Amber Enterprises India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Amber Enterprises India Ltd filed with BSE on 25 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Amber Enterprises announced a manufacturing collaboration agreement with Oppo Mobiles India, covering the Oppo, OnePlus and Realme brands, executed on June 18. Management outlined an asset-light, sublease-based arrangement with trial production expected in Q4 FY27 and commercial production from Q1 FY28, starting at around 8 million units and scaling to 13-15 million units in year two. Management described plans to progressively deepen local value addition from assembly and SMT into components such as high-density interconnect printed circuit boards over the next five years.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
IL JIN smart watch manufacturing volume: 9 million to 10 million (annual)
p. 4
“Currently, we are -- at IL JIN, we are already manufacturing 9 million to 10 million of smart watches every year.”
Jasbir Singh, page 4 of the filed PDF · View the filing
Printed circuit board assemblies produced: close to 15 million (annual)
p. 4
“And we do about more than close to about 15 million of printed circuit board assemblies for various applications.”
Jasbir Singh, page 4 of the filed PDF · View the filing
Air conditioner boxes produced: more than 5.5 million (annual)
p. 4
“On the bigger boxes side, which is air conditioners, we do about more than 5.5 million boxes every year.”
Jasbir Singh, page 4 of the filed PDF · View the filing
Industry EBITDA margin for higher-end models: 1.5% to 1.7%
p. 5
“So if it is a higher-end model, the EBITDA will be about 1.5%, 1.7%.”
Jasbir Singh, page 5 of the filed PDF · View the filing
Local value addition in industry currently: 10% to 12%
p. 6
“So we have just -- the industry is at just 10%, 12% of local value addition right now.”
Jasbir Singh, page 6 of the filed PDF · View the filing
Ascent ownership stake: 98.5%
p. 7
“We have taken our -- earlier, we acquired 60%, now we own 98.5%.”
Jasbir Singh, page 7 of the filed PDF · View the filing
Smartwatch volume growth over 4 years: 10 million watches in a year
p. 7
“We took a step up of smartwatches about 4 years back, and now we have reached 1 million watches every year -- sorry, 10 million watches in a year.”
Jasbir Singh, page 7 of the filed PDF · View the filing
ROCE on smartwatch-like standalone business: more than 30%, 35%
p. 7
“If you take this on a stand-alone basis, I mean, the ROCEs will be more than 30%, 35%.”
Jasbir Singh, page 7 of the filed PDF · View the filing
PCB component margin range: 15% to 16%
p. 8
“But if we talk about the component side where our goal is the PCB, we work in the range of 15% to 16%.”
Jasbir Singh, page 8 of the filed PDF · View the filing
Net working capital days for this business: almost 4, 5 days, maximum 10 days
p. 8
“Normally, this sector operates on a net-working capital days of almost 4, 5 days, maximum 10 days.”
Jasbir Singh, page 8 of the filed PDF · View the filing
Initial capex for assembly and SMT: below INR50 crores
p. 8
“It will be below INR50 crores to start with.”
Jasbir Singh, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Trial production commencement — trial production · Q4 FY27
stated firmly by Jasbir Singh
p. 3
“On the time line, we expect trial production to commence in quarter 4 of FY '27, with commercial production to start by quarter 1 of FY '28.”
Jasbir Singh, page 3 of the filed PDF · View the filing
Year 1 production volume — around 8 million units · Year 1 of operations
stated firmly by Jasbir Singh
p. 3
“On the scale side, we expect to begin with around 8 million units in year 1, followed by a calibrated phase-wise ramp-up.”
Jasbir Singh, page 3 of the filed PDF · View the filing
Year 2 production volume — 13 million to 15 million · Year 2 of operations
stated conditionally by Jasbir Singh
p. 3
“If everything goes as scheduled, we expect to touch the volumes of around 13 million to 15 million in second year of operations.”
Jasbir Singh, page 3 of the filed PDF · View the filing
Local value addition depth — components such as high-density interconnect printed circuit boards · next 5 years
stated as an aspiration by Jasbir Singh
p. 3
“On value addition side, we will commence with assembly first and SMT operations with a clear road map to progressively deepen our value addition into components such as high-density interconnect printed circuit boards and then gradually increase local value addition over next 5 years.”
Jasbir Singh, page 3 of the filed PDF · View the filing
Margin improvement
stated as an aspiration by Jasbir Singh
p. 4
“On the margin side, returns will be in line with the industry standards at the commencement with margin improvement anticipated as operating scale and local value addition increases.”
Jasbir Singh, page 4 of the filed PDF · View the filing
Local value addition target — 35% to 40% · next 5 to 6 years
stated as an aspiration by Jasbir Singh
p. 6
“And then we can take this local value addition to 35% to 40% in the next 5 to 6 years, depending on which category to add.”
Jasbir Singh, page 6 of the filed PDF · View the filing
Value addition roadmap goal — about 30% to 35% · next to 5 to 6 years
stated as an aspiration by Jasbir Singh
p. 9
“But our objective is how to bring in the value addition to about 30% to 35% in over the next to 5 to 6 years.”
Jasbir Singh, page 9 of the filed PDF · View the filing
FY28 commercial production volume — 8 million to 9 million units, conservatively 8 million · FY28
stated conditionally by Jasbir Singh
p. 9
“That's right, 8 million to 9 million, but you can consider on a conservative side, 8 million number.”
Jasbir Singh, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the arrangement depends on whether Oppo India opts for a sale-purchase agreement or job work, with margins in line with industry EBITDA levels, and that Amber already has scale in assembly from its other businesses.
Answered by Jasbir Singh
Asked by Sameet Sinha: Whether revenue would be recognized on a gross ODM basis or only on value addition, and how Amber would develop manufacturing expertise for mobile phones.
p. 5
“But the margins are in line to the industry. If we consider minus the PLI part of it, normally, the industry is operating at 1.5% to 2% of EBITDA levels, depending on which model do you make.”
Jasbir Singh, page 5 of the filed PDF · View the filing
Management confirmed the agreement covers three brands but said there is no arrangement with Vivo currently and the company would go slow before adding other brands.
Answered by Jasbir Singh
Asked by Santhosh Seshadri: Whether the collaboration opens doors to work with other BBK Group brands including Vivo.
p. 5
“Vivo, we don't have any arrangement at the moment. This is our first endeavor to get into the mobile phone manufacturing.”
Jasbir Singh, page 5 of the filed PDF · View the filing
Management said there was no association with Longcheer currently, and that growth would come from rising local value addition rather than pure volume growth in a flat phone market.
Answered by Jasbir Singh
Asked by Dhruv Jain: Whether Amber would need ODM JV-like technical arrangements similar to Longcheer, and about the scalability of the phone market given flat volumes.
p. 6
“So we have just -- the industry is at just 10%, 12% of local value addition right now.”
Jasbir Singh, page 6 of the filed PDF · View the filing
Management said Amber would not disturb Oppo's existing ecosystem of manufacturers and would operate within a dedicated, exclusively subleased compound.
Answered by Jasbir Singh
Asked by Praveen Sahay: How large is the manufacturing facility being subleased and how Amber is positioning itself relative to Oppo's existing EMS partners.
p. 6
“As far as the catering to 20%, 25% or 30% of Oppo's volume is concerned, they have a high -- very big compound where the manufacturing happens.”
Jasbir Singh, page 6 of the filed PDF · View the filing
Management said Mr. Santosh, with 25 years of experience including at AT&S, will head the PCB division, and Amber has become the largest PCB company with Ascent and Shogini.
Answered by Jasbir Singh
Asked by Praveen Sahay: Who will now head the PCB manufacturing division following Ascent's MD resignation and increased Amber ownership.
p. 7
“He has 25 years experience in the printed circuit board category. He was earlier heading AT&S, which was the earlier, the largest PCB company.”
Jasbir Singh, page 7 of the filed PDF · View the filing
Management confirmed low margins but said returns are ROCE accretive and working capital requirements are minimal, drawing a parallel to the smartwatch business ramp-up.
Answered by Jasbir Singh
Asked by Aniruddha Joshi: What margins, ROCE and working capital requirements are expected given this is a low-margin, high-volume business relative to Amber's typical products.
p. 7
“You are right. This is a low-margin business, but very high-volume business, similar to what we do in smartwatches.”
Jasbir Singh, page 7 of the filed PDF · View the filing
Management said initial capex for assembly and SMT would be minimal and below Rs 50 crore, with component capex to be added later depending on category choice.
Answered by Jasbir Singh
Asked by Achal Lohade: What overall investment scale is anticipated over the coming years for this business.
p. 8
“To start with on the assembly and SMT, we are not putting in any capex. It will be minimum. It will be below INR50 crores to start with.”
Jasbir Singh, page 8 of the filed PDF · View the filing
Management said they requested Oppo not to shift others' existing business to Amber, and that Amber's model instead is to potentially supply components to those existing relationships over time.
Answered by Jasbir Singh
Asked by Aditya: Whether existing EMS relationships that Oppo has with other manufacturers would change as a result of this collaboration.
p. 9
“See, we have requested them not to give others business to us. That is not Amber's model.”
Jasbir Singh, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.