GNG Electronics Limited has informed the Exchange regarding the transcript of the Earnings Call held on November 03, 2026.

November 09, 2026 To, To, National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, C-1, Block G, Bandra Phiroze Jeejeebhoy Towers, Kurla Complex, Bandra (E), Mumbai 400051 Dalal Street, Mumbai – 400001 NSE Symbol - EBGNG Scrip Code – 544455 Sub: Transcript of Earnings Call with Analysts / Investors pertaining to the Financial Results of the Company for the quarter and half year ended September 30, 2026 - Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir/Madam, Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, enclosed herewith is the transcript of the Earnings call with Analysts / Investors held on Tuesday, November 03, 2026, post declaration of the Financial Results for the quarter and half year ended September 30, 2026. The same has also been disseminated on the website of the Company. We request you to kindly take the above on records. FOR GNG ELECTRONICS LIMITED Sarita Vishwakarma Company Secretary & Compliance Officer Membership No. A59547 “GNG Electronics Limited Q2 & H1 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. SHARAD KHANDELWAL – FOUNDER AND MD MR. AJAY PANCHOLI – DIRECTOR MR. RAAKESH JHUNJHUNWALA – CHIEF FINANCIAL OFFICER MR. ROHIT AGGARWAL – STRATEGY AND INVESTOR RELATIONS MODERATOR: MR. AVINASH KARUMANCHI – MOTILAL OSWAL FINANCIAL SERVICES LIMITED Page 1 of 17 GNG Electronics Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the GNG Electronics Limited Q2 and H1 FY27 Earnings Conference Call hosted by Motilal Oswal Financial Services Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Avinash Karumanchi from Motilal Oswal Financial Services Limited. Thank you, and over to you, sir. Avinash Karumanchi: Good evening, everyone. On behalf of Motilal Oswal Financial Services, I welcome you to the Q2 and H1 FY27 Earnings Call of GNG Electronics Limited. Joining us on the call today are Mr. Sharad Khandelwal, Founder and Managing Director; Mr. Ajay Pancholi, Director; Mr. Raakesh Jhunjhunwala, Chief Financial Officer; Mr. Rohit Aggarwal, Strategy and IR. Now I hand over the call to Sharadji for his opening remarks. Thank you, and over to you, sir. Sharad Khandelwal: Good evening, and thank you, everyone. I welcome you all to the Q2 and H1 FY27 earnings call of GNG Electronics Limited. I'm very happy to share that we have delivered our best ever quarter. Revenue grew 42% year-on-year. This is our strongest quarterly growth since we listed, and this also makes it our best first half ever. What I find most encouraging is the quality of this growth. It was broad-based across India and our international market, across customer segments and across the channel. And it came with margin because customers are increasingly paying for what Electronics Bazaar stands for, a product that works like new, a warranty they can rely on and a partner they can trust. Rather than treating refurbished as a commodity, our laptops are sold as Electronics Bazaar refurbished laptops, which is a distinct brand positioning, and we are decommoditizing the refurbished space. We are solving the trust issue and trust is a huge margin lever. That is the shift we have been working towards and I believe it is what you are seeing in these numbers. Let me first take you through the quarter's performance, then the industry developments and then the progress across the company. For the quarter ended September 2026, our consolidated revenue stood at INR624.8 crores, which is up from INR439.9 crores in the same quarter last year. Gross margin improved by 515 basis points year-on-year to 25.1%. Our India business grew 45% year-on-year and our international business grew by around 40%. Similarly, for the first half of FY27, revenue stood at INR1,037 crores, which is 38% up from the same period last year with gross margin expansion at 24.9%, which is an improvement of 438 basis points. Demand remains healthy across India Page 2 of 17 GNG Electronics Limited November 03, 2026 and our international markets, the United States, Europe and the Middle East, and we are ahead of our full year FY27 guidance on both revenue growth and profitability. Let me now spend a few minutes on the industry. On our last earnings call on 30th July, I had shared IDC's projection of a decline of around 20% in global PC shipments in the second half of calendar year 2026. IDC has since released its numbers for the September quarter, and the decline has come in at 20.1% year-on-year, which is 62.7 million units shipped as against 78.5 million shipped in the same quarter last year. That's close to 16 million fewer computers in a single quarter. IDC attributes this to higher prices, supply constraints and inventory challenges and expects a decline of similar order in December quarter as well and prices are expected to remain elevated. For the full year 2026, IDC continues to project a decline of 11.3%, which is on a base of 284 million computers sold in 2025 that's roughly 30 million decline of computers sold over last year and we are not factoring in any growth in computing demand. This is a very sharp decline for this industry and it is coming totally in the second half, that's from July to December of 2026. Now how long does this last? I would rather you hear it from the people who make the components and people who make the computers than from me. Michael Dell, the founder of Dell Technologies, said in an interview with CNBC on 13th October that he expects the memory shortage to get worse next year in terms of demand and supply. And that in his own words, it may well be a 4-year problem because there's just not enough supply. Sanjay Mehrotra, the Chief Executive of Micron, one of the 3 largest memory manufacturers in the world, said on its earnings call on 30th September 2026 that Micron expects memory and storage supply conditions to be and I quote "much tighter in fiscal year 2027 and 2028 than they were in 2026" and it does not have line of sight to when supply and demand will return to balance. SK Hynix, the world's second largest memory manufacturer, reported in its results on 28th of October 2026, that's just a few days ago, that DRAM prices rose by a high-twenties percentage in a single quarter and NAND by mid-20s percentage. This is the second consecutive quarter of increase of that order. The Chief Financial Officer, Kim Woo-hyun, said and I quote "Memory supply cannot keep pace with this level of demand and growth" and described the shortfall as a constraint projected to continue through 2030. Its Chief Executive, Kwak Noh-jung, said the company's DRAM and HBM volumes for the next 3 years through 2029 are effectively sold out. The simple reading is that the large part of the world's memory capacity is going to AI and the personal computer is further back in the queue. This is now fully visible in the price of a new computer. A year ago, the sweet spot for a laptop in India was around INR35,000 to INR40,000. That same computer today is now between INR65,000 to INR72,000. And here is what that means for our customer. If a new computer costed INR100 earlier, our refurbished premium computer used to cost around IN [Showing first 8,000 characters — download PDF for full document]