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Amber is a leading contract manufacturer for Air conditioners (AC) and AC Components. Most of the leading AC and Refrigerator companies are its clients. Performance in recent times has improved due to higher customs duty on imports and increased sales through white labelling by online portals such as Amazon and Flipkart. We expect the company to report steady growth as demand for ACs remains strong due to rising discretionary spends and adverse weather patterns. Main risk factor is slow down in AC sales. Subsidiaries are also scaling up well. We have an over weight rating due to good secular growth pospecst and quick recovery post pandemic – 18-06-2020 Price: 1467.50 Rating: Over Weight Recommendation: Buy

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