Annual Report for the F.Y. 2025-26

Premium Refurbished. Trusted Worldwide. Annual Report | FY 2025-26 25-121 STATUTORY REPORTS 25 Notice of Annual General Meeting 61 Board Report 90 Report on Corporate Governance 117 Management’s Discussion and Analysis 122-247 FINANCIAL STATEMENTS 122 Standalone Financial Statements 185 Consolidated Financial Statements STNETNOC ELBAT 03-24 CORPORATE OVERVIEW 03 PREMIUM REFURBISHED. TRUSTED WORLDWIDE 04 Who We Are 05 Scale & Reach Geographic Presence 07 Our Journey 08 Business Model 10 Our Strengths 12 Message from the Managing Director 14 The Year at a glance 15 Operational Performance 16 Industry Overview 18 Strategic Priorities - FY27 20 People 22 Leadership and Board of Directors 24 Corporate Information CCOORRPPOORRAATTEE OOVVEERRVVIIEEWW SSTTAATTUUTTOORRYY RREEPPOORRTTSS FFIINNAANNCCIIAALL SSTTAATTEEMMEENNTTSS We have built our business on a simple yet powerful proposition: extending the life of technology through refurbishment that meets the highest standards of quality, performance and reliability. As demand for affordable, sustainable and high-quality Information and Communication Technology (ICT) devices continues to grow globally, GNG Electronics has established itself as a trusted partner by transforming pre-owned equipment into products that deliver a like-new experience. Every device undergoes a rigorous, multi-tier refurbishment process that restores its performance, aesthetics and functionality to like-new standards. By combining advanced refurbishment capabilities with stringent quality control, GNG delivers laptops, desktops, workstations and other ICT devices that offer exceptional value with credibility, reliability and affordability. This approach not only makes premium technology more accessible but also contributes meaningfully to reducing electronic waste and promoting sustainable consumption. Our expanding global footprint further strengthens the competitive advantage. With operations spanning multiple strategically located refurbishment facilities across India, the United States and the UAE, and an expanding network of procurement partners and customer touchpoints, GNG has built a resilient and scalable business model. Premium Refurbished. Trusted Worldwide. captures this journey and GNG’s enduring promise. It reflects our commitment to delivering world-class refurbished technology, creating sustainable value through the circular economy, and strengthening the trust earned across global markets as we continue to scale our business. PREMIUM REFURBISHED. TRUSTED WORLDWIDE Annual Report 2025-26 Who We Are GNG Electronics Limited is India’s largest refurbisher of laptops & desktops and ranks among the world’s leading players, operating through its flagship brand, Electronics Bazaar. In a sector long fragmented and largely unorganised, the Company has emerged as a category creator, bringing structure and scale to the refurbishment industry. Our model is built on a repair-over-replacement approach, with integrated operations spanning the full refurbishment value chain. This delivers clear cost advantages while advancing genuine sustainability through a reduced carbon footprint. The Company meets rising demand for affordable, reliable and premium computing by delivering professionally refurbished devices that match new hardware in both performance and aesthetics. Backed by a credible and reliable warranty of up to three years and priced at approximately one-third the cost of new, its products have made refurbished ICT a dependable, enterprise-accepted procurement alternative. The Company refurbishes laptops, desktops, tablets, servers, premium smartphones, mobile workstations and accessories, serving customers across 46 countries from refurbishment operations in India, the UAE and the United States. In extending the usable life of these assets, it keeps electronic waste out of landfill while making dependable technology accessible to far wider sections of society. This wider access carries a social dividend. By putting affordable, reliable technology within reach of more users, GNG helps bridge the digital divide and supports e-education and skill development. CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Scale & Reach We operate at global scale across sourcing, refurbishment and distribution: 10 refurbishing facilities across three countries (2 in Navi Mumbai, India; 1 in Dallas, USA; and 7 in UAE), totalling over 120,000 sq. ft., up from 58,127 sq. ft. at the time of our IPO. A multi-channel procurement network of 720+ partners worldwide, comprising corporates, leasing companies, banks, recyclers, aggregators, IT Asset Disposition (ITAD) Companies and educational institutions. A sales network spanning 46 countries, reaching customers through 4,895 touchpoints including value-added resellers, system integrators, distributors, e-tailers and direct channels. 726,872 ICT devices refurbished in FY26, up 23% year on year, supported by 1,813 in- house trained technicians. Annual Report 2025-26 Geographic Presence Established a robust supply chain that facilitates smooth operations from procurement of used ICT Devices to the delivery of refurbished ICT devices Europe Asia & Middle East UK, Germany, France, India, UAE, Saudi Arabia, Italy, Spain, Netherlands, Singapore, Israel, Poland, Sweden, Greece, Philippines, Bangladesh, 46 Countries Bulgaria +10 others Nepal, Oman Global sales and operational presence across 5 continents Americas Africa USA, Canada, Mexico, Guatemala, Uruguay South Africa, Egypt, Nigeria, Kenya, Morocco, Ivory Coast, Uganda, 10 Facilities Australia Rwanda, Algeria 7 in UAE, 2 in India, 1 in USA CCOORRPPOORRAATTEE OOVVEERRVVIIEEWW SSTTAATTUUTTOORRYY RREEPPOORRTTSS FFIINNAANNCCIIAALL SSTTAATTEEMMEENNTTSS Our Journey 2016 2017 2019 Started Operations Established UAE Major Expansion Mumbai Facility Presence Navi Mumbai Facility (1,200 sq. ft.) Sharjah Facility (25,600 sq. ft.) (4,306 sq. ft.) 2024 2023 2022 Financial Milestone Global Expansion ISO Certified Crossed ₹1,000 Cr UAE: +12,916 sq. ft. R2v3 Certification Turnover USA (Dallas): 9001, 14001, 45001, 27001 11,000 sq. ft. UAE Expansion Sharjah Facility (4,306 sq. ft.) 2025 2026 IPO & Listing (NSE/BSE) Strategic distribution Expanded to 10 Facilities partnerships with leading India: +23,842 sq. ft. distributors of ICT devices UAE: +19,020 sq. ft. USA: +31,698 sq. ft. Annual Report 2025-26 Business Model GNG Electronics Limited (operating under the brand Electronics Bazaar) is a full-spectrum ICT Device refurbishment company with an integrated business model spanning the entire value chain from sourcing of used devices to refurbishment, sales, distribution, and after-sales services. The Company follows a repair-over-replacement approach that is both cost efficient and climate friendly and delivers affordable, high-quality technology solutions while promoting environmental sustainability through product life extension and reduced e-waste. Core Elements of the Business Model Procurement Refurbishment The Company maintains a robust, multi- Devices undergo a rigorous, multi-stage channel global procurement network of refurbishment process across state-of-the- 720+ partners comprising corporates, art facilities in India, the USA, and the UAE. leasing companies, banks, recyclers, Capabilities include: aggregators, IT Asset disposition partners and educational institutions. IT Asset • L1/L2 screening and parts repair Disposition and buyback facility enable • Advanced L3 motherboard repairs consistent, high-volume inflow of used ICT devices. Electronics Bazaar issues • Specialised LCD repairs (repolarisation certified data wiping certificates as part and LGP correction) of its device intake process, providing supply partners with assurance of • Cosmetic restoration, laser keyboard complete data security and privacy reprinting, and data sanitization as per compliance. This integrated sourcing global standards (R2v3, NIST, etc.) model provides cost advanta [Showing first 8,000 characters — download PDF for full document]