The Company has submitted the Investor Presentation for the fourth quarter and the financial year ended on 31st March 2026
EMIL · price
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Electronics Mart India (EMIL), India's 4th largest electronics retailer, reported Q4 FY26 revenue of Rs. 1,913 Crores (up 15% YoY) and FY26 revenue of Rs. 7,183 Crores (up 6.7%). EBITDA for Q4 was Rs. 129 Crores (6.7% margin, up 30 bps YoY) but FY26 EBITDA declined 2.9% to Rs. 438 Crores (6.1% margin vs 6.7% in FY25), as margin pressure from the North cluster expansion weighed on overall profitability. PAT for FY26 fell 33% to Rs. 107 Crores due to an exceptional charge and higher finance costs. The company opened 23 net new stores in FY26, taking the total to 223 (215 MBO + 8 EBO), with the North cluster growing at 31% YoY in Q4 but still generating near-zero margins (0.3% vs South cluster's 6.5%), as newer stores are in the ramp-up phase. Same-store sales growth was 12.1% in Q4, driven by strong performance across mature stores which generated 7.3% EBITDA margins versus just 3.1% for non-mature stores. The company cited operating leverage as a driver of Q4 margin improvement.
EMIL's FY26 results show revenue growth but underlying margin pressure from its aggressive North expansion, with PAT falling 33% and EBITDA margins declining year-on-year. However, the Q4 recovery in margins and strong 12.1% SSSG signal that the mature store base is performing well. The stock may see near-term pressure due to the PAT decline, but investors will focus on when the North cluster will reach South-cluster profitability levels.