GNG Electronics, India’s largest refurbisher of ICT devices operating under the “Electronics Bazaar” brand, reported a robust performance for Q2 FY26 and H1 FY26. GNG Electronics Q2 FY26 posted healthy revenue growth, expanding profitability, and continued international capacity additions, especially in the UAE, following its successful July 2025 IPO.
GNG Electronics Q2 FY26 Results: Financial Performance
| Particulars | Q2 FY25 | Q1 FY26 | Q2 FY26 | QoQ Change (%) | YoY Change (%) |
|---|---|---|---|---|---|
| Revenue from Operations | 352.65 | 312.28 | 439.92 | +40.9 | +24.7 |
| Total Expenses | 332.06 | 292.66 | 404.04 | +38.1 | +21.7 |
| Profit After Tax (PAT) | 23.06 | 18.52 | 32.66 | +76.3 | +41.6 |
| EPS (INR) | 1.73 | 1.51 | 2.78 | +84.1 | +60.1 |
GNG Electronics Q2 FY26 revenue jumped 40.9 % QoQ and 24.7 % YoY, reflecting healthy operational scaling post-IPO. Net profit surged 76% sequentially, supported by higher utilization across refurbishing facilities and stronger product-mix margins.
GNG Electronics H1 FY26 Results
| Particulars | H1 FY25 | H1 FY26 | YoY Change (%) |
|---|---|---|---|
| Revenue from Operations | 607.62 | 752.20 | +23.8 |
| Total Expenses | 573.64 | 696.70 | +21.4 |
| Profit After Tax (PAT) | 34.58 | 51.46 | +48.9 |
| EPS (INR) | 2.12 | 3.03 | +43.4 |
GNG Electronics H1 FY26 achieved ~24 % YoY growth in revenue and ~49 % growth in profit, highlighting efficient scale-up and margin discipline amid expanding operations.
🔧 Operational Highlights
- Operating Margins: Maintained near 9%, in line with FY25 EBITDA (8.94 %).
- Finance Cost: INR 8.44 crore in Q2 FY26, stable despite new UAE leases.
- Depreciation: INR 2.22 crore, slightly higher due to asset additions.
- Other Expenses: INR 18.73 crore, reflecting marketing and administrative ramp-up.
🌍 Expansion in the UAE
Through its material subsidiary Electronics Bazaar (FZC), GNG Electronics expanded its refurbishing footprint:
| Location | Area (sq m) | Tenure | Purpose |
|---|---|---|---|
| Ajman, UAE | 1,017 | 1 year (from 26 Sep 2025) | New refurbishing & storage hub |
| Sharjah, UAE | 750 | Ongoing | Additional refurbishment capacity |
➡ Total UAE refurbishing area: 3,767 sq m | Global total: 7,167 sq m
This expansion supports rising regional demand and enhances operational efficiency across the Middle East.
💰 IPO Recap and Balance-Sheet Strength
- IPO Dates: 23–25 July 2025 | Price Band: INR 225 – 237
- Issue Size: INR 460 crore (INR 400 crore fresh + INR 60 crore OFS)
- Subscription: 146.9× overall | QIB book 266×
- Listing: INR 355 on NSE (+49.8 % premium) → Closed INR 333.39 (+40.7 %)
Use of Funds: INR 320 crore for debt repayment and ₹ 80 crore for general corporate purposes. Post-IPO, the company reports a debt-equity ratio below 2× and RONW above 30%, providing a strong base for international expansion.
🏭 Business Snapshot
- Brand: Electronics Bazaar — India’s largest Microsoft Authorised Refurbisher.
- Network: Operations in 38 countries, 4,154 touchpoints.
- Workforce: 1,194 employees across India, UAE, and USA.
- Partners: HP, Lenovo, Iron Mountain, Apto Solutions, Tata Capital.
- Pricing: Refurbished devices offered at 33 – 65% discount to new products.
🔮 Outlook
Analysts project 20 – 25% annual revenue growth for FY26–FY27, supported by:
- Expanding UAE capacity and international contracts
- Growing institutional demand for refurbished hardware
- Strategic capital deployment post-IPO
- Sustained operating margins near 9 %
GNG Electronics H1 FY26 numbers confirm its ability to scale profitably while expanding globally. With strong balance-sheet support, the company is positioned for sustained leadership in the circular-electronics economy.
🧾 Key Takeaways
- Q2 FY26 Revenue: INR 439.9 crore (+40.9 % QoQ, +24.7 % YoY)
- Q2 FY26 PAT: INR 32.7 crore (+76.3 % QoQ, +41.6 % YoY)
- H1 FY26 PAT: INR 51.5 crore (+49 % YoY)
- EPS: INR 2.78 in Q2 FY26 vs INR 1.73 in Q2 FY25
- Global Capacity: 7,167 sq m refurbishing footprint
- IPO Impact: Strengthened capital base and accelerated UAE expansion
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