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Amber Group has announced a manufacturing collaboration with Oppo Mobiles India, covering Oppo, OnePlus, and Realme brands. This asset-light venture, with minimal capex (below INR50 Cr), aims to diversify revenue and reduce seasonality. Trial production is set for Q4 FY27, with commercial production starting Q1 FY28, targeting 8 million units in Year 1 and ramping to 13-15 million in Year 2. Commencing with assembly and SMT, Amber plans to deepen local value addition, aiming for 35-40% over 5-6 years. Management sees this as a long-term partnership with healthy ROCEs (30-35% standalone) despite initial low-margin (1.5-2% EBITDA) operations, growing through component integration, leveraging existing manufacturing prowess.