Electronics Mart India Limited shared the transcript of its Earnings Conference Call for the Third Quarter and Nine Months ended December 31, 2025, held on February 09, 2026. Key highlights included robust festive season growth of approximately 25% year-on-year in Q3. Management discussed geographical performance, with Andhra Pradesh seeing 18.2% revenue growth, and detailed strategies for store maturity and profitability improvement.
Q3 FY26 Financial Performance Snapshot
The management provided updates on the financial results for Q3 FY26 and the first nine months (9MFY26). For Q3 FY26, revenues stood at INR1,939.7 crores, marking an 8% growth over Q3 FY25’s INR1,805 crores. EBITDA grew by 17% to INR119 crores, resulting in an EBITDA margin of 6.1% (up from 5.6% year-on-year).
For the 9MFY26 period, revenues reached INR5,270 crores (a 4% growth). The EBITDA margin for 9MFY26 was 5.9%. Pre-Ind AS EBITDA for 9MFY26 was INR204 crores (a 3.9% rate), while PAT, including exceptional items, was INR67 crores. Same-Store Sales Growth (SSSG) for 9MFY26 stood at 0.19%, with ROCE at 11% and ROE at 5.8% annualized.
Store Expansion and Maturity Dynamics
During Q3 FY26, 4 new stores were added (2 in NCR, 2 in Andhra Pradesh). Over the last two years, the company has added nearly 100 stores, which now represent about 50% of the total portfolio. These younger stores currently operate at a lower EBITDA margin of 3% compared to 7% for the mature stores (which contributed INR3,523 crores in revenue during 9MFY26).
The company expects operating leverage to improve profitability as these younger stores mature on the curve.
Geographical and Category Insights
Geographically, Hyderabad delivered 6.4% revenue growth (3.3% SSG). Telangana upcountry grew by 2%. Andhra Pradesh showed strong performance with 18.2% revenue growth (4.9% SSG). The NCR cluster scaled up significantly with 30% revenue growth and 7.1% SSG. NCR operations achieved EBITDA positivity on a nine-month basis, yielding an EBITDA margin of about 0.5% (around INR2 crores).
In category contribution, large appliances accounted for about 42% of Q3 FY26 revenue, with consumers showing a preference shift towards high-value items post-GST reduction. Mobile categories contributed around 44% of total revenue, recording an approximate 10% growth in Q#FY26.
Outlook on Credit and Seasonality
On consumer financing, management noted a normal seasonal slowdown in NBFC approval rates after Diwali but expects rates to improve heading into the summer season. The company is prepared for the summer season, with approximately 250,000 units of AC inventory ready, noting that almost 50% of this inventory carries the newer BEE rating.
Future Expansion Strategy
Future expansion plans include adding another 5 to 6 stores by the end of March, bringing the total for the year in line with the previous year’s expansion plan of about 20 stores. The company is evaluating entering a new geography, possibly Odisha or Western UP, after the end of Q1 FY27.
Source: BSE
