GNG Electronics Ltd
Incorporated in 2006, GNG Electronics Limited offers refurbishing services for laptops, desktops, and ICT Devices, both globally and in India.[1]
- Market Cap ₹ 4,014 Cr.
- Current Price ₹ 352
- High / Low ₹ 410 / 239
- Stock P/E 38.4
- Book Value ₹ 58.6
- Dividend Yield 0.00 %
- ROCE 19.8 %
- ROE 35.3 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 111% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 36.0%
- Debtor days have improved from 35.1 to 17.5 days.
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 245 | 344 | 519 | 661 | 1,138 | 1,411 | 1,695 | |
| 239 | 331 | 489 | 616 | 1,059 | 1,294 | 1,535 | |
| Operating Profit | 6 | 13 | 31 | 45 | 79 | 117 | 161 |
| OPM % | 2% | 4% | 6% | 7% | 7% | 8% | 9% |
| 1 | 2 | 1 | 3 | 6 | 9 | 7 | |
| Interest | 5 | 6 | 8 | 12 | 24 | 38 | 38 |
| Depreciation | 0 | 1 | 1 | 1 | 4 | 9 | 10 |
| Profit before tax | 2 | 8 | 23 | 36 | 57 | 78 | 119 |
| Tax % | 15% | 11% | 11% | 8% | 9% | 12% | |
| 2 | 7 | 20 | 33 | 52 | 69 | 105 | |
| EPS in Rs | 5,213.92 | 8,440.72 | 13,438.14 | 7.09 | 9.68 | ||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 42% |
| 3 Years: | 40% |
| TTM: | 24% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 111% |
| 3 Years: | 50% |
| TTM: | 32% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 34% |
| 3 Years: | 36% |
| Last Year: | 35% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 19 | 23 |
| Reserves | 43 | 51 | 79 | 111 | 163 | 207 | 646 |
| 54 | 82 | 100 | 149 | 332 | 454 | 217 | |
| 40 | 38 | 11 | 16 | 91 | 39 | 31 | |
| Total Liabilities | 137 | 170 | 190 | 277 | 586 | 719 | 916 |
| 8 | 7 | 7 | 8 | 41 | 41 | 37 | |
| CWIP | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 7 | 0 | 0 |
| 129 | 163 | 183 | 268 | 538 | 678 | 879 | |
| Total Assets | 137 | 170 | 190 | 277 | 586 | 719 | 916 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -35 | -12 | -17 | 1 | 97 | 25 | |
| -6 | -4 | 0 | -34 | -28 | 3 | |
| 49 | 23 | 18 | 40 | -29 | -34 | |
| Net Cash Flow | 8 | 7 | 1 | 8 | 40 | -7 |
| Free Cash Flow | -42 | -13 | -18 | 1 | 73 | 15 |
| CFO/OP | -599% | -86% | -48% | 10% | 129% | 28% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 86 | 42 | 29 | 50 | 37 | 17 |
| Inventory Days | 78 | 111 | 89 | 85 | 115 | 153 |
| Days Payable | 64 | 43 | 8 | 7 | 31 | 8 |
| Cash Conversion Cycle | 101 | 110 | 110 | 128 | 122 | 162 |
| Working Capital Days | 31 | 24 | 46 | 47 | 18 | 52 |
| ROCE % | 12% | 20% | 22% | 21% | 20% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|
| Employee Strength Count |
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| Number of Customers / Touchpoints Count |
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| Procurement Partners Count |
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| Number of Refurbishment Facilities Count |
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| Volume of Devices Refurbished Units |
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| Number of Countries Presence Count |
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| Refurbishment Capacity Units per Month |
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Documents
Announcements
- Closure of Trading Window 26 Mar
-
Announcement Under Regulation 30 (LODR) - Execution Of Supplemental And Amendatory Agreement With ICICI Bank Limited
23 Mar - ICICI Bank working capital facility enhanced to INR 720 million; agreement dated March 10, 2026.
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Announcement Under Regulation 30 (LODR) - Execution Of Addendum To Working Capital Loan Agreement With Axis Bank Limited
23 Mar - Addendum dated Feb 23, 2026 increases working capital facility with Axis Bank from INR44Cr to INR65Cr; outstanding INR36.66Cr.
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Intimation Under Regulation 30 Of SEBI LODR - Execution Of Supplemental Working Capital Facilities Agreement With DBS Bank India Ltd
18 Mar - Supplemental facility increased from INR 300,000,000 to INR 800,000,000 with DBS Bank, executed March 18, 2026.
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Intimation Under Regulation 30 Of SEBI LODR - Execution Of Supplemental Agreement With Kotak Mahindra Bank Ltd
17 Mar - Kotak Mahindra supplemental agreement increases working-capital limits from Rs.51 crore to Rs.75 crore, executed March 16, 2026.
Concalls
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Feb 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
Business Profile[1][2]
GNG Electronics Limited is India’s largest refurbisher of laptops and desktops and a major global player in refurbishing ICT devices (laptops, desktops, tablets, servers, smartphones, etc.). The company operates under the “Electronics Bazaar” brand and follows a repair-over-replacement model.