17 Aug , 2026 By : Debdeep Gupta
Shares of Amber Enterprises India rose more than 2 percent in early trade on Monday after JPMorgan upgraded the stock to Overweight and raised its target price, citing scope for a catch-up with peers following the company's first-quarter margin beat and guidance upgrade.
Amber Enterprises stock was trading at Rs 7,389, up 2.3 percent for the day. The stock has gained about 14 percent so far in 2026, outperforming the Nifty 50, which is down 6.9 percent over the same period. The company has a market capitalisation of around Rs 26,000 crore.
JPMorgan upgraded Amber Enterprises to Overweight and raised its target price to Rs 8,350 per share, implying around 16 percent upside from Friday's close. The brokerage noted that the stock had fallen 19 percent over the past three months despite what it described as a strong earnings outlook.
The brokerage sees scope for Amber to catch up with peers after the company delivered a margin beat in the June quarter and upgraded its guidance. Amber has raised its FY27 growth guidance for the consumer durables business to 13-15 percent and its consolidated EBITDA margin guidance to around 8 percent.
JPMorgan also highlighted the company's planned entry into smartphone manufacturing as a medium-term growth driver. Mobile production remains on track to begin in the first quarter of FY28, with Amber targeting production of 80 lakh units in FY28 and 1.5-1.6 crore units in FY29.
Meanwhile, CLSA maintained an Outperform rating on Amber Enterprises with a target price of Rs 8,100 per share. The brokerage said adjusted EBITDA rose 28 percent year-on-year to Rs 327 crore in the first quarter, with better-than-expected margins supporting an otherwise in-line performance.
CLSA expects margins in the electronics business to remain under pressure in the second quarter, although key expansion projects remain on schedule. The brokerage cut its revenue estimates but kept EBITDA forecasts largely unchanged. It lowered its profit-after-tax estimates because of higher minority interest in the electronics business.
Amber Enterprises had last week reported a mixed June-quarter performance, with consolidated revenue rising 12.7 percent year-on-year to Rs 3,888 crore, while net profit declined sharply.
The company has also entered into a manufacturing collaboration with Oppo Mobiles India covering the Oppo, OnePlus and Realme smartphone brands. Trial production is expected to begin in the fourth quarter of FY27, followed by commercial production from the first quarter of FY28, broadening Amber's presence beyond its existing consumer durables and electronics businesses.
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