Buy Amber Enterprises India; target of Rs 9156: Geojit Financial Services

Geojit Financial Services is bullish on Amber Enterprises India has recommended buy rating on the stock with a target price of Rs 9156 in its research report dated February 23, 2026.

Broker Research

February 23, 2026 / 13:36 IST

Buy

Geojit Financial Services research report on Amber Enterprises India

Amber Enterprises India Ltd. is a leading manufacturer of room air conditioners and components for OEM/ODM brands. It produces RACs, HVAC value chains with a diversified B2B presence, and non-AC components like refrigerator and microwave sheet metal. It also operates in electronics and railway/defense subsystems. The Indian Room Air Conditioner (RAC) market is expected to grow at a strong 19% CAGR over FY26E–28E, driven by rising consumption and low penetration of just 8%, which offers significant headroom compared to global penetration levels of ~40%. Amber is India’s largest OEM/ODM RAC manufacturer, commanding about 27% of the RAC manufacturing market and positioning it as the market leader. The company has evolved from a pure RAC and components player into a diversified EMS manufacturer, with an expanded portfolio spanning nonRAC components, PCBs, railway equipment, and subsystems. We expect Amber’s revenue to register 27% CAGR over FY26E-28E. The company is expanding its PCB/PCBA capacity under the government’s PLI scheme, with a total planned investment of Rs.4,200cr, including one facility currently under construction.

Outlook

We expect the company to continue gaining market share in the RAC segment, while expansion in the high-margin PCB business and ongoing backward integration initiatives should enhance earnings visibility and margin profile. The stock is currently trading at a one-year forward P/E of 55x, close to the +1 standard deviation band. We are initiating coverage on Amber with a BUY rating and a target price of Rs.9,156, valuing the stock at 43x FY28E EPS.

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