Anand Rathi's research report on Amber Enterprises
Healthy growth in its consumer durables and electronics drove Amber’s strong Q2 growth. With its expanded portfolio and client added, it expects to outdo industry growth in RAC. PCB capacity (greenfield) is being expanded (capex Rs6.5bn), with revenue likely from FY27. JV with Korea Circuits has been signed to expand offerings to HDI, flex and semiconductor substrates.
Outlook
With strong electronics and mobility tailwinds, we expect 37%/48% FY27 revenue/ EBITDA (FY24 25.6%/32.1%) driving RoCE (8.3% to 20.6%) and EPS (Rs39.4 to Rs193.8) expansion. We retain a Buy at an Rs8,125 TP.
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