This study examines how an ambidextrous strategy is implemented in an emerging market context through the case of KAS Holdings Group. Moving beyond the conventional focus on the exploration–exploitation balance, it argues that ambidextrous strategy in practice unfolds through overlapping tensions among exploration–exploitation, local leverage–global linkage, and related–unrelated diversification. To explore this process, the study adopts a single-case method based on in-depth interviews, internal documents, and company records. The findings show that KAS built a stable operational base through related diversification while developing future growth options through limited experiments. At the same time, it deepened local leverage through workforce localization, education investment, and relationship building, while establishing global linkages through shared standards and cross-national learning. The study concludes that top management translated these tensions into repeatable orchestration rules, thereby extending ambidexterity research into spatial and portfolio dimensions in an emerging-market setting.