Gng Electronics Limited

GEL operates refurbishment facilities with established quality control processes. The facilities are audited and certified by partners, where its products are sold as “Electronics Bazaar ( EB) certified”, which aids in product acceptability. It has the advantage of having certifications like R2v3 (essential for procurement of e-waste from multinational companies [MNCs] and corporates) enabling procurement of e-waste from MNCs and corporates. Refurbished laptops of the company are branded as refu

The company’s revenue grew at a healthy compounded annual growth rate of ~42% over the last four years to ₹1,414 crore in FY25 backed by sustained growth in sales volumes aided by geographical expansion of operations, increasing distribution network and partnerships with industry players and increasing the acceptability of its products. In 9MFY26, GEL’s revenue has grown by 30% y-o-y and stood at ₹1239 crore. GEL’s PBILDT margin has shown steady improvement in the same period to 8.48% in FY25

The capital structure has improved significantly on the back of equity infusion of ₹400 crore through IPO resulting into an expected overall gearing (including non-recourse loan) of 0.5x as on March 31, 2026 (PY: 2.0x) driven by sizeable increase in net worth base to over ₹700 crore. Its total outside liabilities to tangible net worth (TOL/TNW) is expected to remain below unity over the medium term despite sizeable working capital requirements to support the steep revenue growth of company. The

The company is promoted by Sharad Khandelwal (CEO), who has over three decades of rich experience in the Indian IT distribution industry. The senior management team consists of professionals with industry experience at global brands, such as Samsung, HP, Dell, and ITC, among others. The experienced promoters and management are expected to aid the entity in growing its market share in the refurbishment industry over the medium term.

GEL’s business remains working capital intensive owing to requirements of sizeable stocking of both old and refurbished laptops, which leads to high inventory holding. The company primarily sources used laptops in bulk from corporates and other distributors with quick payment requirements, which is then refurbished and stocked as finished goods before being sold through its distribution partnerships. While the payment terms with suppliers and customers are short, the sizeable inventory holding