EMIL Q1 FY27 earnings call.
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Revenue
₹2,419 Cr
verified against source
Revenue YoY
39%
reported change
EBITDA
₹239 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Electronics Mart India delivered an exceptional Q1 FY27 with revenue of ₹2,419 crore (+39% YoY), EBITDA of ₹239 crore (+118% YoY), and PAT of ₹121 crore (+458% YoY) — the highest ever quarterly profit. EBITDA margins expanded 360bps to 9.9%, driven by strong summer AC sales, favorable product mix (large appliances 48%, mobiles 39%), and operational leverage from maturing store network. South cluster delivered 40% revenue growth at 10.9% EBITDA margin, while North cluster turned around to 4.9% margin. Working capital days improved sharply to 42 from 73. The company guides for 18-20% full-year revenue growth and plans West Bengal entry with 5 stores by Diwali (10-12 by March FY27). Management targets EBITDA margins of 7-8% going forward. Key risk: Q1 was a seasonally strong quarter with favorable inventory pricing benefits that may partially normalize in coming quarters, and DCF/NCR execution remains early-stage.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets 18-20% full-year revenue growth, driven by strong Q1 performance, festive season expectations in Q3, and initial West Bengal contribution by Q3/Q4 end.
- Management expects EBITDA margins to normalize to 7-8% range going forward, as Q1's 9.9% included some temporary inventory pricing benefits.
- 5 stores operational by Diwali, scaling to 10-12 by quarter-end March 2027, with total planned footprint of 30 stores in West Bengal over next 18-24 months.
- New store openings (25-30 total across all clusters) require ₹100 crore capex, plus ₹50 crore for buying 11 properties in Kolkata, all funded through internal accruals.
Risks flagged
- CFO acknowledged that ~260bps of gross margin expansion came partly from favorable inventory pricing in IT/mobile products and cooling products — benefits that are temporary and will normalize as inventory turns over. Analyst directly pressed management on whether 15-15.5% gross margin is achievable for full year, suggesting skepticism.
- Delhi NCR saw negative summer for cooling products (AC market down) and lower SSG than other clusters. While management calls it a long-term play, the North cluster at 4.9% EBITDA margin vs South at 10.9% reflects ongoing execution risk and store maturation gap in challenging geography.
- Q1 performance was significantly boosted by exceptional summer season for ACs. Management acknowledged that cooling products contribute mainly to one major quarter, making sustainability of performance dependent on non-AC categories delivering in other quarters.
- Q1 delivered 39% revenue growth against management's full-year guidance of 18-20%. While acknowledging Q1 was a strong quarter with favorable base effects, management was somewhat evasive when asked if the guidance was too conservative given price hikes and volume momentum.
Key quotes
- Q1 FY27 has been our strongest quarter to date with all the key metrics moving decisively in the right direction.
- Working capital days reduced sharply to 42 days as of June 2026 compared to 73 days as of March 2026. During the quarter, pre-index operating cash flows were 631 crore and post-index cash flows were 671 crore respectively.
- The north cluster had turned a corner this quarter, revenue in the N grew 29% year-on-year and EBITDA margin improved to a record 4.9%. Meaningfully ahead of where we were even a couple of quarters ago.
- We want to be a little conservative on the number but looking at Q1 going forward and how things are moving in terms of the demand in the market, we feel the festive period in Q3 also going to be quite good for us. So on an overall number we can look at a good 18 to 20% kind of revenue growth that should be very easily achievable.
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