# Retail - Electronics — company-by-company sector analysis

> Retail - Electronics: Electronics Mart India Ltd owns the largest revenue base; Cellecor Gadgets Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 3 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Electronics Mart India Ltd leads with revenue of ₹7,183 crore, based on 3 of 3 comparable companies through Mar 2026. Cellecor Gadgets Ltd has the fastest current revenue growth at 100%, across 3 of 3 comparable companies.

### Is the Retail - Electronics sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 3 of 3 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Retail - Electronics company is largest by revenue?

Electronics Mart India Ltd leads with revenue of ₹7,183 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Retail - Electronics company is growing fastest?

Cellecor Gadgets Ltd has the fastest current revenue growth at 100%, across 3 of 3 comparable companies.

### Which Retail - Electronics company has the strongest 4-Factor Sector Score?

Cellecor Gadgets Ltd ranks first at 52.7/100 with 60.4% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Retail - Electronics company reports the most CAPEX?

Cellecor Gadgets Ltd reports the largest latest CAPEX at ₹0 crore, with 1 of 3 companies comparable.

### Which Retail - Electronics company has the least gross debt?

Cellecor Gadgets Ltd has the lowest comparable gross debt at ₹142 crore. Electronics Mart India Ltd has the highest at ₹1,997 crore.

### Which Retail - Electronics company has the lowest comparable PEG?

Aditya Vision Ltd has the lowest comparable Guarded PEG at 3.69, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Retail - Electronics comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Retail - Electronics against NIFTY 500 is not available from the current market series. 3 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Aditya Vision Ltd is the strongest against the sector itself at +2.1%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 3/3
Stocks leading sector: 1/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹13.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Cellecor Gadgets Ltd (CELLECOR): 53/100 — Mixed-positive evidence; evidence 60%
   - Growth & earnings 20.2/35 | Capital efficiency 17.5/25 | Valuation 10.0/20 | Relative strength 5.0/20
   - Exact sum: 20.2 + 17.5 + 10 + 5 = 52.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Aditya Vision Ltd (AVL): 47/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 16.0/35 | Capital efficiency 12.9/25 | Valuation 1.9/20 | Relative strength 16.2/20
   - Exact sum: 16 + 12.9 + 1.9 + 16.2 = 47
   - Decision use: Price leads the evidence: RS versus the benchmark is 21%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Electronics Mart India Ltd (EMIL): 35/100 — Adverse evidence; evidence 74%
   - Growth & earnings 11.2/35 | Capital efficiency 8.0/25 | Valuation 7.3/20 | Relative strength 8.0/20
   - Exact sum: 11.2 + 8 + 7.3 + 8 = 34.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Electronics Mart India Ltd is the scale leader at ₹7,183 crore, 168.8% ahead of Aditya Vision Ltd. Cellecor Gadgets Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 202.5% from a ₹2,317 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Electronics Mart India Ltd is the scale benchmark; Cellecor Gadgets Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Electronics Mart India Ltd's growth falls below Cellecor Gadgets Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Electronics Mart India Ltd · ₹7,183 crore | 168.8% versus #2 · Aditya Vision Ltd | 7/8 recent comparable periods | 3/3 companies · 42 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Electronics Mart India Ltd (EMIL): ₹7.2K Cr
2. Aditya Vision Ltd (AVL): ₹2.7K Cr
3. Cellecor Gadgets Ltd (CELLECOR): ₹2.3K Cr

### Revenue growth — fastest growers
1. Cellecor Gadgets Ltd (CELLECOR): 100%
2. Aditya Vision Ltd (AVL): 18%
3. Electronics Mart India Ltd (EMIL): 6.7%

### 20-quarter Revenue history
- AVL: Jun 2021 ₹194 Cr | Sep 2021 ₹182 Cr | Dec 2021 ₹263 Cr | Mar 2022 ₹260 Cr | Jun 2022 ₹439 Cr | Sep 2022 ₹260 Cr | Dec 2022 ₹318 Cr | Mar 2023 ₹306 Cr | Jun 2023 ₹641 Cr | Sep 2023 ₹313 Cr | Dec 2023 ₹413 Cr | Mar 2024 ₹376 Cr | Jun 2024 ₹889 Cr | Sep 2024 ₹376 Cr | Dec 2024 ₹508 Cr | Mar 2025 ₹487 Cr | Jun 2025 ₹940 Cr | Sep 2025 ₹458 Cr | Dec 2025 ₹649 Cr | Mar 2026 ₹625 Cr
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.9K Cr
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹114 Cr | Dec 2022 — | Mar 2023 ₹151 Cr | Jun 2023 — | Sep 2023 ₹210 Cr | Dec 2023 — | Mar 2024 ₹291 Cr | Jun 2024 — | Sep 2024 ₹426 Cr | Dec 2024 — | Mar 2025 ₹600 Cr | Jun 2025 — | Sep 2025 ₹641 Cr | Dec 2025 — | Mar 2026 ₹650 Cr

### 20-quarter Revenue growth history
- AVL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 126% | Sep 2022 43% | Dec 2022 21% | Mar 2023 18% | Jun 2023 46% | Sep 2023 20% | Dec 2023 30% | Mar 2024 23% | Jun 2024 39% | Sep 2024 20% | Dec 2024 23% | Mar 2025 30% | Jun 2025 5.7% | Sep 2025 22% | Dec 2025 28% | Mar 2026 28%
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20% | Mar 2024 15% | Jun 2024 14% | Sep 2024 1.7% | Dec 2024 1.7% | Mar 2025 9.2% | Jun 2025 -9.8% | Sep 2025 19% | Dec 2025 7.5% | Mar 2026 15%
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 84% | Dec 2023 — | Mar 2024 93% | Jun 2024 — | Sep 2024 103% | Dec 2024 — | Mar 2025 106% | Jun 2025 — | Sep 2025 50% | Dec 2025 — | Mar 2026 8.3%

## Operating Economics & Margin Trend

What the numbers say: Aditya Vision Ltd leads opm at 8%; Cellecor Gadgets Ltd leads margin change at +1 percentage points.

Investor read: Aditya Vision Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Aditya Vision Ltd · 8% | 14.3% versus #2 · Electronics Mart India Ltd | 1/8 recent comparable periods | 3/3 companies · 47 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Aditya Vision Ltd (AVL): 8.0%
2. Electronics Mart India Ltd (EMIL): 7.0%
3. Cellecor Gadgets Ltd (CELLECOR): 6.0%

### Margin change — fastest expanders
1. Cellecor Gadgets Ltd (CELLECOR): +1.0 pp
2. Electronics Mart India Ltd (EMIL): +1.0 pp
3. Aditya Vision Ltd (AVL): −1.0 pp

### 20-quarter OPM history
- AVL: Jun 2021 8.0% | Sep 2021 6.3% | Dec 2021 10% | Mar 2022 11% | Jun 2022 10% | Sep 2022 8.9% | Dec 2022 11% | Mar 2023 9.0% | Jun 2023 10% | Sep 2023 7.0% | Dec 2023 11% | Mar 2024 10% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 8.0%
- EMIL: Jun 2021 — | Sep 2021 7.5% | Dec 2021 6.1% | Mar 2022 7.2% | Jun 2022 6.9% | Sep 2022 6.1% | Dec 2022 5.0% | Mar 2023 7.0% | Jun 2023 8.0% | Sep 2023 7.0% | Dec 2023 6.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 6.0% | Dec 2024 6.0% | Mar 2025 6.0% | Jun 2025 6.0% | Sep 2025 5.0% | Dec 2025 6.0% | Mar 2026 7.0%
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.0% | Dec 2022 — | Mar 2023 5.0% | Jun 2023 — | Sep 2023 6.0% | Dec 2023 — | Mar 2024 6.0% | Jun 2024 — | Sep 2024 6.0% | Dec 2024 — | Mar 2025 5.0% | Jun 2025 — | Sep 2025 5.0% | Dec 2025 — | Mar 2026 6.0%

### 20-quarter Margin change history
- AVL: Jun 2021 +5.7 pp | Sep 2021 +6.6 pp | Dec 2021 +7.1 pp | Mar 2022 −7.3 pp | Jun 2022 +2.3 pp | Sep 2022 +2.6 pp | Dec 2022 +0.6 pp | Mar 2023 −2.0 pp | Jun 2023 −0.3 pp | Sep 2023 −1.9 pp | Dec 2023 0.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 −2.0 pp | Mar 2025 −1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −1.0 pp | Mar 2026 −1.0 pp
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 −1.1 pp | Mar 2023 −0.2 pp | Jun 2023 +1.1 pp | Sep 2023 +0.9 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +2.0 pp | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 — | Mar 2025 −1.0 pp | Jun 2025 — | Sep 2025 −1.0 pp | Dec 2025 — | Mar 2026 +1.0 pp

## Profit Scale & Acceleration

What the numbers say: Aditya Vision Ltd leads with ₹117 crore of TTM profit, 8.3% above Electronics Mart India Ltd. Cellecor Gadgets Ltd shows ≥100% on the scoring scale (195.8% uncapped) growth from a ₹71 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Aditya Vision Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Aditya Vision Ltd · ₹117 crore | 8.3% versus #2 · Electronics Mart India Ltd | 8/8 recent comparable periods | 3/3 companies · 42 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Aditya Vision Ltd (AVL): ₹117 Cr
2. Electronics Mart India Ltd (EMIL): ₹108 Cr
3. Cellecor Gadgets Ltd (CELLECOR): ₹71 Cr

### Profit growth — fastest growers
1. Cellecor Gadgets Ltd (CELLECOR): 100%
2. Aditya Vision Ltd (AVL): 11%
3. Electronics Mart India Ltd (EMIL): -33%

### 20-quarter Net profit history
- AVL: Jun 2021 ₹10 Cr | Sep 2021 ₹7 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹22 Cr
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹22 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹37 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹30 Cr | Mar 2026 ₹40 Cr
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹5 Cr | Jun 2023 — | Sep 2023 ₹7 Cr | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 — | Sep 2024 ₹15 Cr | Dec 2024 — | Mar 2025 ₹16 Cr | Jun 2025 — | Sep 2025 ₹20 Cr | Dec 2025 — | Mar 2026 ₹20 Cr

### 20-quarter Profit growth history
- AVL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 160% | Sep 2022 57% | Dec 2022 82% | Mar 2023 0.0% | Jun 2023 42% | Sep 2023 -9.1% | Dec 2023 10% | Mar 2024 14% | Jun 2024 43% | Sep 2024 20% | Dec 2024 9.1% | Mar 2025 100% | Jun 2025 3.8% | Sep 2025 8.3% | Dec 2025 13% | Mar 2026 38%
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 109% | Mar 2024 14% | Jun 2024 28% | Sep 2024 -38% | Dec 2024 -26% | Mar 2025 -34% | Jun 2025 -71% | Sep 2025 -30% | Dec 2025 -12% | Mar 2026 48%
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 133% | Dec 2023 — | Mar 2024 80% | Jun 2024 — | Sep 2024 114% | Dec 2024 — | Mar 2025 78% | Jun 2025 — | Sep 2025 33% | Dec 2025 — | Mar 2026 25%

## Capacity Spending & Returns On It

What the numbers say: Cellecor Gadgets Ltd reports ₹0 crore of CAPEX; Cellecor Gadgets Ltd has the highest covered intensity at 0%. Coverage is only 1 of 3 companies and 6 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Cellecor Gadgets Ltd · ₹0 crore | Not enough peers | 2/6 recent comparable periods | 1/3 companies · 6 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Cellecor Gadgets Ltd (CELLECOR): ₹0 Cr

### CAPEX intensity — highest reinvestment intensity
1. Cellecor Gadgets Ltd (CELLECOR): 0.0%

### 20-quarter CAPEX history
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹0 Cr | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹18 Cr | Dec 2024 — | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr

### 20-quarter CAPEX intensity history
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 — | Mar 2024 0.0% | Jun 2024 — | Sep 2024 4.2% | Dec 2024 — | Mar 2025 0.2% | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 0.0%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Cellecor Gadgets Ltd has the clearest covered balance-sheet capacity with ₹111 crore and gross debt of ₹142 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Cellecor Gadgets Ltd · ₹142 crore | 75.2% versus #2 · Aditya Vision Ltd | 0/7 recent comparable periods | 3/3 companies · 34 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Cellecor Gadgets Ltd (CELLECOR): ₹142 Cr
2. Aditya Vision Ltd (AVL): ₹573 Cr
3. Electronics Mart India Ltd (EMIL): ₹2.0K Cr

### Net debt — lowest net debt
1. Cellecor Gadgets Ltd (CELLECOR): ₹111 Cr
2. Aditya Vision Ltd (AVL): ₹444 Cr

### 20-quarter Gross debt history
- AVL: Jun 2021 ₹84 Cr | Sep 2021 ₹66 Cr | Dec 2021 ₹66 Cr | Mar 2022 ₹282 Cr | Jun 2022 ₹240 Cr | Sep 2022 ₹276 Cr | Dec 2022 ₹276 Cr | Mar 2023 ₹418 Cr | Jun 2023 ₹418 Cr | Sep 2023 ₹401 Cr | Dec 2023 ₹401 Cr | Mar 2024 ₹319 Cr | Jun 2024 ₹319 Cr | Sep 2024 ₹284 Cr | Dec 2024 ₹284 Cr | Mar 2025 ₹480 Cr | Jun 2025 ₹480 Cr | Sep 2025 ₹413 Cr | Dec 2025 ₹413 Cr | Mar 2026 ₹573 Cr
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.4K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.6K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.0K Cr | Jun 2025 — | Sep 2025 ₹2.0K Cr | Dec 2025 — | Mar 2026 ₹2.0K Cr
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹21 Cr | Jun 2023 — | Sep 2023 ₹41 Cr | Dec 2023 — | Mar 2024 ₹75 Cr | Jun 2024 — | Sep 2024 ₹76 Cr | Dec 2024 — | Mar 2025 ₹121 Cr | Jun 2025 — | Sep 2025 ₹148 Cr | Dec 2025 — | Mar 2026 ₹142 Cr

### 20-quarter Net debt history
- AVL: Jun 2021 ₹23 Cr | Sep 2021 ₹44 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹280 Cr | Jun 2022 ₹211 Cr | Sep 2022 ₹217 Cr | Dec 2022 ₹217 Cr | Mar 2023 ₹414 Cr | Jun 2023 ₹414 Cr | Sep 2023 ₹349 Cr | Dec 2023 ₹349 Cr | Mar 2024 ₹301 Cr | Jun 2024 ₹301 Cr | Sep 2024 ₹171 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹454 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹311 Cr | Mar 2026 ₹444 Cr
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹21 Cr | Jun 2023 — | Sep 2023 ₹3 Cr | Dec 2023 — | Mar 2024 ₹71 Cr | Jun 2024 — | Sep 2024 ₹68 Cr | Dec 2024 — | Mar 2025 ₹99 Cr | Jun 2025 — | Sep 2025 ₹90 Cr | Dec 2025 — | Mar 2026 ₹111 Cr

## Return On Capital Employed

What the numbers say: Cellecor Gadgets Ltd leads ROCE at 22.6%, 5.6 percentage points above Aditya Vision Ltd. Aditya Vision Ltd has the strongest latest improvement at -1.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Cellecor Gadgets Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Cellecor Gadgets Ltd · 22.6% | 32.9% versus #2 · Aditya Vision Ltd | 2/5 recent comparable periods | 3/3 companies · 22 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Cellecor Gadgets Ltd (CELLECOR): 23%
2. Aditya Vision Ltd (AVL): 17%
3. Electronics Mart India Ltd (EMIL): 8.1%

### ROCE change — fastest improvers
1. Aditya Vision Ltd (AVL): −1.6 pp
2. Electronics Mart India Ltd (EMIL): −2.0 pp
3. Cellecor Gadgets Ltd (CELLECOR): −5.5 pp

### 20-quarter ROCE history
- AVL: Jun 2021 — | Sep 2021 82% | Dec 2021 — | Mar 2022 32% | Jun 2022 — | Sep 2022 40% | Dec 2022 — | Mar 2023 39% | Jun 2023 — | Sep 2023 36% | Dec 2023 46% | Mar 2024 21% | Jun 2024 35% | Sep 2024 23% | Dec 2024 32% | Mar 2025 22% | Jun 2025 25% | Sep 2025 22% | Dec 2025 24% | Mar 2026 21%
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 62% | Jun 2023 — | Sep 2023 22% | Dec 2023 — | Mar 2024 32% | Jun 2024 — | Sep 2024 40% | Dec 2024 — | Mar 2025 34% | Jun 2025 — | Sep 2025 18% | Dec 2025 — | Mar 2026 29%

### 20-quarter ROCE change history
- AVL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −41.9 pp | Dec 2022 — | Mar 2023 +6.7 pp | Jun 2023 — | Sep 2023 −3.5 pp | Dec 2023 — | Mar 2024 −17.4 pp | Jun 2024 — | Sep 2024 −13.6 pp | Dec 2024 −13.3 pp | Mar 2025 +1.2 pp | Jun 2025 −9.4 pp | Sep 2025 −1.0 pp | Dec 2025 −7.8 pp | Mar 2026 −1.6 pp
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −29.9 pp | Jun 2024 — | Sep 2024 +18.0 pp | Dec 2024 — | Mar 2025 +2.0 pp | Jun 2025 — | Sep 2025 −21.3 pp | Dec 2025 — | Mar 2026 −5.5 pp

## Valuation Against Growth & Quality

What the numbers say: Aditya Vision Ltd has the lowest comparable Guarded PEG at 3.69×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Aditya Vision Ltd · 3.69× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 11 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Aditya Vision Ltd (AVL): 3.7

### P/E — lowest P/E
1. Cellecor Gadgets Ltd (CELLECOR): 18.9
2. Electronics Mart India Ltd (EMIL): 48.6
3. Aditya Vision Ltd (AVL): 66.8

### 20-quarter Guarded PEG history
- AVL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 — | Jun 2023 0.7 | Sep 2023 1.1 | Dec 2023 4.2 | Mar 2024 3.4 | Jun 2024 2.2 | Sep 2024 3.7 | Dec 2024 — | Mar 2025 3.0 | Jun 2025 — | Sep 2025 — | Dec 2025 5.0 | Mar 2026 3.7

### 20-quarter P/E history
- AVL: Jun 2021 34.4 | Sep 2021 27.3 | Dec 2021 18.9 | Mar 2022 18.2 | Jun 2022 23.5 | Sep 2022 31.1 | Dec 2022 29.5 | Mar 2023 28.4 | Jun 2023 30.4 | Sep 2023 38.2 | Dec 2023 57.0 | Mar 2024 54.4 | Jun 2024 69.8 | Sep 2024 67.7 | Dec 2024 68.5 | Mar 2025 58.9 | Jun 2025 47.1 | Sep 2025 68.4 | Dec 2025 60.4 | Mar 2026 56.1
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 24.9 | Mar 2023 19.1 | Jun 2023 22.8 | Sep 2023 35.6 | Dec 2023 50.5 | Mar 2024 41.0 | Jun 2024 48.0 | Sep 2024 40.4 | Dec 2024 34.1 | Mar 2025 26.9 | Jun 2025 35.6 | Sep 2025 51.0 | Dec 2025 42.7 | Mar 2026 38.2
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 18.1 | Dec 2023 — | Mar 2024 26.2 | Jun 2024 — | Sep 2024 56.2 | Dec 2024 — | Mar 2025 36.2 | Jun 2025 — | Sep 2025 21.6 | Dec 2025 — | Mar 2026 14.5

## Enterprise Value & Book Value

What the numbers say: Cellecor Gadgets Ltd leads ev/ebitda at 9.8×; Electronics Mart India Ltd leads p/bv at 3.07×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Cellecor Gadgets Ltd · 9.8× | 23.4% versus #2 · Electronics Mart India Ltd | 0/6 recent comparable periods | 3/3 companies · 40 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Cellecor Gadgets Ltd (CELLECOR): 9.8
2. Electronics Mart India Ltd (EMIL): 12.8
3. Aditya Vision Ltd (AVL): 28.8

### P/BV — lowest P/BV
1. Electronics Mart India Ltd (EMIL): 3.1
2. Cellecor Gadgets Ltd (CELLECOR): 3.6
3. Aditya Vision Ltd (AVL): 11.5

### 20-quarter EV/EBITDA history
- AVL: Jun 2021 20.2 | Sep 2021 21.1 | Dec 2021 12.6 | Mar 2022 12.1 | Jun 2022 12.7 | Sep 2022 16.9 | Dec 2022 16.3 | Mar 2023 15.9 | Jun 2023 16.4 | Sep 2023 20.9 | Dec 2023 29.1 | Mar 2024 29.0 | Jun 2024 35.1 | Sep 2024 33.9 | Dec 2024 33.6 | Mar 2025 28.6 | Jun 2025 25.4 | Sep 2025 35.6 | Dec 2025 31.0 | Mar 2026 28.8
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 16.0 | Mar 2023 12.4 | Jun 2023 12.5 | Sep 2023 17.2 | Dec 2023 22.1 | Mar 2024 18.9 | Jun 2024 21.9 | Sep 2024 19.6 | Dec 2024 16.4 | Mar 2025 13.3 | Jun 2025 15.7 | Sep 2025 18.5 | Dec 2025 14.5 | Mar 2026 12.8
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 11.4 | Dec 2023 — | Mar 2024 14.3 | Jun 2024 — | Sep 2024 33.2 | Dec 2024 — | Mar 2025 21.9 | Jun 2025 — | Sep 2025 14.0 | Dec 2025 — | Mar 2026 9.8

### 20-quarter P/BV history
- AVL: Jun 2021 21.2 | Sep 2021 21.1 | Dec 2021 11.0 | Mar 2022 12.7 | Jun 2022 18.2 | Sep 2022 14.7 | Dec 2022 15.8 | Mar 2023 23.6 | Jun 2023 24.8 | Sep 2023 21.0 | Dec 2023 23.5 | Mar 2024 23.2 | Jun 2024 39.1 | Sep 2024 13.2 | Dec 2024 12.2 | Mar 2025 10.6 | Jun 2025 8.8 | Sep 2025 12.6 | Dec 2025 10.2 | Mar 2026 9.9
- EMIL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.8 | Jun 2023 2.7 | Sep 2023 4.5 | Dec 2023 6.1 | Mar 2024 5.8 | Jun 2024 7.5 | Sep 2024 5.9 | Dec 2024 4.3 | Mar 2025 3.2 | Jun 2025 4.2 | Sep 2025 3.7 | Dec 2025 2.5 | Mar 2026 2.3
- CELLECOR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.6 | Dec 2023 — | Mar 2024 4.7 | Jun 2024 — | Sep 2024 12.7 | Dec 2024 — | Mar 2025 7.2 | Jun 2025 — | Sep 2025 4.3 | Dec 2025 — | Mar 2026 3.3

## Market action

Aditya Vision Ltd has the strongest one-year price move in Retail - Electronics at +64.5%. It also leads on Mansfield relative strength against NIFTY at +21%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Aditya Vision Ltd (AVL): 65%
2. Cellecor Gadgets Ltd (CELLECOR): -0.4%
3. Electronics Mart India Ltd (EMIL): -6.8%

### Strongest relative strength versus NIFTY 500
1. Aditya Vision Ltd (AVL): 21%
2. Cellecor Gadgets Ltd (CELLECOR): 12%
3. Electronics Mart India Ltd (EMIL): 7.8%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Aditya Vision Ltd (AVL) — market value ₹7.9K Cr; latest fundamentals Mar 2026
- Electronics Mart India Ltd (EMIL) — market value ₹5.0K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Cellecor Gadgets Ltd (CELLECOR) — market value ₹749 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 1. Withheld: 1. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Electronics Mart India Ltd (EMIL) — its two data sources disagree by up to 15% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | EMIL | Electronics Mart India Ltd | diff_gt_2pct | disagreement up to 14.68% over 14 comparable periods

- UNVERIFIED | CELLECOR | Cellecor Gadgets Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Retail - Electronics index?

The Nifty Retail - Electronics index tracks India's listed Retail - Electronics companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Retail - Electronics sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Retail - Electronics stocks in India?

Ranked by this page's four-factor score, Cellecor Gadgets Ltd places first among 3 listed Retail - Electronics companies, followed by Aditya Vision Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Retail - Electronics stocks are listed in India?

This comparison covers 3 listed Retail - Electronics companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Retail - Electronics company is the biggest?

Electronics Mart India Ltd is the largest, with trailing-twelve-month revenue of ₹7,183 crore, ahead of Aditya Vision Ltd at ₹2,672 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Retail - Electronics company is growing fastest?

Cellecor Gadgets Ltd has the fastest revenue growth at 100% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Retail - Electronics company has the best profit margins?

Aditya Vision Ltd has the highest operating margin at 8%, from 3 of 3 comparable companies. Cellecor Gadgets Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Retail - Electronics company makes the most profit?

Aditya Vision Ltd earns the most, at ₹117 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Cellecor Gadgets Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Retail - Electronics company earns the highest return on capital?

Cellecor Gadgets Ltd leads on return on capital employed at 22.6%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Retail - Electronics stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Aditya Vision Ltd screens cheapest at 3.69×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Retail - Electronics company has the strongest balance sheet?

Cellecor Gadgets Ltd carries the lowest comparable gross debt at ₹142 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Retail - Electronics stock has the strongest price momentum?

Aditya Vision Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Retail - Electronics company scores highest for research priority?

Cellecor Gadgets Ltd scores 52.7 out of 100 with 60.4% evidence confidence, from 20.2 points on growth and earnings, 17.5 on capital efficiency, 10 on valuation and 5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Retail - Electronics companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Retail - Electronics sector?

The 3 Retail - Electronics companies on this page carry ₹13,628 crore of combined market value. Aditya Vision Ltd is the largest at ₹7,891 crore, about 58% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Retail - Electronics sector performing?

3 of the 3 covered Retail - Electronics companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/retail-electronics