Amber Enterprises India (AMBER ) Q2 25/26 earnings summary

Executive summary

• Consolidated H1 FY26 revenue grew 25% year-over-year to INR 5,096 crore, with Q2 FY26 revenue at INR 1,647 crore, but PAT declined 23% YoY to INR 74 crore due to higher financing costs and JV losses.

• Q2 FY26 revenue was flat due to a 30%-35% industry decline in room air conditioning, but electronics and railway divisions showed resilience and growth.

• Q2 FY26 saw a consolidated net loss of INR 32 crore, impacted by higher financing costs, elevated inventory, and JV losses.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025, with unmodified limited review reports.

Financial highlights

• Q2 operating EBITDA declined 19% year-over-year to INR 98 crore; H1 FY26 operating EBITDA up 13% YoY to INR 361 crore.

• Consumer Durable Division Q2 revenue fell 18% YoY to INR 873 crore; Electronics Division Q2 revenue rose 30% YoY to INR 642 crore; Railway Subsystems and Defense Q2 revenue grew 7% to INR 132 crore.

• Gross margin for H1 FY26 improved to 20.5% from 20.1% YoY; operating EBITDA margin for H1 FY26 was 7.1%, down from 7.8% YoY.

• Net debt stood at INR 1,012 crore as of September, up from INR 780 crore in March; net cash from operating activities was negative INR 772 crore in H1 FY26.

• Standalone revenue from operations for Q2 FY26: INR 72,739.82 lakh; consolidated: INR 1,64,779 lakh.

Outlook and guidance

• Consumer Durable Division expected to grow 13%-15% for FY26, despite a flattish industry outlook.

• Electronics Division revenue guidance of INR 3,200 crore+ for FY26, with PCBA contributing INR 2,400 crore+; double-digit EBITDA margins targeted by FY27.

• Railway Subsystems and Defense Division expected to double revenue over the next two years, backed by a strong order book of INR 2,600 crore+.

• Inventory levels expected to normalize by Q4, with GST cuts on RACs anticipated to drive industry growth.

• Proceeds from QIP to be used for debt repayment and general corporate purposes; strategic investments and acquisitions expected to support future growth.