Amber readies electronics arm IL JIN for potential public listing
Amber Enterprises, India’s largest contract manufacturer of room air conditioners and a growing player in electronics assembly, announced a sweeping restructuring of its material subsidiary IL JIN Electronics — a 25:1 bonus issue, a share split, a near-13‑fold increase in authorised capital, conversion from a private to a public limited company, and a formal exploration of fundraising options. The package, approved by IL JIN’s board on 11 July 2026, is the clearest signal yet that Amber is preparing its electronics manufacturing subsidiary for a potential public listing, crystallising value that has been built since IL JIN was acquired in 2018 as a ₹300 crore, 3% EBITDA business.
IL JIN has already transformed into a ₹3,268 crore anchor
IL JIN sits inside Amber’s Electronics Division, which also houses bare PCB makers Ascent Circuits and Shogini Technoarts, and the recently acquired industrial automation businesses Power‑One and Unitronics. The division’s financial trajectory shows a business that has broken decisively out of its historical band:
| Period | Revenue (₹ crore) | Operating EBITDA (₹ crore) | Operating EBITDA margin |
|---|---|---|---|
| FY23 | 1,125 | 51 | 4.5% |
| FY24 | 1,241 | 69 | 5.6% |
| FY25 | 2,194 | 151 | 6.9% |
| FY26 | 3,268 | 287 | 8.8% |
Source:
Revenue grew 49% in FY26 — the fourth consecutive year of expansion — and the margin reached 8.8%, its highest in at least four years . In Q4 FY26, the division’s margin touched 10.8% . Jasbir Singh, Executive Chairman, noted in May that IL JIN had been a ₹300 crore company with about 3% EBITDA when acquired; it has now crossed ₹3,200 crore in revenue and is approaching double‑digit margins . Management expects around 40% revenue growth in FY27 .
The restructuring: what’s happening and why
The resolutions approved by IL JIN’s board on 11 July 2026 are:
- Share split: face value reduced from ₹10 to ₹5, doubling the number of equity shares.
- Bonus issue: 25 new shares for every 1 held.
- Authorised capital increase: from ₹20 crore to ₹250 crore — a 12.5‑fold expansion.
- Conversion to a public limited company, removing the word “Private” from the name.
- Relocation of registered office from Pune to Greater Noida, Uttar Pradesh.
- Exploration of fundraising options including debt, rights issue, preferential allotment, or a public issue.
The bonus and capital increase are the mechanical prerequisites for a larger equity base. The conversion to a public company is the structural one — it makes IL JIN capable of raising money from the public markets. The registered‑office shift to Greater Noida puts the company’s statutory seat next to the Ascent‑K Circuit HDI PCB facility in YEIDA, which carries a planned investment of ₹3,200 crore and benefits from 48% central and 42% state government incentives .
The Oppo deal and the path to deeper value addition
The most immediate use for the larger balance sheet is a newly announced manufacturing collaboration with Oppo Mobiles India, covering Oppo, OnePlus and Realme handsets. Management has indicated the business is likely to be housed in IL JIN — “on the face of it because we are doing smart watches, hearable, wearable, it looks that we’ll be there,” Singh said . The arrangement is asset‑light: an existing facility will be subleased with initial capex below ₹50 crore, and volumes are targeted at 8 million units in year one and 13–15 million in year two .
The mobile‑phone EMS business operates at a thin 1.5–2% standalone EBITDA margin, but Singh described it as “very ROCE accretive” with returns expected above 30–35% because of minimal working‑capital intensity . The longer‑term play is to follow the blueprint Amber used in air conditioners — start with assembly, then progressively add locally manufactured components, particularly high‑density interconnect PCBs, over five years, taking local value addition from 10–12% today to 35–40% .
What happens next
The shareholder approvals for the split, bonus and other changes are expected within one month, subject to necessary regulatory clearances. The fundraising exploration is at an early stage — the company has committed to keeping the exchanges informed of material developments. IL JIN already has minority shareholders on its cap table, and had previously raised ₹1,750 crore from marquee investors in the form of compulsory convertible preference shares . The conversion to a public company, a 25:1 bonus, and an explicit mandate to explore public fundraising collectively point to an eventual listing, though the company has not yet disclosed a formal IPO timeline.
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