GNG Electronics is a refurbished-computer company that buys used enterprise PCs, makes them “like-new,” and resells them with a warranty - a repair-over-replacement model that turns the global shortage of affordable new computers into a structural tailwind. Founded by a chartered accountant who started in computer distribution, the business has grown from a hardware trader into a brand-led enterprise under the name Electronics Bazaar, becoming India’s largest refurbisher of laptops and desktops and one of the largest globally. The recurring approach is an asset-light, working-capital-driven engine that sources end-of-life devices worldwide, runs them through a 21-step refurbishment process across three countries, and sells them with industry-leading warranties - essentially creating a trusted, organized category out of what was once a fragmented, unorganized market. # Business segments A single engine - refurbished computing devices - that spans procurement, refurbishment, and distribution across India and 46 international markets, all under one brand. ## 1. Refurbished computing devices: the group’s sole business **It buys used enterprise-grade laptops, desktops, and servers, refurbishes them to like-new condition, and sells them with a one-to-three-year replacement warranty - earning a one-time margin on every unit sold.** - **Solves the affordability gap** - new PC prices have jumped sharply because of AI-driven component shortages, with an entry-level laptop in India rising from about ₹25,500 to roughly ₹40,000 in six months, so a refurbished high-end device at about 30% of the new price becomes the most viable alternative for buyers who cannot afford a new machine. - **Enterprise-grade, not entry-level** - the company focuses on premium refurbished computers, not cheap new ones, which means a customer gets a better-spec machine for less money than a brand-new entry-level device; laptops make up 81% of the roughly 727,000 units refurbished in FY26. - **Warranty as the trust engine** - every device carries a one-to-three-year replacement warranty that costs the company only about 10-12 basis points of revenue because quality control and post-sales service are handled in-house, which is how it convinces channel partners and enterprises to buy refurbished at scale. - **Global supply, global demand** - it sources used PCs from corporates, leasing companies, and aggregators across the world and sells into 46 countries, with international sales split roughly 40% USA, 40% Europe, and 20% Middle East; the ability to procure in one territory and sell in another is a unique advantage that regional competitors cannot easily replicate. - **Channel partnerships unlock reach** - rather than selling only directly, GNG has signed distribution deals with India’s largest IT distributors - Ingram Micro, Supertron, and Redington - which place refurbished Electronics Bazaar devices into Tier-1, Tier-2, and Tier-3 markets through networks that already serve enterprises, schools, and institutions. # Group structure and partners **A single listed entity with one material subsidiary in the UAE and a growing network of national distribution partners - the structure is deliberately simple, matching the asset-light operating model.** - **One listed company, one foreign subsidiary** - GNG Electronics Limited is the listed Indian parent, and its material subsidiary is Electronics Bazaar (FZC), which operates refurbishment facilities in Sharjah and Ajman and handles a substantial part of international processing. - **Ajman facility added for scale** - the subsidiary registered a branch in Ajman and signed a lease for about 1,017 sq. mtr. in October 2025, renewable annually, to support expanding operations. - **Distribution muscle through partners** - the three strategic distributors - Ingram Micro, Supertron, and Redington - are not subsidiaries but nationwide channel partners that carry inventory and sell Electronics Bazaar products across India, formalizing the refurbished category inside mainstream IT procurement.