achieved a 13 percent YoY increase in consolidated revenue and a 19 percent YoY rise in adjusted PAT to Rs 126 crore, supported by an 80 bps improvement in operating margins. Core RAC Segment: The Consumer Durables division delivered 8 percent YoY revenue growth along with a 30 bps margin expansion, supported by steady room air conditioner demand and new client acquisitions. Electronics Momentum: The Electronics division surged as the primary growth engine with a 29 percent YoY revenue gain and a 440 bps expansion in operating margins, driven by higher-value component manufacturing. Margin Headwinds: Operating EBITDA in the Railway Subsystems & Defence segment fell 26 percent YoY due to adverse product mix and input cost inflation, while the Bare PCB segment faced short-term pressure from elevated copper prices. Strategic Expansion: Construction is progressing at the Hosur PCB plant with production targeted for FY27, while new partnerships with Korea Circuit, Oppo, and strategic acquisitions position Amber to expand into HDI PCBs, semiconductor substrates, and mobile manufacturing. Valuation & Outlook: Management maintained a 40 percent growth guidance for electronics alongside 30–35 percent for railway & defence, with the stock trading at 42x FY28 earnings estimates reflecting long-term diversification potential.

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