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Poor summer season could impact AC sales and margins
View Risks →Electronics Mart India Limited — Q3 FY26
Electronics Mart India reported Q3 FY26 revenue of ₹1,939.7 crore (+8% YoY) and EBITDA of ₹119 crore (+17% YoY), with EBITDA margin expanding 50 bps to 6.1%.
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Electronics Mart India reported Q3 FY26 revenue of ₹1,939.7 crore (+8% YoY) and EBITDA of ₹119 crore (+17% YoY), with EBITDA margin expanding 50 bps to 6.1%. Growth was driven by festive demand, GST rate cuts, and strong performance in NCR (+30% revenue) and Andhra Pradesh (+18.2%). However, same-store sales growth was modest at 2.54%, and the Telangana cluster lagged. Management remains optimistic about the upcoming summer season, citing low AC penetration and new BEE ratings, but cautioned that a poor summer could delay new geography expansion. Key risks include NBFC credit tightening post-festive season and potential inventory pile-up if summer demand disappoints.
इलेक्ट्रॉनिक्स मार्ट इंडिया ने तीसरी तिमाही में 1,939.7 करोड़ रुपये की कमाई की, जो पिछले साल से 8% ज्यादा है। कंपनी का मुनाफा (EBITDA) 119 करोड़ रुपये रहा, जो 17% बढ़ा। मुनाफे की दर 6.1% हो गई, जो पहले से थोड़ी बेहतर है। त्योहारों की मांग, GST दरों में कटौती और दिल्ली-एनसीआर (30% ज्यादा) व आंध्र प्रदेश (18.2% ज्यादा) में अच्छी बिक्री से यह ग्रोथ हुई। हालांकि, पुराने स्टोर्स की बिक्री में सिर्फ 2.54% का इजाफा हुआ और तेलंगाना में प्रदर्शन कमजोर रहा। कंपनी को गर्मियों में एसी की बिक्री से उम्मीद है, लेकिन खराब मौसम से नए इलाकों में विस्तार में देरी हो सकती है। मुख्य जोखिम: त्योहारों के बाद NBFC से कर्ज मिलना मुश्किल हो सकता है और अगर गर्मी में मांग कम रही तो स्टॉक जमा हो सकता है।
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Read Transcript →Quarter Snapshot
Same Store Sales Growth (SSG)
2.54%
-0.46pp YoY
SSG for Q3 FY26 was 2.54%, down from ~3% in Q3 FY25, reflecting muted ex-festive demand.
NCR Revenue Growth
30%
+30% YoY
NCR cluster revenue grew 30% YoY, with SSG of 7.1%, driven by new store ramp-up.
Mature Store EBITDA Margin
7%
0pp YoY
Stores >4 years old delivered 7% EBITDA margin, while newer stores (<4 years) achieved 3%.
AC Inventory Units
250,000
+50% YoY
AC inventory stood at ~250,000 units, up from ~167,000 last year, as management stocked up for summer.
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Guidance and risk preview
Management plans to open 5-6 new stores by end of Q4 FY26, primarily in NCR and Andhra Pradesh.
A weak summer, as seen in FY25, could lead to inventory pile-up and discounting, pressuring margins.
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