As GNG Electronics prepares for its stock market debut, investors are scrutinising its fundamentals in comparison to established and upcoming players in the ICT space. Two prominent names emerge as relevant peers: NewJaisa Technologies, a digital-first refurbished IT brand, and Rashi Peripherals, one of India’s most established ICT product distributors.
GNG Electronics Vs NewJaisa Vs Rashi Peripheral report presents an extensive peer comparison that spans business models, market strategy, valuation metrics, financial performance, infrastructure scale, capital efficiency, and strategic positioning. Through this lens, we aim to assist institutional and retail investors in determining GNG’s relative value and its potential trajectory in the public markets.
1. GNG Electronics Business Model Comparison With Peers
| Company | Focus Area | Model Type | Geography | Customer Segment |
|---|---|---|---|---|
| GNG Electronics | Refurbished laptops/desktops/accessories | Full-stack B2B + D2C refurb | India, USA, UAE, EU, Africa | Institutional + Retail |
| NewJaisa Tech | Refurbished IT devices | Digital D2C refurb only | India-centric | Retail Consumers |
| Rashi Peripherals | ICT hardware & peripherals distribution | B2B national distributor | Pan-India | Resellers/Institutions |
Key Insights: GNG’s dual-channel refurb model, supported by global reach, makes it a hybrid disruptor in both B2B and D2C channels. While NewJaisa focuses solely on the digital retail of refurbished electronics, GNG integrates procurement, refurbishing, quality assurance, and distribution across continents. On the other hand, Rashi, though not in the refurb domain, serves as a vital distributor for over 70 global OEMs, creating a thematic overlap with GNG in ICT-related product access.
2. GNG Electronics Vs NewJaisa Vs Rashi Peripheral: Revenue, Margins & Growth Metrics
| Metric | GNG | NewJaisa | Rashi |
|---|---|---|---|
| Revenue | 1,411.11 | 66.45 | 13,772.7 |
| Net Profit | 0.69 | (1.13) | 209.7 |
| EBITDA Margin | 8.94% | 1.05 | ~2.5% |
| Net Profit Margin | 4.89% | -1.72% | 1.52% |
| 3-Year Sales CAGR | ~42% | 33% | 13.9% |
GNG exhibits strong growth velocity with expanding topline and healthy profitability. Its margin profile is considerably superior compared to Rashi and NewJaisa, both of which operate at thinner or negative net margins. GNG’s strong revenue CAGR also underscores its market penetration across geographies and channels.
💳 3. GNG Electronics Peer Comparison: ROE, ROCE & Leverage
| Metric | GNG Electronics | NewJaisa | Rashi Peripherals |
|---|---|---|---|
| ROE | 30.4% | -1.7% | 12.6% |
| ROCE | 17.31% | -0.44% | 13.1% |
| Debt-to-Equity | 1.92 | 0.18 | 0.5 |
| EPS (INR) | 7.11 (Pre), 6.06 (Post) | -0.32 | 31.57 |
Although GNG’s ROE leads the pack—demonstrating strong equity utilization—its high debt load adds a dimension of financial risk. Rashi offers a more conservative profile with strong returns on capital and lower leverage. NewJaisa’s negative returns reflect early-stage burn and capital inefficiency.
🔢 4. GNG Electronics Valuation Metrics Comparison with Peers
| Metric | GNG Electronics (Post IPO) | NewJaisa Tech | Rashi Peripherals |
|---|---|---|---|
| P/E Ratio (X) | 37.16 – 39.14x | NA (loss-making) | 9.92x |
| Price to Book (X) | ~10.17 | 1.62 | 1.18x |
| Price to Sales (X) | 1.91 | 1.92 | 0.15x |
| EV/EBITDA (X) | NA | 82.0 | 8.11x |
Valuation-wise, GNG commands a significant premium, reflecting high growth expectations. Its P/B of over 10x is steep compared to the modest multiples of Rashi, which offers deep value at under 1.2x book. NewJaisa, while optically cheaper on P/B, lacks earnings to justify its high EV/EBITDA multiple.
🏛️ 5. Infrastructure & Operational Reach
| Metric | GNG Electronics | NewJaisa | Rashi Peripherals |
|---|---|---|---|
| SKUs | 5,840 | NA | 17,993 |
| Global Facilities | 5 refurb centers | NA | 68 warehouses |
| Employees | 1,194 | NA | 1,518 |
| Countries/Presence | 38 | 1 | India |
| Distribution Network | Global + Online | Digital D2C | Pan-India B2B |
While Rashi leads in SKU depth and physical warehousing, GNG demonstrates international diversification and supply chain integration with refurb facilities across three continents. NewJaisa’s infrastructure footprint is comparatively modest and digitally focused.
⚖️ 6. Strategic Moat & Risks
| Company | Competitive Moat | Risks |
|---|---|---|
| GNG | Global refurb infra, OEM tie-ups, Microsoft Auth. Refurb | High leverage, expensive valuation |
| NewJaisa | Tech-first D2C platform for budget-conscious users | Unprofitable, brand recall and trust still building |
| Rashi | 36 years of OEM relationships and retail presence | Margin pressure, low scalability beyond distribution |
Strategically, GNG operates in a niche but scalable vertical with potential for both volume and value expansion. Rashi, although less dynamic, benefits from trust and scale in traditional ICT distribution. NewJaisa is at a nascent stage, reliant on brand-building and capital infusion.
Final Words: GNG Electronics Vs. NewJaisa Vs. Rashi Peripheral
| Theme | Best Player | Why? |
|---|---|---|
| Growth + Profitability | ✅ GNG Electronics | Highest CAGR, strong EBITDA margins, international customer base |
| High-Risk Tech Bet | ⚠️ NewJaisa Tech | Negative margins, speculative D2C refurb play |
| Global Infra + Reach | ✅ GNG Electronics | 38 countries, 5 facilities, OEM partnerships |
| Operational Stability | ✅ Rashi Peripherals | Consistent earnings, CRISIL AA- credit rating |
Conclusion
While each company profiled here brings its own strengths and limitations, GNG Electronics emerges as a unique player at the intersection of global refurbishment, ICT value recovery, and omnichannel distribution. Its strong revenue growth, diversified presence across geographies, and deep OEM alliances present a compelling case for long-term scalability.
That said, its current valuation premium and relatively high leverage warrant disciplined monitoring. Unlike legacy players like Rashi Peripherals, which deliver consistent earnings from a mature distribution backbone, GNG is on a higher-growth, higher-risk path, reminiscent of category creators in emerging tech verticals.
Compared to NewJaisa Technologies, GNG is materially ahead in terms of profitability, infrastructure, and institutional-grade partnerships. While NewJaisa represents a leaner D2C approach, it lacks the global ecosystem depth and financial robustness that GNG already exhibits.
📌 In Summary: GNG Electronics presents a differentiated business model with significant headroom for expansion. Investors looking for exposure to India’s formalized refurbished electronics industry may find GNG to be a strong, credible entrant with real-world traction and institutional validation.
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