India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Amber Enterprises India / Equity Bottom-Up

<ul>
<li>Amber has signed a definitive agreement to acquire a majority stake in Pune-based PCB manufacturer Shogini Technoarts through its subsidiary ILJIN Electronics (India) Pvt. Ltd.</li>
<li>This move strengthensAmber’s backward integration in printed circuit boards at a time when India’s PCB market is expanding quickly and still relies heavily on imports.</li>
<li>The acquisition supports Amber’s transition from a primarily HVAC and consumer-durables component player to a more complete EMS and PCB solutions provider, an important shift that deserves closer analysis.</li>
</ul>


Amber has signed a definitive agreement to acquire a majority stake in Pune-based PCB manufacturer Shogini Technoarts through its subsidiary ILJIN Electronics (India) Pvt. Ltd.
This move strengthensAmber’s backward integration in printed circuit boards at a time when India’s PCB market is expanding quickly and still relies heavily on imports.
The acquisition supports Amber’s transition from a primarily HVAC and consumer-durables component player to a more complete EMS and PCB solutions provider, an important shift that deserves closer analysis.


Amber Enterprise–Shogini Deal: A Strategic Leap Toward Full-Stack Electronics Manufacturing

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.</li>
<li>This capital infusion accelerates ILJIN’s organic expansion &amp; supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.</li>
<li>The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.</li>
</ul>


Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.
This capital infusion accelerates ILJIN’s organic expansion &amp; supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.
The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.


Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Amber Enterprises (Amber) reported better-than-expected revenue and EBITDA in 3QFY25; however, PAT came in line with our estimate due to losses from subsidiaries.</li><li>Revenue/EBITDA improved 65%/102% YoY, led by the consumer durables and electronics segments, while railways continued to decline.</li><li>Consumer durables, particularly the RAC segment, witnessed strong growth, driven by overall healthy RAC demand and client additions.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Amber Enterprises (Amber) reported better-than-expected revenue and EBITDA in 3QFY25; however, PAT came in line with our estimate due to losses from subsidiaries.Revenue/EBITDA improved 65%/102% YoY, led by the consumer durables and electronics segments, while railways continued to decline.Consumer durables, particularly the RAC segment, witnessed strong growth, driven by overall healthy RAC demand and client additions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Amber Enterprises - Two Steps Forward, One Step Backward

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kaynes Technology India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Thematic (Sector/Industry)

<ul>
<li>Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)</li>
<li>This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.</li>
<li>Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins</li>
</ul>


Several Indian sectors have demonstrated a robust recovery in operating margins on a Year-over-Year (YoY) basis as of March 2025 (Q4 FY25)
This broad-based improvement is primarily attributed to a confluence of industry-wide factors, predominantly the easing of input costs driven by moderating inflation.
Sectors like Telecom, Metals, Cement, Consumer Durables, Capital Goods, Automobile, Healthcare, EMS are seeing uptick in margins


Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

India

Amber Enterprises India Limited manufactures heating and ventilation equipment. The Company offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum forming, and lighting products. Amber Enterprises also produces auto parts, injection molding, and sheet metal components. Amber Enterprises serves clients in India.

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Amber Enterprises India (AMBER IN)

Amber Enterprise–Shogini Deal: A Strategic Leap Toward Full-Stack Electronics Manufacturing

Amber strengthens its PCB capabilities with majority stake acquisition in Shogini Technoarts, positioning itself as a complete EMS and PCB...

Sudarshan Bhandari

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Nimish Maheshwari

Amber Enterprises - Two Steps Forward, One Step Backward

Amber Enterprises (Amber) reported better-than-expected revenue and EBITDA in 3QFY25; however, PAT came in line with our estimate due to losses...

Motilal Oswal

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amber Enterprise–Shogini Deal: A Strategic Leap Toward Full-Stack Electronics Manufacturing

​Amber strengthens its PCB capabilities with majority stake acquisition in Shogini Technoarts, positioning itself as a complete EMS and PCB...

Sudarshan Bhandari

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

​ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Nimish Maheshwari

Amber Enterprises - Two Steps Forward, One Step Backward

Amber Enterprises (Amber) reported better-than-expected revenue and EBITDA in 3QFY25; however, PAT came in line with our estimate due to losses...

Motilal Oswal

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Charted Insights : Sectors Seeing Margin Uptick as Inflation Cools Down in India

​Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.

Sudarshan Bhandari

Amber strengthens its PCB capabilities with majority stake acquisition in Shogini Technoarts, positioning itself as a complete EMS and PCB...

ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Indian sectors show strong recovery in operating margins in Q4 FY25 due to lower input costs driven by easing inflation.