Amber Enterprises: ₹11,021 Cr Sales, 85× P/E — The Cool Business That’s Hot on Valuation

1. At a Glance

Amber Enterprises is the behind-the-scenes giant of India’s air conditioner market, supplying ~29% of the room ACs sold in the country — not to consumers directly, but to every brand whose ad you’ve seen in IPL. FY25 sales crossed ₹11,000 Cr, PAT ₹282 Cr, P/E a sizzling 85×. The balance sheet shows growing borrowings (₹2,059 Cr), acquisitions in electronics & automation, and zero dividend — because apparently, cooling your house is easier than cooling your expectations on payouts.

2. Introduction

Born in 1956 and quietly controlling a third of India’s RAC (Room Air Conditioner) OEM/ODM market, Amber has gone from manufacturing chassis and coils to delivering complete AC units, PCB assemblies, motors, and even now energy solutions through recent acquisitions.

The brand is an invisible empire — no consumer-facing ads, but without Amber, Voltas, LG, Panasonic, and Godrej would be in trouble. FY25 has been a year of hyper-growth (+48% TTM sales), large overseas acquisitions (Israeli Unitronics, Indian Power-One Micro Systems), and an AGM agenda that includes a ₹2,500 Cr fund raise.

3. Business Model (WTF Do They Even Do?)

Amber is an OEM & ODM — meaning it manufactures ACs/components for brands that just slap their logo and ship.

Segments:

• Room ACs: Complete units assembled &