Electronics Mart India (EMIL) has made a strong market debut, with its shares listed at a 53 per cent prmium at Rs 90 as against its issue price of Rs 59 per share on the National Stock Exchange (NSE) on Monday. On the BSE, the stock opened at Rs 89.40, a 52 per cent premium over its issue price.
At 10:02 AM, EMIL traded 47 per cent higher at Rs 86.55, after hitting a low of Rs 83.30 in intra-day trade on the NSE. It hit intra-day high of Rs 91 on the NSE and BSE so far. Around 31.5 million equity shares have changed hands on the NSE at the counter.
“The electronic and consumer durable market is extremely competitive and has been disrupted by e-commerce players. Further, the company faces significant competition from players like Reliance Retail, Croma, etc. Therefore, we advise investors to lock in listing gains and only aggressive investors should consider making a long-term commitment to the company. Those who applied for listing gains can maintain a stop loss of Rs 77,” said Pravesh Gour, senior technical analyst at Swastika Investmart.
EMIL is the fourth largest and one of the fastest growing consumer durables and electronics retailers in India. EMIL is the largest regional organised player in the southern region in revenue terms with dominance in Telangana and Andhra Pradesh. The company registered a healthy revenue CAGR of around 17.9 per cent in FY16-21. EMIL has remained profitable even during the pandemic while its EBITDA margin has been in the range of 6-7 per cent over FY20-22.
Most of the brokerage had assigned a ‘Subscribe’ rating for EMIL IPO as valuations appeared reasonable considering the company’s strong and sustainable growth prospects and continued focus on maintaining balance of revenue growth with consistent margins in line with industry peers.
Also read: Review, GMP, valuations: Should you subscribe to Electronics Mart IPO?
Given that the company makes upfront payment to suppliers (creditor days: ~2) coupled with superior growth prospects, EMIL’s higher working capital requirements (incremental working capital: Rs 590 crore in FY23-24) would restrict FCF generation in the next two years. However, capital infusion worth Rs 500 crore (fresh issue) would assist in financing working capital requirements to the tune of Rs 220 crore and also boost store additions by opening of 60 stores over the next three years (capex: Rs 111 crore in FY23-25). D/E ratio is also expected to improve from 1.0x to ~0.5x by FY23E, analysts at ICICI Securities had said in IPO note.
The organized market share expanded from around 40 per cent in FY13 to 58-60 per cent in FY20. According to Crisil Research, the share of the organized market in consumer durables retail is likely to expand to 70-75 per cent by FY27.
Given that EMIL plans to expand reach across select geographies, and deepen the footprint in existing markets; enhance sales volumes; indulge in technology led effective inventory management and lean operating structure to maintain, and improve operating efficiencies, the outlook for the company remains robust, analysts at Choice Broking had said.
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