Electronics Mart India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Electronics Mart India Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Electronics Mart India reported Q4 FY26 revenue of INR1,913 crores, up 15% year-on-year, with EBITDA of INR129 crores and a margin of 6.7%. Management said the quarter benefited from a strong summer season, GST-driven demand in large appliances, and continued growth in mobile phones, while the NCR region turned EBITDA positive on a full-year basis. For FY26 overall, revenue grew 7% to INR7,183 crores with a 6.1% EBITDA margin and PAT of INR107 crores.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR1,913 crores (Q4 FY26)
p. 5
“Our revenues for the quarter stood at INR1,913 crores versus INR1,664 crores in Q4 FY '25, a growth of 15%.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
EBITDA: INR129 crores (Q4 FY26)
p. 5
“EBITDA for Q4 FY26 stood at INR129 crores versus INR107 crores in Q4 FY25, witnessing a growth of 20%.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
EBITDA margin: 6.7% (Q4 FY26)
p. 5
“EBITDA margin for Q4 FY26 stood at 6.7% versus 5.6% of the previous year's fourth quarter.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
PAT: INR40 crores (Q4 FY26)
p. 5
“PAT for Q4 FY26 stood at INR40 crores shown a growth of approximately 49%.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
SSSG: 12.2% (Q4 FY26)
p. 5
“SSSG for Q4 FY26 has been 12.2%.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
Revenue: INR7,183 crores (FY26)
p. 5
“Our revenues for FY26 stood at INR7,183 crores versus INR6,731 crores in FY25, a growth of 7%.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
EBITDA margin: 6.1% (FY26)
p. 5
“EBITDA for FY '26 stood at INR438 crores and EBITDA margin for FY26 stood at 6.1%.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
PAT: INR107 crores (FY26)
p. 5
“PAT for FY26 stood at INR107 crores.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
SSSG: 5.3% (FY26)
p. 5
“And for FY26, SSSG stood at 5.3%, pre Ind AS cash flow from operations for the year stood at INR299 crores.”
Premchand Devarakonda, page 5 of the filed PDF · View the filing
Mature store EBITDA margin: approximately 7.3% (FY26)
p. 3
“From a profitability standpoint, mature stores continue to demonstrate strong performance with an EBITDA margin of approximately 7.3%, while newer stores are currently operating at 3.1%, consistent with their stage of ramp-up.”
Karan Bajaj, page 3 of the filed PDF · View the filing
South cluster EBITDA margin: 6.5% (FY26)
p. 3
“On cluster-level profitability, we continue to maintain a healthy EBITDA margin of 6.5% in our South”
Karan Bajaj, page 3 of the filed PDF · View the filing
Inventory days outstanding: 73 days (as of 31st March 2026)
p. 4
“On inventory days outstanding as of 31st March'26 stood at 73 days.”
Karan Bajaj, page 4 of the filed PDF · View the filing
Hyderabad store count: 72 stores (FY26)
p. 17
“Okay. So sir, FY26, currently, we are around 72 stores in Hyderabad city.”
Karan Bajaj, page 17 of the filed PDF · View the filing
Hyderabad revenue: INR4,122 crores approximately (FY26)
p. 17
“And for FY '26, the revenue generated out of these stores were INR4,122 crores approximately.”
Karan Bajaj, page 17 of the filed PDF · View the filing
NCR region revenue: INR585-odd crores (FY26)
p. 16
“So we closed FY26 at INR585-odd crores for NCR as a region.”
Karan Bajaj, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
NCR/Delhi region revenue — INR800-plus odd crores · FY27
stated as an aspiration by Karan Bajaj
p. 16
“So INR585 versus, say, we end up doing INR800-plus odd crores in FY27, that is the target that we're looking at.”
Karan Bajaj, page 16 of the filed PDF · View the filing
North cluster EBITDA margin — 2% to 4% · FY27
stated conditionally by Karan Bajaj
p. 16
“So that is the least that we have in mind for Delhi as a region.”
Karan Bajaj, page 16 of the filed PDF · View the filing
North cluster EBITDA margin vs South — 3% to 4% higher than currently · FY28
stated as an aspiration by Karan Bajaj
p. 14
“Yeah. So by FY '28, we should at least not the same number as south, but at least a 3% to 4% higher number than what it is currently.”
Karan Bajaj, page 14 of the filed PDF · View the filing
Andhra and Telangana cluster revenue — between INR2,400 crores and INR2,700 crores · coming year
stated as an aspiration by Karan Bajaj
p. 17
“So, both the clusters would definitely contribute to anywhere between INR2,400 crores and INR2,700 crores in the coming year.”
Karan Bajaj, page 17 of the filed PDF · View the filing
Store additions — around 20 stores · FY27
stated firmly by Karan Bajaj
p. 14
“So organically, if you see, between the existing older clusters, we will be opening around not more than 20 odd stores this year.”
Karan Bajaj, page 14 of the filed PDF · View the filing
Calcutta store openings — 5 to 7 stores · end of Q2 or beginning of Q3
stated firmly by Karan Bajaj
p. 11
“We would at least start off with 5 to 7 stores in that region by the end of Q2 or the beginning of Q3.”
Karan Bajaj, page 11 of the filed PDF · View the filing
Real estate investment in Calcutta — not more than INR50-odd crores · this financial year
stated firmly by Karan Bajaj
p. 15
“But for this financial year, I wouldn't look at more than INR50-odd crores investments happening in real estate there.”
Karan Bajaj, page 15 of the filed PDF · View the filing
Delhi cluster growth — 25% to 30% · FY27
stated firmly by Karan Bajaj
p. 21
“So sir, at least for that particular cluster, we will do at least a 25% to 30% kind of a growth from the existing 590 kind of a number.”
Karan Bajaj, page 21 of the filed PDF · View the filing
Delhi cluster EBITDA margin — 2.5% or 3% · FY27
stated conditionally by Karan Bajaj
p. 21
“Margin will improve, so right now, I would consider at 0.2%, 0.3% kind of an EBITDA margin, which would be definitely 2.5% or 3% kind of a number.”
Karan Bajaj, page 21 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the strong SSSG to GST-driven improvement across categories and strong performance in mobile phones and cooling products.
Answered by Karan Bajaj
Asked by Manoj Gori: How should Hyderabad's strong SSSG be read for FY27?
p. 5
“So -- but I would attribute this majority of the sales coming in from a lot of benefit that has come our way, especially post-September the benefit of GST dropped.”
Karan Bajaj, page 5 of the filed PDF · View the filing
Management said internal category-level margin improvements and stronger performance in other categories offset the mix shift.
Answered by Karan Bajaj
Asked by Manoj Gori: How should investors read stable gross margins despite a decline in large appliance mix?
p. 6
“So we definitely -- these product categories have a higher gross margin, and that is helping us improve.”
Karan Bajaj, page 6 of the filed PDF · View the filing
Management said loan repayment terms remain unchanged but working capital requirements have come down, freeing cash for reinvestment.
Answered by Karan Bajaj
Asked by Manoj Gori: How will record cash flow from operations be utilized?
p. 7
“So the cash flows have all been deployed into other business and whereas the working capital requirement has definitely gone down to what it was during the same period last year.”
Karan Bajaj, page 7 of the filed PDF · View the filing
Management said it was too early to comment given half the summer quarter remained, though AP and Telangana had outperformed expectations.
Answered by Karan Bajaj
Asked by Devanshu Bansal: What is the growth outlook across regions for FY27?
p. 7
“Sir, if you ask me, it is too early to comment right now, because see, Delhi, the summer started a little late.”
Karan Bajaj, page 7 of the filed PDF · View the filing
Management said most sourcing is already direct from OEMs, with only a small portion going through distributors for logistics reasons.
Answered by Karan Bajaj
Asked by Devanshu Bansal: Is there scope to increase direct sourcing from brands to improve margins?
p. 8
“I'm talking about the group, the whole group. So if you're talking about a INR7,000-plus crores revenue, only INR50 odd crores comes in from the distributors, going forward.”
Karan Bajaj, page 8 of the filed PDF · View the filing
Management said this reflects market penetration levels rather than a change in reinvestment strategy, with older markets like Hyderabad seeing fewer new stores.
Answered by Karan Bajaj
Asked by Rupesh Tatiya: Why has the rate of store openings slowed in FY26 versus FY25?
p. 13
“No. No, that remains the same, but it is more to do with the penetration that you would have in a certain market.”
Karan Bajaj, page 13 of the filed PDF · View the filing
Management said the company currently operates only company-owned stores and is cautious about franchising due to control and consistency concerns.
Answered by Karan Bajaj
Asked by Rupesh Tatiya: Would the company consider a franchisee model for capital efficiency?
p. 15
“So sir, we only company-operated stores only, we don't have a franchisee model currently.”
Karan Bajaj, page 15 of the filed PDF · View the filing
Management said FY28 is a firmer target while FY27 could also see progress depending on summer performance.
Answered by Karan Bajaj
Asked by Akhil Parekh: When will the North cluster reach the previously discussed EBITDA margin target?
p. 16
“Akhil, we are -- you're absolutely right. I think the last discussion we had -- we had come out to that number.”
Karan Bajaj, page 16 of the filed PDF · View the filing
Management said last year's weak summer created a low base and growth would become more organic going forward.
Answered by Karan Bajaj
Asked by Hitaindra Pradhan: Can Delhi sustain its Q4 SSSG growth into FY27?
p. 19
“Sir, two things in here. Last year, summer didn’t support us across the country.”
Karan Bajaj, page 19 of the filed PDF · View the filing
Management said Delhi has stabilized organically while Calcutta represents a new learning cycle that will take time to mature.
Answered by Karan Bajaj
Asked by Hitaindra Pradhan: Should the company pause Calcutta expansion to focus on improving North cluster profitability first?
p. 21
“Sir, one is that Delhi, say now, the work of stabilization has been done in Delhi.”
Karan Bajaj, page 21 of the filed PDF · View the filing
Risks flagged
Weather volatility such as temperature swings and sporadic rainfall affected March business
p. 3
“While March business, some temperature volatility and sporadic rainfall, the impact was well offset by a strong festive season across the South region.”
Karan Bajaj, page 3 of the filed PDF · View the filing
Higher competitive intensity in the NCR/Delhi market from larger format players
p. 17
“Sir, in Delhi, not only, like you say, your competitive intensity with bigger guys like Croma, Reliance, Vijay Sales, fighting there, whereas here you're fighting with mom-and-pop stores.”
Karan Bajaj, page 17 of the filed PDF · View the filing
Slower footfall and different customer perception in Delhi compared to South markets
p. 20
“And I don't think our conversions are good, but our footfalls are lower.”
Karan Bajaj, page 20 of the filed PDF · View the filing
Price increases in RAC category being passed on to customers rather than absorbed
p. 10
“And we don't absorb any improvement in -- the hike in the price, it's all passed on to the customer.”
Karan Bajaj, page 10 of the filed PDF · View the filing
New market entry into Calcutta carries execution and learning-curve uncertainty
p. 21
“It's going to take a little time -- till the time we open 15, 20 stores.”
Karan Bajaj, page 21 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.