Total units sold (FY26)
727,000
+23% YoY
Full year volume grew from 590,000 units in FY25, driven by strong demand across laptops (81% mix).
GNGELECTRONICS
Other
2026-04-??
GNG Electronics Ltd — Q4 FY26
GNG Electronics delivered a stellar Q4 FY26 with revenue of ₹651.7 Cr (+43% YoY) and PAT of ₹42.1 Cr (nearly tripled).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Blended ASP (Q4 FY26)
₹27,000
+3.8% QoQ
ASP increased from ₹26,200 in Q3, reflecting better product mix and pricing power.
Global touch points
4,895
+18% YoY
Expanded from 4,154 at start of FY26, covering enterprises, distributors, and channel partners.
Countries served
46
+8 YoY
Increased from 38 countries at the beginning of FY26, with strong growth in US and Europe.
Management Guidance
Revenue growth ~25% in FY27
Management guided for approximately 25% revenue growth in FY27, driven by structural tailwinds and expanded distribution.
revenuePAT margin expansion of at least 50 bps in FY27
PAT margin expected to improve by at least 50 basis points from FY26 level of 7%, reaching ~7.5% or higher.
marginsCapacity of 150k units per month
Current refurbishment capacity stands at approximately 150,000 units per month, sufficient to support near-term growth.
expansionKey Risks
Geopolitical risk in UAE operations
Escalating conflict in West Asia could disrupt logistics or operations at UAE facilities, though management downplays impact citing air shipments and high interception rates.
medium · analyst_questionInventory devaluation risk
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.
medium · analyst_questionElevated working capital and debt levels
Net debt of ~₹300 Cr and high inventory (4-5 months) strain balance sheet. Management expects elevated working capital to persist near-term.
medium · data_observationNotable 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.