Amber Enterprises Rises After Oppo Manufacturing Deal; Brokerages Split on Outlook

Shares of Amber Enterprises India Ltd. climbed over 3% in early trade on Friday after the company announced a manufacturing collaboration agreement with Oppo India, strengthening its position in the mobile phone production ecosystem.

Under the agreement, Amber Group will manufacture smartphones for Oppo, OnePlus, and Realme in India. The partnership combines Oppo’s global product design and brand strength with Amber’s manufacturing scale, local value addition capabilities, and supply-chain network. The company said the collaboration marks an important milestone in its expansion into electronics manufacturing and is expected to generate operational synergies while opening new long-term growth opportunities.

Amber’s management highlighted that the partnership reinforces its positioning as a preferred manufacturing partner for global brands and will be implemented in a phased manner to ensure a smooth production ramp-up. The company also indicated potential for further collaboration with Oppo in the future.

CLSA maintained a bullish stance on the stock with an ‘Outperform’ rating and a price target of ₹8,100, noting that Oppo, OnePlus, and Realme collectively sell around 39 million phones, with Amber’s potential share estimated at 10–15 million units. The brokerage added that the deal could have a positive impact on valuation and represents a diversification of Amber’s business mix, though it may increase competition for peers such as Dixon Technologies.

JPMorgan, however, took a more cautious view, assigning a ‘Neutral’ rating with a price target of ₹7,650. The brokerage warned that entering mobile phone manufacturing could dilute margins, as handset assembly typically operates at around 3% margins compared with Amber’s consolidated margin of about 8%. It also flagged uncertainty around capital requirements and volume commitments as key near-term risks.

Despite differing views among analysts, the stock remains in strong momentum, rising 3.2% to around ₹8,218 in early trade. Amber has gained 15.3% over the past month and is up 27.5% year-to-date, reflecting investor optimism about its expanding role in India’s electronics manufacturing ecosystem.