GNG Electronics Limited (EBGNG)
₹708.05 +2.28% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, GNG Electronics' revenue was ₹412 Cr (+32.1% year on year, -36.7% on the previous quarter), and net profit ₹28.9 Cr (+56.2% year on year); the operating margin was 12.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹412 | +32.1% | -36.7% |
| Operating profit | ₹49.4 | +52.8% | -21.6% |
| Net profit | ₹28.9 | +56.2% | -31.1% |
| EPS (₹) | 2.54 | +25.1% | -31.4% |
| Operating margin | 12.0% | — | — |
EBGNG delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.93% of the EBGNG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.89%. That is close to its usual level. Volume was 0.5 times its average, well below normal. 4 bulk or block deals were reported in EBGNG in the last 60 days: ₹367 Cr bought and ₹231 Cr sold.
Delivery in the last 5 sessions: 40.9% · 36.1% · 44.5% · 46.6% · 44.9%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 30 Sep | Sell | Vidhi S Khandelwal | ₹230.80 Cr | ₹674.80 | 3,420,345 | Block |
| 30 Sep | Buy | Unifi Capital Private Limited | ₹170.88 Cr | ₹674.80 | 2,532,345 | Block |
| 30 Sep | Buy | Unifi Capital Private Limited | ₹135.79 Cr | ₹674.80 | 2,012,345 | Bulk |
| 30 Sep | Buy | Blend Fund 2 | ₹59.92 Cr | ₹674.80 | 888,000 | Block |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
GNG Electronics Limited's subsidiary, Electronics Bazaar FZC, has executed a tenancy contract with the Government of Sharjah (SAIF Zone) for leasing a refurbishment facility. The leased facility covers an area of 2,238.77 sq. mtrs. with a 25-year tenure starting September 24, 2026, renewable annually. The lease is aimed at meeting increasing operational demand and expanding regional refurbishing capacity beyond its existing 120,000 units/month global base. Commercial lease costs and specific capital expenditure details were not disclosed in the filing.
- Leased facility area spans 2,238.77 sq. mtrs. in SAIF Zone, UAE
- Long-term lease tenure of 25 Years commencing from September 24, 2026
- Contract executed on October 14, 2026, subject to yearly renewals
- Expansion targets increasing operational requirements and regional refurbishing capacity
Promoter Vidhi S Khandelwal disclosed the sale of 34,20,345 equity shares of GNG Electronics Limited on September 30, 2026, through open-market transactions on the NSE. The transaction value stood at ₹230.80 crore, reducing her personal stake from 11.80% (1,34,48,667 shares) to 8.80% (1,00,28,322 shares). This sale accounts for approximately 3.09% of the company's current market capitalisation of ₹7,478 crore. Total promoter group holding was previously reported at 74.77% as of June 2026.
- Promoter Vidhi S Khandelwal sold 34,20,345 equity shares on September 30, 2026
- Total transaction value executed on the NSE was ₹230,80,48,806 (~₹230.80 crore)
- Vidhi S Khandelwal's individual shareholding reduced from 11.80% to 8.80%
- Post-transaction holding stands at 1,00,28,322 equity shares
GNG Electronics Limited has issued a communication under Regulation 36(1)(b) of SEBI LODR to shareholders whose email addresses are not registered, providing web-links to the FY 2025-26 Annual Report and 20th AGM Notice. The 20th AGM is scheduled for September 24, 2026, at 04:00 PM IST via Video Conferencing. The cut-off date for reckoning remote e-voting rights is September 17, 2026. Remote e-voting will run from September 20, 2026 (09:00 AM IST) to September 23, 2026 (05:00 PM IST).
- 20th Annual General Meeting scheduled for Thursday, September 24, 2026, at 04:00 PM IST via VC/OAVM
- Cut-off date for determining e-voting eligibility fixed as Thursday, September 17, 2026
- Remote e-voting window opens on September 20, 2026 (09:00 AM IST) and concludes on September 23, 2026 (05:00 PM IST)
- Electronic dispatch of AGM Notice and Annual Report completed on Friday, August 28, 2026
GNG Electronics Limited has issued the notice for its 20th Annual General Meeting scheduled for September 24, 2026, with an e-voting cut-off date of September 17, 2026. Along with the notice, the company published its FY25-26 Annual Report detailing key operational metrics. In FY26, the company refurbished 726,872 ICT devices, representing a 23% YoY increase, supported by 1,813 in-house trained technicians. The company's footprint expanded to 10 facilities totaling over 120,000 sq. ft. across India, the UAE, and the USA, serving 46 countries via 4,895 touchpoints.
- 20th Annual General Meeting scheduled for September 24, 2026, with cut-off date set as September 17, 2026
- Refurbished 726,872 ICT devices in FY26, up 23% year-on-year
- Global operational capacity spans 10 facilities covering over 120,000 sq. ft. across India, UAE, and the USA
- Sales footprint covers 46 countries with 4,895 touchpoints and a multi-channel procurement network of 720+ partners
GNG Electronics Limited has informed stock exchanges regarding the closure of its Register of Members and Share Transfer Register from September 18, 2026 to September 24, 2026 (both days inclusive). The book closure is being conducted pursuant to Regulation 42 of the SEBI LODR Regulations, 2015 for its 20th Annual General Meeting (AGM). This is a routine statutory process to identify eligible shareholders for the meeting.
- Book closure window set from September 18, 2026 to September 24, 2026 (both days inclusive)
- Book closure initiated for convening the company's 20th Annual General Meeting
- Intimation made under Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
GNG Electronics issued a revised outcome of its August 27, 2026 board meeting detailing material Related Party Transactions (RPTs) for FY27, subject to shareholder approval. Key RPT limits include up to ₹820 crore (Rs. 8,200 million) for transactions with subsidiary Electronics Bazaar FZC and personal guarantees of up to ₹200 crore each from promoters Sharad and Vidhi Khandelwal. Additional intra-subsidiary limits include ₹700 crore with Bright World Technologies and ₹500 crore with Kay Kay Overseas. The 20th Annual General Meeting is scheduled for September 24, 2026, with a voting cut-off date of September 17, 2026.
- Approved material RPT limit of up to ₹820 Cr (Rs. 8,200 million) with subsidiary Electronics Bazaar FZC for FY27.
- Approved personal guarantees of up to ₹200 Cr (Rs. 2,000 million) each from promoters Sharad Khandelwal and Vidhi S Khandelwal.
- Approved subsidiary transaction limits: up to ₹700 Cr with Bright World Technologies and ₹500 Cr with Kay Kay Overseas.
- 20th AGM scheduled for September 24, 2026 via Video Conferencing; voting cut-off date set to September 17, 2026.
GNG Electronics Limited held its Board Meeting on August 27, 2026, approving the notice for its 20th Annual General Meeting (AGM) scheduled for September 24, 2026. The Board approved material Related Party Transactions (RPTs) subject to shareholder approval, including transactions with subsidiary Electronics Bazaar FZC of up to ₹8,200 million (₹820 crore, representing ~67.7% of TTM revenue). It also approved subsidiary-level RPT limits with Bright World Technologies Inc. (up to ₹7,000 million) and Kay Kay Overseas Corporation (up to ₹5,000 million), alongside the re-appointment of director Ajay Pancholi and appointment of secretarial auditors.
- 20th AGM scheduled for September 24, 2026, via Video Conferencing with a record cut-off date of September 17, 2026.
- Approved Material RPT with Electronics Bazaar FZC for sales, services, and corporate guarantees up to ₹8,200 million.
- Approved Material RPTs for subsidiary Electronics Bazaar FZC with Bright World Technologies (up to ₹7,000 million) and Kay Kay Overseas (up to ₹5,000 million).
- Approved personal guarantees from promoter directors Sharad Khandelwal and Vidhi S Khandelwal up to ₹2,000 million each.
- Appointed M/s N N J & Co as Secretarial Auditor for a 5-year term spanning FY 2026-27 to FY 2030-31.
GNG Electronics reported Q1 FY27 revenue of ₹412.5 cr, a 32% YoY increase, which represents approximately 51.6% of its total FY26 revenue in a single quarter. Gross margins expanded significantly to 24.65% (up 329 bps YoY) as rising component costs pushed new PC prices higher, making refurbished alternatives more attractive. The company expanded its global footprint to 49 countries and grew its supplier base to 773. Management highlighted that entry-level laptop prices rose from ₹40,000 to ₹48,000, creating a structural tailwind for their refurbished products.
- Revenue grew 32% YoY to ₹412.5 cr for the quarter ended June 30, 2026
- Gross margin reached 24.65%, an improvement of 329 bps YoY and 542 bps sequentially
- Global distribution network expanded to 49 countries with 5,130 customer touchpoints
- Supplier base increased to 773 and total employee count rose to 2,420
- Entry-level laptop prices (8GB RAM/512GB SSD) rose 20% from ₹40,000 to ₹48,000, favoring refurbished demand
GNG Electronics has made the audio recording of its Q1 FY27 earnings conference call available to the public following the session held on July 30, 2026. This filing is a procedural requirement under SEBI Listing Regulations. The call likely covers the company's performance following a strong FY26 where revenue reached Rs 799.5 cr with a 10.79% operating margin. Investors can use this recording to verify management's progress on their 20-25% growth guidance and expansion into enterprise-grade servers.
- Earnings conference call for the quarter ended June 30, 2026, held on July 30, 2026
- Company is targeting a 20-25% growth rate by expanding its distribution network of 4,515 touchpoints
- Current monthly processing capacity exceeds 120,000 units
- Management plans to increase sales team size from 96 to 157 members to drive market penetration
GNG Electronics reported a robust start to FY27, with revenue growing 32.1% YoY to ₹412.5 Cr. Profitability outperformed revenue growth as PAT surged 56.2% YoY to ₹28.9 Cr, supported by a 156 bps expansion in EBITDA margins to 12.8%. The company expanded its global footprint to 49 countries and increased customer touchpoints to over 5,100. A strategic partnership with Redington Limited was highlighted as a key driver for organized technology distribution in India.
- Revenue from operations increased 32.1% YoY to ₹412.5 Cr in Q1 FY27
- EBITDA grew 50.4% YoY to ₹52.9 Cr, with margins expanding by 156 bps to 12.8%
- Net Profit (PAT) surged 56.2% YoY to ₹28.9 Cr compared to ₹18.5 Cr in Q1 FY26
- Global reach expanded to 49 countries with customer touchpoints exceeding 5,100
- Q1 FY27 revenue represents approximately 51.6% of the total FY26 annual revenue of ₹799.5 Cr
GNG Electronics reported a strong YoY performance for Q1 FY27, with revenue rising 32.1% to ₹412.5 crore. Profitability saw a significant boost as PAT grew 56.2% YoY to ₹28.9 crore, driven by a 329 bps expansion in gross margins to 24.6%. The company expanded its global footprint to 49 countries and over 5,100 touchpoints. However, on a sequential basis, revenue declined 36.7% from ₹651.7 crore in Q4 FY26, indicating potential seasonality or a high base in the previous quarter.
- Revenue from operations grew 32.1% YoY to ₹412.5 crore in Q1 FY27.
- EBITDA margins improved by 156 bps YoY to 12.8%, resulting in EBITDA of ₹52.9 crore.
- Net Profit (PAT) increased 56.2% YoY to ₹28.9 crore from ₹18.5 crore.
- Gross Profit margins expanded to 24.6% from 21.4% YoY, reflecting better procurement and sales mix.
- Global reach expanded to 49 countries with a strategic distribution partnership signed with Redington Limited.
GNG Electronics reported a strong year-on-year performance for the quarter ended June 30, 2026, with consolidated revenue growing 32.1% to ₹412.46 crore. Net profit surged 56.2% YoY to ₹28.93 crore, reflecting improved operational efficiencies in the ICT device segment. However, on a sequential basis, revenue and profit declined by 36.7% and 31.4% respectively compared to the March 2026 quarter, which is common in hardware cycles. The company's standalone operations contributed ₹229.76 crore to the total revenue.
- Consolidated revenue from operations increased 32.1% YoY to ₹412.46 crore from ₹312.28 crore.
- Consolidated net profit grew 56.2% YoY to ₹28.93 crore compared to ₹18.52 crore in Q1 FY26.
- Standalone revenue rose 33.5% YoY to ₹229.76 crore, indicating strong domestic performance.
- Consolidated EPS for the quarter improved to ₹2.54 from ₹1.91 in the corresponding previous year quarter.
- Total consolidated expenses stood at ₹380.23 crore, with direct costs accounting for ₹272.65 crore.
GNG Electronics (Electronics Bazaar) has scheduled its Q1FY27 earnings conference call for July 30, 2026, at 06:00 PM IST. The call will be led by Managing Director Sharad Khandelwal and Director Ajay Pancholi to discuss the company's recent performance. This follows a period where the company has targeted a 20-25% growth rate and expanded its distribution network to 4,515 touchpoints. Investors will likely seek updates on the 75 bps margin expansion target and the progress of international expansion into Europe and South Africa.
- Earnings conference call scheduled for July 30, 2026, at 06:00 PM IST
- Company targeting 20-25% growth rate through expansion of its 4,515 touchpoint distribution network
- Sales team expansion planned from 96 to 157 members to support market penetration
- Current global capacity stands at 120,000 units per month with H1 FY26 processing 300,000 units
- Management aims for a 75 bps margin expansion through high-end SSDs and enterprise-grade servers
GNG Electronics Limited has scheduled an earnings conference call for July 30, 2026, at 06:00 PM IST to discuss financial performance. This follows a board meeting scheduled for the same day, where quarterly results are expected to be approved. The company previously reported a revenue of ₹487.22 cr and a net profit of ₹38.69 cr for the quarter ended December 2025. Investors will likely seek updates on the company's 20-25% growth target and its expansion into enterprise-grade servers.
- Earnings conference call scheduled for July 30, 2026, at 06:00 PM IST
- Board meeting to precede the call on July 30, 2026, for financial results
- Company is targeting a 20-25% growth rate through distribution expansion
- Sales team expansion planned from 96 to 157 members to drive growth
- Current global capacity stands at over 120,000 units per month
GNG Electronics Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's registrar, Bigshare Services Pvt. Ltd., confirmed that no requests for dematerialization or rematerialization were received during the quarter ended June 30, 2026. This is primarily because the entire shareholding of the company is already held in dematerialized form. This is a standard procedural filing required for all listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- 100% of the company's shares are confirmed to be in demat form
- Zero requests for dematerialization or rematerialization were processed during the quarter
- Certificate issued by Registrar and Share Transfer Agent, Bigshare Services Pvt. Ltd., dated July 08, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 24.7% YoY in Q2 FY26 to INR 439.9 Cr and 23.7% YoY in H1 FY26 to INR 752.2 Cr, primarily driven by the high-end refurbished ICT devices segment which now contributes 97% of revenue under the Electronics Bazaar brand.
Geographic Revenue Split
The company operates in 42 countries (up from 38), including India, USA, UAE, and new markets in Europe and South Africa. While specific regional % splits are not disclosed, international expansion in the Middle East and U.S. is cited as a primary growth driver.
Profitability Margins
Gross Profit Margin improved significantly to 19.9% in Q2 FY26 (up 541 bps from 14.5% YoY) and 20.5% in H1 FY26. PAT Margin increased to 7.4% in Q2 FY26 (up 88 bps) and 6.8% in H1 FY26 (up 101 bps) due to better procurement and higher-margin refurbishment sales.
EBITDA Margin
EBITDA Margin stood at 10.6% in Q2 FY26 (up 46 bps YoY) and 10.9% in H1 FY26. The company aims for a sustainable 10%+ margin, targeting a 75 bps annual improvement through operating leverage and structural cost efficiencies.
Capital Expenditure
The company is expanding physical capacity for enterprise-grade computers and servers, though specific INR Cr capex figures are not disclosed. It maintains an asset-light model, with Property, Plant, and Equipment valued at INR 32.4 Cr as of Sep-25.
Credit Rating & Borrowing
CARE Ratings assigned a 'CARE BBB-; Positive' rating. Interest coverage ratio was 2.49x in FY24. Total borrowings were reduced from INR 434.4 Cr in Mar-25 to INR 211.2 Cr in Sep-25 following equity infusion.
Operational Drivers
Raw Materials
Used ICT hardware (laptops, enterprise-grade computers, servers, and high-end SSDs) represents the primary 'raw material' for refurbishment, accounting for the bulk of the cost of goods sold (COGS).
Import Sources
Sourced globally through a network of 601 suppliers across India, UAE, and the USA to ensure a steady pipeline of used technology assets.
Key Suppliers
Key strategic partnerships for procurement and refurbishment support include industry leaders such as Microsoft, HP, and Lenovo.
Capacity Expansion
Current global capacity is north of 120,000 units per month. The company is taking more space to accommodate larger enterprise-grade hardware and servers to meet growing institutional demand.
Raw Material Costs
Gross Profit of INR 154.4 Cr in H1 FY26 on revenue of INR 752.2 Cr implies raw material/procurement costs are approximately 79.5% of revenue, improved from 83.1% in H1 FY25.
Manufacturing Efficiency
The company processed approximately 300,000 units in H1 FY26 against a monthly capacity of 120,000 units, indicating a capacity utilization rate of approximately 41.6% for the half-year period.
Logistics & Distribution
Logistics is a major component of 'Other Expenses,' which represented 4.25% of revenue in Q2 FY26, up from 1.9% in Q2 FY25.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved by expanding the distribution network (currently 4,515 touchpoints), increasing the sales team from 96 to 157 members, and penetrating new markets in Europe and South Africa. The company is also shifting focus toward higher-value enterprise-grade computers and servers.
Products & Services
Refurbished laptops, enterprise-grade computers, servers, high-end SSDs, and comprehensive warranty services.
Brand Portfolio
Electronics Bazaar (contributes 97% of total revenue).
New Products/Services
Expansion into enterprise-grade servers and high-end SSDs; these products are expected to drive the targeted 75 bps margin expansion.
Market Expansion
Targeting 42+ countries with recent entries into three European markets and South Africa during FY26.
Strategic Alliances
Partnerships with HP and Lenovo for refurbishment and distribution; Amazon Premium Pro Seller status for retail reach.
External Factors
Industry Trends
The global circular technology economy is growing as ESG mandates force corporations to dispose of assets responsibly. The industry is shifting from unorganized to organized players who can provide credible warranties.
Competitive Landscape
Competes with unorganized local refurbishers and new product sales from OEMs. The organized nature and scale (120k units/month) provide a cost and trust advantage.
Competitive Moat
Moat is built on a robust procurement network (601 suppliers), a proprietary refurbishment process, and the 'Electronics Bazaar' brand which provides a 100% comprehensive warranty, creating high switching costs for B2B clients.
Macro Economic Sensitivity
Sensitive to global IT spending cycles and corporate refresh cycles; high inflation may actually benefit the company as customers shift from new to more affordable refurbished ICT products.
Consumer Behavior
Increasing acceptance of 'affordable and credible' refurbished products over expensive new hardware, especially in price-sensitive segments and ESG-conscious corporations.
Geopolitical Risks
Potential U.S. tariffs on electronics; however, management currently anticipates no near-term impact on their specific refurbished product category.
Regulatory & Governance
Industry Regulations
Subject to e-waste management rules and international trade regulations for used electronics. Compliance with global quality standards is maintained across facilities in India, UAE, and USA.
Environmental Compliance
The company operates within the circular economy framework, helping corporations meet sustainability and privacy goals through responsible asset disposal.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 12.6% (INR 7.4 Cr tax on INR 58.6 Cr PBT).
Risk Analysis
Key Uncertainties
The primary uncertainty is the working capital intensive nature of the business, with negative cash flow from operations historically due to high inventory (INR 414.7 Cr) and receivable (INR 174.8 Cr) requirements.
Geographic Concentration Risk
While global, the company has significant infrastructure and financial exposure in India, the UAE, and the USA.
Third Party Dependencies
High dependency on OEM partners (HP, Lenovo) for refurbishment certifications and supply of genuine parts/support.
Technology Obsolescence Risk
Inherent risk in IT distribution; mitigated by OEM compensation agreements when new models are launched and existing models require discounting.
Credit & Counterparty Risk
Receivables increased from INR 67.6 Cr (Mar-25) to INR 174.8 Cr (Sep-25). The company offers 30-35 days credit to channels but claims a history of zero bad debts.
