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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹651.7 Cr
verified against source
Revenue YoY
43%
reported change
EBITDA
₹64 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GNG Electronics delivered a stellar Q4 FY26 with revenue of ₹651.7 Cr (+43% YoY) and PAT of ₹42.1 Cr (nearly tripled). Full-year revenue grew 34% to ₹1,891 Cr, with EBITDA margin expanding 166 bps to 10.6%. The outperformance was driven by structural tailwinds from AI-led component shortages (memory, SSD, processors) that have pushed new laptop prices up 40-57% in six months, making refurbished alternatives highly attractive. Management guided for ~25% revenue growth and at least 50 bps PAT margin expansion in FY27, supported by strategic inventory buildup (₹743 Cr) and new distribution partnerships with Ingram Micro and Superron. However, elevated working capital (net debt ~₹300 Cr) and geopolitical risks in the UAE (where key facilities are located) warrant monitoring.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for approximately 25% revenue growth in FY27, driven by structural tailwinds and expanded distribution.
- PAT margin expected to improve by at least 50 basis points from FY26 level of 7%, reaching ~7.5% or higher.
- Current refurbishment capacity stands at approximately 150,000 units per month, sufficient to support near-term growth.
Risks flagged
- Escalating conflict in West Asia could disrupt logistics or operations at UAE facilities, though management downplays impact citing air shipments and high interception rates.
- If component prices correct sharply, the ₹743 Cr inventory could lose value. Management argues input costs are controlled and prices unlikely to fall before 2028.
- Net debt of ~₹300 Cr and high inventory (4-5 months) strain balance sheet. Management expects elevated working capital to persist near-term.
Key quotes
- Demand isn't the bottleneck in this category. The trust is and trust is exactly what we sell.
- We are just scratching the surface of what AI is capable of. AI is making computing more, not less, central to how enterprises, governments, students, and consumers operate.
- We like to give conservative estimates.
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