• Margin outlook: Management reported gross margin growth from 12.2% to 12.8%, EBITDA margin growth from 5.5% to 5.75%, and PAT margin growth from 2.5% to 3%. It expects EBITDA margins of 5.5%–6% and PAT margin around 3% for the year.
• SSG growth: Same-store sales growth was 34%; mobile ASP rose from ₹25,000 last year to ₹32,500 in Q1, a price-led jump of around 30%, while volume increased 4%. Management expects full-year SSG growth to remain above 35%.
• Store expansion: The company plans 250 new stores over the next 2 years; provision for 220 stores is already included in IPO proceeds, and capex is planned. The discussion cited 536 operational stores and a target of 750 by FY28.
• Regional expansion: Maharashtra’s revenue contribution fell from 92% in Q1 last year to 88%, while non-Maharashtra contribution rose from 8% to 12%. Most of the planned new stores will be outside Maharashtra, with Karnataka, Madhya Pradesh, Gujarat, and Chhattisgarh as focus states.
• Category mix: Mobile phones contributed 86% of Q1 revenue. Pre-owned business contribution increased from 5.8% last year to 7.5% this year, with growth of 96% compared to last quarter; management said its focus on other categories will continue.