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Krishan Varma    

Surat, India

Having hands on experience in relationship management with a demonstrated history of working with the Banks/NBFCs/Leading Brokerages house etc. Thus, having adequate knowledge of the Indian capital market where we acquire the retail/HNI clients for the MF SIPs/Lump Sum, F&O, Insurance, PMS and help them to make their future life wealthy.

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Contributor since: 2022







Electronics Mart India Ltd

A Business Analysis

About EMI

"To make electronics shopping, a fulfilling experience" - a thought that was the foundation of their humble beginning, way back in 1980. EMI, at Electronics Mart India (EMI), sought to uncomplicate the life of their customers by bringing the latest electronic gadgets at the lowest prices.

Today, with 11.79 Lakhs square feet of retail space, a strong workforce of 2200 employees, 121 stores, and over 4 decades of legacy - it wouldn’t be inappropriate to say that Electronics Mart India (EMI) is truly iconic.

Company are the 4th largest consumer durable and electronics retailer in India and as of Financial Year 2020, they are the largest player in the Southern region in revenue terms with dominance in the states of Telangana and Andhra Pradesh (Source: CRISIL Report).

Currently, company is South India’s largest and most reliable electronics retailer. Bajaj Electronics – a brand owned by EMI, is a household name when it comes to purchasing electronics.

Garnering great customer reviews, competitive prices, convenient finance options, and impeccable customer service defines them.

Journey So Far

Company Overview

The company is the 4th largest and one of the fastest growing consumer durables and electronics retailers in India and as of Financial Year 2021, company are the largest regional organised player in the southern region in revenue terms with dominance in the states of Telangana and Andhra Pradesh (Source: Company Commissioned CRISIL Report). Company commenced their business operations in 1980 and since then there has been a steady rise in their revenue from operations. The company have been one of the fastest growing consumer durable & electronics retailers in India with a revenue CAGR of 17.90% from Financial Year 2016 to Financial Year 2021 (Source: Company Commissioned CRISIL Report). Company have consistently demonstrated profitability with a robust operating performance. EMIL had the second highest operating margin amongst their peers in Fiscal Year 2021. (Source: Company Commissioned CRISIL Report). Company has achieved revenue from operations of ₹ 14,084.45 million for the three month period ended June 30, 2022. Company had achieved revenue from operations of ₹ 43,493.16 million for Financial Year 2022, ₹ 32,018.76 million in Financial Year 2021 and ₹ 31,724.77 million in Financial Year 2020, representing 35.84 %, year-on-year growth and 0.93% year-on-year growth Financial Year 2022 and Financial Year 2021, respectively. As on August 31, 2022, Company had 112 stores across 36 cities / urban agglomerates with a retail business area of 1.12 million sq. ft.

The company have built a longstanding market presence with more than three decades of experience having commenced their business operations as a proprietary concern by setting up their first consumer durable and electronic retail store at Hyderabad. Company converted the erstwhile sole proprietorship into a partnership firm under the name of ‘M/s Bajaj Electronics’ pursuant to a partnership deed dated March 25, 2011 and subsequently converted the partnership firm into a public limited company under the Companies Act, 2013 with the name ‘Electronics Mart India Limited’.  

The company offer a diversified range of products with focus on large appliances (air conditioners, televisions, washing machines and refrigerators), mobiles and small appliances, IT and others. The company offering includes more than 6,000 SKUs across product categories from more than 70 consumer durable and electronic brands.  

The business model is a mix of ownership and lease rental model, as focus to secure retail spaces which ensures high visibility and easy accessibility to customers. Under the ownership model, they own the underlying property including the land and building and in lease rental model, enter into a long-term lease arrangement with the property owner(s). As of August 31, 2022, out of the total 112 stores company operate, 11 stores are owned, 93 stores are under long-term lease rental model and eight stores are partly owned and partly leased.  

Despite the ongoing COVID-19 pandemic, the company have continued to expand their store network. Since April 1, 2022, opened nine stores in their clusters of operations. The company have been steadily increasing their market reach to cover 14 cities in Andhra Pradesh, 20 cities in Telangana and two cities in the NCR region, as on August 31, 2022, by setting up new consumer durable and electronic retail stores and venturing into diverse and specialized product categories. The company have expanded their business operations based on high potential locations and created a market presence in the tier-I and tier-II cities in Andhra Pradesh, Telangana and NCR. Between April 1, 2021 and August 31, 2022, company have set up four stores in Andhra Pradesh, eight stores in Telangana and eight stores in NCR. The company have consistently increased our retail business area over the last three Financial Years from 0.76 million sq. ft in Financial Year 2020, to 0.94 million sq. ft. in Financial Year 2021, to 1.04 million sq. ft. in Financial Year 2022 and to 1.12 million sq. ft. as on August 31, 2022.  

Business Model

Retail: With the object of providing comprehensive electronic solutions, Company has set up diverse consumer durable and electronic retail stores arraying multifarious as well as specialized electronic products. As of August 31, 2022, out of 112 stores, 100 stores are Multi Brand Outlets (“MBOs”) and 12 stores are Exclusive Brand Outlets (“EBOs”). The company operate 89 MBOs under the name “Bajaj Electronics” in Andhra and Telangana, eight MBO under the name of “Electronics Mart” in the NCR region, two specialized stores under the name “Kitchen Stories” which caters to the kitchen specific demands of their customers and one specialised store format under the name “Audio&Beyond” focusing on high end home audio and home automation solutions. The revenue from their retail channel was ₹ 12,766.97 million, ₹ 39,581.07 million, ₹ 29,312.84 million and ₹ 28,991.35 million which represented 90.65%, 91.01%, 91.55% and 91.38%, of the revenue from operations, respectively, for the three month period ended June 30, 2022, Financial Year 2022, Financial Year 2021 and Financial Year 2020, respectively.

Company MBOs endeavor to offer their customers with a comprehensive, distinctive and convenient shopping experience similar to a retail mall, by arraying a wide range of electronic products under one roof and providing one-stop-shop solutions for all their electronic needs. Company local market knowledge, careful product assortment, supply chain efficiencies coupled with efficient customer services has enabled them in providing their customers with electronic products at competitive prices and a wide range of products to shop from and hand-pick the product best suited to their needs. As on August 31, 2022, 100 MBOs were operative, having an average store area of 10,876 sq feet per store.

Owing to their longstanding market presence, the company have been able to enter into arrangements with their reputed electronic brand partners to operate and manage EBOs showcasing products manufactured by their brand partners, thereby providing one-stop solution for all specialised and specific brand related needs of their customers. As on August 31 2022, operate and manage 12 EBOs for their brand partners, which are located in Telangana and Andhra Pradesh including two for LG Electronics, having an average store area of 3,061 sq feet per store.

Wholesale: The company are also engaged in the wholesale business of consumer durables, where they supply products to single shop retailers in Andhra Pradesh and Telangana regions. The revenue from their wholesale channel was ₹ 202.21 million , ₹ 642.35 million, ₹ 530.53 million and ₹ 505.22 million which represented 1.44%, 1.48%, 1.66% and 1.59% of the revenue from operations, respectively for the three month period ended June 30, 2022, Financial Year 2022, Financial Year 2021 and Financial Year 2020, respectively. 

E-Commerce: In 2017, the company diversified their operations by venturing into the e-commerce space through our website. The company e-commerce website currently functions as a catalogue for the products their retail at their stores. The company further expanded our e-commerce operations in 2019 by associating with the largest domestic and international players of the e-commerce market thereby expanding their business reach from brick-and-mortar retail stores to ecommerce platforms. The revenue from their e-commerce channel was ₹ 154.56 million, ₹ 399.59 million, ₹ 444.57 million and ₹ 280.11 million which represented 1.10%, 0.92%, 1.39% and 0.88%, of the revenue from operations, respectively for the three month period ended June 30, 2022, Financial Year 2022, Financial Year 2021 and Financial Year 2020, respectively.

EMI is the largest retailer in South India

Distribution Network

Deep penetration in the states if Andhra Pradesh and Telangana with a growing presence in NCR

Key performance Indicators

Company's Rapid Store Expansion

Strategically Located Logistics and Warehousing Facilities

Efficient Inventory Management

  • Extensive network of suppliers and more than 80% of the volume of procurement from OEMs
  • Stores utilise computerized inventory management system, to track the inventory level and movement of SKUs on a daily basis
  • Inventory management systems of all stores are synchronise with \ distribution centres and offices
  • Monitor inventory levels to ensure that inventories are fresh by adopting a first-in, first-out policy for all our merchandise 

Robust Information Technology System

  • ERP and POS systems from leading industry software providers
  • Wide range of data management tools to support procurement, sales and inventory management across all stores on a daily basis
  • Tracking systems with real time updates on status of their orders
  • Use data to identify and quickly react to changes in customer preferences and consequently align inventory to such preferences 

Strong Growth In Organised Brick and Morter Retail

Continued Growth Momentum In Consumer Durables Across Category

Management Of The Company

Shareholding Pattern

Financial Highlights

Profit and Loss

Balance Sheet

Cash Flow

Growth Drivers Of The Company

  • Expand reach across select geographies and deepen the footprint in existing markets 
  • Maintaining and forging new relationships with leading brands 
  • Technology led effective inventory management & lean operating structure 
  • Enhancing sales volumes to continuing oe to prioritize customer satisfaction
  • Continuous training of manpower


I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Disc - Not an recommendation. Source - Company's presentation, Annual report,

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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