GNG Electronics Ltd(EBGNG)

NSE: EBGNGBSE: 544455

₹ 685+1.48%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,810 crWebsite: www.electronicsbazaar.comUpdated: 24 Oct 2026

About

GNG Electronics Limited is India's largest refurbisher of laptops and desktops and ranks among the world's leading players, operating through its flagship brand Electronics Bazaar. The company refurbishes laptops, desktops, tablets, servers, premium smartphones, mobile workstations and accessories, selling across 46 countries. In FY26 it reported consolidated revenue of ₹1,891 crore (+34% YoY) and PAT of ₹132 crore (+91% YoY).^[1][2]

Products and brands

All revenue is generated under the proprietary Electronics Bazaar brand; every device sold is backed by a warranty of up to three years.^[1]
Product range covers laptops, desktops, tablets, servers, premium smartphones, mobile workstations and accessories.^[1]
Refurbished laptops are priced at approximately one-third the cost of new; other devices at 35 - 50% of new prices.^[1]
In Q2 FY26 the company announced entry into infrastructure-level refurbishment - servers, storage and high-end desktops - securing long-term spaces in Mumbai, UAE and the US as high-capacity refurbishment and testing centres.^[3]

Operations and capacity

10 refurbishment facilities across three countries totalling over 120,000 sq. ft.: 2 in Navi Mumbai (TTC Industrial Area), 1 in Dallas USA, and 7 in UAE - up from 58,127 sq. ft. at IPO.^[1]
Installed refurbishment capacity reached over 150,000 units per month as of FY26 end, supported by 1,813 in-house trained technicians.^[1]
The company holds ISO 9001:2015, ISO 14001:2015, ISO 27001:2013, ISO 45001:2018, EPR and Responsible Recycling (R2v3) certifications.^[1]

Key operating numbers

Q1 FY27: 1,08,000 laptops and 42,000 desktops/others sold; total unit volumes grew ~18% YoY.^[4]
Laptop ASP in Q1 FY27 was ₹30,763 (+12% YoY vs ₹27,500 in Q1 FY26); desktop/others ASP was ₹19,300 (+10% YoY vs ₹17,500).^[4]
Q3 FY26 unit volumes were 1,86,000 (+30% YoY vs 1,43,000 in Q3 FY25); blended ASP was ₹26,200 vs ₹25,200 in Q3 FY25.^[5]
Inventory stood at ~₹700 crore at end of Q1 FY27, down from ~₹740 crore at FY26 year-end; the company maintains elevated inventory to secure supply and margin advantage during the component price-rise cycle.^[4]

Geography and distribution

As of Q1 FY27 end, Electronics Bazaar supplies to 49 countries (up from 46 at FY26 end and 38 at FY26 start); customer touchpoints grew to 5,130.^[4]
Q1 FY27 revenue mix: India 36%, US 24%, Europe 23%, Middle East 12%, others 5%; US and Europe together represent 47% of revenue.^[4]
67% of FY26 revenue came from outside India; international subsidiaries include Electronics Bazaar FZC (Sharjah, UAE) and step-down subsidiaries in USA, Netherlands and Canada.^[1]
Procurement network spans 720+ partners worldwide - corporates, leasing companies, banks, recyclers, aggregators, ITAD companies and educational institutions; supplier base grew to 773 by Q1 FY27.^[1][4]

Customers

The company serves individual consumers, SMEs, corporates, educational institutions and governments across 49 countries.^[1][4]
Distribution partnerships established with Redington (India's largest ICT distributor), Ingram Micro (India's second largest) and Supertron (India's fifth largest); both Ingram and Supertron partnerships went live in February 2026.^[4][5]
EB Elite Program launched in FY26 to deepen channel partner relationships and reward performance; dealer meets held in Q1 FY27 across Surat, Chennai, Pune, Mumbai, Lucknow, Delhi and Nagpur.^[1][4]

Expansion and capex

Long-term spaces secured in Mumbai, UAE and the US to serve as high-capacity refurbishment and testing centres for servers and enterprise IT infrastructure.^[3]
Geographic expansion targeted for USA, Europe and emerging markets (Middle East, Southeast Asia and Africa); dedicated sales personnel being deployed.^[1]

Recent developments

Post-IPO deleveraging reduced consolidated net debt-to-equity from 1.85x to 0.39x and standalone from 2.40x to 0.19x in FY26.^[1]
EMI financing programme launched in India in FY26 offering premium refurbished laptops for ₹1,000/month through dealer EMI partnerships; similar programmes being explored internationally.^[1]
FY27 revenue growth guidance raised from ~25% to ~30% YoY following Q1 FY27 revenue of ₹412.5 crore (+32% YoY); FY27 PAT margin expansion target raised from ≥50 bps to 75 - 100 bps above FY26's 7.0%.^[4]
A 60,000-unit bulk desktop opportunity from a major US bank was secured in Q1 FY27, providing margin upside from procurement at advantageous prices.^[4]

Market Cap

₹7,810 Cr

High / Low

₹741 / 239

Stock P/E

55.5

Price / Book

10.4

Book Value

₹66

EPS

₹11.6

No. of Shares

11.4 Cr

ROCE

16.0%

ROE

17.4%

OPM

10.0%

Debt / Equity

0.54

Sales

₹1,891 Cr

Net Profit

₹132 Cr

Promoter holding

71.8%

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