Any current/future new fundraising through debt or equity?

The company plans almost all future store additions to be funded through internal accruals and remaining IPO proceeds. There is no explicit mention of new fundraising through debt or equity in the current fiscal. The company maintains a healthy cash flow from operations, supporting funding through internal sources. Gross debt-to-equity and net debt-to-equity stand at 0.5x, and net debt-to-EBITDA at 1.4x, indicating moderate leverage without planned increase. No indications of upcoming debt or equity fundraising were provided in the discussion.

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

Capex for a new 10,000 sq.ft store is approx INR 2.5 crores (Rs. 2,500 per sq.ft) plus Rs. 2.5 crores inventory, totaling ~Rs. 5 crores initial investment. Inventory stocked at stores typically around Rs. 3 crores per new store (2-2.5 crores display + 50-70 lakhs backup stock). Warehousing capacity in Delhi NCR is currently adequate with 3 warehouses; plans to add another warehouse as store network expands further into Haryana/Gurgaon. Around 30+ new stores planned for FY25, with 10 opening in Q1; focus on expanding in Andhra Pradesh, Telangana, and NCR regions. Exploring smaller store formats

Future growth expectations in sales/revenue/volumes?

The company expects a steady same-store growth (SSG) around 9%-10% in FY'25 for stores operational the full year. Overall revenue growth is projected to align with past trends, with a comfortable blended growth of ~15%+. Incremental growth in new markets, particularly in the North region, is anticipated with a focus on store productivity improvement. Mobile phones revenue share expected to remain stable without drastic jumps, but there is identified underpenetration in regions like Andhra Pradesh offering growth potential. Expansion plans include opening 30+ new stores in FY'25, with heavy foc

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

FY'24 revenue grew 15% YoY to ₹6,285 crores; EBITDA grew 34% YoY to ₹449 crores with margin at ~7.2%. PAT increased 50% YoY to ₹184 crores. Same-store growth (SSG) targeted at 9-10% for FY'25 including new stores. EBITDA margins expected to remain stable around FY'24 levels (7.1-7.2%), with potential upside as new stores mature and marketing costs normalize. North region break-even expected by Q4 FY'24; significant growth potential in subsequent years as store productivity improves. Store economics: Targeting ₹35 crores average sales per store in North to achieve 5-6% pre-Ind AS EBIT

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Electronics Mart India LtdQ1 FY24Retailing

Electronics Mart India Ltd Q1 FY24 Earnings Call Analysis

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

Price: ₹106P/E: 52.0Market Cap: ₹4.8K CrSector: Retailing

Management growth scorecard

Revenue

Category 3

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 3

→The company expects a steady same-store growth (SSG) around 9%-10% in FY'25 for stores operational the full year.
→Overall revenue growth is projected to align with past trends, with a comfortable blended growth of ~15%+.
→Incremental growth in new markets, particularly in the North region, is anticipated with a focus on store productivity improvement.
→Mobile phones revenue share expected to remain stable without drastic jumps, but there is identified underpenetration in regions like Andhra Pradesh offering growth potential.
→Expansion plans include opening 30+ new stores in FY'25, with heavy focus on NCR and North markets.
→Premiumization and new categories (built-in appliances) are expected to contribute positively.
→Growth in cooling products is seasonal but expected to reflect in future quarterly numbers.
→The company anticipates working capital increase for inventory buildup associated with store expansions and seasonal demand.

Margin guidance

Category 3

→FY'24 revenue grew 15% YoY to ₹6,285 crores; EBITDA grew 34% YoY to ₹449 crores with margin at ~7.2%.
→PAT increased 50% YoY to ₹184 crores.
→Same-store growth (SSG) targeted at 9-10% for FY'25 including new stores.
→EBITDA margins expected to remain stable around FY'24 levels (7.1-7.2%), with potential upside as new stores mature and marketing costs normalize.
→North region break-even expected by Q4 FY'24; significant growth potential in subsequent years as store productivity improves.
→Store economics: Targeting ₹35 crores average sales per store in North to achieve 5-6% pre-Ind AS EBITDA margins.
→Expansion plans: 30+ new stores in FY'25 with focus on NCR region and Andhra/Telangana, driving future sales and margin growth.
→Introduction of higher ASP built-in appliances category expected to improve profitability.
→Conservative outlook on EBITDA margin expansion due to rising costs (rent, manpower, payment-related fees).

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Fundraise plans

→The company plans almost all future store additions to be funded through internal accruals and remaining IPO proceeds.
→There is no explicit mention of new fundraising through debt or equity in the current fiscal.
→The company maintains a healthy cash flow from operations, supporting funding through internal sources.
→Gross debt-to-equity and net debt-to-equity stand at 0.5x, and net debt-to-EBITDA at 1.4x, indicating moderate leverage without planned increase.
→No indications of upcoming debt or equity fundraising were provided in the discussion.

Order book

The transcript provided from Electronics Mart India Limited's Q4 FY'24 Earnings Conference Call does not explicitly mention details regarding the current or expected order book or pending orders. The discussion focuses primarily on: - Store expansion plans (30+ stores planned in FY'25) - Inventory and working capital management (inventory of around Rs. 3-5 crores per new 10,000 sq ft store) - Segment-wise gross margins and sales growth - Financial performance, margins, and cash flows - Category-wise demand trends and store economics No specific quantitative or qualitative details about the order book or pending order status were disclosed in the available transcript excerpt.

Capex plans

Yes

→Capex for a new 10,000 sq.ft store is approx INR 2.5 crores (Rs. 2,500 per sq.ft) plus Rs. 2.5 crores inventory, totaling ~Rs. 5 crores initial investment.
→Inventory stocked at stores typically around Rs. 3 crores per new store (2-2.5 crores display + 50-70 lakhs backup stock).
→Warehousing capacity in Delhi NCR is currently adequate with 3 warehouses; plans to add another warehouse as store network expands further into Haryana/Gurgaon.
→Around 30+ new stores planned for FY25, with 10 opening in Q1; focus on expanding in Andhra Pradesh, Telangana, and NCR regions.
→Exploring smaller store formats (~6,000-7,000 sq.ft) for Tier-2/Tier-3 towns if market demands.
→Investments also include renovating zones for premium brands like Apple within multi-brand outlets or exclusive brand outlets, with costs initially borne by retailer and reimbursed by brand over time.
→Future store additions expected to be funded largely from internal accruals and remaining IPO proceeds.

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