Event Type and Details:

  • The document contains the transcript of an Earnings Conference Call held on Thursday, 05th November 2026, at 04:00 P.M. IST to discuss the Un-Audited Financial Results for the Second Quarter and First Half Year ended 30th September 2026.
  • The meeting was scheduled after the earnings announcement, as it discusses already published results.

Management Participants:

  • Mr. Karan Bajaj – Chief Executive Officer
  • Mr. Premchand Devarakonda – Chief Financial Officer
  • SGA, Investor Relations Advisors

Availability of Materials:

  • The results, press release, and investor presentation were uploaded on the Stock Exchanges and on the company's website at https://investors.electronicsmartindia.com/earning-call-transcripts-and-investors-presentation
  • The transcript itself was filed as a regulatory disclosure pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Highlights Discussed:

Q2 FY27 Performance:

  • Revenue from operations: INR1,900 crores, up 19% YoY (from INR1,591 crores)
  • Retail sales: INR1,807 crores, up 19%
  • Gross profit: INR293 crores, up 31% (Gross margin: 15.4%, +130 bps)
  • EBITDA: INR131 crores, up 61% (EBITDA margin: 6.9%, +180 bps)
  • Pre-Ind AS 116 EBITDA: INR90 crores (4.8% margin) vs INR46 crores (2.9%) last year
  • PAT: INR40 crores, up 149% (PAT margin: 2.1% vs 1%)

H1 FY27 Performance:

  • Revenue from operations: INR4,319 crores, up 30% YoY (from INR3,330 crores)
  • Gross profit: INR710 crores, up 49% (Gross margin: 16.4%, +210 bps)
  • EBITDA: INR369 crores, up 93% (EBITDA margin: 8.6%, +280 bps)
  • Pre-Ind AS 116 EBITDA: INR290 crores (6.7% margin) vs INR161 crores (4.8%) last year
  • PAT: INR161 crores, up 326% (PAT margin: 3.7%)

Operational Metrics:

  • Customers served: 16.8 lakh bills (+20% YoY)
  • Same-store sales growth: Q2: 16.5%, H1: 27.5%
  • Average ticket size: ~INR25,700 (+15%)
  • Store count: 229 stores across 102 cities (222 MBO, 7 EBO) with 2 million sq ft retail area
  • Working capital days: 61 days (vs 77 days last year and 73 days in Mar 2026)
  • Operating cash flow (H1): INR384 crores (post-Ind AS), +41% YoY
  • TTM ROCE: 18.5%, TTM ROE: 12.9%

Product Mix and Regional Performance:

  • Q2 product revenue mix: Mobile phones 53%, Large appliances contribution decreased from Q1's 48%
  • H1 product revenue mix: Mobile phones 45%, Large appliances 41%, Small appliances/IT/others 14%
  • South market: H1 revenue +28%, EBITDA margin 9.3% (+320 bps)
  • North cluster: Q2 revenue +45%, H1 revenue +36%, H1 EBITDA margin 3.4% (from 1%)

Business Updates and Guidance:

  • West Bengal expansion: Planning to start operations by mid-November 2026 with 4-5 stores initially
  • Store addition guidance: 25-30 stores for FY27; similar or higher for FY28
  • Full-year guidance maintained: Revenue growth 18-20%, gross margins around 15%, EBITDA margins 7.5-8% (post-Ind AS)
  • Festive season demand described as "off to a strong start" and "in line with expectations"
  • Expected operating cash flow (pre-Ind AS) for FY27: ~INR600 crores

Compliance Statement:

  • The conference call contained forward-looking statements based on beliefs, opinions, and expectations of the company as of the date of the call, with the standard disclaimer that these are not guarantees of future performance.

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with analyst Q&A session.
  • The transcript was filed with the stock exchanges (NSE and BSE) on 10th November 2026 by Mr. Rajiv Kumar, Company Secretary and Compliance Officer.
  • The document contains detailed financial data and operational metrics as presented during the earnings call.