India · Delayed Price · Currency is INR Electronics Mart India Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 delivered 8% revenue growth and improved margins, driven by festive demand and GST cuts. Expansion continues with a focus on new geographies, while maturing stores are expected to boost profitability. Premiumization and strong consumer finance support underpin a positive outlook.
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Q2 and H1 FY26 saw strong sales recovery post-GST cut, but margins were impacted by rapid store expansion and discounting. Mature stores outperformed new ones, and large appliances and mobiles led revenue. Double-digit growth and margin normalization are expected as new stores mature.
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Revenue and margins were impacted by unseasonal rainfall, but profitability was maintained through diversification and agile execution. Management expects double-digit growth and margin improvement as new stores mature and inventory normalizes.
Fiscal Year 2025
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Revenue grew 11% in FY25 to INR 6,965 crores, with EBITDA margin at 6.6% and PAT at INR 161 crores. Expansion added 44 stores, impacting margins, but is expected to drive future growth. Outlook remains positive with plans for 25-30 new stores and margin recovery as new stores mature.
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Revenue grew 10% year-over-year for nine months FY25, with EBITDA margin at 6.4% and PAT margin at 4.7%. Store expansion continued, and management maintained a 15% annual revenue growth guidance, expecting Q4 acceleration. Hyderabad's performance lagged, but new clusters and categories showed strong growth.
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Revenue grew 13% year-over-year in H1 FY25, with EBITDA up 5% and margins slightly lower due to expansion and weather-related demand softness. Store count reached 177, and guidance for 15%-18% annual growth and 25-30 new stores remains on track. Expansion is funded internally, with no major debt increase expected.
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Q1 FY25 saw 17.3% revenue growth and 18.3% EBITDA growth, driven by strong demand for cooling products and new store openings. SSSG was 8.6%, with large appliances leading segment growth and robust expansion planned for FY25.