BSE: 540902 | NSE: AMBER | Air Conditioners | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Amber Enterprises India Ltd is a average quality company.
The key valuation ratios of Amber Enterprises India Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Amber Enterprises India Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13.4% | 12.9% | 15.1% | 16.4% | 14.3% | 12.6% | 6.9% | 4.9% | 6% | 6.7% | - |
| Value Creation Index ⓘ | 0.2 | 0.2 | 0.3 | 0.2 | 0.0 | -0.1 | -0.5 | -0.6 | -0.6 | -0.5 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 1,082 | 978 | 1,562 | 1,923 | 2,188 | 3,003 | 2,296 | 3,138 | 5,023 | 4,505 | 6,072 |
| Sales YoY Gr. | - | -9.6% | 59.7% | 23.1% | 13.8% | 37.2% | -23.5% | 36.7% | 60.1% | -10.3% | - |
| Adj EPS ⓘ | 11.8 | 8.5 | 8.7 | 18.6 | 29.3 | 41.1 | 13.3 | 14.5 | 20 | 10.7 | 35.7 |
| YoY Gr. | - | -28.4% | 2.8% | 113.8% | 57.4% | 40.3% | -67.6% | 9.1% | 38.1% | -46.4% | - |
| BVPS (₹) ⓘ | 107.9 | 115.9 | 148.4 | 280.8 | 310.1 | 343.7 | 452.9 | 468.6 | 479.8 | 493.4 | 529.6 |
| Adj Net Profit ⓘ | 25.6 | 18.4 | 20.7 | 58.5 | 92.1 | 129 | 44.8 | 48.8 | 67.5 | 36.2 | 121 |
| Cash Flow from Ops. ⓘ | 73.7 | 144 | 113 | 122 | -36.6 | 244 | 195 | 134 | 177 | 726 | - |
| Debt/CF from Ops. ⓘ | 4.6 | 2.2 | 3.3 | 0.4 | -4.5 | 1.3 | 1.6 | 6.7 | 6.3 | 1.5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 17.2% | 15.5% | 25.2% | -10.3% | ||||
| Adj EPS ⓘ | -1.1% | -18.2% | -6.9% | -46.4% | ||||
| BVPSⓘ | 18.4% | 9.7% | 2.9% | 2.8% | ||||
| Share Price | - | 43.7% | 24.9% | 97.1% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 11.6 | 7.6 | 6.9 | 9.5 | 9.9 | 12.6 | 3.4 | 3.1 | 4.2 | 2.2 | 7 |
| Op. Profit Mgn % ⓘ | 8.6 | 10.3 | 8.1 | 8.9 | 8.8 | 7.7 | 6.5 | 4.9 | 4.7 | 6 | 6.1 |
| Net Profit Mgn % ⓘ | 2.4 | 1.9 | 1.3 | 3 | 4.2 | 4.3 | 2 | 1.6 | 1.3 | 0.8 | 2 |
| Debt to Equity ⓘ | 1.4 | 1.3 | 1.1 | 0.1 | 0.2 | 0.3 | 0.2 | 0.6 | 0.7 | 0.7 | - |
| Working Cap Days ⓘ | 132 | 173 | 124 | 125 | 173 | 168 | 251 | 223 | 169 | 183 | 72 |
| Cash Conv. Cycle ⓘ | 41 | 48 | 24 | 20 | 40 | 39 | 46 | 32 | 19 | 2 | -8 |
Return on Equity has increased versus last 3 years average to 7.00%
Sales growth is growing at healthy rate in last 3 years 25.19%
Debt to equity has declined versus last 3 years average to 0.67
Sales growth is good in last 4 quarters at 48.93%
Net Profit has been subdued in last 3 years -6.88%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 35.7 | 65.7 |
| TTM Sales (₹ Cr.) | 6,072 | 9,025 |
| BVPS (₹.) ⓘ | 529.6 | 637.5 |
| Reserves (₹ Cr.) ⓘ | 1,757 | 2,122 |
| P/BV ⓘ | 13.22 | 10.98 |
| PE ⓘ | 196.28 | 106.58 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 3320.00 / 8167.10 |
| All Time Low / High (₹) | 621.05 / 8167.10 |
| Market Cap (₹ Cr.) | 23,676 |
| Equity (₹ Cr.) | 33.8 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 87.2 |
| Mar'24 | YoY Gr. Rt. % | Jun'24 | YoY Gr. Rt. % | Sep'24 | YoY Gr. Rt. % | Dec'24 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Sales (₹ Cr.)ⓘ | 2,044 | -13.1 | 1,740 | 45.3 | 875 | 92.9 | 1,413 | 70.6 |
| Adj EPS (₹) ⓘ | 19.6 | 1.6 | 13.2 | 96.3 | -3.7 | N/A | 6.7 | N/A |
| Op. Profit Mgn % ⓘ | 6.86 | 112 bps | 6.55 | -22 bps | 3.17 | 98 bps | 6.23 | 230 bps |
| Net Profit Mgn % ⓘ | 3.23 | 47 bps | 2.55 | 66 bps | -1.41 | 523 bps | 1.61 | 372 bps |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Particulars | Q2FY24 (Rs. Crs) | YoY Trend | Comments |
| Revenue | 927 | +24% | Consumer durables revenue stood at Rs. 547 Cr |
| EBITDA | 59.6 | +62% | Change in revenue mix toward Railway sub system & mobility division led to increase in margins |
| EBITDA Margin | 6% | + 200bps | |
| PAT | -5.65 | -147% | Higher depreciation and Interest cost led to loss in the quarter. |
Performance as expected, Q2 is supposed to be the seasonally weakest quarter.
|
Particulars |
Q1FY24 |
YoY Trend |
Comments |
|
Revenue |
1,702 |
-7% |
Muted quarter due to weak demand owing to unseasonal rains and weather patterns |
|
EBITDA |
132 |
+33% |
|
|
EBITDA Margin |
7.8% |
+230 bps |
Margins improved on account of component strategy which led to product mix change |
|
PAT |
47 |
9% |
PAT margin fell due to higher depreciation and doubling of interest expense |
Muted revenues due to cyclicality of the industry, however margin improvement remains a positive.
|
|
Q4FY23 |
YOY (%) |
Comment |
|
Revenue |
3003 |
55 |
Led by uptick in demand for RAC & components coupled with new customer additions. |
|
EBITDA |
204 |
62.4 |
|
|
EBITDA Margin |
6.8% |
31bps |
Gross margin remained flat YoY mainly due to a change in product mix. However, better operating leverage resulted in an EBITDA margin improvement |
|
PAT |
108 |
82.3 |
|
Good Result driven by margin improvement.
About the Company:
Amber is a prominent solution provider for the Air conditioner Original equipment manufacturer (OEM) Industry in India.It supplies to leading brands, such as Voltas, Panasonic, LG, Daikin, Hitachi, Whirlpool, Godrej, and Blue Star, which account for nearly 75% of the domestic refrigeration and air conditioning (RAC) market.
Amber manufactures Room Air Conditioners, Window air conditioners (WACs), indoor units (IDUs), and outdoor units (ODUs) of split air conditioners (SACs). It also manufactures Inverter RACs. In Components it manufactures Case liners for refrigerators, plastic extrusion sheets for consumer durables and automobile industry, sheet metal components for microwave, washing machine tub assemblies, and for automobiles and metal ceiling industries.
India heavily relies on Import of the components for manufacture of AC (60-70%), thus Company has very less pricing power. Costs can’t be passed on easily as there are a lot of suppliers and AC companies are fighting for their own market share. Any business decline for them would mean more margin pressure for Amber.
About the Products:
(Source : Company reports)
Revenue Mix:
About the Industry:
Increasing disposable income, growing urbanisation and easy availability of consumer finance are key growth drivers for Room Air Conditioners(RAC) segment. It has been witnessed that the consumer preferences are changing fast and pushing manufacturers to introduce new, innovative, and value-added products. This segment of the population is the key generator of consumer demand, and it is also the main driver of the RAC market.
Penetration of RAC market
(Source: Nirmal Bang Institutional Equities Research)
The Indian RAC market showed a muted growth in the last five years. During the year 2021-22 the first quarter which remains the peak season for business went negative due to onslaught of the pandemic. Whereas, quarter 2 and quarter 3 witnessed a sluggish growth. Penting up the demand, quarter 4 marked a robust growth thereby leading the industry to a total of approximately 6.4 million units as compared to approximately 5.2 million units of the preceding year. Out of this ~6.4 million units, the estimated market size of RAC Industry at OEM level excluding GST is valued at ` 12,160 Crores.
The Company holds around 26% of the total market share in the total manufacturing footprint in the industry and has a potential to grow exponentially in Original equipment manufacturer (OEM) business. It is also worthwhile to mention various initiatives undertaken by the government to facilitate economic activities and restore customer confidence which inculcated demand in the Consumer Durables market.
Business Performance:
In Q3 FY 2023 company recorded revenue of Rs. 1348 Cr as against 974 Cr in Q3 FY 22 .Q3 being a seasonally strong quarter. There was an increase in RMC by 1.25% owing to a change in product mix. Finance cost and Depreciation increased to Rs.29 Cr and Rs.36 Cr as compared to Rs.12 Cr and Rs.27 Crs. in Q3FY22, respectively leading to profit to fall from 36 cr in Q3 FY22 to 15 Cr in Q3 FY 23. The increase in Finance cost and Depreciation is largely due to capex incurred during the period and increased interest rates.
Capex guidance of 625-650Cr in FY 23, FY 24 to be 250-275 Cr. Net Debt came in at 900Cr. Closing net Debt should be about 500Cr as seasonality involved in cashflows. Management guided that peak revenues can be 5 times of current gross block. Utilisation levels of new plants now is 25-30%, next year this shall go to 50%. Old RAC plants are working at 75-80% of Utilisation. 3/5 year sales growth has been 15%/21% however PAT growth has been a lower 6%/38%.
Risks:
Inability of the management to get to the desired levels of utilisations will result in downside to our estimates.
Sharp increase in input prices and/or increase in competitive pressures shall impact margins going forward.
Outlook:
With changing energy rating norms (more energy-efficient products), wide range and a high installed base of window RACs, the replacement demand is also quite strong. It has been witnessed that the people are replacing window RACs with split. This trend is expected to grow further leading to expansion of domestic manufacturing capacities.
The government has recently announced PLI for RAC industry. Structure of the same suggests that it is more inclined towards OEMs as government intends to reduce the imports of key components. Company is eligible for 300 crores PLI in Amber and 100 crores in ILJIN which is the electronic subsidiary. This PLI Capex has to happen in 5 years, where the first year was the last year. Company does not see any hurdles in achieving the PLI target numbers. After that company will be getting 6% on the incremental sales as a first-year incentive.
| Company Name | CMP(₹) | |||||||
|---|---|---|---|---|---|---|---|---|
| Amber Enterprises | 7,000 | 110.2 (1.6%) | Small Cap | 4,505 | 35.7 | 0.8 | 196.3 | 13.2 |
| Johnson Controls | 1,829.8 | -1.1 (-0.1%) | Small Cap | 1,919 | 19 | -2.9 | 96.5 | 8.5 |
| EPACK Durable | 356.4 | -2 (-0.5%) | Small Cap | 1,420 | 4.9 | 2.3 | 72.7 | 3.7 |
| Sharp India | 60.4 | 0.3 (0.5%) | Small Cap | 0 | -7.5 | - | - | -1.4 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,082 | 978 | 1,562 | 1,923 | 2,188 | 3,003 | 2,296 | 3,138 | 5,023 | 4,505 |
| Operating Expenses ⓘ | 992 | 879 | 1,436 | 1,752 | 2,000 | 2,789 | 2,147 | 2,985 | 4,814 | 4,244 |
| Manufacturing Costs | 29 | 27 | 36 | 45 | 60 | 83 | 80 | 96 | 149 | 167 |
| Material Costs | 896 | 784 | 1,309 | 1,610 | 1,837 | 2,565 | 1,971 | 2,740 | 4,431 | 3,859 |
| Employee Cost | 27 | 29 | 38 | 39 | 40 | 52 | 48 | 81 | 109 | 121 |
| Other Costs ⓘ | 40 | 39 | 53 | 58 | 62 | 89 | 49 | 67 | 125 | 97 |
| Operating Profit ⓘ | 90 | 99 | 126 | 171 | 189 | 214 | 149 | 153 | 209 | 261 |
| Operating Profit Margin (%) | 8.3% | 10.2% | 8.1% | 8.9% | 8.6% | 7.1% | 6.5% | 4.9% | 4.2% | 5.8% |
| Other Income ⓘ | 4 | 2 | 8 | 8 | 9 | 6 | 30 | 33 | 48 | 57 |
| Interest ⓘ | 38 | 48 | 59 | 47 | 15 | 30 | 34 | 37 | 91 | 132 |
| Depreciation ⓘ | 23 | 28 | 36 | 43 | 50 | 61 | 68 | 80 | 100 | 130 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 34 | 26 | 39 | 89 | 133 | 129 | 78 | 70 | 66 | 56 |
| Tax ⓘ | 10 | 8 | 14 | 27 | 40 | 11 | 26 | 22 | 17 | 15 |
| Profit After Tax | 24 | 17 | 24 | 62 | 93 | 118 | 52 | 48 | 49 | 41 |
| PAT Margin (%) | 2.2% | 1.8% | 1.5% | 3.2% | 4.2% | 3.9% | 2.2% | 1.5% | 1.0% | 0.9% |
| Adjusted EPS (₹) | 11.1 | 8.0 | 10.2 | 19.7 | 29.4 | 37.5 | 15.3 | 14.3 | 14.5 | 12.0 |
| Dividend Payout Ratio (%) | 0% | 0% | 23% | 0% | 0% | 9% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 234 | 252 | 353 | 883 | 975 | 1,081 | 1,526 | 1,579 | 1,617 | 1,662 |
| Share Capital ⓘ | 22 | 22 | 24 | 31 | 31 | 31 | 34 | 34 | 34 | 34 |
| Reserves ⓘ | 212 | 230 | 329 | 852 | 944 | 1,049 | 1,492 | 1,545 | 1,583 | 1,629 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 278 | 289 | 352 | 40 | 156 | 283 | 294 | 849 | 1,036 | 1,007 |
| Long Term Debt | 145 | 161 | 220 | 10 | 102 | 122 | 130 | 264 | 423 | 511 |
| Short Term Debt | 133 | 128 | 132 | 31 | 54 | 160 | 164 | 585 | 612 | 496 |
| Trade Payables | 215 | 273 | 411 | 478 | 821 | 978 | 1,181 | 1,474 | 2,003 | 1,750 |
| Others Liabilities ⓘ | 209 | 231 | 72 | 114 | 131 | 178 | 155 | 285 | 452 | 468 |
| Total Liabilities ⓘ | 937 | 1,045 | 1,188 | 1,516 | 2,084 | 2,519 | 3,157 | 4,186 | 5,107 | 4,887 |
Fixed Assets | ||||||||||
| Gross Block | 449 | 559 | 639 | 720 | 817 | 960 | 1,056 | 1,345 | 1,967 | 2,122 |
| Accumulated Depreciation | 90 | 120 | 156 | 199 | 247 | 307 | 370 | 431 | 527 | 645 |
| Net Fixed Assetsⓘ | 359 | 439 | 482 | 521 | 570 | 653 | 686 | 913 | 1,440 | 1,477 |
| CWIP ⓘ | 49 | 28 | 17 | 20 | 25 | 2 | 25 | 65 | 24 | 38 |
| Investmentsⓘ | 50 | 50 | 50 | 112 | 111 | 338 | 447 | 621 | 589 | 822 |
| Inventories | 175 | 208 | 247 | 328 | 484 | 560 | 611 | 667 | 841 | 557 |
| Trade Receivables | 208 | 233 | 293 | 336 | 732 | 776 | 921 | 1,126 | 1,504 | 1,131 |
| Cash Equivalents | 29 | 16 | 33 | 121 | 42 | 92 | 268 | 486 | 485 | 565 |
| Others Assetsⓘ | 66 | 70 | 66 | 79 | 120 | 97 | 200 | 307 | 224 | 299 |
| Total Assets ⓘ | 937 | 1,045 | 1,188 | 1,516 | 2,084 | 2,519 | 3,157 | 4,186 | 5,107 | 4,887 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 74 | 144 | 113 | 122 | -37 | 244 | 195 | 134 | 177 | 726 |
| PBT ⓘ | 34 | 26 | 39 | 89 | 133 | 129 | 78 | 70 | 66 | 56 |
| Adjustment ⓘ | 65 | 84 | 93 | 88 | 58 | 103 | 78 | 103 | 142 | 216 |
| Changes in Working Capital ⓘ | -18 | 43 | -11 | -40 | -200 | 43 | 43 | -12 | -14 | 466 |
| Tax Paid ⓘ | -8 | -9 | -8 | -15 | -27 | -31 | -4 | -26 | -17 | -11 |
| Cash Flow From Investing Activity ⓘ | -81 | -72 | -78 | -139 | -131 | -319 | -458 | -562 | -297 | -821 |
| Capex | -94 | -88 | -73 | -86 | -136 | -117 | -122 | -313 | -505 | -232 |
| Net Investments | 2 | 1 | -6 | -55 | 4 | -35 | -273 | -190 | 131 | -545 |
| Others ⓘ | 11 | 15 | 1 | 2 | 1 | -167 | -64 | -59 | 78 | -44 |
| Cash Flow From Financing Activityⓘ | 3 | -71 | -25 | 108 | 98 | 87 | 376 | 520 | 164 | -140 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 475 | 0 | 0 | 400 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 27 | -11 | 33 | -205 | 90 | 26 | 12 | 138 | 225 | 117 |
| Interest Paid ⓘ | -45 | -54 | -53 | -49 | -15 | -29 | -33 | -36 | -87 | -132 |
| Dividend Paid ⓘ | 0 | 0 | -6 | 0 | 0 | -10 | 0 | 0 | 0 | 0 |
| Others ⓘ | 21 | -5 | 0 | -113 | 23 | 100 | -2 | 418 | 26 | -125 |
| Net Cash Flow ⓘ | -5 | 0 | 10 | 91 | -69 | 11 | 113 | 93 | 45 | -235 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.83 | 7.16 | 7.99 | 10.03 | 9.96 | 11.47 | 3.96 | 3.1 | 3.06 | 2.47 |
| ROCE (%) | 13.37 | 12.94 | 15.05 | 16.35 | 14.29 | 12.57 | 6.88 | 4.9 | 5.98 | 6.7 |
| Asset Turnover Ratio | 1.29 | 1.03 | 1.46 | 1.44 | 1.22 | 1.3 | 0.81 | 0.85 | 1.09 | 0.91 |
| PAT to CFO Conversion(x) | 3.08 | 8.47 | 4.71 | 1.97 | -0.4 | 2.07 | 3.75 | 2.79 | 3.61 | 17.71 |
| Working Capital Days | ||||||||||
| Receivable Days | 57 | 79 | 59 | 59 | 89 | 92 | 135 | 119 | 95 | 106 |
| Inventory Days | 55 | 69 | 51 | 54 | 68 | 63 | 93 | 74 | 55 | 56 |
| Payable Days | 80 | 114 | 95 | 101 | 129 | 128 | 200 | 177 | 143 | 177 |
The company was incorporated on April 2, 1990 as ‘Amber Enterprises India Private Limited’ at Jalandhar, Punjab as a private limited company under the Companies Act, 1956. Subsequently, the company was converted into a public company pursuant to special resolution passed by shareholders on September 20, 2017 and the name of the company was changed to ‘Amber Enterprises India Limited’ and a Fresh Certificate of Incorporation consequent upon conversion to public limited Company dated September 22, 2017 was issued by the Registrar of Companies, Chandigarh.
Amber Enterprises India is a market leader in the room air conditioner (RAC) original equipment manufacturer/original design manufacturer industry in India with a market share of 55.4% in terms of volume in Fiscal 2017. It is a one-stop solutions provider for the major brands in the The company is focused on consistently upgrading the technology used in its products as well as the processes used in manufacturing them through its research and development (R&D) efforts. It has a dedicated R&D centre located at Rajpura facility. Through its R&D and innovation capabilities, backed by an in-house tool room, it has successfully designed and developed a portfolio of wide ranging RACs and components. The company has the ability to manufacture most of its products from the concept and design stage till the final delivery thereby covering the entire manufacturing value chain.
Business area of the company
The company design and manufacture complete RACs including window air conditioners (WACs) and indoor units (IDUs) and outdoor units (ODUs) of split air conditioners (SACs) with specifications ranging from 0.75 ton to 2 ton, across energy ratings and types of refrigerant. It also design and manufacture Inverter RACs on ranging from1 ton to 2 ton. Besides, the company manufactures critical and reliability functional components of RACs such as heat exchangers, motors, inverter and non-inverter printed circuit boards and multi-flow condensers. It manufactures other RAC components such as sheet metal components, copper tubing and injection molding components. In addition, the company manufactures components for other consumer durables and automobiles such as case liners for refrigerator, plastic extrusion sheets and printed circuit boards for consumer durables and automobile industry, sheet metal components for microwave, washing machine tub assemblies and for automobiles and metal ceiling industries.
Products
Room Air Conditioners
AC Components
Non Ac Components
PCB Assembling
Mobile Air Conditioners
Awards and certifications
Major events and milestones
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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