Key Metrics of Sangeetha Mobiles
About Sangeetha Mobiles
Sectors
Company details
- Website
- sangeethamobiles.com
- Registered office
- 50, 46th Cross, 8th Block Jayanagar, Bangalore, In-ka, 560070
Operational Areas of Sangeetha Mobiles
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 14 Aug 2026 | CARE | Reaffirmed | A- | — | Positive | ₹215 Cr | View |
| 10 Apr 2026 | ICRA | Other | A- | A2+ | Stable | ₹165 Cr | View |
| 20 Mar 2026 | ICRA | Reaffirmed | A- | A2+ | Stable | ₹165 Cr | View |
| 08 Dec 2025 | CARE | Reaffirmed | A- | A2+ | Stable | ₹165 Cr | View |
| 05 Dec 2024 | CARE | Reaffirmed | A- | A2+ | Stable | ₹165 Cr | View |
| 25 Oct 2023 | CARE | Assigned | A- | A2+ | Stable | ₹165 Cr | View |
Credit strengths (CARE, Aug 2026)
+ Established market position supported by strong retail network and experienced management
Sangeetha is one of the leading organised multi -brand mobile and electronics retailers in South India. The company benefits from an operating track record of over five decades and strong brand presence across its key markets. As on March 31, 2026, the company operated a network of 787 stores, including dark stores, across Karnataka, Telangana, Tamil Nadu, Andhra Pradesh, Goa, and Gujarat. Karnataka remains its largest market, accounting for ~41% of the overall store network.
+ Improvement in scale of operations and profitability
Sangeetha's scale of operations continued to improve in FY26, with operating income increasing to ₹2,740 crore from ₹2,536 crore in FY25, supported by store expansion, higher average selling prices of mobile handsets and increasing contribution fro m consumer durables and electronics. Profitability also improved materially, with PBILDT increasing to ₹152 crore in FY26 from ₹113 crore in FY25 and PBILDT margin improving to 5.76% in FY26 from 4.44% in FY25. The margin improvement was supported by
+ Satisfactory capital structure
Sangeetha's financial risk profile remains comfortable, supported by a tangible net worth of ₹336.19 crore as on March 31, 20 26, which has steadily improved from ₹277.18 crore as on March 31, 2025 through healthy profit retention. As on March 31, 2026, the capital structure remains satisfactory, with overall gearing of 0.95x, TOL/TNW of 1.44x, indicating moderate leverage leve ls. The company follows an asset-light operating model, where most of its stores operate through long-term lease arrang
+ Limited inventory obsolescence risk
Mobiles and mobile accessories are generally prone towards the risk of technology obsolescence and falling prices post introduction of new model or outdating of the existing model of the brand due to which the company is prone to inventory obsolescence risk. However, under the present arrangement with the mobile brands, it will support to liquidate such stock through discount, incentives and compensation through promotional activities helping Sangeetha limit the risk of technology obsolescence i
Credit challenges
− Exposure to intense competition and limited pricing flexibility
Sangeetha operates in a highly competitive retail environment, facing competition from organised mobile phone retailers, and large consumer electronics retailers, apart from growing competition from e-commerce platforms. The company's bargaining Press Release power with OEMs remains limited, and retail margins are largely influenced by manufacturers' pricing policies, dealer incentives and product mix. Consequently, profitability remains susceptible to changes in competitive intensity, promotion
− Exposure to geographical and product concentration risks
Sangeetha's operations continue to be concentrated in South India, with Karnataka accounting for 325 stores of the total 787 stores and contributing the largest share of revenue. While the company has expanded into states such as Telangana, Tamil Nadu, Andhra Pradesh, Goa and Gujarat, its business performance remains largely linked to the economic and competitive conditions prevailing in its key southern markets. Mobile handsets continue to contribute the company's majority revenue,
Could lead to an upgrade
• Sustained increase in scale of operations while improving return on capital employed (ROCE) above 20% and maintaining overall gearing less than unity.
Could lead to a downgrade
• Decline in operating income below ₹2,500 crore or deterioration in profit before interest, lease rentals, depreciation and taxation (PBILDT) margin below 4.0% on a sustained basis. • Significant weakening in capital structure resulting in Overall Gearing above 1.5x or total outside liabilities to tangible net worth (TOL/TNW) above 2.5x. • Aggressive debt-funded expansion or acquisitions adversely impacting
Agency-reported financials (CARE, 14 Aug 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹2,536 Cr | ₹2,741 Cr | ₹857 Cr |
| PBILDT | ₹113 Cr | ₹158 Cr | ₹63.89 Cr |
| Profit after tax (PAT) | ₹24.64 Cr | ₹53.58 Cr | ₹28.05 Cr |
| Overall gearing (x) | 1.20× | 0.95× | 0.92× |
| Interest coverage (x) | 2.46× | 3.65× | 4.82× |
| Revenue growth (YoY) | — | 8.1% | — |
| EBITDA margin | 4.4% | 5.8% | 7.5% |
| Implied interest cost (EBITDA ÷ coverage) | ₹45.79 Cr | ₹43.25 Cr | ₹13.26 Cr |
| PAT margin | 1.0% | 2.0% | 3.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank | Working capital & bank lines | — | ₹215 Cr | — | A- (Positive) | Reaffirmed | CARE |
CARE ratings on record (checked 30 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| CC/WCDL/OD/LC/BG | ₹215 Cr | CARE A-; Positive / CARE A2+ |
Lenders
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Axis Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | HDFC Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | ICICI Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | IDFC First Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | IndusInd Bank Ltd. |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Proposed |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | Standard Chartered Bank |
| LT/ST Fund-based/Non-fund-based | CC/WCDL/OD/LC/BG | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 54% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 81% chance the next rating action is stable or better
- Current rating A- (investment grade)
- Interest coverage 4.82×
- Working-capital limits 27% utilised on average
Rated limits by facility
Timeline
From the report
Liquidity: Adequate Sangeetha's liquidity position remains adequate, supported by healthy operating cashflows which sufficiently covers the incremental working capital and capex requirements translating into nil reliance on long term funding from banks.The company had cash and liquid investments of ~₹24.75 crore as on March 31, 2026, while maintaining a healthy current ratio of 1.66x.
From the report
Its working capital requirements remain efficiently managed, reflected by inventory holding of ~43 days, low average fund-based working capital utilisation of ~27% in the last 12 months and continued support from financing partners through customer financing programs and trade advances.
From the report
The entity has free cash and bank balances of Rs. 35.2 crore as of March 31, 2025, and has a buffer in its working capital facilities of Rs. 99.1 crore as on January 31, 2026, against its sanctioned fund-based limit of Rs. 130 crore (excluding trade advance facility of Rs. 40 crore).
From the report
The entity has free cash and bank balances of Rs. 35.2 crore as of March 31, 2025, and has a buffer in its working capital facilities of Rs. 99.1 crore as on January 31, 2026, against its sanctioned fund-based limit of Rs. 130 crore (excluding trade advance facility of Rs. 40 crore).
From the report
The average utilisation of the sanctioned fund-based facilities stood at 26.8% over the last 12 months ending January 2026.
From the report
Working capital borrowings continue to be modest, with average utilisation at 24% for the 12 months ended July 2025.
From the report
Liquidity remains adequate, supported by a cash balance of ₹35 crore.
From the report
The average maximum fund-based working capital utilisation stood at 24% for the 12 months ended July 2025, majorly to fund its working capital requirements.
From the report
The company had consolidated cash and equivalents of ₹35.16 crore as on March 31, 2025.
From the report
The average maximum fund-based working capital utilisation stood at 31% for the 2 CARE Ratings Ltd.
From the report
The company had consolidated cash and equivalents of ₹19.27 crore as on March 31, 2024 and ₹22.35 crore as on September 30, 2024.
From the report
Further more, the company has consolidated cash a nd equivalents of ₹36.83 cr as on March 31, 2023.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Sangeetha Mobiles
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Electronics Manufacturing (EMS) · Semiconductors & Electronics | dixoninfo.com | 1993 | Noida, Uttar Pradesh, India | |
| Electronics Mart India Limited | Electronics Manufacturing (EMS) · Semiconductors & Electronics | — | — | Hyderabad, Telangana, India |
| Tvs Electronics Limited | Electronics Manufacturing (EMS) · Semiconductors & Electronics | — | — | Chennai, Tamil Nadu, India |
| Salzer Electronics Limited | Electronics Manufacturing (EMS) · Semiconductors & Electronics | — | — | Coimbatore, Tamil Nadu, India |
| Virtuoso Optoelectronics Limited | · Business Services | — | — | Nashik, Maharashtra, India |
| Aksh Optifibre Limited | Discovered Companies · Other Industries | — | — | Bhiwadi, Rajasthan, India |
 MFJ Enterprises (Opc) Private Limited |
Electronics Manufacturing (EMS) · Trading | mfjenterprises.com | — | Telangana, India |
 Value Plus Retail Private Limited |
Electronics Manufacturing (EMS) · Trading | valueplusretail.com | 2007 | Noida, Uttar Pradesh, India |
 Vijay Sales (India) Private Limited |
Outlets operated by Vijay Sales India Limited. | vijaysales.com | — | Mumbai, Maharashtra, India |
 CMC Electronics Private Limited |
Part of Esterline. | cmcelectronics.ca | — | Tamil Nadu, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
consumer electronics industry
Filings
No filings on record yet.