The company has delivered an exceptional set of numbers, largely driven by the AI-led hardware crunch and the global shift toward Circular Economy practices.
1. Core Financial Standings (Consolidated)
This table compares the current quarter (Dec 2025) with the same period last year (Dec 2024).
| Metric | Q3 FY26 (Dec ’25) | Q3 FY25 (Dec ’24) | YoY Growth (%) |
| Revenue from Operations | ₹487.22 Cr | ₹347.38 Cr | +40.3% |
| EBITDA | ₹54.60 Cr | ₹32.00 Cr | +70.5% |
| Profit After Tax (PAT) | ₹38.69 Cr | ₹19.08 Cr | +102.8% |
| Earnings Per Share (EPS) | ₹3.34 | ₹1.75 | +90.8% |
2. Profitability Margins
The efficiency of the company has improved significantly, as seen in the margin expansion.
| Margin Type | Q3 FY26 | Q3 FY25 | Change (bps) |
| EBITDA Margin | 11.2% | 9.2% | +200 bps |
| PAT Margin | 7.9% | 5.5% | +240 bps |
| Gross Margin | 20.8% | 23.5% | -270 bps (Caution) |
Critical Discussion: The Good vs. The Bad
The “Good” (Growth Drivers)
- Operating Leverage: While revenue grew by 40%, profit doubled (102%). This shows the company is managing its fixed costs extremely well as it scales.
- AI Hardware Boom: There is a global shortage of high-end servers and workstations for AI processing. GNG is capitalizing on this by providing “certified refurbished” enterprise hardware at 1/3rd the cost of new equipment.
- Debt Reduction: Using IPO proceeds, the company has repaid ₹320 Crore of debt (Parent + Subsidiary). This has drastically reduced interest outflows, boosting the net profit.
- Global Footprint: With operations in 44 countries and centers in the UAE and USA, GNG is no longer just an Indian trader; it’s a global supply chain player.
The “Bad” (Points of Caution)
- Gross Margin Pressure: Gross margins fell by 270 basis points. This suggests that the cost of “raw” used hardware is increasing because everyone wants it now.
- Concentration Risk: Their brand Electronics Bazaar now contributes 97% of revenue. While the brand is strong, the company is heavily dependent on this single channel.
- Guarantee Exposure: The company recently increased corporate guarantees for its UAE subsidiary (Electronics Bazaar FZC) by AED 38 million. This increases “contingent liability”—if the subsidiary struggles, the parent must pay.
Industry & Competitor Landscape
The ICT Refurbishment & ITAD (IT Asset Disposition) industry is expected to grow at a CAGR of 12-15% through 2030.
Competitor Comparison
| Competitor | Business Focus | Scale vs. GNG |
| Redington Ltd | Distribution of New IT Hardware | Much larger scale, but lower margins (2-3%). |
| G G Engineering | Infrastructure & Trading | Turnaround stage; much smaller profit (₹4 Cr vs GNG’s ₹38 Cr). |
| Unlisted Players | Local Refurbishers | Lacks GNG’s 1-3 year warranty and global sourcing scale. |
Why the Result was “Stellar”?
The primary reason for the 102% profit jump isn’t just “selling more.” It is the utilization of IPO funds. By paying off high-interest bank loans ahead of schedule (August/September 2025), the company saved massive amounts in “Finance Costs.” This allowed the operating profit to flow straight to the bottom line without being eaten up by interest.
Disclaimer: This post is for educational purposes only. It is not financial advice or a recommendation to buy or sell the stock. Please consult a SEBI-registered advisor before investing.