Amber Enterprises India Ltd. moves to reshape its capital structure

The exact IL JIN contribution cannot be quantified from the cited annual-report and DRHP extracts because IL JIN’s standalone revenue and EBITDA are not included. Amber’s FY26 consolidated denominator was revenue of ₹12,186.5 Cr and EBITDA of ₹1,072.5 Cr ^{[3] [4]}. Therefore:

• IL JIN revenue contribution = IL JIN FY26 revenue ÷ ₹12,186.5 Cr
• IL JIN EBITDA contribution = IL JIN FY26 EBITDA ÷ ₹1,072.5 Cr

The IPO filing notification only confirms that IL JIN filed its DRHP dated 6 November 2026 on 7 November 2026, subject to regulatory approvals ^[5]. It does not provide the issue size, fresh-issue versus offer-for-sale split, or post-IPO Amber ownership needed for a numerical dilution calculation.

Current profitability base

Amber’s reported FY26 consolidated ROE was 6.8% and ROCE was 11.9% ^{[6] [7]}. These are the appropriate pre-IPO reference points, but the reported extracts do not provide enough detail to calculate the post-IPO ratios.

Likely accounting and ratio impact

• Revenue and EBITDA: If Amber retains control of IL JIN after the IPO, IL JIN should continue to be consolidated at 100% for operating revenue and EBITDA; the IPO would not reduce consolidated revenue or EBITDA simply in proportion to Amber’s ownership. The ownership change would primarily affect minority interest and the portion of profit attributable to Amber’s shareholders.
• ROE: The direction is likely negative on an attributable-to-parent basis because Amber would own a smaller economic share of IL JIN’s future profit. A fresh issue would also increase consolidated equity while initially adding no earnings, creating further mechanical pressure on ROE. The magnitude cannot be calculated without post-issue ownership, issue proceeds and earnings assumptions.
• ROCE: A fresh issue whose proceeds remain within IL JIN would increase capital employed. Unless the additional capital generates proportionate EBIT, consolidated ROCE would initially dilute. Amber’s FY26 EBIT was ₹710.85 Cr ^[8]. An offer for sale by Amber, however, would have a different effect because proceeds would accrue to the selling shareholder rather than directly expand IL JIN’s operating capital.
• Existing minority: Before the proposed IPO, Amber’s CFO said the group treated approximately 39–40% of IL JIN as minority interest on a diluted basis, with Amber’s effective interest at roughly 60% ^[1]. The IPO-related dilution would therefore be incremental to an already non-wholly-owned subsidiary.

Bottom line: the IPO should not automatically reduce Amber’s consolidated revenue or EBITDA if control is retained, but it can dilute Amber’s attributable earnings and, in a fresh-issue structure, put near-term pressure on consolidated ROE and ROCE. A precise answer requires IL JIN’s FY26 standalone revenue/EBITDA and the DRHP’s issue structure and post-IPO shareholding.