Amber Group Eyes $2 Bn Revenue Milestone Soon; Invests ₹6,750 Cr in UP Projects

Leading electronics and consumer durables contract manufacturer Amber Group expects to touch the USD 2 billion revenue mark in the near term, driven by strong growth across its consumer durables, electronics, and railway and defence businesses, its Executive Chairman and CEO Jasbir Singh said.

Amber Group, which reported consolidated revenue of Rs 12,306.63 crore (around USD 1.3 billion) in FY26, held a groundbreaking ceremony on Saturday for manufacturing facilities at the Yamuna Expressway Industrial Development Authority (YEIDA), with a total proposed investment of about Rs 6,785 crore.

Uttar Pradesh Chief Minister Yogi Adityanath, Union Minister of Railways & IT Ashwini Vaishnaw and Environment Minister Bhupender Yadav were present at the event.

The projects include a high-density interconnect (HDI) printed circuit board (PCB) and semiconductor substrate manufacturing unit being set up through its joint venture Ascent-K Circuit, as well as an expanded air-conditioner and components manufacturing complex by Amber Enterprises.

According to Singh, Amber's electronics business is currently growing at 40-45 per cent annually, while its railway and defence division has returned to a 30-35 per cent growth trajectory.

However, the consumer durables business continues to grow in line with industry trends, he said. Overall, the consumer durables business is having a slow volume growth, margin pressures, slower consumption demand, and erratic seasonal demand.

"We are very excited about the way we are building blocks, adding horizontal and vertical expansion on both volume and value sides," he said.

Responding to a query on Amber's roadmap to the USD 2 billion revenue mark, Singh said he will not share any guidance on that; however, he said, "So all three divisions are witnessing growth. I think very shortly we will reach that number." Ascent-K Circuit is a 70:30 joint venture with the Korean Circuit to manufacture High-Density Interconnect (HDI) Printed Circuit Boards (PCBs), Flexible Printed Circuit Boards (FPCBs) and Semiconductor Substrates.

Besides, Amber Enterprises will set up a 100-acre manufacturing facility in Sector 8 at YEIDA for Room Air Conditioners (RACs), Copper Clad Laminates (CCL) and other critical components, strengthening backward integration and localisation within India's consumer durables industry.

"This is a landmark occasion for us. Currently, nearly Rs 40,000 crore worth of PCBs are imported into the country. The larger purpose of this project is import substitution and, subsequently, exports," Singh added.

The facility, supported under the Centre's Electronics Component Manufacturing Scheme (ECMS) and backed by incentives from the Uttar Pradesh government, will initially cater to domestic demand from mobile phone and laptop manufacturers before targeting export markets.

Singh said the investments would be executed in phases through a combination of internal accruals, debt and equity, including foreign direct investment from Korea Circuits.

"This is 70-30 JV. So FDI is going to come from Korea in this project and as far as Amber is concerned, that will be partly debt-funded and partly through our own internal accruals," he said.

For the current financial year, Amber plans capital expenditure of around Rs 1,200-1,300 crore, with a similar amount likely next year.

"Plant and machinery will come next year. But almost a similar kind of CapEx will be done next year as well," he said, adding most of the spending will be directed towards electronics manufacturing, while major capex requirements in its railway and consumer durables businesses have largely been completed.

On exports, Singh said these are minuscule at the moment, but the company has already entered markets such as the United States and the Middle East.

"Exports are a medium- to long-term story for us. As domestic scale improves and disability factors come down, we expect exports to grow significantly over the next three to five years," he said.

Amber currently operates 33 manufacturing facilities across 11 states, with the new projects set to become its 34th manufacturing location. The company follows a strategy of setting up plants close to customers and industrial clusters to strengthen its supply-chain integration.

Meanwhile, in a separate programme, Yogi Adityanath also laid the foundation stone for an Integrated Solar Manufacturing Facility in Jewar, by SAEL Industries.

The project is being developed through its wholly owned subsidiary, SAEL Solar P6 Private Limited (SSP6PL), which will come up on about 200 acres in Sector 8 of YEIDA.

Envisaged as a 5 GW solar cell and 5 GW solar module manufacturing complex, the project is expected to create around 5,000 direct and 15,000 indirect jobs.

Upon completion, the facility will manufacture high-efficiency solar cells and TOPCon modules using advanced technologies, strengthening India's domestic solar manufacturing ecosystem and supporting the country's renewable energy expansion plans.