Amber vs Dixon: Who performed better in Q2FY26 earnings and why; check details

Shares of Amber Enterprises fell over 10% in Friday’s trading session after the company reported a weak set of earnings for the Q2FY26. The electronic manufacturing services (EMS) category is broadly in focus in the Q2 earnings season after shares of key EMS players like Dixon Technologies and Amber Enterprises rallied over 50% since their April 2025 lows.

In the longer run, the shares have delivered more than 30% CAGR returns in a year's time frame. To justify the loft valuations, the growth in earnings was expected to the higher side. However, the post-earnings reaction in the share price has demonstrated weaker-than-expected earnings for the quarter. Here is how the two leaders in the EMS space fared in Q2FY25.

Topline performance

On the topline front, Dixon Technologies reported a 29% YoY jump at ₹14,585 crore, up from ₹11,528 crore. This was largely led by the mobile and EMS division of the business, which contributed 90% of the company's revenue for the quarter. On the other hand, Amber Enterprises Q2FY26 revenue remained muted at ₹1,647 crore as against ₹1,685 crore in the same period last year. The flat revenue growth can be attributed to weak and subdued growth in its consumer durables division at -16% YoY. While the electronics division's 30% YoY growth in revenue helped in offsetting the weak performance of the consumer electronics segment.

Operational performance

On the operational front, Dixon Technologies showed a superior performance in the Q2FY26 with a 34% YoY jump in EBITDA (Earnings before interest, taxes & depreciation and amortisation) at ₹564 crore. The improved operational performance for Dixon Technologies can be attributed to the superior performance of its mobile and other EMS divisions, which contributed 84% to the overall EBITDA for the quarter. On the other hand, Amber Enterprises Q2FY26 EBITDA declined 19% YoY to ₹98 crore owing to subdued topline growth in its high-margin consumer durable segment. The consumer durable segment’s operating profit slumped 40% to ₹37 crore from ₹60 crore in the same period last year.

On the operating margin front, Dixon Technologies posted 20 bps of expansion at 3.8% vs 3.6% YoY. While Amber Enterprises posted EBITDA margins of 5.9% vs 7.1% in the previous year’s same quarter.

Mixed bottomline performance

Lastly, on the bottom line front, both companies posted divergent numbers, with Dixon Technologies reporting an 81% YoY jump in the Q2FY26, ballooned by a time gain from the stake sale in Aditya Infotech solutions. Excluding the exceptional gain, the company’s net profit for the quarter jumped 37% YoY. Amber Enterprises reported a net loss of ₹32 crore for the quarter, partly due to higher financing costs for the Power-One stake purchase and partly due to higher inventory levels.

In conclusion

Dixon Technologies outperformed Amber Enterprises in Q2FY26 earnings due to superior margin profile. Where as Amber Enterprises witnessed sharp drawdown in its core earning segment of consumer electronics, which saw lower demand due to postponement of purchases due to GST rationalisation reforms. In addition, higher financing costs and inventory levels led to a negative bottomline as well.