Q2 FY27 results analysis · November 12, 2026
Amber Enterprises India Ltd Q2 FY27 Results Analysis: Swings to Rs. 80 Cr Loss, Revenue Jumps 59.51%
+59.5%Revenue year on year, Rs. 2,627.17 Cr
Source: Quarterly results filing (NSE)
Quick summary
Amber Enterprises India Ltd's Q2 FY27 numbers came in soft. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 12, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,627.17 Cr (+59.51% YoY) |
| PAT (Q2) | Rs. -66.35 Cr |
| EBITDA margin | 5.00% (-149 bps YoY) |
| EPS (Q2) | Rs. -22.76 |
Quarter Snapshot
Q2 FY27 revenue grew 59.51% YoY to Rs.2,627.17 Cr on acquisition-aided Electronics growth (+94.28% YoY, margin 8.38%), but the quarter was loss-making to owners at Rs.(80.16) Cr even after normalizing Rs.9.54 Cr of exceptionals. Consumer Durables swung to a segment loss (−1.11% margin), Railway & Defence margin fell to 4.82% against a 15-16% FY27 guide, H1 swung from profit to loss, and gross borrowings rose Rs.1,981.80 Cr in six months with H1 FCF at Rs.(1,576.19) Cr ahead of the IL JIN IPO (DRHP filed 7 Nov 2026).
Q2 FY27 Expectations vs Results
| Driver | What happened |
|---|---|
| Revenue +59.51% YoY; Electronics +94.28%; CD +41.32% (acquisition-aided) | Played out (ahead), with the caveat that consolidation of acquisitions inflates it |
| CD margin −1.11% (vs 3.73%); operating EBITDA margin 3.75% vs 5.54% | Played out |
| No sub-segment PCB margin disclosed; Electronics division 8.38% vs double-digit guide | Partially (direction corroborated, sub-segment not observable) |
| Railway margin 4.82% vs 11.25% Q1 | Played out |
| Net exceptional Rs.6.27 Cr; claim Rs.56.51 Cr lodged; surveyor Rs.32.00 Cr; Rs.20.00 Cr on-account (filing supersedes the pre-call Rs.10 Cr figure) | Answered by the filing |
| None addressed in the filing | Not addressed in the filing — remain open for the call |
| Borrowings Rs.4,287.75 Cr (+Rs.1,981.80 Cr in H1); derived net debt Rs.3,941.78 Cr | Debt rose — no deleveraging |
Read our full results preview.
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Electronics ~40% revenue growth FY27 | Q1 FY27 earnings call (14 Aug 2026) | Q2 +94.28% YoY; H1 +58.51% (acquisition-aided) | On Track |
| Electronics margins double-digit FY27 | Q1 FY27 earnings call (14 Aug 2026) | Q2 division PBITDA margin 8.38% (Q1 8.27%) | Stretch |
| Mobility 30–35% growth FY27 | Q1 FY27 earnings call (14 Aug 2026) | Q2 +15.24%; H1 +16.40% | Stretch |
| Mobility margins 15–16% FY27 | Q1 FY27 earnings call (14 Aug 2026) | Q2 margin 4.82% | Missed |
| CD growth 13–15% FY27 | Q1 FY27 and Q4 FY26 calls | Q2 +41.32%; H1 +15.32% | On Track |
| Consolidated margins "normalized at where we are" (conditional) | Q1 FY27 earnings call (14 Aug 2026) | Operating EBITDA margin 3.75% vs 5.54% py; CD segment loss | Stretch |
| PCB margins 15–16% from Q3 FY27 | Q1 FY27 earnings call (14 Aug 2026) | not disclosed in the filing | Too Early |
| FY27 capex Rs.1,800–2,000 Cr (cash Rs.1,100–1,200 Cr) | Q4 FY26 earnings call (18 May 2026) | H1 cash capex Rs.1,043.48 Cr | On Track |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27 | H1 FY27 |
|---|---|---|---|---|
| Consumer Durables % | 3.73 | 7.63 | −1.11 | 4.93 |
| Electronics % | 5.83 | 8.27 | 8.38 | 8.33 |
| Railway & Defence % | 16.10 | 11.25 | 4.82 | 7.95 |
Key Investment Insights
Key Positives
- Consolidated revenue grew 59.51% YoY to Rs.2,627.17 Cr; H1 revenue +27.84% YoY
- Electronics division revenue grew 94.28% YoY with PBITDA margin up 255 bps YoY to 8.38% (Q1: 8.27%)
- Segment-note EBITDA grew 22.92% YoY to Rs.131.43 Cr
- Consumer Durables revenue grew 41.32% YoY, tracking ahead of the 13-15% FY27 guidance pace (H1 +15.32%)
- JV/associate losses shrank to Rs.(0.96) Cr in Q2 from Rs.(7.51) Cr in Q2 FY26 after the Shivaliks exit
- Fire at IL JIN Greater Noida contained: net exceptional Rs.6.27 Cr, Rs.20 Cr on-account insurance received against Rs.56.51 Cr claim lodged
- IL JIN DRHP filed with SEBI/BSE/NSE on 7 Nov 2026 for a proposed IPO
- Electronics and CD divisions are at or above pro-rata H1 pace against FY27 revenue growth guidance (48.8% and 41.9% of target)
Risk Factors
- Loss to equity holders widened to Rs.(80.16) Cr in Q2 from Rs.(32.86) Cr YoY; H1 swung from Rs.71.01 Cr profit to Rs.(57.89) Cr loss
- Consumer Durables swung to a segment loss of Rs.(13.86) Cr (margin −1.11% vs +3.73% YoY and +7.63% in Q1 FY27)
- Railway & Defence margin collapsed to 4.82% vs 16.10% YoY and 11.25% QoQ, far below the 15-16% FY27 guidance
- Gross borrowings rose Rs.1,981.80 Cr in H1 to Rs.4,287.75 Cr; gross debt/equity rose from 0.40x to 0.73x
- H1 operating cash flow was Rs.(532.71) Cr and FCF Rs.(1,576.19) Cr; standalone H1 CFO Rs.(520.06) Cr
- Gross cost ratio worsened ~171 bps YoY to 81.21%; a Rs.94.58 Cr adverse sequential inventory-drawdown swing hit Q2 margins
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.