We expect Revenue/PAT CAGR of 27%/31% over FY22-FY25E and gradual EBITDA margin improvement over this period. We roll forward our estimates to FY25E and value Amber at 34x FY25E EPS of Rs 75.8 and arrive at the TP of Rs 2,580/share (vs. 3,000/share earlier) and maintain our BUY rating on the stock.