Any current/future new fundraising through debt or equity?

There is no mention of any new major land or building acquisitions planned for the current financial year, indicating no significant capital raising via debt or equity for such purposes currently. (Page 14) The company has INR 81.6 crores left from the IPO proceeds earmarked for capex, planning to spend around INR 30 crores by the financial year-end. No new equity fundraising is indicated. (Page 9) Gross debt to equity stood at 0.3x with a net debt to equity of 0.2x and net debt to EBITDA at 0.68x as of the recent quarter, suggesting manageable leverage with no stated plans for additional bo

Any current/future capex/capital investment/strategic investment?

Electronics Mart India Limited has done around INR57 crores of capex in the first half of the financial year. They plan to spend another approximately INR30 crores on capex by the financial year-end. Total capex guidance for the full year is around INR90 crores. The company plans to open around 15 more stores in the coming two quarters. Apart from the recently acquired building in Delhi (Lajpat Nagar), no major land or building acquisitions are planned for this financial year. Future expansion primarily will be organic, focusing on lease-based stores. No major acquisition of land or buildings

Future growth expectations in sales/revenue/volumes?

The large appliances segment showed sluggish demand in H1 FY24 but growth is expected during the World Cup and festival season (Oct-Dec), especially in televisions (65-75 inches category). Air conditioner sales continue strong, growing approximately 28-30%. Mobile phone sales are also growing well, contributing positively to same-store sales growth (SSSG). Overall SSSG for H1 FY24 was 8.4%, with Q2 around 2%. Growth is expected to improve in Q3 due to the festival season. Delhi region growth is nascent but expected to accelerate with new store openings and improved productivity. Expa

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue growth is expected to improve with the festive season in Q3 FY24, which is considered the busiest business period ahead. Same-store sales growth (SSSG) is anticipated to improve as existing stores mature and newer stores in Delhi and other regions become operational. Focus on increasing productivity per store, particularly in Andhra, will help with EBITDA margin expansion. Delhi NCR stores, currently at low EBITDA (~0.4%), have strong growth potential with new store openings in prime locations planned. Incentive income saw a decline in Q2 but there is potential for recovery in Q3, whic

Current/ Expected Orderbook/ Pending Orders?

The company has around 15 stores in the pipeline to open in the next two quarters. These include 13 multi-brand outlets (MBOs) and 1 exclusive brand outlet (EBO) in Delhi. They plan to open another 7 to 10 stores in the near term, including a store before Diwali. No major land or building acquisitions are currently planned beyond the recent purchase at Lajpat Nagar, Delhi. Total IPO capex funds available for spending stand at around INR 81.6 crores, with approximately INR 30 crores expected to be spent by the financial year-end. Overall, the company expects to add around 29 stores during the y

Electronics MartQ2 FY24Retailing

Electronics Mart Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹204P/E: 39.3Market Cap: ₹7.7K CrSector: Retailing

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

The large appliances segment showed sluggish demand in H1 FY24 but growth is expected during the World Cup and festival season (Oct-Dec), especially in televisions (65-75 inches category).
Air conditioner sales continue strong, growing approximately 28-30%.
Mobile phone sales are also growing well, contributing positively to same-store sales growth (SSSG).
Overall SSSG for H1 FY24 was 8.4%, with Q2 around 2%. Growth is expected to improve in Q3 due to the festival season.
Delhi region growth is nascent but expected to accelerate with new store openings and improved productivity.
Expansion includes around 15 new stores planned in the next two quarters with continued investment in key markets.
Non-product categories like warranties and services are growing steadily but contribute a small portion (~4.5%).
The company expects normalizing and improving sales and volume growth in the coming quarters fueled by festive demand and new store additions.

Margin guidance

Category 3

Revenue growth is expected to improve with the festive season in Q3 FY24, which is considered the busiest business period ahead.
Same-store sales growth (SSSG) is anticipated to improve as existing stores mature and newer stores in Delhi and other regions become operational.
Focus on increasing productivity per store, particularly in Andhra, will help with EBITDA margin expansion.
Delhi NCR stores, currently at low EBITDA (~0.4%), have strong growth potential with new store openings in prime locations planned.
Incentive income saw a decline in Q2 but there is potential for recovery in Q3, which could lead to improved revenue growth (~7.9% adjusted without Delhi revenues).
EBITDA margins improved YoY to around 7.4–7.5% in Q2 and H1 FY24, with a long-term view to sustain or improve margins via cost efficiencies.
Capital expenditure of about INR30 crores planned in the second half to support store expansion (15 new stores).
Overall, management is confident of higher top-line growth and margin improvement driven by market expansion and operational efficiencies.

See what Electronics Mart management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no mention of any new major land or building acquisitions planned for the current financial year, indicating no significant capital raising via debt or equity for such purposes currently. (Page 14)
The company has INR 81.6 crores left from the IPO proceeds earmarked for capex, planning to spend around INR 30 crores by the financial year-end. No new equity fundraising is indicated. (Page 9)
Gross debt to equity stood at 0.3x with a net debt to equity of 0.2x and net debt to EBITDA at 0.68x as of the recent quarter, suggesting manageable leverage with no stated plans for additional borrowing. (Page 5)
The company appears focused on organic store expansion and using IPO funds for capex rather than pursuing fresh fundraising through debt or equity in the near term.

Order book

The company has around 15 stores in the pipeline to open in the next two quarters.
These include 13 multi-brand outlets (MBOs) and 1 exclusive brand outlet (EBO) in Delhi.
They plan to open another 7 to 10 stores in the near term, including a store before Diwali.
No major land or building acquisitions are currently planned beyond the recent purchase at Lajpat Nagar, Delhi.
Total IPO capex funds available for spending stand at around INR 81.6 crores, with approximately INR 30 crores expected to be spent by the financial year-end.
Overall, the company expects to add around 29 stores during the year, including the 14 already opened and about 15 more planned.
Capex guidance for the full year is around INR 90 crores.

See what Electronics Mart management said on order book — free account, 30 seconds.

Capex plans

Yes

Electronics Mart India Limited has done around INR57 crores of capex in the first half of the financial year.
They plan to spend another approximately INR30 crores on capex by the financial year-end.
Total capex guidance for the full year is around INR90 crores.
The company plans to open around 15 more stores in the coming two quarters.
Apart from the recently acquired building in Delhi (Lajpat Nagar), no major land or building acquisitions are planned for this financial year.
Future expansion primarily will be organic, focusing on lease-based stores.
No major acquisition of land or buildings is planned beyond the current pipeline for this financial year.

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