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Amber Enterprises India Limited

AMBER.NS
34
Furnishings, Fixtures & Appliances · Consumer Cyclical
Price
₹7046.00
+116.00 (+1.67%)
Market Cap
₹248.50B
Exchange
National Stock Exchange of India
Winston Score
34
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 17, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Mixed
Cash Flow
Weak
Stability
Weak
Valuation
Good
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Share count rising — dilution

+4.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 33.7M (2022) → 35.3M (2026)

§Winston Score History

The full picture

Amber Enterprises India Limited is a leading Indian provider of solutions for original equipment manufacturers (OEM) and original design manufacturers (ODM) in the air conditioner industry. The company engineers and produces a diverse portfolio of room air conditioners (RACs), including window units, indoor and outdoor components for split air conditioners, and inverter RAC models. In addition to complete RAC units, Amber Enterprises fabricates critical functional RAC components such as heat exchangers, motors, and multi-flow condensers. It also supplies various other RAC parts, including sheet metal components, copper tubing, and plastic parts created through extrusion, vacuum forming, and injection molding processes. Expanding beyond air conditioning, the firm manufactures components for other consumer durables and the automotive sector. This includes items like refrigerator case liners, plastic extrusion sheets, sheet metal components for microwaves, and washing machine tub assemblies. The company also caters to the metal ceiling industry. Furthermore, Amber Enterprises offers specialized mobile air conditioning systems designed for applications in railways, metros, buses, defense, and telecommunications, alongside producing printed circuit board assemblies. Established in 1990 and based in Gurugram, India, the company also engages in the export of its products.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-79.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

₹0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Amber Enterprises India Limited is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
12.0%
Thin — 12.0% gross margin
Profit after running costs
Operating Margin
5.2%
Thin — 5.2% operating margin
Return on the money invested
ROCE
11.0%
Below par — 11.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+14.6%
Fast-growing sales (+14.6% YoY)
Profit growth
EPS YoY
-66.5%
Earnings shrinking (-66.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
-803%
Weak — only -803% of profit becomes cash
Spare cash per sale
FCF Margin
-9.6%
Burning cash (-9.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
2.09x
Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
258.6x
Expensive — P/E 258.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+231.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (258.6 → 27.2)

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Dividends

Not applicable for this business.
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