AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - The Company officials will be attending the investors conference scheduled to be held on 28th September 2026 ....
Source: Bse
Electronics Mart India Limited (EMIL)
Micro CapConsumer stocks · Micro cap · NSE
Electronics Mart India Limited (EMIL) is India's 4th largest electronics retailer, operating 223 stores across 95 cities in 6 states. With over four decades of experience, EMIL offers a diversified product profile of 8,000+ SKUs, including mobiles, large appliances, and IT products, through its MBO and EBO formats, focusing on differentiated in-store experiences.
₹176.47
-6.34 · -3.47%
Market cap ₹7,108 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:30 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
51NeutralSMA20 +5.9% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
EMILD candles · FIT view+70.8%Latest close ₹176.47 on 2026-10-19
Bar
-3.8%
RSI
40
MACD hist
-3.25
52W pos
72%
2026-10-19O ₹183.40H ₹183.70L ₹175.00C ₹176.47Vol 18.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
EMILNifty Consumer DurablesNifty 500
- EMIL
- +35.9%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +41.4 pp
Chart stats
19 Oct 2026- From 52W high
- -17.0%
- 52W range position
- 72%
- ATR (14)
- 5.4%
- Volume vs 20D
- 0.37x
- Avg traded value
- ₹87.4 Cr
- 20D price channel
- ₹175 - ₹212.6
₹212.6
₹84.9 - ₹212.6
₹9.5
Latest completed session
20-session average
56.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +39.1% · PAT +450.0% YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+17.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +39% YoY · PAT +450% YoY · margin expansion · +26% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,419 Cr | +39.1% | +26.4% |
| EBITDA | ₹239 Cr | +117.3% | +85.3% |
| Operating margin | 10.0% | +400 bps | +300 bps |
| PAT | ₹121 Cr | +450.0% | +202.5% |
| PAT margin | 5.0% | +373 bps | +291 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 36.20
- P/B
- 4.37
- EV/EBITDA
- 11.90
- Market Cap
- 7108.00Cr
Profitability
- ROE
- 6.24%
- ROCE
- 8.17%
- ROA
- 5.43%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- -7.00%
Balance Sheet
- Debt/Equity
- 0.97
- Interest Coverage
- 3.69×
- Altman Z
- 5.14
- Book Value
- 42.30
Cash Flow
- FCF Yield
- 4.49%
- FCF Positive Y
- 4/5
- OCF
- 444.00 Cr
- EPS TTM
- 5.36
Shareholding
- Promoter Hold
- 65.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,419+26.5% vs prev
Net Profit
₹ CrLatest: 121+202.5% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 40. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~5.6% over last month) — short-term momentum positive.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 108% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
86
RS percentile
Stage 2 UptrendEstablished S2
1M return
-10.1%
3M return
+35.9%
6M return
+61.9%
1Y return
+18.2%
RS 1D
-1
RS 20D
-5
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 26.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +10.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
10 Jul 2026
S2 age
70 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 124.13-2.47%
RS vs Nifty 500124
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth10/25
Quality0/20
Balance Sheet6/15
Cash Flow7/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 4.5%.
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 17.6%.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
36.2
PB
4.4
EV/EBITDA
11.9
ROE
6.2%
ROCE
8.2%
FCF Yield
4.5%
Debt/Equity
1.0
MoS
+17.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+17.6%
Previous: +17.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
31
31
31
31
31
32
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹71.42
-147.1% MoS
Growth-justified P/E
40.0
Growth-justified Value
₹214.19
+17.6% MoS
PEG
3.29
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RELAXO
Micro
Relaxo Footwears Limited
Retail
match 65
25
38.8
8.3%
-860%
OVERVALUED
REDTAPE
Micro
Redtape Limited
Retail
match 63
54
25.4
26.6%
+25%
FAIR VALUE
VMART
Micro
V-Mart Retail Limited
Retail
match 63
55
45.4
14.2%
-35%
FAIR VALUE
V2RETAIL
Micro
V2 Retail Limited
Retail
match 63
56
39.0
22.9%
-6%
FAIR VALUE
WESTLIFE
Micro
WESTLIFE FOODWORLD LIMITED
Retail
match 62
24
—
-3.8%
-576%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T06:43:01.608Z
Management commentary snapshot
Q4 FY26 revenue grew 15% YoY to Rs. 1,913 Crores with PAT up 49% YoY to Rs. 40 Crores, driven by double-digit growth across categories and operating leverage. Full-year FY26 revenue rose 7% YoY to Rs. 7,183 Crores, but PAT declined 33% YoY to Rs. 107 Crores due to exceptional items.
While Q4 showed strong revenue and PAT growth, full-year PAT declined significantly due to exceptional items. The thesis of growth through store expansion is evident with 23 net new stores, but profitability is under stress from low margins in the expanding North cluster (0.3% EBITDA) and non-mature stores (3.1% EBITDA). Rising inventory days and declining RoCE also warrant close monitoring.
Current business mix
Revenue by Product Mix (Q4 FY26 & FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Mobiles44.0%
Large Appliances43.0%
Small Appliances, IT & Others13.0%
Growth engines
Rapid Store Expansion
Net 23 new stores opened in FY26, reaching 223 total stores. Expanding into newer clusters like Western UP and consolidating presence in NCR.
North Cluster Scaling
Began North cluster operations in 2022 and are scaling aggressively, following the strategy that drove success in the South. North cluster presents a large addressable market.
Operating Leverage from Store Maturity
140 out of 223 stores are non-mature (average age 1.9 years). As stores mature, throughput and revenue productivity are expected to improve, enhancing fixed cost absorption.
Differentiated In-store Experiences
MBO format offers live demonstrations and brand-led events. A consultative sales approach helps customers make informed decisions, enhancing satisfaction and conversion.
Capacity and execution
Net Store Openings
23 net new stores opened in FY26, bringing the total store count to 223 (215 MBO & 8 EBO).
Warehousing Facilities
14 large centrally located warehousing facilities support the retail network.
Tailwinds
Sustained Demand Momentum
Demand momentum is sustaining despite price hikes in larger appliances, contributing to double-digit growth across all categories in Q4 FY26.
Shift to Organized Retail
Markets are largely unorganized, and the company is witnessing a clear shift towards organized retail, offering significant headroom for growth.
Deepened Brand Partnerships
Deepened partnerships with niche and leading international brands across home cinema, audio, and connected home ecosystems, enabling faster market penetration.
Risk radar
North Cluster Profitability
The North cluster recorded a significantly lower EBITDA margin of 0.3% in FY26 (store level) compared to the South cluster's 6.5%.
Non-Mature Store Profitability
140 out of 223 stores are non-mature (<4 years old) with an average EBITDA margin of 3.1%, significantly lower than mature stores' 7.3%.
Working Capital Management
Inventory days increased from 59 in March 2025 to 73 in March 2026, indicating a potential increase in working capital requirements.
Declining Return on Capital Employed (RoCE)
RoCE decreased from 13.3% in FY25 to 11.5% in FY26, suggesting lower efficiency in capital utilization.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY is crucial for assessing overall business health and performance against seasonal trends in retail. QoQ can highlight sequential momentum, especially in store expansion and maturation, which are key to EMIL's strategy.
Sector KPIs management disclosed
Revenue from Operations
Q4 FY26: Rs. 1,913 Crores (+15% YoY); FY26: Rs. 7,183 Crores (+7% YoY).
Gross Profit Margin
Q4 FY26: 14.8% (vs 14.7% YoY); FY26: 14.4% (vs 14.8% YoY).
EBITDA Margin
Q4 FY26: 6.7% (vs 6.5% YoY); FY26: 6.1% (vs 6.7% YoY).
PAT Margin
Q4 FY26: 2.1% (vs 1.6% YoY); FY26: 1.5% (vs 2.4% YoY).
Management forward view
North Cluster Margin Alignment
Management expects store productivity and margins in the North cluster to align with South cluster benchmarks as scale builds.
Overall Profitability Improvement
With a significant part of the network in early stages, profitability is expected to improve as more stores mature and unlock higher throughput and operating leverage.
Cashflow Generation through Inventory Optimization
Management is strengthening cash flows by optimizing working capital, especially at the inventory level, using data analytics for demand forecasting and replenishment.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| North Cluster EBITDA Margin | 0.3% (FY26, store level) | Improvement towards South cluster benchmarks (6.5%) as stores mature and scale builds. |
| Non-Mature Store Contribution & Profitability | 140 stores (63% of total) with 3.1% EBITDA margin (FY26). | Maturation of these stores and a significant improvement in their individual EBITDA margins. |
| Inventory Days | 73 days (Mar-26) | Reduction in inventory days, indicating improved working capital efficiency and stock turns. |
| Same Store Sales Growth (SSSG) | 5.3% (FY26) | Sustained double-digit SSSG, particularly in core clusters, to demonstrate underlying demand strength. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 67th percentile within Consumer. Main check: financial discipline is weak at 42/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
56 docs text-extracted · 29 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Consumer: 67th pctile, median 66 · Micro: 43rd pctile, median 73
Evidence depth
Financial-only
56 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
42
weak · capital discipline
Results
68
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 65.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.8%.
- ▸4 years of positive FCF.
Trust risks
- ▸ROE is low at 6.5%.
- ▸ROCE trend is -2.2%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Electronics Mart India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Sep - Electronics Mart India Limited has informed about the copy of the newspaper publication published on 02nd September 2026, regarding the dispatch of the Notice of …
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep - Officials will attend Axis Capital Consumer & Technology Conference on 10 September 2026 in Mumbai.
Source: Bse
Annual reportSep 2026
Sep 2026 · Business Responsibility and Sustainability Reporting (BRSR) 1 Sep - Electronics Mart India filed its FY2025-26 BRSR with the integrated annual report on 1 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep - The Company officials will be attending the Investor conference scheduled to be held on 09th September ....
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Company has submitted the soft copies of the Newspaper Advertisement published on 08th August 2026 pertaining to the Un-Audited Financial Results for the first quarter …
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Aug - Q1 FY27 results: revenue ₹2,419 crore, EBITDA ₹239 crore, PAT ₹121 crore; 39% growth.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.