• Revenue growth outlook: Management expects year-on-year revenue growth of around 20% in Q2 and over 20% top-line growth for the full year, supported by same-store sales growth exceeding 15% in Q2 and in the mid-teens for the full year.
• Product category trends: Mobile phones are driving major growth through higher volumes and price increases, with their revenue contribution expected to rise to 45%, while large appliances have returned to double-digit growth.
• Regional margin differential: Average store throughput in the southern market is nearly double that of northern India, but management expects the store-level EBITDA margin gap to narrow over the next two years as NCR stores mature.
• Working capital trajectory: Net working capital days, which stood at 42 at the end of Q1, will rise by the end of Q2 as inventory builds up ahead of the festive season and new mobile product launches.
• Store network expansion: The company plans to add 25 stores by the end of the financial year, including its entry into Kolkata with 10 stores around Diwali, 4 stores in NCR, and 11 stores in the southern market.