GNG Electronics Limited — Q2FY27 earnings call summary

• Q2 FY27 consolidated revenue grew 42% y-y to INR 624.8 Cr; H1 revenue up 38% y-y to INR 1,037 Cr
• FY27 revenue growth guidance raised to 40% y-y; PAT growth guidance raised to 1.5% y-y
• Inventory elevated strategically due to supply constraints; expected to normalize to ~90 days in 2 years
• Net debt stable at ~INR 427 Cr; no significant increase expected for FY27
• Brand Electronics Bazaar strengthens pricing power; margin expansion driven by brand and price reset
• Tax rate guidance revised to 14-16% for FY27 from ~11% last year
• Q2 volume: ~225,000 units; H1 volume: ~374,000 units; laptop ASP ~INR 31,000 (+11% y-y)
• Capacity utilization at ~40-50%; no immediate capacity expansion needed

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