• Margin outlook: Management cited gross margin rising from 12.2% to 12.8%, a 60 bps increase, and PAT margin rising from 2.5% to 3%. It guided for EBITDA margins between 5.5% and 6% and PAT margin around 3% for the year.
• SSG growth: Same-store sales growth was 34%, comprising a 30% increase in average selling price—from ₹25,000 last year to ₹32,500 in Q1—and a 4% rise in volume. Management expects SSG growth to remain above 35% for the year.
• Store expansion: The company plans 250 new stores over the next 2 years, with provision for 220 already made in its IPO proceedings; its target is 750 stores by FY28, from 536 currently.
• New markets: Maharashtra’s revenue contribution fell from 92% in Q1 last year to 88%, while non-Maharashtra contribution rose from 8% to 12%. Most new stores are expected outside Maharashtra, with Karnataka, Madhya Pradesh, Gujarat, and Chhattisgarh as key focus states.
• Category mix: Mobile phones contributed 86% of Q1 revenue, while pre-owned devices’ contribution increased from 5.8% last year to 7.5%; the pre-owned business grew 96% compared with last quarter.