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Swing Capital

Electronics Mart India Ltd

NSE: EMIL BSE: 543626

Incorporated in 1980, Electronics Mart India Limited is the 4th largest consumer durable and electronics retailer in India. The company offers a diversified range of products with a focus on large appliances (air conditioners, televisions, washing machines, and refrigerators), mobiles and small appliances, IT, and others. The company's offering includes more than 6,000 SKUs (stock keeping units) across product categories from more than 70 consumer durable and electronic brands.[1]

₹117
52W: ₹75.6 — ₹168
PE 48.8 · Book ₹40.5 · +189% vs book
Market Cap₹4,492 Cr
Stock P/E48.8Price to Earnings
ROCE10.4%Return on Capital
ROE11.1%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Stock is trading at 2.90 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 12.9% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Promoter holding has decreased over last 3 years: -12.8%

Shareholding Pattern

Promoters65.17%
FIIs5.19%
DIIs20.08%
Public9.56%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.97%65.17%▼7.865.17%65.17%65.17%65.17%65.17%65.17%
FIIs4.95%8.8%▲3.99.23%▲0.48.68%▼0.67.18%▼1.56.86%▼0.36.15%▼0.75.19%▼1.0
DIIs16.96%18.93%▲2.017.96%▼1.018.55%▲0.617.22%▼1.317.9%▲0.718.93%▲1.020.08%▲1.1
Public5.12%7.1%▲2.07.65%▲0.67.61%▼0.010.42%▲2.810.06%▼0.49.76%▼0.39.56%▼0.2

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1,3131,7751,5241,9271,3351,8051,6641,7391,5911,940
Expenses1,2171,6591,4171,7671,2531,7031,5571,6291,5091,821
Operating Profit971151081608210210711082119
OPM %7%6%7%8%6%6%6%6%5%6%
Net Profit37464177233427221630
EPS ₹0.971.191.0520.610.870.690.560.420.77

AI Insights

Revenue Trend

TTM revenue at ₹6,934Cr, down 0.4% YoY. OPM at 6%.

Debt Position

Borrowings at ₹1,963Cr. Debt-to-equity ratio: 1.67x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹15Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 20.08% (+9.16pp change). FIIs: 5.19% (+1.75pp change). Promoters hold 65.17%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 10% (Mar 2025). Working capital days: 37.

Valuation

PE 48.8x with 10.4% ROCE. Price is 189% above book value of ₹40.5. Dividend yield: 0%.

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