India’s refurbished electronics market is witnessing a revolution, and leading this wave is GNG Electronics. Electronics Bazaar’s parent company is going public with an IPO from 23 July to 25 July 2025 to raise INR 457.38 – 460.44 crore. With sustainability, digital inclusion and global scale, GNG Electronics is India’s largest laptop and desktop refurbisher and among the top global players in ICT devices refurbishment. Let’s get into GNG Electronics IPO review, business, financials, pros and cons and whether it’s worth investing in.
Table of Contents
GNG Electronics IPO Review: Business Overview
Founded by Sharad Khandelwal, a Chartered Accountant and industry veteran with 29 years of experience, GNG Electronics operates a fully integrated refurbishing business under the brand Electronics Bazaar. The company offers end-to-end solutions, from procurement and refurbishment to after-sales services and warranty-backed sales, ensuring devices are “as good as new.”
GNG refurbishes a wide range of ICT devices: laptops, desktops, tablets, servers, premium smartphones, mobile workstations and accessories. These are sold at 35%–70% discount compared to new devices. For example, refurbished laptops are sold at one-third of the original cost, making them a great option for budget-conscious consumers, corporates and institutions.
Global Footprint and Operations
GNG Electronics has strategically positioned refurbishing facilities in Navi Mumbai (India), Sharjah (UAE – three units), and Dallas (USA), with a combined refurbishing capacity of ~1.4 million units annually over 58,127 sq. ft. Its reach spans 38 countries with 4,154 sales touchpoints as of 31 March 2025, including markets across North America, South America, Europe, Africa, and Asia-Pacific.
The company has certifications from Lenovo, HP, Microsoft, the Central Pollution Control Board, and SERI (Responsible Recycling Version 3). It is one of the few refurbishers globally equipped for advanced motherboard (L3) and LCD repairs, including light guide plate (LGP) correction and laser keyboard reprinting—a differentiator in the industry.
GNG Electronics IPO Review: Structure and Utilization
- IPO Price Band: INR 225 – 237 per share
- Lot Size: 63 shares (INR 14,931 at upper band)
- Fresh Issue: INR 400 crore
- Offer for Sale: 25.5 lakh shares (INR 57.38 – 60.44 crore)
- Listing On: BSE, NSE
- Listing Date: 30 July 2025
- Retail Quota: 35%
- Lead Managers: Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial
- Registrar: Bigshare Services Pvt Ltd
- Use of Proceeds: INR 320 crore for debt repayment (including subsidiary Electronics Bazaar FZC), balance for general corporate purposes.
Robust Financial Performance
Revenue and Profit Growth
GNG Electronics has demonstrated a consistent financial growth trajectory:
| Revenue (INR Cr.) | Net Income (INR Cr.) | EBITDA Margin (%) | Net Margin (%) | |
| FY 2023 | 659.54 | 32.43 | 7.59 | 4.92 |
| FY 2024 | 1,138.14 | 52.31 | 7.46 | 4.60 |
| FY 2025 | 1,411.11 | 69.03 | 8.94 | 4.89 |
With a CAGR of 45.76% in revenue over the past three years, GNG has shown that its business model can scale effectively.
Revenue Breakdown by Geography
- India Revenue (FY 2025): INR 345.33 crore
- International Revenue (FY 2025): INR 1,065.78 crore
- Exports contribute 75.5%, reflecting strong global traction.
Product-Wise Revenue Split (FY 2025)
- Laptops: INR 1,066.71 crore (75.59%)
- Others (desktops, smartphones, accessories): INR 344.40 crore (24.41%)
Valuation and Financial Ratios
- FY25 Diluted EPS (Post-Issue): INR 6.06
- P/E Ratio (Post-Issue): 37.16 – 39.14x
- Return on Net Worth (RONW): 30.40%
- Debt/Equity (FY25): 1.92 (to improve post-issue)
Compared to its only listed peer, Newjaisa Technologies, GNG is significantly ahead in every metric—revenue, profit, RONW, and operational scale. Newjaisa reported INR 66.45 crore in revenue and a negative EPS of -0.32 in FY25.
Industry Tailwinds: Sustainability + Affordability
The global refurbished PC market grew from USD 9.7 billion in CY18 to USD 17.1 billion in CY24 and is expected to reach USD 61 billion by CY29 with a 10.4% CAGR. In India, the market grew from USD 0.2 billion in FY19 to USD 1 billion in FY25 and is expected to reach USD 4 billion by FY30 (30% CAGR).
A notable trend is the shift from “as-is used” to fully refurbished devices, driven by cost, performance parity, and rising environmental consciousness. The organized refurbished segment in India has jumped from 5.2% in FY19 to 13.2% in FY25, and is expected to reach 39.7% by FY30.
With global E-Waste Management Rules (2022) enforcing Extended Producer Responsibility (EPR) targets, GNG is well-positioned with its EPR certification and ability to issue certificates to partners—a monetizable asset.
Strengths and Competitive Moats
- Market Leadership & Scale:
- Largest refurbisher in India for laptops/desktops
- Among the largest globally, with superior capacity and reach
- High Barriers to Entry:
- Advanced repair capabilities (L3 + LCD refurb)
- Compliance with international data sanitization standards (R2 V3, NIST, DoD)
- Strong Procurement Network:
- 557 procurement partners globally including HP, Lenovo, Microsoft, Tata Capital, Iron Mountain, and BitRaser
- Quality Assurance:
- 21-step refurbishment process
- High customer repeat rate, premium pricing in the segment due to reliable warranty and quality
- Strategic Tie-ups:
- Certified refurbisher for HP and Lenovo
- ITAD partner to India’s second-largest software company (by market cap)
- ESG & Circular Economy:
- Refurbishing reduces carbon footprint (250-330 kg CO2e saved per laptop)
- Supports digital inclusion, sustainability, and affordable access to tech
- No Inventory Write-Offs or Bad Debts:
- Speaks to strong supply chain and fiscal discipline
GNG Electronics IPO Review: Risk Factors
- Heavy reliance on laptop sales: FY23 – 79.97%, FY24 – 67.87%, FY25 – 75.59%, . Any decline in demand may hurt revenue.
- Revenue from outside India grew: FY23 – 50.53%, FY24 – 57.97%, FY25 – 75.53%. Inability to manage overseas business may impact growth.
- Revenue from subsidiary EB FZC: FY23 – 50.28%, FY24 – 49.59%, FY25 – 66.66%. Any loss or change in control may affect financials.
- Operations concentrated in India, the Middle East, USA (combined >100% in FY25). Economic, political, or regulatory issues in these regions may severely impact business stability.
Verdict: Should You Invest in GNG Electronics IPO?
GNG Electronics is at the intersection of sustainability, affordability and digital inclusion. With a proven track record of growth, profitability and a business model aligned to the global ESG wave, it’s a great opportunity for retail and institutional investors.
GNG Electronics IPO is more than a listing event—it’s an invitation to participate in a greener, smarter future where affordable tech meets sustainable innovation. If you’re a long-term believer in the refurbished tech revolution, this IPO might just be worth a closer look.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.