Electronics Mart India: Business Overview & Financial Analysis
Electronics Mart India Limited is one of the largest regional consumer durables and electronics retailers in India, headquartered in Hyderabad. Founded by Pavan Kumar Bajaj and Karan Bajaj, the company operates under flagship multi-brand retail formats such as 'Bajaj Electronics' across Telangana and Andhra Pradesh, alongside specialized formats like 'Kitchen Stories' and 'Audio & Beyond'. Electronics Mart India retails a broad range of products, including large appliances, mobiles, small home appliances, and IT peripherals, through a cluster-based store footprint spanning Southern, Northern, and Eastern India.
Product Category Revenue Mix of Electronics Mart India (Q1 FY2027)
Electronics Mart India structures its commercial retail turnover across primary consumer electronic categories, led by mobile phones and large cooling/home appliances.
- Mobile Phones & Accessories Share – 39.0% of Total Operating Revenue
- Large Appliances & Cooling Products Share – 48.5% of Total Operating Revenue
- Small Appliances, IT Peripherals & Consumer Electronics Share – 12.5% of Total Operating Revenue
- Total Consolidated Revenue from Operations (Q1 FY2027) – Rs 2,418.95 crore (+39.1% YoY)
Mobiles and large home appliances generate nearly nine-tenths of overall retail turnover. Exceptional summer demand for air conditioners and cooling products served as the key top-line revenue driver during the first quarter.
Geographic Cluster Revenue & Store Network of Electronics Mart India (Q1 FY2027)
The company operates a cluster-based physical store expansion model, expanding its presence from core South Indian markets into North India and West Bengal.
- Total Active Operating Retail Outlets Base – 170+ operational stores
- Core South Cluster (Telangana & Andhra Pradesh) Share – ~82.0% of Total Revenue
- North Cluster (Delhi-NCR & NCR Region) Revenue Growth – +29.0% YoY growth in Q1 FY2027
- Core South Cluster Performance Growth – Telangana +48.0% YoY / Andhra Pradesh +62.0% YoY
Operating a retail network of over 170 stores ensures dominance in Telangana and Andhra Pradesh. Scaling store presence in Delhi-NCR and expanding into West Bengal (Kolkata) provides geographic diversification.
Operational Retail KPIs & Store Productivity of Electronics Mart India (Q1 FY2027)
Electronics Mart India tracks same-store sales growth (SSSG), cluster margins, store vintage productivity, and working capital cycles.
- Same-Store Sales Growth (SSSG) Rate – +34.2% YoY volume-driven same-store growth
- Mature Stores EBITDA Margin (>4 Years Vintage) – 11.20% EBITDA margin
- New Stores EBITDA Margin (<4 Years Vintage) – 8.10% EBITDA margin
- North Cluster Operating EBITDA Margin – 4.90% (Record regional margin level)
- Net Working Capital Cycle Days – 42 days (Sharp improvement vs 73 days in March 2023)
Delivering a 34.2% same-store sales growth rate highlights store productivity and footfall conversion in core southern markets. Older stores achieving an 11.20% EBITDA margin demonstrates operational leverage as store vintage matures.
Latest Quarterly Financial Performance of Electronics Mart India (Q1 FY2027)
Electronics Mart India recorded its highest-ever quarterly turnover and net profit during the first quarter of FY2027.
- Consolidated Revenue from Operations – Rs 2,418.95 crore (+39.1% YoY vs Rs 1,739.00 crore in Q1 FY2026)
- Consolidated Gross Profit Realised – Rs 417.00 crore (+64.8% YoY vs Rs 253.00 crore in Q1 FY2026)
- Consolidated Gross Profit Margin Realisation – 17.24% (+264 bps YoY vs 14.60%)
- Consolidated Operating EBITDA – Rs 239.00 crore (+117.3% YoY vs Rs 110.00 crore in Q1 FY2026)
- Consolidated Operating EBITDA Margin – 9.88% (+355 bps YoY vs 6.33%)
- Consolidated Net Profit After Tax (PAT) – Rs 120.64 crore (+460.1% YoY vs Rs 21.54 crore in Q1 FY2026)
First-quarter consolidated operating revenue expanded 39.1% year-on-year to Rs 2,418.95 crore, driven by summer cooling product dispatches and store traffic. Consolidated Net Profit After Tax surged 460.1% to a record Rs 120.64 crore, as operating leverage expanded EBITDA margins to 9.88%.
Consolidated Annual Financial Performance of Electronics Mart India (FY2026)
The company achieved full-year turnover growth and cash flow generation during full financial year FY2026.
- Full Year Consolidated Revenue from Operations – Rs 7,183.26 crore (+6.7% YoY vs Rs 6,731.00 crore in FY2025)
- Full Year Consolidated Net Profit After Tax (PAT) – Rs 107.38 crore
- Trailing 12-Month Return on Capital Employed (ROCE) – 20.10%
- Consolidated Basic Earnings Per Share (EPS) – Rs 2.78 per share
Full-year operating turnover crossed Rs 7,180.00 crore in FY2026, supported by store additions in Delhi-NCR and South India. Delivering a trailing 12-month ROCE of 20.10% reflects capital efficiency across retail store assets.
Balance Sheet Structure & Financial Health Ratios of Electronics Mart India (Q1 FY2027)
Electronics Mart India operates a deleveraged balance sheet supported by equity net worth and operational cash conversion.
- Working Capital Short-Term Debt Base – Rs 97.00 crore (Reduced sharply from Rs 658.00 crore at start of quarter)
- Net Working Capital Cycle – 42 days
- Total Consolidated Shareholder Equity Net Worth Base – ~Rs 1,450.00 crore
- Long-Term Credit Rating Profile – Reaffirmed '[CRISIL] A+ (Stable)' / 'CARE A+ (Stable)'
Reducing working capital short-term debt from Rs 658 crore down to Rs 97 crore in a single quarter significantly lowers annual interest costs. Maintaining a 42-day working capital cycle ensures cash conversion across inventory stocking cycles.
Capex Allocation & Retail Store Expansion Roadmap of Electronics Mart India (FY2027–FY2028)
The enterprise executes a structured capital outlay plan to expand into West Bengal, add stores in Delhi-NCR, and buy strategic commercial real estate.
- Planned 24-Month Total Capex Outlay Guidance – ~Rs 150.00 crore total investment
- New Store Fit-Outs Allocation Outlay – Rs 100.00 crore for opening 30 net new stores in East India
- Strategic Commercial Property Purchases – Rs 50.00 crore allocated for property acquisitions in Kolkata
- Target East Cluster Store Expansion Count – 30 new stores planned across West Bengal market over 24 months
- Funding Strategy – 100% funded through internal operational cash accruals
Capital expenditure outlays of Rs 150 crore will fund adding 30 new stores in West Bengal and purchasing commercial property in Kolkata. Internal operational cash flow generation fully funds all planned store additions without long-term debt borrowing.
Strategic Outlook & Management Commentary of Electronics Mart India (Q1 FY2027 Concall)
Management guidance outlines strategic priorities centered on full-year revenue targets, gross margin preservation, and East India expansion.
- Management guides for full financial year FY2027 revenue growth of 18.0% to 20.0% YoY.
- Consolidated full-year gross profit margin guidance is maintained at 15.0% to 15.5% corridor despite higher Q1 prints.
- Expansion into West Bengal (Kolkata cluster) will serve as the next regional growth engine with 30 store openings planned.
- Working capital debt will be maintained at low levels to reduce overall corporate interest expense.
- Store openings in Delhi-NCR will focus on cluster-based density to drive regional marketing and logistics scale.
- Capital allocation strategy will prioritize self-funded retail store build-outs while preserving balance sheet health.
Management anticipates sustained consumer electronics demand and new store additions to support full-year turnover targets. Operational focus centers on executing the West Bengal store rollout, sustaining working capital discipline, and preserving balance sheet health.
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Sources & References
- Electronics Mart India Q1 FY2027 Unaudited Financial Results Disclosures & BSE Outcomes
- Electronics Mart India Q1 FY2027 Earnings Conference Call Transcript
- Investor Presentation & Operational Updates for Electronics Mart India
- Stock Exchange Filings & Corporate Announcements for Electronics Mart India
- Ticker Finology Electronics Mart India Page
Disclaimer
The information presented above on Electronics Mart India has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Electronics Mart India page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.