EMIL Q1 FY27: High growth, sharper margins, and a maturing store base

Revenue from operations was 2,419 crore, gross profit 417 crore (17.2% margin), EBITDA 239 crore (9.9% margin), and PAT 121 crore (5.0% margin).

SSSG was 34.2% in Q1 FY27, as reported in the investor presentation and reiterated in the earnings call.

Mobiles contributed 39%, large appliances 48%, and small appliances, IT and others 13% of Q1 FY27 revenue. Segment revenues shown were 902 crore, 1,122 crore, and 305 crore respectively.

South cluster revenue was 2,095 crore (+40% YoY) with store-level EBITDA margin of 10.9%. North cluster revenue was 209 crore (+29% YoY) with store-level EBITDA margin of 4.9%.

Management guided FY27 revenue growth of 18% to 20%, gross margin of about 15% to 15.5%, and post Ind AS EBITDA margin of about 7.5% to 8%.

Management said five stores in Kolkata should be operational by Diwali, 10 to 12 by end of Q4 FY27, and around 30 stores over the next 18 to 24 months.

Working capital days reduced to 42 days as of June 2026 from 73 days as of March 2026. Operating cash flows for the quarter were 631 crore pre Ind AS 116 and 671 crore post Ind AS 116, and working capital borrowings were reduced to 97 crore from 658 crore at the start of the quarter.