Any current/future new fundraising through debt or equity?

No plans for a Qualified Institutional Placement (QIP) or any equity fundraising for expansion. Expansion (20-30 stores planned for FY '25) will be funded through internal cash flows and existing debt lines. Approximately INR 20 crore of capex funds raised during the IPO in 2022 remain available for further expansion. Comfortable with current funding sources; no requirement for additional fundraising noted. Expected debt levels to remain stable, with no significant increase even after adding new stores in H2 FY '25.

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

Current capex: Approximately INR 20 crores remaining from the IPO capex raised in 2022, available for further expansion. Expansion plans: Targeting 20 to 30 new store openings in FY '25, funded through internal cash flows and existing debt lines. No plans for QIP or external capital raising for funding new stores; internal resources are sufficient. Focus on organic growth in Tier 2, Tier 3, and Tier 4 towns with smaller store sizes and differentiated marketing strategies. Exclusive brand outlets (EBO) are not a key growth strategy; only 1-2 EBO stores may open based on brand recommendations (e

Future growth expectations in sales/revenue/volumes?

H1 FY '25 revenue grew by 13% year-on-year to INR 3,361 crores; full-year revenue growth guidance is 15%-18%. Same-store sales growth for H1 FY '25 stood at 6%. North cluster sales are growing positively, with expectations to further improve margins and EBITDA in 12-14 months. Mature stores show low single-digit growth (1%-3%); newer stores (under 24 months) are expected to grow at 18%-30%. Expansion strategy includes opening 25-30 new stores yearly, building presence especially in the Delhi-NCR region. Increased demand expected driven by rising GDP per capita, disposable income, and

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

North cluster is expected to improve and align margins with the South cluster, with positive EBITDA anticipated by Q3/Q4 FY25. Newer stores, especially in NCR, are in the early stages with operational breakeven expected within 12-14 months, contributing to growth thereafter. Mature stores typically grow at 1-3% annually unless cannibalized by newer stores; newer stores target 18-30% growth initially, stabilizing at ~7-10% EBITDA margins over time. Overall revenue growth was 13% YoY for H1 FY25, with a 5% increase in EBITDA; future seasonal upticks, especially in Q4, are expected to contr

Electronics MartQ2 FY25Retailing

Electronics Mart Q2 FY25 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 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

H1 FY '25 revenue grew by 13% year-on-year to INR 3,361 crores; full-year revenue growth guidance is 15%-18%.
Same-store sales growth for H1 FY '25 stood at 6%.
North cluster sales are growing positively, with expectations to further improve margins and EBITDA in 12-14 months.
Mature stores show low single-digit growth (1%-3%); newer stores (under 24 months) are expected to grow at 18%-30%.
Expansion strategy includes opening 25-30 new stores yearly, building presence especially in the Delhi-NCR region.
Increased demand expected driven by rising GDP per capita, disposable income, and shift toward premium electronics and top brands.
Large appliances category showing strong growth (46% in Q2, 24% Y-o-Y).
Expectation of additional sales (INR 100-150 crores) in Q4 during early summer season.
Overall, growth is expected to be steady with focus on optimizing inventory and improving operational leverage.

Margin guidance

Category 3

North cluster is expected to improve and align margins with the South cluster, with positive EBITDA anticipated by Q3/Q4 FY25.
Newer stores, especially in NCR, are in the early stages with operational breakeven expected within 12-14 months, contributing to growth thereafter.
Mature stores typically grow at 1-3% annually unless cannibalized by newer stores; newer stores target 18-30% growth initially, stabilizing at ~7-10% EBITDA margins over time.
Overall revenue growth was 13% YoY for H1 FY25, with a 5% increase in EBITDA; future seasonal upticks, especially in Q4, are expected to contribute incremental sales (~INR 100-150 crores).
Focus on premium products and top 5 brands is driving demand, supporting margin stabilization.
Wage and rental cost inflation are challenges but expected to be managed; gradual operational leverage is anticipated as newer markets mature.
Full-year guidance includes adding 25-30 new stores, which should support continued growth in earnings and operating profits.

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

Fundraise plans

No plans for a Qualified Institutional Placement (QIP) or any equity fundraising for expansion.
Expansion (20-30 stores planned for FY '25) will be funded through internal cash flows and existing debt lines.
Approximately INR 20 crore of capex funds raised during the IPO in 2022 remain available for further expansion.
Comfortable with current funding sources; no requirement for additional fundraising noted.
Expected debt levels to remain stable, with no significant increase even after adding new stores in H2 FY '25.

Order book

The transcript provided from the Electronics Mart India Limited Q2 & H1 FY25 earnings call does not contain any information or mention regarding current or expected order book or pending orders. The discussion mainly revolves around: - Store expansion and profitability (177 stores, focus on Tier 2/3 cities) - Sales performance and category trends (large appliances, mobile phones) - Margin and EBITDA performance across regions (South and North clusters) - Inventory levels and working capital management - Online sales strategy - Seasonal sales patterns around festivals There is no reference to order book size, pending orders, or future order backlog in the call transcript.

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

Capex plans

Yes

Current capex: Approximately INR 20 crores remaining from the IPO capex raised in 2022, available for further expansion.
Expansion plans: Targeting 20 to 30 new store openings in FY '25, funded through internal cash flows and existing debt lines.
No plans for QIP or external capital raising for funding new stores; internal resources are sufficient.
Focus on organic growth in Tier 2, Tier 3, and Tier 4 towns with smaller store sizes and differentiated marketing strategies.
Exclusive brand outlets (EBO) are not a key growth strategy; only 1-2 EBO stores may open based on brand recommendations (e.g., Samsung, LG, Apple).
Investment strategy emphasizes expanding presence in Delhi-NCR and strengthening existing markets without increasing debt substantially.

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Electronics Mart Q2 FY25 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

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What Electronics Mart's management said in earlier quarters

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