Electronics Mart India (EMIL) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue rose 29.7% YoY to ₹4,318.7 crore; reported EBITDA increased 93.4% to ₹369.5 crore and PAT rose 325.8% to ₹160.8 crore.

• Q2 FY27 revenue increased 19.4% to ₹1,899.7 crore; reported EBITDA rose 60.5% to ₹130.5 crore, with margin up 180 bps to 6.9%.

• Same-store sales growth was 16.5% in Q2 and 27.5% in H1; management said festive trading started in line with expectations and retained its annual growth objective.

Financial highlights

• Q2 gross profit rose 30.8% to ₹292.8 crore; gross margin expanded to 15.4% from 14.1%.

• Q2 reported PAT increased 148.7% to ₹40.2 crore; PAT margin improved 110 bps to 2.1%.

• H1 gross profit increased 48.8% to ₹710.0 crore; gross margin rose to 16.4% from 14.3%.

• H1 customers served increased 20% to 16.8 lakh bills; Q2 average ticket size was ₹25,756, up 14.6% YoY.

Outlook and guidance

• FY27 revenue growth guidance remains 20% YoY; an early summer in Q4 could provide incremental support.

• H2 blended gross margin target is ~15%; H1 gains from price increases and lower-cost inventory are not expected to recur at the same level.

• EBITDA margin guidance was 7%-8% pre-Ind AS 116, equivalent to 6%-6.5% post rental-cost adjustment.

• FY27 pre-Ind AS operating cash flow is projected at ₹600 crore, compared with ₹350 crore in FY26.

• Store maturation, expansion into newer clusters and inventory optimization are priorities; at least 25 store additions are expected in FY28.