GNG Electronics

New low-end laptop prices surged from ₹25,500 to ₹40,000, making high-end refurbished laptops economic alternatives and driving volume growth for GNG.

Q1FY27 revenue grew 32.1% with EBITDA up 50.4% and margins expanding 156 bps to 12.8%, demonstrating strong operating leverage as fixed costs are spread over growing volumes.

P/E of 45.2x commands nearly double industry median despite Rashi's higher Q1 revenue growth, reflecting investor preference for GNG's superior profitability (ROE 26.8%, ROCE 20.3%) and high-margin refurbishment model over scale-driven distribution.