Amber's margin falls to 3.75% as Q2 net loss widens year on year
Revenue rose 59.51% YoY, but costs grew faster and higher interest and depreciation pushed profit before tax further into the red.
Filed 12 Nov 2026, 23:54 IST · after market close · Amber Enterprises India Ltd (AMBER)
Key takeaways
- Amber's consolidated operating margin fell to 3.75%, down 1.79 percentage points year on year.
- Revenue rose 59.51% year on year, but expenses grew 62.54%, while interest and depreciation increased 23.90% and 60.49%.
- Consolidated net loss widened 106.44% year on year to Rs 66.35 cr despite a 23.85% tax rate.
Price around the results
Higher revenue did not translate into profit
Amber's consolidated revenue rose 59.51% year on year, but operating profit grew only 7.88% because expenses increased faster. Interest of Rs 95.32 cr and depreciation of Rs 112.73 cr together outweighed operating profit of Rs 98.48 cr, leaving profit before tax at a loss of Rs 87.13 cr. Other income of Rs 22.45 cr did not offset these charges, and net loss widened to Rs 66.35 cr from Rs 32.14 cr.
Margin slipped for a second straight quarter
Sequentially, revenue fell 32.42% while expenses declined 29.28%, so operating margin narrowed 4.28 percentage points to 3.75%. Year on year, the faster 62.54% increase in expenses than the 59.51% revenue increase reduced margin by 1.79 percentage points. Margin has now declined from 8.64% in Q4FY26 to 8.03% in Q1FY27 and 3.75% in Q2FY27; it was 7.41 percentage points below the 11.16% median for 333 Consumer Discretionary peers that had reported.
Expansion moves extend beyond air-conditioner manufacturing
Management said Amber Group has entered mobile manufacturing through a collaboration covering Oppo, Realme and OnePlus, with trial production expected in Q4FY27 and commercial production in Q1FY28. The presentation said construction is progressing at the Ascent Circuits multi-layer PCB facility in Hosur and at the Pune PCB-assembly expansion. Management also said the Sidwal greenfield facility is operational and that the Yujin JV facility is ready, with commercial production anticipated in H2FY27 after requisite RDSO approval; the railway and defence division reported order-book visibility of more than Rs 2,750 cr.
Results were filed after market close
There was no market reaction yet because the consolidated results were filed after market close. After the previous eight results, the stock rose five times and fell three times, with a median absolute move of 6.56%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,627 cr | ₹3,888 cr | -32.42% | +59.51% |
| Other income | ₹22 cr | ₹-76 cr | — | +176.48% |
| Expenses | ₹2,529 cr | ₹3,576 cr | -29.28% | +62.54% |
| Operating profit | ₹98 cr | ₹312 cr | -68.44% | +7.88% |
| Operating margin (%) | 3.75% | 8.03% | — | — |
| Interest | ₹95 cr | ₹85 cr | +12.49% | +23.90% |
| Depreciation | ₹113 cr | ₹108 cr | +4.18% | +60.49% |
| Profit before tax | ₹-87 cr | ₹43 cr | — | -82.39% |
| Tax | ₹-21 cr | ₹40 cr | — | -32.95% |
| Net profit | ₹-66 cr | ₹3 cr | — | -106.44% |
| EPS (₹) | ₹-22.76 | ₹6.34 | — | -143.68% |
Operating margin of 3.75% compares with a Consumer Discretionary sector median of 11.16% across 333 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +9.07% | +9.68% |
Volume on the results session was 13.80× its 20-day average.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- Trial production is expected in Q4FY27 and commercial production in Q1FY28 under the mobile manufacturing agreement.
- Commercial production at the Yujin JV facility is anticipated to commence in H2FY27 after requisite RDSO approval.
Expansion
- Amber Group is entering mobile manufacturing through a collaboration agreement with Oppo Mobiles India.
- Construction is progressing for Ascent Circuits' new multi-layer PCB facility at Hosur, Tamil Nadu.
- Ascent Circuits' Hosur project has received ECMS approval for multi-layer PCBs.
- Ascent-K Circuit held a groundbreaking ceremony in June 2026 for an HDI PCB manufacturing facility near Jewar Airport.
- Construction is progressing for a facility expansion at the Pune PCB-assembly facility.
- The Sidwal greenfield facility is operational, with production capacity being scaled up to support future growth.
- The Yujin JV's new facility is ready, with product development and design underway.
New orders
- The Railway Sub-systems and Defense Division reports order book visibility of more than ₹2,750 crore.
New initiatives
- Amber Group has signed a manufacturing collaboration agreement covering Oppo, Realme and OnePlus brands.
- Amber Group has formed a JV with Yujin Machinery for railway sub-systems and defence products.
What to watch
- Whether operating margin holds above 3.75% after the sequential decline of 4.28 percentage points.
- Whether revenue growth outpaces expense growth after +59.51% revenue growth versus +62.54% expense growth year on year.
- Whether the company reports progress against management's Q4FY27 trial-production and Q1FY28 commercial-production timeline for mobile manufacturing.