Computers Hardware & Equipments industry

29 companies · ₹25,923 cr · 9 with AI deep dives · Q1FY27 report

Price-driven revenue hits panel peak, but AI budget shifts and consumer stress question cycle durability

Turning upmargin troughed at 2.9% and has risen for 6 quarters to 3.8%, on positive revenue growth

Revenue YoY: +50.3%
EBITDA margin: 3.8%; -80bps YoY
Price, 1 year: -17.2%; 40% of names up
P/E vs own 5y: +2.3%; 27.5x now

Exhibit 1The quarter in numbers

constant panel of 9 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	6,169 cr	5,685 cr	+8.5%	4,104 cr	+50.3%	6,169 cr	0.0%
EBITDA margin	3.8%	4.0%	-20bps	4.6%	-80bps	4.6%	-80bps

Revenue

Jun 26: 6,169 cr
Mar 26: 5,685 cr
QoQ: +8.5%
Jun 25: 4,104 cr
YoY: +50.3%
Peak: 6,169 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 3.8%
Mar 26: 4.0%
QoQ: -20bps
Jun 25: 4.6%

Sept 26: 1 of 11 reported so far, so it is not in the trend above.

Breadth: 73% of 11 companies grew revenue year on year (was 89% a quarter earlier) and 46% expanded margin (was 44%).

Exhibit 2What it costs

15.81x - 65.54x across the panel today

The median name trades at 27.5x, +2.3% against this industry's own 5-year median of 26.9x, and -62.7% against its own peak of 73.6x.

Exhibit 3Structure

₹25,923 cr

GNG Electronics Ltd is 30.1% of this industry by market cap. The top 5 are 74.8% and the top 10 are 90.7%.

small 6micro 2311 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 27.48x, 5y ROCE above its median of 14.07%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 29)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
GNG Electronics Ltd	₹8,295 cr	57.0x	43.4x	16.0%	10.4%	+32.1%	Unlock
Rashi Peripherals Ltd	₹5,487 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

mixedComponent price inflation inflating revenue and building channel inventories simultaneously3 managements

Memory, SSD, and CPU prices have risen sharply - in some segments described as doubling or tripling - and are the single largest driver of sector revenue growth this quarter. It…

Rashi Peripherals Ltd (Q1 FY27): “broadly speaking, 30%-35% has come from the price increase... all our T2 partners are…”

mixed2 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 4 companies

1-4

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Brisk Technovision Ltd	₹15 cr	15.1x	8.3x	18.0%	5.7%	-16.9%	Unlock