GNG Electronics Q4 & FY26 Results: Revenue Up 34%, PAT Surges 91% YoY
GNG Electronics reported strong FY26 consolidated results with revenue of ₹1,891.10 Cr (+34% YoY) and PAT of ₹132.00 Cr (+91.2% YoY). Q4 FY26 revenue grew 43% YoY to ₹651.70 Cr, with Q4 EBITDA at ₹634M versus ₹279M YoY and EBITDA margin improving to 9.73% from 6.12%. The Board approved an internal auditor appointment and a corporate guarantee of AED 20 million for subsidiary Electronics Bazaar (FZC).
*this image is generated using AI for illustrative purposes only.
GNG Electronics Limited, India's largest refurbisher of laptops and desktops and among the largest refurbishers of ICT devices overall, both globally and in India, announced its audited financial results (Standalone and Consolidated) for the quarter and year ended March 31, 2026. The Board approved these results at its meeting held on May 5, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company delivered strong performance across all key metrics, with consolidated revenue growing 34% year-on-year and profitability improving significantly across both quarterly and annual periods. On a consolidated basis, Q4 net profit stood at ₹42.10 Cr compared to ₹14.80 Cr in the same period last year, while Q4 revenue from operations reached ₹651.70 Cr against ₹455.80 Cr year-on-year. The audio recording of the Earnings Conference Call with analysts and investors held on May 05, 2026 has been made available on the company's website.
Management Commentary
Managing Director Mr. Sharad Khandelwal highlighted the company's strong execution during the year. "We are delighted to close FY26 on a strong note, having met and surpassed our revised growth guidance for the year. For the full year FY26, the Company delivered revenue growth of 34% YoY, with EBITDA margins expanding by 166 bps over FY25 — reflecting strong execution across the business and favourable industry tailwinds," he said. He further noted that Q4 PAT nearly tripled on a year-on-year basis alongside revenue growth of ~43%, highlighting improving margins. Return on Equity (ROE) moderated to 26.8% as of March 31, 2026 from 35% in the previous year, primarily due to the expanded equity base post IPO. The management attributed the positive industry environment to accelerating AI adoption and supply-side constraints in new computing hardware, driving a structural shift towards refurbished enterprise-grade devices.
Consolidated Financial Performance
GNG Electronics delivered robust consolidated financial performance for both Q4 FY26 and the full year FY26. Revenue from operations for Q4 FY26 stood at ₹651.70 Cr, up 43.0% year-on-year from ₹455.80 Cr in Q4 FY25, and up 33.7% quarter-on-quarter from ₹487.20 Cr in Q3 FY26. For the full year, consolidated revenue from operations grew 34.0% to ₹1,891.10 Cr from ₹1,411.10 Cr in FY25. Q4 EBITDA came in at ₹634M compared to ₹279M in the same quarter last year, with EBITDA margin at 9.73% versus 6.12% year-on-year. The detailed consolidated income statement is presented below:
| Particulars (INR Cr) | Q4 FY26 | Q4 FY25 | YoY | Q3 FY26 | QoQ | FY26 | FY25 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 651.70 | 455.80 | 43.0% | 487.20 | 33.7% | 1,891.10 | 1,411.10 | 34.0% |
| Other Income | 0.60 | 2.90 | — | 0.60 | — | 4.30 | 9.30 | — |
| Total Income | 652.30 | 458.70 | 42.2% | 487.80 | 33.7% | 1,895.40 | 1,420.40 | 33.4% |
| Gross Profit | 125.30 | 68.70 | 82.2% | 101.30 | 23.6% | 380.90 | 252.50 | 50.9% |
| Gross Profit Margin | 19.2% | 15.1% | 414 bps | 20.8% | -157 bps | 20.1% | 17.9% | 225 bps |
| Employee Benefits Expenses | 33.00 | 25.20 | — | 26.90 | — | 104.60 | 77.10 | — |
| Other Expenses | 28.90 | 15.70 | — | 20.40 | — | 80.20 | 58.50 | — |
| EBITDA | 64.0 | 30.8 | 107.9% | 54.60 | 17.2% | 200.50 | 126.20 | 58.9% |
| EBITDA Margin | 9.8% | 6.8% | 307 bps | 11.2% | -138 bps | 10.6% | 8.9% | 166 bps |
| Depreciation & Amortization | 3.20 | 2.70 | — | 2.80 | — | 10.40 | 9.50 | — |
| Finance Cost | 14.40 | 10.00 | — | 9.00 | — | 42.40 | 38.40 | — |
| PBT | 46.40 | 18.10 | 156.6% | 42.80 | 8.4% | 147.70 | 78.40 | 88.5% |
| Tax Expenses | 4.20 | 3.30 | — | 4.10 | — | 15.70 | 9.30 | — |
| PAT | 42.10 | 14.70 | 185.8% | 38.70 | 8.9% | 132.00 | 69.00 | 91.2% |
| PAT Margin | 6.5% | 3.2% | 323 bps | 7.9% | -147 bps | 7.0% | 4.9% | 209 bps |
| Basic EPS (Rs.) | 3.70 | 1.52 | — | 3.39 | — | 11.58 | 7.09 | — |
Standalone Financial Performance
On a standalone basis, GNG Electronics also reported strong growth for FY26. The standalone income statement for the quarter and year ended March 31, 2026 is presented below:
| Particulars (₹ Mn) | Q4 FY26 | Q3 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|---|
| Revenue from Operations | 2,993.23 | 2,270.35 | 2,431.67 | 9,174.97 | 7,112.84 |
| Other Income | 15.61 | 4.73 | 40.56 | 49.55 | 106.46 |
| Total Income | 3,008.84 | 2,275.08 | 2,472.23 | 9,224.52 | 7,219.30 |
| Total Expenses | 2,848.73 | 2,141.19 | 2,353.82 | 8,692.48 | 6,941.92 |
| Profit Before Tax | 160.11 | 133.89 | 118.41 | 532.04 | 277.38 |
| Total Tax Expenses | 38.79 | 35.41 | 31.36 | 132.78 | 91.17 |
| Profit for the Period/Year | 121.31 | 98.48 | 87.06 | 399.26 | 186.21 |
| Total Comprehensive Income | 119.08 | 98.56 | 86.85 | 397.27 | 186.53 |
| Basic EPS (Rs.) | 1.06 | 0.86 | 0.90 | 3.50 | 1.92 |
| Diluted EPS (Rs.) | 1.12 | 0.91 | 0.90 | 3.68 | 1.92 |
Balance Sheet Highlights
The company's consolidated balance sheet reflects significant expansion following its IPO. Total assets grew to ₹1,254.00 Cr as of March 26 from ₹719.50 Cr in March 25. Total equity increased substantially to ₹759.30 Cr from ₹227.10 Cr, driven by the IPO proceeds. On a standalone basis, total assets stood at ₹6,799.13 million as at March 31, 2026, compared to ₹3,400.47 million in the previous year, with total equity rising to ₹5,046.66 million from ₹903.67 million. Key consolidated balance sheet metrics are summarised below:
| Particulars (INR Cr) | Mar-26 | Mar-25 |
|---|---|---|
| Total Non-Current Assets | 91.60 | 77.50 |
| Inventories | 743.10 | 486.60 |
| Trade Receivables | 206.80 | 67.60 |
| Cash and Cash Equivalents | 68.90 | 5.10 |
| Total Current Assets | 1,162.40 | 641.90 |
| Total Assets | 1,254.00 | 719.50 |
| Total Equity | 759.30 | 227.10 |
| Non-Current Borrowings | 1.90 | 72.80 |
| Current Borrowings | 403.80 | 361.60 |
| Total Non-Current Liabilities | 31.10 | 78.50 |
| Total Current Liabilities | 463.60 | 413.90 |
| Total Equity and Liabilities | 1,254.00 | 719.50 |
Cash Flow Summary
The standalone cash flow statement for the year ended March 31, 2026 reflects significant working capital deployment and IPO-related financing activity. Net cash used in operating activities stood at ₹(1,265.89) million, while net cash used in investing activities was ₹(1,110.45) million, primarily on account of ₹1,000.00 million invested in a subsidiary. Net cash generated from financing activities amounted to ₹2,764.61 million, supported by proceeds from the issue of equity shares of ₹4,000.00 million. Cash and cash equivalents at the end of the year stood at ₹434.00 million, compared to ₹45.72 million at the beginning of the year. On a consolidated basis, net cash used in operating activities was ₹(2,153.02) million, net cash used in investing activities was ₹(455.13) million, and net cash generated from financing activities was ₹3,512.72 million, resulting in consolidated cash and cash equivalents of ₹1,182.38 million at year-end.
Key Board Decisions and Regulatory Compliance
Alongside the financial results, the Board approved the appointment of Ms. Ashita Pandya, Head of Accounts – India and a Chartered Accountant, as the Internal Auditor of the Company for the financial year 2026-27. Ms. Pandya has been associated with the company since October 1, 2016 and holds a bachelor's degree in commerce from University of Mumbai. The Board also sanctioned the issuance of a corporate guarantee of up to AED 20,000,000 (AED 20 million) in favour of Abu Dhabi Commercial Bank PJSC, intended to secure banking financing facilities availed by Electronics Bazaar (FZC), a material subsidiary of the company. The guarantee is issued at arm's length, with no interest from the promoter or promoter group, and will be disclosed as a contingent liability in the financial statements. The statutory auditors, M/s. Shankarlal Jain & Associates LLP, issued an audit report with an unmodified opinion on the audited financial results for the year ended March 31, 2026. The financial statements were prepared in compliance with Indian Accounting Standards (Ind AS) and SEBI regulations. In accordance with SEBI regulations on insider trading, the company's trading window, which had closed on April 1, 2026, will reopen 48 hours after the declaration of the financial results.
About GNG Electronics Limited
GNG Electronics Limited follows a repair-over-replacement approach to provide affordable, reliable, and premium ICT devices functionally and aesthetically comparable to new products, backed by industry-leading warranties. With a strong presence across India, the USA, Europe, Africa, and the UAE, the company refurbished nearly 7.27 lakh devices in FY26, offering a portfolio of SKUs including laptops, desktops, tablets, servers, premium smartphones, workstations, and accessories.
Earnings Conference Call Recording
Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, GNG Electronics has informed the exchanges that the audio recording of the Earnings Conference Call with analysts and investors, held on Tuesday, May 05, 2026, has been made available on the company's website. The recording can be accessed at: https://www.electronicsbazaar.com/media/investor/i/Q4_FY26_Earnings_Call_Recording.mp3 . The disclosure was signed by Sarita Vishwakarma, Company Secretary & Compliance Officer, Membership No. A59547.
Historical Stock Returns for GNG Electronics
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.48% | -6.60% | +2.95% | +24.38% | +26.16% | +26.16% |
How will GNG Electronics deploy the IPO proceeds and the AED 20 million corporate guarantee to scale its international operations, particularly in the UAE and Africa markets?
Given the negative operating cash flow despite strong profitability, how does management plan to optimize working capital as inventory and trade receivables continue to expand with revenue growth?
As AI adoption accelerates demand for enterprise-grade refurbished devices, what new device categories or geographies is GNG Electronics targeting to sustain its 34% revenue growth trajectory into FY27?
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