iPhone 18 sales open: Electronics Mart, Redington, Eternal rise up to 8%

Shares of Electronics Mart, Redington and Eternal were buzzing in trade on Friday as the iPhone 18 Pro and iPhone 18 Pro Max went on sale across the country.

 

The latest Pro models can be purchased through Apple's online store, six retail outlets and select authorised third-party retailers, as well as on quick-commerce platforms at select locations. READ MORE

 

On the bourses, Electronics Mart shares extended gains for the second straight session, surging more than 8 per cent to hit a record high of ₹200.87 on the NSE. Electronics Mart specialises in Apple products and is an authorised reseller of Apple products in India.

 

 

Similarly, Redington shares rose for the third consecutive session, hitting an intraday high of ₹413.20, up more than 3 per cent. Redington is an authorised supply chain and logistics distributor for Apple products in India.

 

Eternal, which is selling iPhone models through Blinkit, also extended gains for the third straight session, with its shares touching an intraday high of ₹329.75, up 2.3 per cent. Blinkit has listed the new iPhone models for doorstep delivery in select locations.

 

Other quick-commerce platforms, including Zepto and Instamart, which is owned by Swiggy, have also listed the new iPhone models on their apps. Swiggy shares, however, traded largely flat. Premium pricing to weigh on volumes? Anaysts said that the new iPhone sales will certainly be positive for wholesale distributors, such as Redington. At the same time, given the premium pricing of the new iPhone, there could be some challenges in terms of both value and volume growth.  Alongside the new iPhones, Apple Watch Series 12, Apple Watch Ultra 4 and AirPods 5 are also now available in India. Apple’s first foldable iPhone, the iPhone Duo, however, will go on sale in India on October 23, with pre-orders starting October 16. READ MORE

 

Sunny Agrawal, deputy vice president - fundamental research at SBI Securities, said that if the incremental sales are robust, it could add to the sales and profitability of the broader electronics distribution and retail ecosystem. "For now, it would be prudent to wait and see how the sales numbers pan out." Redington seen as direct beneficiary 

Rahul Sharma, head of research at Equity99, said that Redington could be the most direct beneficiary. Apple is a major contributor to Redington’s business, with Apple products estimated at around 31 per cent of revenue.

 "iPhone launch is a direct revenue catalyst for Redington and a positive sales/footfall catalyst for Electronics Mart. For Eternal, the impact could be largely incremental. But investors should keep in mind that higher iPhone prices don't automatically translate into proportionate profit growth. Investors should track unit volumes, Apple allocation/inventory, festive demand and gross margins alongside reported revenue," he added.

 Disclaimer: Views and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.