⚡ Quick Glance:
- FY25 PAT: ₹178 crore (+21.5%)
- FY25 Revenue: ₹6,574 crore (+21.6%)
- Q4 PAT: ₹33.4 crore (–3.6%)
- Q4 Revenue: ₹1,655 crore (+4.4%)
- CMP: ₹129.90 (–2.10% today)
🏪 About the Company
Electronics Mart India Ltd (EMIL) is one of the largest consumer durable and electronics retailers in South India. It operates 155+ stores under brands like Bajaj Electronics and is now pushing into e-commerce and new territories. Think of it as the D-Mart of gadgets.
💼 Key Managerial Personnel
- MD: Karan Bajaj
📊 FY25 Financials Summary
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | ₹6,574 cr | ₹5,405 cr | +21.6% |
| PAT | ₹178 cr | ₹146.5 cr | +21.5% |
| Q4 Revenue | ₹1,655 cr | ₹1,585 cr | +4.4% |
| Q4 PAT | ₹33.4 cr | ₹34.7 cr | –3.6% |
🧮 Fair Value Estimate
- Assume FY27E PAT = ₹260 crore (12% CAGR)
- Apply 22x P/E (retail sector average)
- Target Market Cap = ₹5,720 cr
- Shares Outstanding = ~48.5 cr → FV/share = ₹118
- CMP = ₹129.90 → Slightly above FV
📈 Growth Drivers
- Expanding store count across Telangana, AP, and North India
- High conversion from EMI + festival sales
- Focus on private label + online channels gaining traction
⚠️ Risks
- Q4 slowdown shows margin pressure during high discount season
- Thin net margins (~2.7%) = any slip in sales hits hard
- Retail is capex-heavy and hyper-competitive
😂 EduInvesting Take
- ₹178 crore profit on ₹6,574 cr sales = running a tight ship
- But Q4 drop hints at price wars in the appliance battlefield
- Verdict: “It’s a stock that sells TVs — but may not provide high-resolution returns at this price.”
