GNG Electronics Shares Shine as India’s Largest Refurbished Tech Player Extends Rally

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By S. JHA

GNG Electronics, the parent of Electronics Bazaar, climbed 5% on Wednesday, extending its strong rally as investors cheered its robust financial performance, expanding refurbished electronics business, and long-term growth prospects.

Mumbai, July 1, 2026 — Shares of GNG Electronics Limited, the Mumbai-based parent of refurbished electronics brand Electronics Bazaar, jumped 5& on Wednesday, after the stock had gained 10% on Tuesday, extending a sharp rally that has seen the scrip more than double from its 52-week low earlier this year.

The move adds to a string of strong sessions for the stock. Shares had already climbed 9% to an intraday high of ₹455 on June 12, 2026, as marquee institutional investors including Goldman Sachs took fresh stakes in the company, according to Upstox.

That came a day after the stock jumped 7.1% on heavy volumes to an intraday high of ₹420.30, Business Standard reported, as block deals saw promoter Vidhi S. Khandelwal pare down her holding alongside buying from Motilal Oswal Equity Opportunities Fund, Mirae Asset Mutual Fund, ITI Mutual Fund, Edelweiss Mutual Fund, and Trust Mutual Fund.

By June 25, 2026, the stock had climbed further to ₹565.75, according to Bajaj Broking, which noted the stock had delivered a 59.57% return over the preceding six months and 19.41% over the trailing month alone.

The stock’s 52-week range has widened dramatically since its market debut, moving between a low of ₹239 hit on January 27, 2026, and a high near ₹584, per data compiled by Upstox.

Today’s gains place GNG Electronics among the standout performers in India’s small and mid-cap technology space, building on a debut that itself was explosive: the company surged as much as 51.7% on its first day of trading against its issue price of ₹237, according to data tracked by Zerodha.

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Business Overview

GNG Electronics operates under the Electronics Bazaar brand and describes itself as India’s largest refurbisher of laptops and desktops and among the largest refurbishers of information and communication technology devices globally, according to Tickertape’s profile of the company.

The business follows what management calls a repair-over-replacement model, refurbishing and reselling laptops, desktops, tablets, servers, smartphones, and mobile workstations, alongside value-added services including IT Asset Disposition, e-waste management, warranties, and buyback programs, per Yahoo Finance’s company description.

The company, incorporated in 2006, has built a genuinely global footprint, with operations spanning facilities in Navi Mumbai, Sharjah in the UAE, and Dallas, Texas, and exports reaching North America, South America, Asia, Europe, Africa, and the Middle East, according to INDmoney’s company history. Nearly all of its sales now run through the Electronics Bazaar brand, per Screener’s business profile.

Scope and Market Position

GNG Electronics has been steadily expanding its market share within India’s growing refurbished electronics segment. Screener data shows the company’s market share in its category has grown from 1.03% to 2.55% over the last five years, with revenue compounding at roughly 42% annually over that period, well above the industry’s average growth rate of around 15%.

The company has also been building out its distribution infrastructure. It recently struck pan-India distribution agreements with Ingram Micro and Supertron Electronics to expand the reach of its refurbished laptops, desktops, and enterprise computing systems, according to Tickertape, a partnership expected to deepen the company’s penetration across Tier-1, Tier-2, and Tier-3 markets in India alongside enterprise and institutional channels.

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Financial Performance

GNG Electronics has posted consistently strong growth across recent quarters. The company’s fourth-quarter net profit rose to ₹421 million from ₹148 million a year earlier, while revenue climbed to ₹6.51 billion from ₹4.55 billion, a 43% year-over-year increase, according to data compiled by Groww. For the full fiscal year, Groww reported that GNG’s revenue grew 34%, with the company targeting 25% revenue growth in FY27 alongside continued margin expansion.

Speaking about an earlier quarter’s results, managing director Sharad Khandelwal credited the performance to broad-based demand, telling Tickertape that the company delivered another strong quarter with revenue growing 24.7% year-over-year and margins improving, with EBITDA margin up 46 basis points to 10.6% and PAT margin up 88 basis points to 7.4%. He attributed the growth to robust demand for ICT products, an expanding customer base, and a strong multi-country presence across India, the UAE, and the United States.

The company’s balance sheet has also strengthened. Zerodha’s data shows GNG Electronics’ net debt has fallen sharply, from ₹326 crore in March 2025 to roughly ₹54.58 crore by September 2025, even as trailing twelve-month profit climbed to ₹109 crore from ₹68.83 crore in the prior fiscal year.

Analyst and Institutional View

Brokerages have turned increasingly constructive on the stock. Motilal Oswal Financial Services initiated coverage with a “Buy” rating and a target price of ₹635, according to Business Standard, projecting that GNG Electronics will deliver compound annual growth rates of approximately 26% in revenue, 31% in EBITDA, and 36% in profit after tax between FY26 and FY28, driven by volume growth and network expansion.

The brokerage also expects EBITDA margins to improve by roughly 90 basis points to around 11.3%, supported by a more favourable product mix, operating leverage, and lower borrowing costs feeding through to stronger bottom-line growth.

Institutional appetite has also been visible at the ownership level. Company director Ajay Pancholi has been a repeated buyer of shares on the open market through June, purchasing tranches on June 12, 23, and 24, according to filings tracked by Screener, alongside continued accumulation by domestic mutual funds and global institutions including Goldman Sachs Asia Equity Portfolio.

Prospects

Despite the company’s promoter trimming its stake earlier in June, a move undertaken to meet SEBI’s minimum public shareholding requirements rather than reflecting any operational concern, GNG Electronics has continued attracting buying interest.

The promoter sale brought combined promoter and promoter group holding down to 74.77% from 78.71%, Upstox reported, while underlying business momentum and institutional accumulation appear to have outweighed any near-term overhang from the share sale.

With India’s refurbished electronics market continuing to benefit from rising new-PC prices, increasing enterprise sustainability mandates, and growing affordability-driven demand, GNG Electronics looks positioned to keep extending its category leadership, provided it continues to execute on margin expansion and distribution scale-up as outlined in its FY27 guidance.

(This article is for informational purposes only. Please consult SEBI-registered advisors before making any investment decisions.)