NSE: EBGNG · BSE: 544455
GNG ELECTRONICS LIMITED
Refurbishes laptops, desktops and enterprise computing systems and resells them to channel partners and end-buyers across international markets including India, the US and Europe. Distribution runs through partners such as Redington Limited, which alone gives access to over 70,000 channel partners across 40-plus markets, with India contributing 33% of revenue, the US 24% and Europe 23%. FY26 revenue reached Rs 1,891 crore, and Q1 FY27 revenue grew 32% year-on-year to Rs 412.5 crore, with Q1 gross margin at 24.6% and PAT Rs 28.9 crore. The model is asset-light and working-capital-driven, with strategic inventory funding an instant-delivery capability. Employee cost is 5.5% of FY26 revenue and other operating expenses 4.2%. Recent expansion runs via the EB Elite Program, Chai Pe Charcha and national distributors. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Refurbished laptops, Refurbished desktops, Enterprise computing systems. Asset-light, working-capital-driven refurbished IT hardware distribution.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,891 |
| EBITDA (ex other income) | 196 |
| margin % | 10.4 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 11.58 |
| ROE % · ROCE % | 17.4 · 24.1 |
| Debt / equity (x) | 0.53 |
| Cash from operations | (215) |
| Capex | (23) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 312 | 440 | 487 | 652 | 412 |
| Profit before tax | 22 | 36 | 43 | 46 | 36 |
| Net profit | 19 | 33 | 39 | 42 | 29 |
| EPS (₹) | 2.03 | 2.78 | 3.34 | 3.70 | 2.54 |
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. % |
|---|---|---|---|---|---|---|---|---|
| GNG ELECTRONICS LIMITED ◆ | 8,254 | 58.6 | 10.87 | 42.9 | 17.4 | 18.7 | — | 12.8 |
| RASHI PERIPHERALS LIMITED | 5,397 | 16.9 | 2.65 | 12.6 | 13.9 | 18.0 | — | 3.4 |
| MOSCHIP TECHNOLOGIES LTD | 3,370 | 123.9 | 8.25 | 56.9 | 8.6 | 7.4 | 40.9 | 10.1 |
| NELCO LTD | 1,625 | 421.3 | 12.61 | 57.2 | 2.6 | 3.1 | 6.3 | 11.9 |
| D-LINK INDIA LTD | 1,430 | 13.3 | 2.83 | 9.4 | 20.6 | 27.2 | 16.6 | 8.6 |
| IVALUE INFOSOLUTIONS LTD | 1,186 | 11.4 | 2.09 | 7.5 | 17.3 | 21.9 | — | 13.4 |
| CONTROL PRINT LIMITED | 951 | 24.4 | 2.11 | 9.8 | 9.7 | 15.5 | 18.8 | 13.4 |
| BHARAT GLOBAL DEVELOPERS LIMIT | 782 | 285.9 | 4.11 | — | (0.1) | (0.1) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 58.6 | 24.9 | 10 of 16 | 40% |
| P/B | 10.9 | 2.7 | 14 of 16 | 13% |
| ROCE | 18.7 | 14.9 | 4 of 19 | 83% |
| ROE | 17.4 | 9.1 | 3 of 16 | 87% |
| Debt / Equity | 0.5 | 0.1 | 15 of 16 | 7% |
| EBITDA margin | 12.8 | 8.8 | 4 of 13 | 75% |
| Revenue growth | 32.1 | 7.0 | 4 of 15 | 79% |
| Profit growth | 56.2 | 30.0 | 6 of 15 | 64% |
| Market cap | 8254 | 551 | 1 of 19 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Subsidiary leases refurbishment facility in UAE SAIF Zone for 25 years | capex operations | medium | — | — |
| 9 Oct 2026 · Routine compliance certificate on demat holdings for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Promoter Vidhi S Khandelwal sells 3% stake in GNG Electronics | ownership changes | high | — | — |
| 30 Sept 2026 · Promoter Vidhi S Khandelwal sells 3% stake for Rs 230.80 cr | ownership changes | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · 20th AGM: All 11 resolutions passed, investment authority saw notable dissent | board shareholder meetings | low | — | — |
| 24 Sept 2026 · 20th AGM held on Sep 24, 2026; 11 resolutions transacted | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · GNG Electronics informs about newspaper notice for 20th AGM | compliance | minimal | — | — |
| 1 Sept 2026 · 20th AGM Notice and Annual Report link sent to unregistered shareholders | compliance | minimal | — | — |
| 1 Sept 2026 · Notice of 20th AGM on September 24, 2026 via video conferencing | board shareholder meetings | 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.