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📊 Amber Enterprises India Ltd | Broker Report | 𝘉𝘜𝘠 𝘊𝘢𝘭𝘭 🟢 🏢 𝘉𝘶𝘺 𝘈𝘮𝘣𝘦𝘳 𝘌𝘯𝘵𝘦𝘳𝘱𝘳𝘪𝘴𝘦𝘴 𝘐𝘯𝘥𝘪𝘢; 𝘵𝘢𝘳𝘨𝘦𝘵 𝘰𝘧 𝘙𝘴 9375: 𝘗𝘳𝘢𝘣𝘩𝘶𝘥𝘢𝘴 𝘓𝘪𝘭𝘭𝘢𝘥𝘩𝘦𝘳 📈 𝘙𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯: BUY 🏛️ 𝘉𝘳𝘰𝘬𝘦𝘳𝘢𝘨𝘦: Prabhudas Lilladher 𝗔𝗺𝗯𝗲𝗿 𝗘𝗻𝘁𝗲𝗿𝗽𝗿𝗶𝘀𝗲𝘀 𝗜𝗻𝗱𝗶𝗮 enters the high-volume smartphone manufacturing arena via a strategic collaboration with OPPO India 📱. This move signifies a significant expansion into the consumer electronics ecosystem, leveraging existing manufacturing scale & operational capabilities. *𝘒𝘦𝘺 𝘏𝘪𝘨𝘩𝘭𝘪𝘨𝘩𝘵𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘚𝘮𝘢𝘳𝘵𝘱𝘩𝘰𝘯𝘦 𝘝𝘦𝘯𝘵𝘶𝘳𝘦: * - 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽: Collaboration with OPPO India for manufacturing smartphones under OPPO, OnePlus & Realme brands. - 𝗘𝗻𝘁𝗿𝘆 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆: Asset-light entry via a sub-lease of an existing OPPO facility. No Press Note 3 approval needed under the current structure. - 𝗣𝗵𝗮𝘀𝗲𝗱 𝗠𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴: Initial focus on assembly & SMT operations, with a roadmap to include HDI PCBs & component manufacturing (e.g., camera, display modules) over the next 3-5 years. - 𝗩𝗼𝗹𝘂𝗺𝗲 𝗣𝗿𝗼𝗷𝗲𝗰𝘁𝗶𝗼𝗻𝘀: Targeting ~8-9mn units in FY28 (Year 1), scaling to ~14-15mn units in FY29 (Year 2). - 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝘀: Expected low EBITDA margins of ~1.5-2.0% but strong RoCE potential of 30-35% due to high asset turns & low working capital. - 𝗧𝗶𝗺𝗲𝗹𝗶𝗻𝗲: Trial production in Q4FY27, commercial production from Q1FY28. - 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁: Minimal initial capex requirement (< ₹500mn). 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗕𝗮𝗰𝗸𝘄𝗮𝗿𝗱 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗶𝗼𝗻: - 𝗔𝘀𝗰𝗲𝗻𝘁 𝗖𝗶𝗿𝗰𝘂𝗶𝘁𝘀 𝗦𝘁𝗮𝗸𝗲: Amber is increasing its stake in its subsidiary, Ascent Circuits, from 60% to ~98.5% for ~₹3.37bn. This acquisition solidifies its position in PCB manufacturing, a crucial step for localization & strengthening its EMS platform. ⬆️ 𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗩𝗶𝗲𝘄 (𝗣𝗟 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵): - 𝗥𝗮𝘁𝗶𝗻𝗴: Maintained 𝗕𝗨𝗬. - 𝗧𝗮𝗿𝗴𝗲𝘁 𝗣𝗿𝗶𝗰𝗲: Increased to ₹9,375 (from ₹8,396). - 𝗢𝘂𝘁𝗹𝗼𝗼𝗸: The mobile business is expected to contribute positively to FY28 estimates, with revenue/EBITDA/PAT CAGR projected at 42.3%/33.1%/80.7% over FY26-28E. EBITDA margins are expected to contract slightly to 6.8% by FY28E. 📈 𝗥𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗲 𝗳𝗼𝗿 𝗧𝗮𝗿𝗴𝗲𝘁 𝗣𝗿𝗶𝗰𝗲 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲: The TP is based on a Sum-of-the-Parts (SOTP) valuation, with the Consumer Durables segment (including the new Mobile business) valued at 23x EV/EBITDA Mar’28. 🔗 𝘙𝘦𝘢𝘥 𝘍𝘶𝘭𝘭 𝘙𝘦𝘱𝘰𝘳𝘵: https://t.co/2W4R9jgJar ⚡️AI-driven watchlist alerts on WhatsApp - Try FREE 👉 https://t.co/U4qorVW3nK #BrokerageReport