EMIL
Micro CapElectronics Mart India Limited
Consumer
Electronics Mart India Limited (EMIL) is India's 4th largest electronics retailer, operating 223 stores across 95 cities in 6 states. With over four decades of experience, EMIL offers a diversified product profile of 8,000+ SKUs, including mobiles, large appliances, and IT products, through its MBO and EBO formats, focusing on differentiated in-store experiences.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 80/100Rev +15% YoY · PAT +48% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,913 Cr | +15.0% | -1.4% |
| EBITDA | ₹129 Cr | +20.6% | +9.3% |
| Operating margin | 7.0% | +100 bps | +100 bps |
| PAT | ₹40 Cr | +48.1% | +33.3% |
| PAT margin | 2.1% | +47 bps | +54 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 15% YoY to Rs. 1,913 Crores with PAT up 49% YoY to Rs. 40 Crores, driven by double-digit growth across categories and operating leverage. Full-year FY26 revenue rose 7% YoY to Rs. 7,183 Crores, but PAT declined 33% YoY to Rs. 107 Crores due to exceptional items.
While Q4 showed strong revenue and PAT growth, full-year PAT declined significantly due to exceptional items. The thesis of growth through store expansion is evident with 23 net new stores, but profitability is under stress from low margins in the expanding North cluster (0.3% EBITDA) and non-mature stores (3.1% EBITDA). Rising inventory days and declining RoCE also warrant close monitoring.
Revenue by Product Mix (Q4 FY26 & FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Rapid Store Expansion
Net 23 new stores opened in FY26, reaching 223 total stores. Expanding into newer clusters like Western UP and consolidating presence in NCR.
North Cluster Scaling
Began North cluster operations in 2022 and are scaling aggressively, following the strategy that drove success in the South. North cluster presents a large addressable market.
Operating Leverage from Store Maturity
140 out of 223 stores are non-mature (average age 1.9 years). As stores mature, throughput and revenue productivity are expected to improve, enhancing fixed cost absorption.
Differentiated In-store Experiences
MBO format offers live demonstrations and brand-led events. A consultative sales approach helps customers make informed decisions, enhancing satisfaction and conversion.
Net Store Openings
23 net new stores opened in FY26, bringing the total store count to 223 (215 MBO & 8 EBO).
Warehousing Facilities
14 large centrally located warehousing facilities support the retail network.
Sustained Demand Momentum
Demand momentum is sustaining despite price hikes in larger appliances, contributing to double-digit growth across all categories in Q4 FY26.
Shift to Organized Retail
Markets are largely unorganized, and the company is witnessing a clear shift towards organized retail, offering significant headroom for growth.
Deepened Brand Partnerships
Deepened partnerships with niche and leading international brands across home cinema, audio, and connected home ecosystems, enabling faster market penetration.
North Cluster Profitability
The North cluster recorded a significantly lower EBITDA margin of 0.3% in FY26 (store level) compared to the South cluster's 6.5%.
Non-Mature Store Profitability
140 out of 223 stores are non-mature (<4 years old) with an average EBITDA margin of 3.1%, significantly lower than mature stores' 7.3%.
Working Capital Management
Inventory days increased from 59 in March 2025 to 73 in March 2026, indicating a potential increase in working capital requirements.
Declining Return on Capital Employed (RoCE)
RoCE decreased from 13.3% in FY25 to 11.5% in FY26, suggesting lower efficiency in capital utilization.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY is crucial for assessing overall business health and performance against seasonal trends in retail. QoQ can highlight sequential momentum, especially in store expansion and maturation, which are key to EMIL's strategy.
Revenue from Operations
Q4 FY26: Rs. 1,913 Crores (+15% YoY); FY26: Rs. 7,183 Crores (+7% YoY).
Gross Profit Margin
Q4 FY26: 14.8% (vs 14.7% YoY); FY26: 14.4% (vs 14.8% YoY).
EBITDA Margin
Q4 FY26: 6.7% (vs 6.5% YoY); FY26: 6.1% (vs 6.7% YoY).
PAT Margin
Q4 FY26: 2.1% (vs 1.6% YoY); FY26: 1.5% (vs 2.4% YoY).
North Cluster Margin Alignment
Management expects store productivity and margins in the North cluster to align with South cluster benchmarks as scale builds.
Overall Profitability Improvement
With a significant part of the network in early stages, profitability is expected to improve as more stores mature and unlock higher throughput and operating leverage.
Cashflow Generation through Inventory Optimization
Management is strengthening cash flows by optimizing working capital, especially at the inventory level, using data analytics for demand forecasting and replenishment.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| North Cluster EBITDA Margin | 0.3% (FY26, store level) | Improvement towards South cluster benchmarks (6.5%) as stores mature and scale builds. |
| Non-Mature Store Contribution & Profitability | 140 stores (63% of total) with 3.1% EBITDA margin (FY26). | Maturation of these stores and a significant improvement in their individual EBITDA margins. |
| Inventory Days | 73 days (Mar-26) | Reduction in inventory days, indicating improved working capital efficiency and stock turns. |
| Same Store Sales Growth (SSSG) | 5.3% (FY26) | Sustained double-digit SSSG, particularly in core clusters, to demonstrate underlying demand strength. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +12.3% / mo
Technical chart
EMILdaily · 6M-3.7%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 38.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 38 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 7.7%.
- Fair-value margin of safety is positive at 14.7%.
- Cash flow contributes 8/10 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Growth is weaker at 11/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 42nd percentile within Consumer. Main check: results consistency is weak at 47/100.
Healthy Trust Lite: Promoter holding is 65.2%. Key concern: 5 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 42nd pctile, median 67 · Micro: 26th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 65.2%.
- ▸Promoter pledge is zero.
- ▸7/8 recent quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸5 recent quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.01.
- ▸2/8 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 40.30
- P/B
- 2.55
- EV/EBITDA
- 9.61
- Market Cap
- 4137.00Cr
Profitability
- ROE
- 6.50%
- ROCE
- 8.14%
- ROA
- 2.82%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- -6.00%
Balance Sheet
- Debt/Equity
- 0.97
- Interest Coverage
- 2.84×
- Altman Z
- 4.03
- Book Value
- 42.30
Cash Flow
- FCF Yield
- 7.71%
- FCF Positive Y
- 4/5
- OCF
- 444.00 Cr
- EPS TTM
- 2.78
Shareholding
- Promoter Hold
- 65.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.