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 operating EBITDA up 13% to INR 361 crore, but PAT declined 23% to INR 74 crore due to higher financing costs and JV losses.

• Q2 FY26 revenue was INR 1,647 crore, flat year-over-year, amid a 30%-35% industry decline in room AC, reflecting business resilience and diversification.

• Q2 FY26 posted 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; statutory auditors issued unmodified limited review reports.

Financial highlights

• Q2 operating EBITDA declined 19% year-over-year to INR 98 crore; H1FY26 operating EBITDA margin was 7.1%, down from 7.8% YoY.

• 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 H1FY26 improved to 20.5% from 20.1% YoY; PAT margin for H1FY26 stood at 1.4%, compared to 2.3% in H1FY25.

• 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 H1FY26.

• 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; GST cuts on RACs anticipated to drive industry growth.

• CapEx for FY26 guided at INR 700-850 crore, with major investments in electronics and PCB capacity.