Amber Enterprises: Expanding TAM at cost of margins, announces OPPO partnership

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Amber Enterprises: Expanding TAM at cost of margins, announces OPPO partnership

J P M O R G A N Asia Pacific Equity Research

19 June 2026

Amber Enterprises Neutral

AMBE.NS, AMBER IN

Expanding TAM at cost of margins, announces OPPO Price (18 Jun 26):Rs7,965.50

partnership Price Target (Mar-27):Rs7,650.00

Amber announced its entry into mobile manufacturing through a manufacturing IT Services, EMS, Telecom, and

collaboration with OPPO to manufacture its three brands - OPPO, OnePlus and Internet Research

Realme. OPPO (incl OnePlus) and Realme together sold 39mn units in CY25, the Bhavik Mehta, CFA AC

largest amount in India and hence this collaboration could potentially provide a (91-22) 6157-3871

significant opportunity for Amber. OPPO has its own manufacturing facility in bhavik.mehta@jpmchase.com

Greater Noida, but it has also outsourced some production to Longcheer and J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

Bhagwati-Huaqin JV. We believe the rationale to increasingly outsource more now Registration: INH000001873, (91-22) 6157-3000.

to Amber could be localisation of manufacturing to an Indian company controlled Ankur Rudra, CFA

unit. Amber’s foray into this new segment, however, will be margin dilutive as (65) 6801-3237

Mobile manufacturing typically operates at lower 3% Ebitda margins as compared ankur.rudra@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

to Amber’s consol Ebitda margin of ~8% (FY26). We will wait for further details

from Amber over due course in terms of the capital commitment for mobile

manufacturing and volume targets over the next couple of years. Remain N.

Takeaways for Dixon: OPPO is one of the brands that has large in-house operations