i. Pavan Kumar Bajaj is the founder Promoter, Chairman and Managing Director of the Company. He has basic education and has appeared for the first and second year examinations of bachelor’s degree in commerce held in Osmania University. He founded the erstwhile sole proprietorship ‘M/s. Bajaj Electronics’ in 1980 and has over 40 years of experience in retail business management. ii. Karan Bajaj is the Chief Executive Officer and Whole-time Director of the Company. He holds a bachelor’s degree in commerce from Osmania University and holds a post graduate diploma in international management from University of Strathclyde. He has over 10 years of experience in retail business management. iii. Astha Bajaj is a Whole-time Director designated as the Executive Director of the Company. She holds a bachelor’s degree in science from Gujarat University and a master’s degree in biochemistry from Nirma University. She has over four years of experience in business management.

Aditya Vision is the peer 1. It has 77 Stores in Bihar and 10 stores in Jharkhand 2. Revenue of 900 Crores and PAT of 35 Crores in FY22. 3. EBITA Margins in FY22 is 9% 4. Mcap = 1700 Crores, Mcap/Sales = ~2x, P/E 32x| 5. Stock has moved from 700 to 1400 in the last 3 months. Looks like movement is due to Electronic Mart

1. Electronic Mart is the 4th largest and one of the fastest growing consumer durables and electronics retailers in India and one of the largest regional organised player in the southern region in revenue terms with dominance in the states of Telangana and Andhra Pradesh. 2. Electronic Mart operates a model which is a mix of ownership and lease rental model. As of August 31, 2022, out of the total 112 stores we operate, 11 stores are owned, 93 stores 156 are under long-term lease rental model and eight stores are partly owned and partly leased. 3. They do Business in Retail Segment, Wholesale Segment and E-commerce. Under Retail, As of August 31, 2022, out of 112 stores, 100 stores are Multi Brand Outlets (“MBOs”) and 12 stores are Exclusive Brand Outlets (“EBOs”). They operate 89 MBOs under the name “Bajaj Electronics” in Andhra and Telangana, eight MBO under the name of “Electronics Mart” in the NCR region, two specialized stores under the name “Kitchen Stories” which caters to the kitchen specific demands of the customers and one specialised store format under the name “Audio&Beyond” focusing on high end home audio and home automation solutions. This segment contributes 90% of the revenue. Under Wholesale, they are engaged in the wholesale business of consumer durables, where they supply products to single shop retailers in Andhra Pradesh and Telangana regions. This segment contributes 1-2% of the revenue. Under E-commerce, they sell products via their own website. This segment contributes 1-2% of the revenue. 4. Electronic Mart is currently associated with more than 70 electronic brands and has a long-standing relationship of more than 15 years with a certain number of brands which operate in product categories such as large appliances, mobiles, small appliances, IT and others. 5. Revenue has increased from Rs.3179 Crores in FY20 to Rs.4353 Crores in FY22. 6. Gross Margins in the business is between 10-12% this is low as it is a trading business. 7. EBITDA Margins are in the range of 6-7%. 8. ROCE in the business is 31% in FY22. 9. In the last 3 years, the company has generated 221 Crores of free cash and total capex done in the last 3 years is 178 Crores, so free cash generated is 43 Crores. 10. In the first 3 months of FY22-23, they have reduced the short term debt by 220 Crores. This was possible as they have generated 280 Crores of cash from operation in the first 3MFY23 as they sold lot of inventory without much increase in trade receivables. So, good for the business. 11. At price of 59 per share offer price, the offered M.cap is ~2200 Crores post issue. P/E offered is 22x, which looks decently priced.

Electronics Mart India Limited D. No: 6-1-91, Shop No. 10, Ground Floor, Next to Telephone Bhavan, Secretaria Saifabad, Hyderabad – 500 004 Phone: +91 040 4875 1125 Email: cs@bajajelectronics.in Website: https://www.electronicsmartindia.com/