Electronics Mart India (EMIL) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw robust festive-driven growth, aided by GST rate cuts, strong demand for large appliances, and a 25% year-over-year increase during the festival period.

• Q3 FY26 revenue reached approximately INR 1,940 crore, up 7–8% year-over-year, with PAT at INR 30 crore, impacted by a one-time exceptional charge due to new Labour Codes.

• Store network expansion continued aggressively, with 19 net new stores in 9M FY26, nearly 100 stores added in two years, and over 200 stores across 94 cities.

• Unaudited standalone and consolidated financial results for Q3 and 9M FY26 were approved, with auditors issuing unmodified limited review reports.

Financial highlights

• Q3 FY26 revenue was INR 1,939.7 crore, up 8% year-over-year; EBITDA grew 17% to INR 119 crore (6.1% margin); PAT was INR 30 crore.

• 9M FY26 revenue reached INR 5,270 crore, up 4% year-over-year; EBITDA was INR 311 crore (5.9% margin); PAT was INR 67 crore.

• Standalone net profit for Q3 FY26 was INR 296.51 million, up from INR 161.46 million in Q3 FY25; EPS for Q3 FY26 was INR 0.77.

• Working capital days stood at 60 as of December 31, 2025; pre-Ind AS cash flow from operations was INR 500 crore for nine months.

• Gross margin held steady at 14.3% for both Q3 and 9M FY26.

Outlook and guidance

• Management expects margins to normalize as new stores mature, with a positive outlook for the summer season and further expansion into new geographies.

• Anticipates double-digit growth if summer demand is strong, with plans to add 10 more stores and enter new regions like Odisha or Western UP.

• Confident in achieving profitability in the Delhi cluster by FY27, with further margin improvement expected if summer is favorable.

• Focus on inventory optimization and technology-driven replenishment to strengthen cash flows.

• Any further impact from the New Labour Code will be accounted for when rules are notified.