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GNG Electronics Ltd

EBGNG

NSE

₹700.20-1.11%19 Oct 2026

Reports

New age Platform E Retail

GNG Electronics Ltd

EBGNG

NSE

₹700.20

-1.11%

19 Oct 2026

SOICxStockScans Reports

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New age Platform E Retail

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Edit Ratios

Mkt Cap

Market Capitalization

₹7,936Cr

Close Price

₹696.05

Industry

New age Platform E Retail

Price To Earnings

56.31

Price To Sales

3.99

Revenue

₹1,991Cr

Rev Gr TTM

Revenue Growth TTM

35.64%

PAT Gr TTM

PAT Growth TTM

88.87%

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	255	353	347	456	312	440	487	652	412
Growth YoY Revenue Growth YoY%					22.3	24.8	40.3	43.0	32.1
Expenses ExpensesCr	230	320	317	428	280	393	433	588	363
Operating Profit Operating ProfitCr	26	33	31	28	32	47	54	63	49
OPM OPM%	10.0	9.3	8.8	6.1	10.3	10.6	11.1	9.7	12.0
Other Income Other IncomeCr	2	3	1	3	3	0	1	1	4
Interest Expense Interest ExpenseCr	10	10	9	10	11	8	9	14	14
Depreciation DepreciationCr	2	2	2	3	2	2	3	3	3
PBT PBTCr	16	24	21	18	22	36	43	46	36
Tax TaxCr	4	1	2	3	4	3	4	4	7
PAT PATCr	12	23	19	15	19	33	39	42	29
Growth YoY PAT Growth YoY%					52.4	41.6	102.8	185.8	56.2
NPM NPM%	4.8	6.5	5.5	3.2	5.9	7.4	7.9	6.5	7.0
EPS EPS₹	559.2	1,213.8	1.8	1.6	1.7	2.8	3.3	3.7	2.5

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	255	353	347	456	312	440	487	652	412
Growth YoY Revenue Growth YoY%					22.3	24.8	40.3	43.0	32.1
Expenses ExpensesCr	230	320	317	428	280	393	433	588	363
Operating Profit Operating ProfitCr	26	33	31	28	32	47	54	63	49
OPM OPM%	10.0	9.3	8.8	6.1	10.3	10.6	11.1	9.7	12.0
Other Income Other IncomeCr	2	3	1	3	3	0	1	1	4
Interest Expense Interest ExpenseCr	10	10	9	10	11	8	9	14	14
Depreciation DepreciationCr	2	2	2	3	2	2	3	3	3
PBT PBTCr	16	24	21	18	22	36	43	46	36
Tax TaxCr	4	1	2	3	4	3	4	4	7
PAT PATCr	12	23	19	15	19	33	39	42	29
Growth YoY PAT Growth YoY%					52.4	41.6	102.8	185.8	56.2
NPM NPM%	4.8	6.5	5.5	3.2	5.9	7.4	7.9	6.5	7.0
EPS EPS₹	559.2	1,213.8	1.8	1.6	1.7	2.8	3.3	3.7	2.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	245	344	519	661	1,138	1,411	1,891	1,991
Growth Revenue Growth%		40.7	50.8	27.2	72.3	24.0	34.0	35.6
Expenses ExpensesCr	239	331	489	616	1,059	1,294	1,695	1,778
Operating Profit Operating ProfitCr	6	13	31	45	79	117	196	213
OPM OPM%	2.4	3.9	5.9	6.8	7.0	8.3	10.4	10.7
Other Income Other IncomeCr	1	2	1	3	6	9	4	5
Interest Expense Interest ExpenseCr	5	6	8	12	24	38	42	46
Depreciation DepreciationCr	0	1	1	1	4	9	10	12
PBT PBTCr	2	8	23	36	57	78	148	161
Tax TaxCr	0	1	3	3	5	9	16	19
PAT PATCr	2	7	20	33	52	69	132	142
Growth PAT Growth%		357.8	171.1	61.9	59.1	32.0	91.2	88.9
NPM NPM%	0.7	2.2	3.9	5.0	4.6	4.9	7.0	7.2
EPS EPS₹	429.0	1,970.0	5,217.1	8,446.0	5.4	7.1	11.6	12.4

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	245	344	519	661	1,138	1,411	1,891	1,991
Growth Revenue Growth%		40.7	50.8	27.2	72.3	24.0	34.0	35.6
Expenses ExpensesCr	239	331	489	616	1,059	1,294	1,695	1,778
Operating Profit Operating ProfitCr	6	13	31	45	79	117	196	213
OPM OPM%	2.4	3.9	5.9	6.8	7.0	8.3	10.4	10.7
Other Income Other IncomeCr	1	2	1	3	6	9	4	5
Interest Expense Interest ExpenseCr	5	6	8	12	24	38	42	46
Depreciation DepreciationCr	0	1	1	1	4	9	10	12
PBT PBTCr	2	8	23	36	57	78	148	161
Tax TaxCr	0	1	3	3	5	9	16	19
PAT PATCr	2	7	20	33	52	69	132	142
Growth PAT Growth%		357.8	171.1	61.9	59.1	32.0	91.2	88.9
NPM NPM%	0.7	2.2	3.9	5.0	4.6	4.9	7.0	7.2
EPS EPS₹	429.0	1,970.0	5,217.1	8,446.0	5.4	7.1	11.6	12.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	0	19	23
Reserves ReservesCr	43	51	79	111	163	207	735
Current Liabilities Current LiabilitiesCr	94	120	95	152	406	414	464
Non Current Liabilities Non Current LiabilitiesCr	0	0	16	13	16	78	31
Total Liabilities Total LiabilitiesCr	137	170	190	277	586	719	1,254
Current Assets Current AssetsCr	128	162	182	266	537	642	1,162
Non Current Assets Non Current AssetsCr	9	8	8	10	49	78	92
Total Assets Total AssetsCr	137	170	190	277	586	719	1,254

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	0	0	0	19	23
Reserves ReservesCr	43	51	79	111	163	207	735
Current Liabilities Current LiabilitiesCr	94	120	95	152	406	414	464
Non Current Liabilities Non Current LiabilitiesCr	0	0	16	13	16	78	31
Total Liabilities Total LiabilitiesCr	137	170	190	277	586	719	1,254
Current Assets Current AssetsCr	128	162	182	266	537	642	1,162
Non Current Assets Non Current AssetsCr	9	8	8	10	49	78	92
Total Assets Total AssetsCr	137	170	190	277	586	719	1,254

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-35	-12	-17	1	97	-114	-215
Investing Cash Flow Investing Cash FlowCr	-6	0	0	0	-28	-4	-46
Financing Cash Flow Financing Cash FlowCr	49	23	18	40	-29	77	351
Net Cash Flow Net Cash FlowCr	8	11	1	42	40	-40	90
Free Cash Flow Free Cash FlowCr	-42	-13	-18	1	73	-124	-238
CFO To PAT CFO To PAT%	-2,120.2	-165.8	-84.8	4.5	186.3	-164.9	-163.1
CFO To EBITDA CFO To EBITDA%	-603.4	-92.7	-56.3	3.3	123.0	-97.4	-109.8

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-35	-12	-17	1	97	-114	-215
Investing Cash Flow Investing Cash FlowCr	-6	0	0	0	-28	-4	-46
Financing Cash Flow Financing Cash FlowCr	49	23	18	40	-29	77	351
Net Cash Flow Net Cash FlowCr	8	11	1	42	40	-40	90
Free Cash Flow Free Cash FlowCr	-42	-13	-18	1	73	-124	-238
CFO To PAT CFO To PAT%	-2,120.2	-165.8	-84.8	4.5	186.3	-164.9	-163.1
CFO To EBITDA CFO To EBITDA%	-603.4	-92.7	-56.3	3.3	123.0	-97.4	-109.8

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							4,015	7,936
Price To Earnings Price To Earnings							30.5	56.3
Price To Sales Price To Sales							2.1	4.0
Price To Book Price To Book							5.3	10.5
EV To EBITDA EV To EBITDA							22.1	39.4
Profitability Ratios Profitability Ratios
GPM GPM%	8.2	10.2	10.9	12.1	12.3	17.9	20.1	20.1
OPM OPM%	2.4	3.9	5.9	6.8	7.0	8.3	10.4	10.7
NPM NPM%	0.7	2.2	3.9	5.0	4.6	4.9	7.0	7.2
ROCE ROCE%	7.0	10.6	17.3	18.2	16.6	17.5	16.0	16.0
ROE ROE%	3.8	14.8	25.9	29.5	32.1	30.5	17.4	17.4
ROA ROA%	1.2	4.4	10.7	11.9	8.9	9.6	10.5	10.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							4,015	7,936
Price To Earnings Price To Earnings							30.5	56.3
Price To Sales Price To Sales							2.1	4.0
Price To Book Price To Book							5.3	10.5
EV To EBITDA EV To EBITDA							22.1	39.4
Profitability Ratios Profitability Ratios
GPM GPM%	8.2	10.2	10.9	12.1	12.3	17.9	20.1	20.1
OPM OPM%	2.4	3.9	5.9	6.8	7.0	8.3	10.4	10.7
NPM NPM%	0.7	2.2	3.9	5.0	4.6	4.9	7.0	7.2
ROCE ROCE%	7.0	10.6	17.3	18.2	16.6	17.5	16.0	16.0
ROE ROE%	3.8	14.8	25.9	29.5	32.1	30.5	17.4	17.4
ROA ROA%	1.2	4.4	10.7	11.9	8.9	9.6	10.5	10.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	LENSKART	MEESHO	NYKAA	HONASA	FIRSTCRY	EBGNG
Market CapitalizationMkt CapCr	1,11,229	1,04,859	96,440	14,283	9,098	7,936
Close PriceClose₹	639.50	226.55	336.65	438.10	174.26	696.05
IndustryIndustry	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail
Price To EarningsPE	166.97		378.26	57.27		56.31
Price To SalesPS	11.55	7.58	9.06	5.60	1.03	3.99
RevenueRevenueCr	9,634	13,835	10,649	2,553	8,792	1,991
Revenue Growth TTMRev Gr TTM%	37.1%		27.4%	21.1%	11.7%	35.6%
PAT Growth TTMPAT Gr TTM%	80.9%		208.9%	238.1%	29.0%	88.9%

	LENSKART	MEESHO	NYKAA	HONASA	FIRSTCRY	EBGNG
Market CapitalizationMkt CapCr	1,11,229	1,04,859	96,440	14,283	9,098	7,936
Close PriceClose₹	639.50	226.55	336.65	438.10	174.26	696.05
IndustryIndustry	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail	New age Platform E Retail
Price To EarningsPE	166.97		378.26	57.27		56.31
Price To SalesPS	11.55	7.58	9.06	5.60	1.03	3.99
RevenueRevenueCr	9,634	13,835	10,649	2,553	8,792	1,991
Revenue Growth TTMRev Gr TTM%	37.1%		27.4%	21.1%	11.7%	35.6%
PAT Growth TTMPAT Gr TTM%	80.9%		208.9%	238.1%	29.0%	88.9%