Electronics Mart Q1FY27: consol PAT up 458% YoY to ₹120.6 Cr on margin surge to ~9.9%
Electronics Mart India's consolidated PAT came in at ₹120.64 Cr on revenue of ₹2,418.95 Cr for Q1 FY27, up 39.1% and 458% YoY respectively (revenue +26.4% QoQ, PAT +203.6% QoQ, aided by the peak summer AC-buying season). The YoY PAT jump is inflated by a weak base: the year-ago quarter absorbed a ₹8.17 Cr exceptional inventory write-off from a godown fire. Adjusting for that one-off on the prior-year side, PAT growth is still a strong ~305% YoY, confirming the improvement is real and not just a base effect. There were no exceptional items in the current quarter.
Margins did the heavy lifting: net margin expanded to ~4.98% of total income from 1.24% a year ago and 2.08% last quarter, while operating margin (EBITDA/revenue) nearly doubled to ~9.9% from 5.86% YoY and 6.94% QoQ. The expansion tracks operating leverage on higher volumes plus mix from air conditioners, whose contribution management has guided up to ~15% of revenue this year from a historical 12%. Employee costs and depreciation grew far slower than revenue (up ~19% and ~13% YoY respectively against 39% revenue growth), while finance costs were roughly flat YoY, underscoring the leverage effect rather than one-off cost cuts.
No consensus estimate could be confirmed for this specific quarter, so the print's fit against Street numbers is unknown. Against management's own framing, though, this quarter beats the bar: the FY27 outlook (from the prior concall and a separate management commentary) called for double-digit revenue growth with FY27 OPM improving to above 6.5%; Q1's 39% YoY growth and ~9.9% OPM run well ahead of both markers, though a single quarter — especially the seasonally strongest one — is not proof the full-year average will hold. This filing carries no separate press release/MD&A commentary to cross-check management's own words against the numbers. The quarter's disclosed developments — new multi-brand store openings in Delhi and Gurugram — are consistent with the FY27 plan of 12-15 new stores in existing clusters plus entry into new geographies such as Calcutta.
Going into Q2, the read-through is whether the margin gain sustains once the AC season tailwind fades, and whether the pace of double-digit YoY growth (39% this quarter) can hold up against a full-year 15% growth target that now looks conservative if Q1 is representative.
