EMIL

Electronics Mart India share price & financials

Price
₹120.86
Market cap
₹7.1k Cr
Sector
Consumer Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 07 Aug 2026

Electronics Mart India Limited Q1 FY27

Revenue ₹2,419 cr +39%EBITDA ₹239 cr +118%EBITDA Margin 9.9% PAT ₹121 cr +458%

What went well

  • Revenue grew by 39% YoY to ₹2,419 crores, indicating robust demand and effective execution.
  • EBITDA increased by 118% YoY to ₹239 crores, with margins expanding to 9.9% from 6.3% in Q1 FY26.
  • Profit After Tax (PAT) saw a significant jump of 458% YoY to ₹121 crores, making it the highest ever quarterly profit.

What to watch

  • Some gross margin benefits from price increases in categories like laptops and mobile were noted as a 'temporary upside' and not necessarily a permanent increase.
  • The Delhi NCR circuit's SSG was low due to underperformance in cooling products, with the entire North market being negative compared to 2024.
Read the full call →

What Electronics Mart India Limited does

Electronics Mart India Limited (EMIL) is a multi-brand retailer of consumer durables, electronics, and electrical appliances, trading as Bajaj Electronics in its Southern cluster (Telangana, Andhra Pradesh, Kerala) and as Electronics Mart in the Delhi-NCR cluster. It earns by selling third-party branded products - mobile phones, large appliances (TVs, ACs, refrigerators, washing machines) and small appliances/IT products - through company-operated multi-brand outlets (MBOs) and exclusive brand outlets (EBOs), backed by a network of central warehouses. It also runs specialty retail formats such as Easy Kitchens, Kitch:N Stories and Audio & Beyond, and is a preferred distributor for global brands including Sony, LG, Samsung and Blue Star. Founded in 1980 with a single store in Hyderabad, EMIL has since grown into one of India's largest electronics retail chains.

Segments

  • Mobiles
  • Large Appliances
  • Small Appliances, IT & Others
Store count
223 stores (215 MBO + 8 EBO)
Market position
4th largest electronics retailer in India
Retail area
1.94+ million sq. ft.
Cities present
90+ cities
Central warehouses
14
Store ownership mix
189 leased, 20 owned, 14 POPL (part-owned-part-leased)
Founded 1980Headquarters Hyderabad, TelanganaEmployees 3,069 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 3 delivered 8 missed 12 open
  • Hyderabad SSSG delivered said Q3 FY25 Promised: Normalize to 2-3% going forward Q1 FY27: Hyderabad City SSSG was 32.3%, continuing to significantly outperform the original normalization target.
  • FY25 Total Store Additions delivered said Q3 FY25 Promised: Around 40 stores Q1 FY27: Historical promise, no new updates.
  • FY27 Store Additions revised up said Q4 FY26 Promised: Approximately 20 new stores Q1 FY27: Revised guidance upwards to 23-27 stores for FY27 (10-12 in Kolkata, 8-10 in NCR, 5 in South).

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 39.1%, net profit up 450.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,335 1,805 1,664 1,739 1,591 +19%1,940 +7%1,913 +15%2,419 +39%
EBITDA82 102 107 110 82 +0%118 +16%129 +21%239 +117%
Net profit23 34 27 22 16 −30%30 −12%40 +48%121 +450%
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 +27.0% 1Y

₹80₹100₹120₹140₹160₹180₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 22 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹148.29 on 10 Sept 2025 → ₹188.38. High ₹193.61 (12 Aug 2026), low ₹85.58 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+10.7%
7 Aug
Q4 FY26
+4.1%
22 May
Q3 FY26
+14.8%
9 Feb
Q2 FY26
−3.5%
10 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 9.7% a year over 3 years, FY23 to FY26. Operating margin held at 6.1%.

Year endingFY23FY24FY25FY26
Revenue₹5.4k Cr₹6.3k Cr₹6.7k Cr₹7.2k Cr
Operating profit₹336 Cr₹450 Cr₹451 Cr₹439 Cr
Operating margin6.2%7.1%6.7%6.1%
Interest₹99 Cr₹107 Cr₹117 Cr₹154 Cr
Depreciation₹86 Cr₹105 Cr₹126 Cr₹156 Cr
Net profit₹123 Cr₹184 Cr₹161 Cr₹108 Cr
Net margin2.3%2.9%2.4%1.5%
Cash from operations₹-3 Cr₹161 Cr₹177 Cr₹443 Cr
Free cash flow₹-249 Cr₹-13 Cr₹-158 Cr₹309 Cr
ROCE12.0%13.0%10.0%8.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹300 Cr₹300 Cr₹385 Cr₹385 Cr₹385 Cr₹385 Cr
Reserves₹192 Cr₹297 Cr₹800 Cr₹985 Cr₹1.2k Cr₹1.2k Cr
Borrowings₹968 Cr₹1.1k Cr₹1.4k Cr₹1.6k Cr₹2.0k Cr₹2.0k Cr
Other liabilities₹64 Cr₹87 Cr₹75 Cr₹118 Cr₹159 Cr₹172 Cr
Total liabilities₹1.5k Cr₹1.8k Cr₹2.7k Cr₹3.1k Cr₹3.7k Cr₹3.8k Cr
Fixed assets₹674 Cr₹785 Cr₹1.1k Cr₹1.4k Cr₹1.9k Cr₹1.9k Cr
Capital work in progress₹2 Cr₹24 Cr₹14 Cr₹45 Cr₹15 Cr₹19 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹848 Cr₹1.0k Cr₹1.5k Cr₹1.7k Cr₹1.8k Cr₹1.8k Cr
Total assets₹1.5k Cr₹1.8k Cr₹2.7k Cr₹3.1k Cr₹3.7k Cr₹3.8k 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 Jun 2025, DIIs added +3.67 pp while FIIs trimmed −2.41 pp. The shareholder count shrank 8% to 1,04,678.

Promoters
65.2%
FIIs
4.8%
DIIs
20.9%
Public
9.2%

Since Jun 2025

  • DIIs +3.67 pp
  • FIIs −2.41 pp
  • Public −1.26 pp

How it drifted, 12 quarters

Over this window promoters fell from 73.0% to 65.2% — −7.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.0%, FIIs 4.5%, DIIs 15.2%, Public 7.3%.Dec '23: Promoters 73.0%, FIIs 5.0%, DIIs 16.5%, Public 5.5%.Mar '24: Promoters 73.0%, FIIs 5.1%, DIIs 16.7%, Public 5.2%.Jun '24: Promoters 73.0%, FIIs 5.0%, DIIs 17.0%, Public 5.1%.Sep '24: Promoters 65.2%, FIIs 8.8%, DIIs 18.9%, Public 7.1%.Dec '24: Promoters 65.2%, FIIs 9.2%, DIIs 18.0%, Public 7.7%.Mar '25: Promoters 65.2%, FIIs 8.7%, DIIs 18.6%, Public 7.6%.Jun '25: Promoters 65.2%, FIIs 7.2%, DIIs 17.2%, Public 10.4%.Sep '25: Promoters 65.2%, FIIs 6.9%, DIIs 17.9%, Public 10.1%.Dec '25: Promoters 65.2%, FIIs 6.2%, DIIs 18.9%, Public 9.8%.Mar '26: Promoters 65.2%, FIIs 5.2%, DIIs 20.1%, Public 9.6%.Jun '26: Promoters 65.2%, FIIs 4.8%, DIIs 20.9%, Public 9.2%.

Who was buying across the market this quarter →

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.

The same filing shows 0 holders trimming and 4 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Electronics Mart India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Karan Bajaj 32.54%unchanged
Pavan Kumar Bajaj 32.12%unchanged
SBI Conservative Hybrid Fund Mutual fund7.43%newly disclosed
Nippon Life India Trustee Ltd-A/C Nippon India Sma Mutual fund4.54%unchanged
Government Pension Fund Global Sovereign2.58%unchanged
Bandhan Small Cap Fund Mutual fund2.55%+0.90 pp
Franklin India Small Cap Fund Mutual fund2.49%+0.14 pp
Others Unclassified1.95%newly disclosed
HDFC Value Fund Mutual fund1.59%unchanged
Sundaram Mutual Fund - Sundaram Consumption Fund Mutual fund1.16%unchanged
Isha Kalra 0.50%unchanged
Astha Bajaj 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.

Mutual funds in EMIL

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 6 sold out — net −97.09 L shares (−22.9%).

Held by funds
₹560 Cr
5 schemes
Biggest holder
SBI Smallcap Fund
₹363 Cr · 0.8% of that fund
SchemeHoldingLast month
SBI Smallcap Fund SBI Mutual Fund₹363 Crheld
SBI MultiCap Fund SBI Mutual Fund₹117 Crheld
HDFC Value Fund HDFC Mutual Fund₹45 Crheld
HDFC Housing Opportunities Fund HDFC Mutual Fund₹24 Crheld
HDFC Dividend Yield Fund HDFC Mutual Fund₹11 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net −97.09 L shares (−22.9%)

Funds are sitting on
-37%
vs est. average cost
Held by funds
₹560 Cr
5 schemes · ≈ 5.6% of the company
Biggest holder
SBI Smallcap Fund
₹363 Cr · 0.8% of that fund
Longest holder
HDFC Housing Opportunities Fund
3y 2m · since Jun '23

Shares held by these funds +76%

Aug '23 4.24 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹188, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~-9%. At that growth it is worth ₹31 — downside of 84%.

Growth the price implies
24.8% a year
for 7 years, fading to 4%
It has actually compounded at
-8.9% a year
net profit, FY23–FY26
The gap
0.3 pp
-84% downside if it only repeats history
Price today ₹188.38 Value at the reference growth ₹31.06

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Electronics Mart India Limited

Guides on how to read this kind of business and the numbers that matter.