NSE: EMIL · BSE: 543626
ELECTRONICS MART IND LTD
Sells consumer electronics and appliances through a chain of multi-brand and exclusive-brand retail outlets, primarily in South India and the National Capital Region. Operates 223 stores under the 'Bajaj Electronics' and 'Electronics Mart' brand names — 215 multi-brand outlets and 8 exclusive-brand outlets. The South cluster spanning Hyderabad, Andhra Pradesh and Telangana is the larger base, with about 72 stores in Hyderabad alone; the NCR cluster is smaller at 35 stores but turned EBITDA-positive on a full-year basis for the first time in FY26. Product mix centres on mobile phones, large appliances such as washing machines and panel TVs, and cooling products like air conditioners. Store economics depend heavily on maturity: the 83 stores older than four years run at roughly 7.3% EBITDA margin, while the 140 newer stores sit at about 3.1%, making ramp-up of recent additions the main lever for margin expansion. Plans for FY27 include around 20 new stores, an entry into East India via Calcutta with 5-7 outlets, and a target of ₹800+ crore in NCR revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mobile phones, Large appliances, Cooling products, Accessories and attachments. Multi-brand consumer electronics retail expansion, with margins dependent on the ramp-up of newer stores.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 5,446 | 6,285 | 6,965 | 7,183 |
| EBITDA (ex other income) | 336 | 449 | 451 | 445 |
| margin % | 6.2 | 7.2 | 6.5 | 6.2 |
| Owners' profit | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 3.63 | 4.78 | 4.16 | 2.78 |
| ROE % · ROCE % | 10.4 · 13.4 | 13.4 · 15.5 | 10.5 · 12.5 | 6.6 · 10.3 |
| Debt / equity (x) | 0.61 | 0.52 | 0.64 | 0.55 |
| Cash from operations | 6 | 160 | 176 | 444 |
| Capex | (244) | (162) | (324) | (124) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,386 | 1,885 | 1,719 | 1,739 | 1,591 | 1,940 | 1,913 | 2,419 |
| Profit before tax | 33 | 42 | 44 | 29 | 22 | 39 | 53 | 162 |
| Net profit | 25 | 32 | 31 | 22 | 16 | 30 | 40 | 121 |
| EPS (₹) | 0.64 | 0.82 | 0.82 | 0.56 | 0.42 | 0.77 | 1.03 | 3.14 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AVENUE SUPERMARTS LIMITED | 2,08,720 | 68.1 | 8.53 | 40.1 | 12.1 | 15.9 | 23.3 | 8.1 |
| VISHAL MEGA MART LIMITED | 41,147 | 46.1 | 5.55 | 20.6 | 11.3 | 12.7 | — | 15.5 |
| VMART RETAIL LTD | 6,141 | 44.4 | 6.46 | — | 13.0 | 9.8 | — | 15.0 |
| ELECTRONICS MART IND LTD ◆ | 6,092 | 29.5 | 3.75 | 15.3 | 6.6 | 5.0 | — | 10.0 |
| SHOPPERS STOP LIMITED | 3,746 | — | 12.87 | 5.1 | (12.4) | (1.7) | 23.6 | 14.9 |
| PATEL RETAIL LIMITED | 785 | 18.1 | 2.16 | — | 10.7 | 12.8 | — | 6.4 |
| SPENCER S RETAIL LIMITED | 161 | — | — | 89.1 | 27.3 | (135.8) | (5.8) | 2.0 |
| JAY AMBE SUPERMARKETS LIMITED | 86 | 9.0 | — | — | — | 15.1 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.5 | 29.5 | 5 of 9 | 50% |
| P/B | 3.8 | 3.8 | 5 of 9 | 50% |
| ROCE | 5.0 | 7.4 | 7 of 12 | 46% |
| ROE | 6.6 | 10.7 | 6 of 9 | 38% |
| Debt / Equity | 0.6 | 0.2 | 8 of 9 | 13% |
| EBITDA margin | 10.0 | 12.4 | 6 of 10 | 44% |
| Revenue growth | 39.1 | 16.8 | 2 of 10 | 89% |
| Profit growth | 458.1 | 31.5 | 2 of 10 | 89% |
| Market cap | 6092 | 473 | 4 of 12 | 73% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board meeting on 5 November 2026 to approve Q2 and H1 results | results | low | — | — |
| 9 Oct 2026 · Routine compliance certificate for Q2 FY26 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 26 Sept 2026 · Electronics Mart India 8th AGM: All 5 resolutions passed with over 99.9% approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · EMIL 8th AGM: Revenue 7183 Cr, 223 stores, plans West Bengal entry | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Schedule of analyst and investor meetings on 28 Sep 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Electronics Mart opens new Bajaj Electronics store in Andhra Pradesh | business updates | medium | — | — |
| 9 Sept 2026 · EMIL dispatches web link of Integrated Annual Report FY 2025-26 to Members | compliance | minimal | — | — |
| 4 Sept 2026 · Electronics Mart to attend Axis Capital investor conference on Sep 10 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Electronics Mart to hold investor meetings on 09 Sept 2026 | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.