Financial Performance Highlights

Q2 FY27 Performance (YoY):

  • Revenue from Operations: ₹203.7 crore (vs ₹134.3 crore in Q2FY26), up 52%
  • Gross Profit: ₹26.2 crore (vs ₹13.7 crore), up 91%
  • Gross Margin: 12.8% (vs 10.2%), expansion of 264 bps
  • EBITDA: ₹12.2 crore (vs ₹6.2 crore), up 95%
  • EBITDA Margin: 6.0% (vs 4.7%), expansion of 132 bps
  • Profit Before Tax: ₹9.8 crore (vs ₹4.7 crore), up 108%
  • Net Profit: ₹7.5 crore (vs ₹3.7 crore), up 101%
  • PAT Margin: 3.7% (vs 2.8%), expansion of 91 bps
  • Diluted EPS: ₹0.53 (vs ₹0.26), up 104%

H1 FY27 Performance (YoY):

  • Revenue from Operations: ₹393.7 crore (vs ₹245.9 crore in H1FY26), up 60%
  • Gross Profit: ₹48.1 crore (vs ₹26.0 crore), up 85%
  • Gross Margin: 12.2% (vs 10.6%), expansion of 163 bps
  • EBITDA: ₹23.0 crore (vs ₹12.5 crore), up 84%
  • EBITDA Margin: 5.8% (vs 5.1%), expansion of 75 bps
  • Profit Before Tax: ₹18.9 crore (vs ₹9.5 crore), up 99%
  • Net Profit: ₹14.3 crore (vs ₹7.3 crore), up 96%
  • PAT Margin: 3.6% (vs 3.0%), expansion of 66 bps
  • Diluted EPS: ₹1.31 (vs ₹0.52), up 152%

Operational Performance

  • Same-store sales growth for H1 FY27: 32.1%
  • Store network expanded to 428 stores across 4 states and one Union Territory as of September 30, 2026
  • Added 90 stores in 90 days during the period
  • Plans to enter two additional states in H2 FY27

Balance Sheet Position (as of September 30, 2026)

  • Total Equity: ₹146.7 crore (vs ₹132.6 crore in March 2026)
  • Equity Share Capital: ₹14.1 crore (unchanged)
  • Other Equity: ₹132.6 crore (vs ₹118.5 crore)
  • Total Assets: ₹275.4 crore (vs ₹198.5 crore in March 2026)
  • Inventories: ₹148.0 crore (vs ₹96.3 crore)
  • Cash and Cash Equivalents: ₹16.7 crore (vs ₹8.6 crore)
  • Trade Receivables: ₹11.5 crore (vs ₹8.3 crore)
  • Current Borrowings: ₹36.7 crore (vs ₹1.9 crore)
  • Net debt-free balance sheet with 0.03x debt/equity

Cash Flow Statement (H1 FY27)

  • Net cash flow from operating activities: (₹18.4) crore
  • Net cash flow from investing activities: (₹6.2) crore
  • Net cash flow from financing activities: ₹32.7 crore
  • Net increase in cash & cash equivalents: ₹8.1 crore
  • Cash & cash equivalents at beginning: ₹8.6 crore
  • Cash & cash equivalents at end: ₹16.7 crore

Management Commentary

Mr. Sanjeev Bhatia, Managing Director, stated that the strong performance reflects robust business momentum and improving operating leverage. Margin expansion was driven by store maturation and operating efficiencies. The company aims to strengthen geographical presence and diversify revenue mix by entering two additional states in H2 FY27.

Business Strategy

  • Mobile-led, high-turnover retail model with focus on scale
  • Regional clustering strategy: building density in existing markets before entering new geographies
  • Capital-efficient rollout with ₹8-10 lakh average capex per new store
  • 12-13 months average store payback period
  • Targeting India's phone market estimated at ₹5.2 lakh crore by FY30

Board of Directors

  • Mr. Sanjeev Bhatia (Managing Director) - 26 years experience in retail and wholesale business
  • Nikhil Bhatia (Whole Time Director) - 23 years experience in finance and sales
  • Kamleshkumari Harbanslal Bhatia (Non-Executive - Non-Independent Director)
  • Arpit Arunkumar Jain (Independent Director)
  • Rachit Naresh Narang (Independent Director)
  • Rashmi Kapil Arora (Independent Director)

Investor Relations Contact

  • Ms. Chintika Shah, Company Secretary and Compliance Officer
  • IR advisors: Ms. Garima Singla/Ms. Diya Kaswa