Amber Enterprises India is experiencing significant growth in its consumer durables and electronics segments, with expectations for continued strong performance in H2FY25. Despite a contraction in gross margins due to a changing revenue mix, operational efficiencies have led to an expansion in EBITDA margins year-on-year. However, the railway mobility business faces challenges, and the company’s return ratios are below the cost of capital, prompting a REDUCE rating with a revised target price of INR 5,625.