1. At a Glance – Blink and You’ll Miss the Numbers
₹3,650 Cr market cap. ₹321 stock price. Zero dividends. 78.7% promoter holding.
And a business that literally makes money by fixing other people’s old laptops instead of throwing them away. Welcome to GNG Electronics Ltd, India’s largest refurbisher of laptops and desktops, operating under the Electronics Bazaar brand.
Q3 FY26 just dropped a mic:
- Revenue: ₹487 Cr (+40% YoY)
- PAT: ₹38.7 Cr (+103% YoY)
- ROE: 35.3%
- ROCE: ~19.8%
- Debt-to-Equity: 0.32 (post IPO debt cleanup)
Stock P/E sits at ~35x, higher than the industry median (~22x), but growth is sprinting ahead like it stole someone else’s charger. Sales CAGR (5Y): 42%. Profit CAGR (5Y): 111%.
So the obvious question: Is this sustainable circular-economy brilliance, or just one long refurbished bull run?
2. Introduction – From “Used Laptop Dealer” to Global Circular-Tech Operator
Once upon a time, refurbishing electronics meant dusty warehouses and shady Craigslist listings. GNG Electronics took that stereotype, wiped it clean with isopropyl alcohol, ran a 21-point QC checklist, and turned it into a scalable global business.
Founded in 2006, GNG didn’t chase fancy innovation buzzwords. Instead, it picked a brutally practical idea: repair is cheaper than replacement, especially when corporates refresh IT hardware every 3–4 years like clockwork.
Fast forward to FY25–FY26:
- Operating across 38 countries
- 5,840+ SKUs
- 590,787 devices refurbished in FY25
- Facilities in India, UAE, and the USA
This is not a junk shop. This is a supply-chain-heavy, working-capital-intensive, logistics-driven global operation. And they’ve just gone public with a ₹400 Cr IPO to clean up the balance sheet and fuel the next leg.
But before we crown them king of circular capitalism — let’s understand what they actually do.
3. Business
Model – WTF Do They Even Do?
Imagine a corporate IT department upgrading 5,000 laptops. Instead of dumping the old ones, they sell them to GNG.
Now the magic happens:
- Procurement: From corporates, NBFCs, OEMs, leasing firms, recyclers
→ 557 partners in FY25
→ Top suppliers = 57% of inventory (watch this concentration 👀) - Refurbishment:
- PCB repair
- Cosmetic restoration
- Secure data wiping & destruction
- Testing across a 21-point QC checklist
- Resale / Leasing:
- Sold via 4,154 global touchpoints
- VARs, system integrators, e-tailers, leasing companies
- Revenue Mix FY25:
- Laptops: 75.6%
- Other devices (desktops, tablets, servers, smartphones): 24.4%
- Plus refurbishing-as-a-service & leasing
This is a repair-over-replacement model that thrives when:
- IT budgets tighten
- ESG reporting matters
- Emerging markets want premium devices at lower prices
Simple question for you: How many years before refurbished laptops become “default” for enterprises?
4. Financials Overview – The Quarter That Flexed Hard
Quarterly Performance Table (Q3 FY26)
(All figures ₹ Cr, consolidated)
| Metric | Latest Qtr (Dec 2025) | YoY Qtr (Dec 2024) | Prev Qtr (Sep 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 487 | 347 | 440 | 40.3% | 10.7% |
| EBITDA | 54 | 31 | 47 | 74% | 14.9% |
| PAT | 38.7 | 19 | 33 | 103% | 17.3% |
| EPS (₹) | 3.39 | 1.96 | 2.86 | 73% | 18.5% |
👉 Annualised EPS (Q3): Average(Q1–Q3) × 4 ≈ aligns with TTM EPS ₹9.68
Margins are inching up, operating leverage is kicking in, and interest costs are
