EBGNG
GNG Electronics share price & financials
- Price
- ₹543
- Market cap
- ₹6.0k Cr
- Sector
- Information Technology
- Calls analysed
- 5
GNG Electronics Limited Q1 FY27
What went well
- Revenue of INR412.5 crores, up 32% YoY, driven by strong demand across India and international markets.
- Gross margin expanded to 24.65%, improving by 329 bps YoY and 542 bps sequentially, reflecting better procurement and realization.
- EBITDA margin improved by 156 bps YoY to 12.8%, and PAT grew 56% YoY to INR28.9 crores, with PAT margin at 7%.
What to watch
- Memory prices rose 10% this quarter and have increased fivefold since October 2025, with expectations of a further 5-10% rise every quarter.
- IDC projects global PC shipments to decline 11.3% for full year 2026, with a 20% YoY decline in H2, potentially impacting the disposition pie.
What GNG Electronics Limited does
GNG Electronics Limited operates under the Electronics Bazaar brand, sourcing used enterprise-grade IT hardware (primarily laptops and PCs) and refurbishing it for resale to corporate and retail buyers. The company runs refurbishment facilities in India, the UAE and the USA, and sells through a distribution network of customer-facing touch points spanning dozens of countries, including tie-ups with leading technology distributors in India. It is positioned to benefit from the structural shift toward refurbished devices as new-laptop component costs rise and enterprises seek lower-cost alternatives.
Segments
- India operations
- UAE operations
- USA operations
- Countries supplied
- 46 countries (up from 38)
- Customer-facing touch points
- 4,895 (up from 4,154)
- Total employees
- 2,148
- Production technicians
- 1,800 (up from 1,200)
- Refurbishment capacity
- ~150,000 units per month
- Refurbishment facility locations
- India, UAE, USA
Guidance record · Q1 FY27
what the last two calls moved 12 tracked 3 delivered 4 missed 5 open- Revenue Growth delivered said Q1 FY26 Promised: 25% year-on-year Q1 FY27: Promise completed in FY26.
- Volume Growth (Units) missed said Q1 FY26 Promised: 25% to 27% Q1 FY27: Promise completed in FY26.
- Revenue Growth revised up said Q4 FY26 Promised: ~25% for FY27 Q1 FY27: Revised revenue guidance upward from ~25% to 25-30% for FY27.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 32.1%, net profit up 52.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 353 | 347 | 456 | 312 | 440 +25% | 487 +40% | 652 +43% | 412 +32% |
| EBITDA | 33 | 31 | 28 | 32 | 47 +42% | 54 +74% | 63 +125% | 49 +53% |
| Net profit | 23 | 19 | 15 | 19 | 33 +43% | 39 +105% | 42 +180% | 29 +53% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +96.8% 1Y
1Y: ₹345.4 on 10 Sept 2025 → ₹679.65. High ₹679.65 (11 Sept 2026), low ₹242.55 (27 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.8%
- 30 Jul
- Q4 FY26
- +1.2%
- 11 May
- Q3 FY26
- +0.7%
- 5 Feb
- Q2 FY26
- +3.2%
- 4 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 34.0% a year over 1 year, FY25 to FY26. Operating margin widened to 10.4%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.9k Cr |
| Operating profit | ₹118 Cr | ₹196 Cr |
| Operating margin | 8.4% | 10.4% |
| Interest | ₹39 Cr | ₹42 Cr |
| Depreciation | ₹9 Cr | ₹10 Cr |
| Net profit | ₹69 Cr | ₹133 Cr |
| Net margin | 4.9% | 7.0% |
| Cash from operations | ₹25 Cr | ₹-215 Cr |
| Free cash flow | ₹15 Cr | ₹-238 Cr |
| ROCE | 20.0% | 20.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹23 Cr | ₹23 Cr |
| Reserves | ₹51 Cr | ₹79 Cr | ₹111 Cr | ₹163 Cr | ₹646 Cr | ₹735 Cr |
| Borrowings | ₹82 Cr | ₹100 Cr | ₹149 Cr | ₹332 Cr | ₹217 Cr | ₹433 Cr |
| Other liabilities | ₹38 Cr | ₹11 Cr | ₹16 Cr | ₹91 Cr | ₹31 Cr | ₹63 Cr |
| Total liabilities | ₹170 Cr | ₹190 Cr | ₹277 Cr | ₹586 Cr | ₹916 Cr | ₹1.3k Cr |
| Fixed assets | ₹7 Cr | ₹7 Cr | ₹8 Cr | ₹41 Cr | ₹37 Cr | ₹74 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹7 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹163 Cr | ₹183 Cr | ₹268 Cr | ₹538 Cr | ₹879 Cr | ₹1.2k Cr |
| Total assets | ₹170 Cr | ₹190 Cr | ₹277 Cr | ₹586 Cr | ₹916 Cr | ₹1.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, promoters trimmed −3.93 pp while DIIs added +2.20 pp. The shareholder count shrank 4% to 53,228.
- Promoters
- 74.8%
- FIIs
- 5.3%
- DIIs
- 6.8%
- Public
- 13.1%
Since Sep 2025
- Promoters −3.93 pp
- DIIs +2.20 pp
- FIIs +1.85 pp
How it drifted, 4 quarters
Over this window promoters fell from 78.7% to 74.8% — −3.9 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 78.7%, FIIs 3.4%, DIIs 4.6%, Public 13.3%.Dec '25: Promoters 78.7%, FIIs 2.4%, DIIs 4.7%, Public 14.2%.Mar '26: Promoters 78.7%, FIIs 2.8%, DIIs 5.2%, Public 13.3%.Jun '26: Promoters 74.8%, FIIs 5.3%, DIIs 6.8%, Public 13.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mirae Asset Small Cap Fund Mutual fund newly disclosed 1.69% held
- Iti Small Cap Fund Mutual fund newly disclosed 1.30% held
- Motilal Oswal Large Cap Fund Mutual fund newly disclosed 1.02% held
- Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house +0.39 pp 2.29% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of GNG Electronics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Amiable Electronics Private Limited | 46.64% | unchanged |
| Sharad Khandelwal | 15.73% | unchanged |
| Vidhi S Khandelwal | 11.80% | −3.93 pp |
| Amit Midha | 4.25% | unchanged |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house | 2.29% | +0.39 pp |
| Mirae Asset Small Cap Fund Mutual fund | 1.69% | newly disclosed |
| Iti Small Cap Fund Mutual fund | 1.30% | newly disclosed |
| Motilal Oswal Large Cap Fund Mutual fund | 1.02% | newly disclosed |
| Vivek Khandelwal | 0.61% | unchanged |
| Royal Touch LLC | 0.00% | unchanged |
| Shubh Kitchen LLC | 0.00% | unchanged |
| Electronics Bazar Inc. (USA) | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹680, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~93%. At that growth it is worth ₹8348 — upside of 1128%.
- Growth the price implies
- 32.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 92.8% a year
- net profit, FY25–FY26
- The gap
- -0.6 pp
- 1128% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse GNG Electronics Limited
Guides on how to read this kind of business and the numbers that matter.