India · Delayed Price · Currency is INR Electronics Mart India Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY 2026 delivered double-digit revenue and SSSG growth, with EBITDA margin improvement and strong performance in both South and North clusters. FY 2026 saw record cash flow, robust store expansion, and plans for further growth in existing and new geographies like Kolkata.
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Q3 FY26 delivered 8% revenue growth and 17% EBITDA growth, driven by festive demand and GST cuts. New store expansion continues, with margins expected to improve as stores mature. Management remains optimistic for double-digit growth if the summer season is strong.
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Q2 and H1 FY26 were marked by volatility from GST changes and rapid store expansion, impacting margins but driving strong sales recovery and double-digit growth in key clusters. Margins are expected to improve as new stores mature, with a focus on core retail and continued expansion.
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Revenue and margins were impacted by unseasonal rainfall, leading to lower cooling product sales, but profitability was maintained through diversification and operational agility. Inventory levels in ACs remain elevated, with liquidation expected by year-end. Expansion and margin improvement are anticipated as new stores mature.
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 higher costs and seasonal softness. Store expansion continues, with 18 new stores opened and profitability maintained across most locations. Guidance for 15%-18% annual growth and 25-30 new stores remains on track.
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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.