What Amber Group does

Amber Group (legal entity: Amber Enterprises India Limited, NSE/BSE: AMBER) is an Indian electronics and consumer durables contract manufacturer headquartered in Gurgaon, founded in 1990 and listed since January 2018. The company operates three core business divisions: Consumer Durables (room air conditioners and components — its largest segment contributing approximately 73% of FY25 revenue with 25%+ value market share among Indian RAC OEMs), Electronics (PCB and PCBA manufacturing including HDI PCBs and copper clad laminate, contributing 27% of FY25 revenue with 49% YoY growth), and Mobility (railway subsystems, defense electronics, and aerospace components via subsidiaries Sidwal Refrigeration, AT Railway JV, and ILJIN Technologies JV). Amber manufactures RACs and electronics under OEM/ODM arrangements for major brands including Voltas, Blue Star, LG, and Daikin, and in June 2026 entered smartphone manufacturing via a sub-lease partnership with Oppo India targeting 8–15 million Oppo, OnePlus, and Realme units annually.

The business is B2B and quote-based, with pricing negotiated per customer contract and not publicly disclosed. Revenue is generated through hardware sales across manufacturing contracts, with the consumer durables stream facing 50–100 bps margin pressure in FY27 from elevated copper and commodity costs. The company's distribution model is exclusively direct-to-brand — products are manufactured to OEM specifications and delivered to brand partners (e.g., Voltas, LG, Sharp) for distribution through their own retail networks. Recent inorganic moves include acquisitions of Ascent Circuits (consolidated to 98.5% in June 2026 for Rs 336.75 crore), Sidwal Refrigeration (March 2019), PowerOne Micro Systems (June 2025), Unitronics in Israel (July 2025), and Shogini Technoarts (November 2025), plus joint ventures with Korea Circuit (Ascent-K Circuit for HDI PCBs) and Singularity Des Electronics (medical/defense/aerospace).

Amber's growth strategy centers on a Rs 6,785 crore manufacturing hub near Jewar airport with 100 acres allotted for an AC complex and 16 acres for the Ascent-K PCB JV, expected to generate over 3,000 direct jobs. The company is targeting a USD 2 billion revenue milestone in the near term, driven by 40–45% annual electronics growth, 30–35% mobility growth, smartphone volume ramp from Q1FY28, and PLI/ECMS scheme benefits supporting backward integration. Subsidiaries IL JIN Electronics (89.72% owned) is converting to a public limited company with a planned bonus issue and office relocation from Pune to Greater Noida, signaling potential future capital markets activity at the subsidiary level.

Name

Amber Group

Legal name

Amber Enterprises India Limited

Website

https://ambergroupindia.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Amber Group is India's largest OEM/ODM room air conditioner manufacturer (25%+ market share), supplying Voltas, Blue Star, LG, and Daikin, with diversified operations spanning PCB/PCBA, railway subsystems, defense, and smartphone manufacturing via an Oppo India partnership.

Ownership category

akta.pro rank

Product category

Contract Electronics Manufacturing

NAICS

Household Appliance Manufacturing (3352), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334)

SIC

Electronic Components, Nec (3679)

akta.pro primary industry

Industrial Electronics Manufacturing Services (EMS) (IMAGAGAA)

akta.pro secondary industries

Smartphone & Feature Phone ODM/OEM Manufacturing (Contract Manufacturing) (CRACALAB), Process Control & Automation Electronics Manufacturing Services (PLCs, I/O, DCS/SCADA hardware) (IMAGAGAK)

Keywords

• Contract electronics manufacturing
• Room air conditioner OEM
• PCB assembly services
• Railway electronics manufacturing
• Defense electronics production

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Consumer Durables Manufacturing: OEM/ODM manufacturing of room air conditioners and components for major consumer electronics brands. Revenue from component supply and finished product assembly. Contributed approximately 73% of FY25 revenue. Faces margin pressure from elevated copper prices and commodity costs.
2. Electronics Manufacturing (PCB/PCBA): PCB and PCBA manufacturing for smartphones, laptops, industrial applications through subsidiaries ILJIN Electronics and Ascent Circuits. Growing segment contributing 27% of FY25 revenue with 49% year-on-year growth. Backward integration into HDI PCB production planned.
3. Railway Sub-systems & Defense: Manufacturing of railway sub-systems and defense electronics through subsidiaries Sidwal Refrigeration and AT Railway JV. Targeting 30-35% annual growth. Mobility division includes HVAC solutions for rail and defense applications.
4. Smartphone Manufacturing: New revenue stream through Oppo India partnership for manufacturing Oppo, OnePlus, and Realme smartphones. Trial production Q4FY27, commercial production Q1FY28 targeting 8 million units in first year, scaling to 14-15 million units. Low-margin segment (1.5-2%) but high-volume asset-light model.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Amber Group is India's largest OEM/ODM contract manufacturer of room air conditioners, with a vertically integrated manufacturing footprint spanning consumer durables (room ACs and components), electronics (PCB and PCBA), and mobility (railway and defense electronics). The company manufactures products on behalf of leading consumer and industrial brand owners such as Voltas, Blue Star, LG, Daikin, and Oppo, with FY26 revenue of approximately Rs 12,186 crore.

Product overview

Amber Group operates as a diversified electronics and consumer durables contract manufacturer with three core business divisions: Consumer Durables (Air Conditioners & Components) manufacturing over 25% of India's room air conditioners for major brands; Electronics (PCBA & PCB) producing printed circuit boards and assemblies for smartphones, laptops, and industrial applications; and Mobility (Railway Subsystems & Defense) supplying specialized components for rail and defense sectors. The company has expanded into mobile phone manufacturing through an Oppo India partnership and is establishing PCB manufacturing capabilities through its Ascent-K Circuit joint venture with Korea's KCC.

Differentiator

Problem solved

Functional benefit

Brands

• Sidwal: Railway subsystems and defense cooling systems
• ILJIN
• Ascent Circuits
• Ascent-K Circuit

Products and services

• Room Air Conditioner OEM/ODM Manufacturing Contract manufacturing of room air conditioners on behalf of brand owners such as Voltas, Blue Star, LG, and Daikin. Amber Group is India's largest OEM/ODM room AC manufacturer with approximately 25% market share, offering design, tooling, component manufacturing, and finished assembly under its Consumer Durables division.
• PCB and PCBA Manufacturing Services Printed Circuit Board (PCB) fabrication and Printed Circuit Board Assembly (PCBA) services offered to electronics brand owners, including customers such as Oppo. Provided under Amber Group's Electronics division.
• Railway Electronics Manufacturing Manufacturing of railway signaling, on-board, and track-side electronics for Indian Railways and related programs. Delivered under Amber Group's Mobility division.
• Defense Electronics Manufacturing Manufacturing of electronics for defense applications under Amber Group's Mobility division, serving defense public-sector undertakings and government electronics programs in India.

Quantifiable outcome

• FY26 revenue of Rs 12,186 crore with 22% YoY growth
• +5 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, strategic and minor.

• Uttar Pradesh Government (YEIDA)coreStrategic or Co-development Partner · 27 June 2026Land allotment and infrastructure support from Yamuna Expressway Industrial Development Authority for Rs 6,785 crore manufacturing hub. UP government providing 75,000-acre land bank, 36 sector-specific policies, single-window clearance system. CM Yogi Adityanath positioning state as India's leading mobile phone manufacturing hub producing 55% of country's mobiles.
• Oppo India (Oppo Mobiles India Private Limited)coreStrategic or Co-development Partner · 18 June 2026Manufacturing collaboration agreement signed June 18, 2026 for smartphone production. Amber Group will manufacture Oppo, OnePlus, and Realme brands at Oppo's Noida facility through sub-lease arrangement. Trial production Q4FY27, commercial production Q1FY28 targeting 8 million units (approximately 20% of Oppo India's volumes) in first year, scaling to 14-15 million units in second year. The partnership avoids Press Note 3 FDI approval requirements through sub-lease structure. Amber aims to increase local value addition from current 10-12% to 35-40% over six years.
• Singularity Des ElectronicsstrategicStrategic or Co-development Partner · 4 June 2026Joint venture ILJIN Technologies Private Limited incorporated June 4, 2026 for medical, defence, and aerospace electronics manufacturing. IL JIN holds 60% stake (Rs 60 lakh subscription) and Singularity holds 40% (Rs 40 lakh). Classified as step-down subsidiary of Amber Enterprises. Strategic expansion into higher-value electronics segments.
• Sharp Business Systems IndiacoreStrategic or Co-development Partner · 23 March 2026Manufacturing partnership announced March 2026 for local AC production at Amber's Dehradun and Sri City facilities. Production scheduled to begin March 2026. Five-year plan targets capturing 2-3% of India's room air conditioner market (crossing 1 crore annual units). Manufacturing scale-up planned to 5 lakh units over three years. Sharp to offer window ACs, split ACs, and commercial air conditioning solutions.
• Urban CompanyminorStrategic or Co-development Partner · 23 January 2026Manufacturing and supply agreement for Native branded products through December 2029. Amber serves as second contract manufacturer for Urban Company's Native business (air-conditioner-cum-air-purifier hybrid and other consumer durables launched since October 2023). Agreement diversifies Urban Company's supply chain and reduces backend risk as operations scale toward Diwali launch.
• Zonair3DminorStrategic or Co-development Partner · 20 January 2026Partnership for manufacturing clean-air technology products under Made in India programme. Spanish company Zonair3D establishing Indian subsidiary with Amber Enterprises as manufacturing partner. Products positioned for Indian market and potential export base for South Asian and European markets. India's extreme climatic conditions viewed as valuable for stress-testing clean-air technologies.
• Yamuna Expressway Industrial Development Authority (YEIDA)coreOthers · 19 January 2026Land allotment: 100 acres to Amber Enterprises for new manufacturing facility near Jewar Airport (Sector 8); 16 acres to subsidiary Ascent-K Circuit for separate unit (Sector 10). Combined proposed investment of Rs 6,785 crore. Projects expected to generate over 3,000 direct employment opportunities and enhance localization of critical components under Atmanirbhar Bharat initiative.
• Korea Circuit Co. Ltd. (KCC)coreStrategic or Co-development Partner · 23 January 2024Joint venture Ascent-K Circuit Private Limited (70:30 ownership with IL JIN Electronics) for manufacturing high-density interconnect (HDI) PCBs and semiconductor substrates. Investment of Rs 3,250 crore in Jewar, Uttar Pradesh. Groundbreaking ceremony held June 27, 2026. India currently imports PCBs worth nearly Rs 40,000 crore annually; JV aims to reduce import dependence and target export markets including US and Middle East.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Dixon Technologies: Dixon is India's largest homegrown EMS/ODM, manufacturing consumer electronics including ACs, LED TVs, washing machines, and smartphones for major brands. It is Amber's closest direct competitor in Indian contract manufacturing with overlapping customer base and product mix.
• Wistron: EMS/ODM with significant India smartphone manufacturing operations serving Apple and other brands. Wistron is a directly comparable peer in India mobile device contract manufacturing, competing for similar smartphone OEM partnerships.
• Syrma SGS Technology: Indian EMS company providing PCB assembly, box build, and ODM services across automotive, industrial, healthcare, and consumer segments. Directly comparable to Amber's PCBA and PCB manufacturing business with similar Indian customer base.
• Kaynes Technology India: Indian EMS provider offering end-to-end electronics manufacturing including PCBA, cable harness, and ODM services for industrial, automotive, and consumer applications. Directly comparable to Amber's PCBA business and emerging into similar verticals.

Broad incumbents

• Foxconn (Hon Hai): Global EMS leader with significant India smartphone manufacturing presence. Foxconn competes with Amber in mobile device contract manufacturing and offers comparable OEM/ODM services at global scale, particularly relevant given Amber's new Oppo partnership.
• Pegatron: Taiwan-based global EMS/ODM with established smartphone and consumer electronics manufacturing. Pegatron represents the broader global EMS competitive set that Amber increasingly competes with as Indian manufacturing scales.
• Carrier Global: Global HVAC and refrigeration OEM with manufacturing presence in India. Carrier is a customer-comparable peer in the air conditioning space where Amber operates as a contract manufacturer for similar brands.
• Daikin Industries: Global RAC manufacturer and Amber customer. Daikin is comparable as a leading AC industry player that uses Amber's OEM/ODM services in India, representing both partnership and broader industry context.
• Voltas: India's leading AC brand and a major Amber customer. While Voltas is a customer rather than direct competitor, it represents the brand-side of the RAC value chain that Amber serves, and Tata-owned Voltas has been expanding its own manufacturing, posing an insourcing risk.

Regional players

• Bharat Electronics: Indian government-owned defense electronics manufacturer. Comparable to Amber's railway and defense electronics division through Sidwal and ILJIN Technologies, though BEL is a public sector incumbent rather than private EMS.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/amber-enterprises-i-pvt-ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries13 records

Funding overview

Funding rounds1 record

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Amber Group