worth	–	2.41	2.50	2.34	2.52	3.06	3.23	3.45	3.33
Sales per rupee of plant	–	4.23	5.30	3.85	3.90	4.29	3.50	4.79	3.83
Capital spending to depreciation	–	–	–	2.00	3.83	4.76	2.21	2.52	4.01
Plant being built, % of plant in use	–	1.4%	0.4%	3.7%	9.8%	0.8%	1.3%	5.5%	15.7%

No balance sheet is on record for the year to Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.6%
Cash from operations against operating profit: 25.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	32.1%	20.7%
Profit growth, yearly rate	–	16.8%	2.8%
Return on equity, average	–	7.7%	7.7%
Return on capital employed, average	–	8.6%	9.5%
Operating margin, average	7.4%	7.1%	7.6%
Net margin, average	2.7%	2.3%	2.1%
Asset turnover, average	–	1.14	1.16
Cash conversion cycle, days, average	–	18	16
Interest cover, average	3.3	2.5	2.2
Debt to equity, average	–	0.65	0.66

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,486	1,916	240
Cash from investing	−6,249	−5,061	−3,074
Cash from financing	3,632	2,884	2,683
Capital spending	3,358	2,282	1,295
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	2,707	2,707	2,707
Borrowings raised	2,503	1,485	638
Borrowings repaid	793	691	409

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	6	6	6	5	5	6
Altman Z-scorePublished threshold 1.81	–	3.24	3.61	5.24	3.83	2.64	3.30	4.20	3.30
Beneish M-scorePublished threshold −1.78	–	–	–	−2.27	−2.42	−2.23	−3.04	−2.53	−1.95
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	10.58	13.18	5.95	3.26	6.57	27.58
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	2.21	3.70	3.60	3.10
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−35.48	48.67	−15.80	−30.60	−8.14	−36.68	6.16
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−25.78	33.11	−23.04	−36.46	−16.68	48.01	26.62
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	0.18	−1.27	1.96	1.46	−1.24	2.52	7.25
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.02	0.22	0.26	0.02	0.05	0.30	0.35
Effective tax ratePublished threshold 17.16 per cent	30.31	30.28	13.94	30.68	27.84	25.44	26.78	29.71	25.79
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−7.08	0.92	2.97	11.96	25.23

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
15 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	1,705
15 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA-Review, Re-affirm	Stable	460
10 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		1,045
10 Dec 2025	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Positive	9

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.