GNG ELECTRONICS (ELECTRONICS BAZAAR) FUNDAMENTALS

GNG Electronics (NSE: EBGNG, BSE: 544455), Mumbai + Dubai, incorporated 2006, listed July 2025, is India’s largest refurbisher of laptops and ICT devices under the “Electronics Bazaar” brand - buying used enterprise device fl eets,refurbishing them (“looks like new, works like new”) and selling across 49 countries through 5,100+ customer touchpoints . Acircular-economy play on enterprise IT refresh cycles, with the overseas arm (Electronics Bazaar FZC, Dubai) earning ~30%gross margins vs ~21% in India. Event 1 - growth is accelerating and management RAISED guidance. FY26 consolidated revenue Rs 1,891 Cr +34% , PAT Rs 132Cr +91% ; Q1 FY27 revenue Rs 412.5 Cr +32.1%, EBITDA +50.4% (margin 12.8%, +156bp), PAT Rs 28.9 Cr +56.2%. On the Q1 callmanagement raised FY27 revenue-growth guidance from 25% to 30% and PAT-margin expansion from +0.5% to +0.75-1.0%per year - with volume growth 18% and the rest from realisation/mix (“negligible competition”, de-commoditisation). A Redington distribution partnership (India’s #1 IT distributor) plus Ingram/Supertron channels opens the domestic organisedmarket. Event 2 - but the cash machine runs backwards.