Redington Limited (REDINGTON)
₹383.50 -2.19% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Redington's revenue was ₹34,922 Cr (+34.6% year on year, +5.1% on the previous quarter), and net profit ₹453 Cr (+94.6% year on year); the operating margin was 2.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹34,922 | +34.6% | +5.1% |
| Operating profit | ₹708 | +76.8% | +15.3% |
| Net profit | ₹453 | +94.6% | +57.5% |
| EPS (₹) | 6.22 | +76.7% | +24.2% |
| Operating margin | 2.0% | — | — |
REDINGTON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.96% of the REDINGTON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.42%. The price fell 2.19% on that unusually high delivery, the pattern the delivery dashboard labels distribution.
Delivery in the last 5 sessions: 44.1% · 46.0% · 49.1% · 54.4% · 55.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Redington has signed a multi-region distribution agreement with cybersecurity firm OPSWAT to deliver Critical Infrastructure Protection (CIP) solutions across GCC, Levant, Turkiye, Africa, and CIS. The partnership will focus on solutions like MetaDefender Kiosk and Optical Diode for government, defence, and OT environments, bundled with Redington's DigiGlass managed services. During the first 12 months, both companies plan to prioritize partner certification and customer wins across Africa, Turkiye, and CIS. Deal values and revenue projections were not disclosed, making the immediate financial contribution uncertain against Redington's TTM revenue of Rs 1,28,133 Cr.
- Distribution partnership covers GCC, Levant, Turkiye, Africa, and CIS markets.
- First 12 months will prioritize Africa, Turkiye, and CIS for partner enablement and pipeline creation.
- Deal value and estimated financial revenue contribution were not disclosed.
- Agreement incorporates Redington's 24/7 DigiGlass managed services alongside OPSWAT's MetaDefender solutions.
Redington Limited has notified the exchanges regarding a virtual group meeting with analysts and institutional investors scheduled for September 22, 2026, starting at 04:00 PM IST. The company stated that discussions will be based purely on publicly available information, with no unpublished price-sensitive information (UPSI) to be shared. Redington generated TTM revenue of ₹1,28,133 crore and a net profit of ₹1,505 crore. This filing represents a routine investor interaction under Regulation 30(6) of SEBI LODR.
- Virtual group meeting scheduled for Tuesday, 22nd September 2026
- Interaction to commence from 04:00 PM onwards via virtual mode
- Discussions strictly limited to publicly available information with no UPSI shared
Redington Limited has partnered with Siemens Digital Industries Software to distribute its Siemens Xcelerator portfolio across 6 key African countries: Egypt, Kenya, Ethiopia, Nigeria, Morocco, and Tanzania. The offering targets critical sectors such as oil and gas, mining, agriculture, and aerospace with Digital Twin and Industrial AI capabilities. Financial terms and order values were not disclosed in the announcement. This aligns with Redington's stated strategy to grow high-margin software solutions and cloud offerings beyond hardware distribution.
- Redington appointed distributor for Siemens Digital Industries Software across 6 African markets: Egypt, Kenya, Ethiopia, Nigeria, Morocco, and Tanzania
- Covers core industrial software products including Teamcenter (PLM), Designcenter, and Simcenter
- Expansion builds on Redington's existing distribution of Altair simulation tools integrated by Siemens
- No commercial deal size or revenue guidance was disclosed in the filing
Redington Limited has informed exchanges regarding the rescheduling of its Non-Deal Roadshow (NDR) and Analyst/Institutional Investor meetings. Originally slated for September 9, 2026, the Ambit Capital-organized 1x1 meetings in London have been rescheduled to September 11, 2026, citing external exigencies. The company affirmed that discussions will rely strictly on publicly available information without any Unpublished Price Sensitive Information (UPSI).
- Meeting rescheduled from September 9, 2026 to September 11, 2026
- Nature of interaction is 1x1 Non-Deal Roadshow (NDR) meetings in London
- Organised by Ambit Capital
- Discussions to be restricted to publicly available information with no UPSI
Redington Limited has scheduled participation in a Non-Deal Roadshow (NDR) organised by Ambit Capital on September 9, 2026. The roadshow will comprise 1x1 institutional investor meetings in London. The company confirmed that discussions will rely strictly on publicly available information with no unpublished price sensitive information (UPSI) being shared.
- Non-Deal Roadshow scheduled for September 9, 2026
- Organised by Ambit Capital taking place in London
- Meeting structure comprises 1x1 interactions with institutional investors
- No unpublished price sensitive information (UPSI) to be disclosed
Redington Limited has scheduled a Non-Deal Roadshow (NDR) for August 19, 2026, in Mumbai. The event, organized by IIFL Capital, will involve 1x1 and group meetings between company officials and institutional investors. Discussions will be limited to publicly available information, ensuring no unpublished price-sensitive information is disclosed. This interaction comes as the company maintains a massive TTM revenue base of ‡1,28,133 Cr with a focus on expanding its high-margin Cloud and Services segments.
- Non-Deal Roadshow (NDR) scheduled for August 19, 2026, starting at 9:30 AM
- Meetings organized by IIFL Capital in Mumbai for institutional investors
- Company reported a TTM revenue of ‡1,28,133 Cr and PAT of ‡1,505 Cr
- Operating profit margins remain thin at 2.0%, highlighting the importance of the shift toward Services & Solutions
Redington Limited has scheduled an institutional investor meeting in Singapore on August 17, 2026, organized by Ambit Capital. The interaction will consist of 1x1 and group meetings starting from 6:30 AM IST. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be discussed, adhering to SEBI LODR regulations. This is a routine engagement for a company of this scale, with TTM revenue exceeding Rs 1.19 lakh crore.
- Investor conference scheduled for August 17, 2026, in Singapore.
- Meeting format includes both 1x1 and Group interactions organized by Ambit Capital.
- Start time is 9:00 AM SGT, which corresponds to 6:30 AM IST.
- Discussions will be strictly based on publicly available information.
Redington Limited has scheduled an institutional investor meeting in Hong Kong on August 12, 2026. The event, organized by Avendus Spark, will include 1x1 and group meetings starting from 9:00 AM HKT. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be shared, and discussions will be limited to publicly available data. This interaction comes as the company manages a significant TTM revenue of ₹1,19,163 Cr with a thin operating margin of 1.9%.
- Investor meeting scheduled for August 12, 2026, in Hong Kong.
- Organized by Avendus Spark featuring 1x1 and group meeting formats.
- Company operates on a large scale with TTM revenue of ₹1,19,163 Cr.
- Current market capitalization stands at ₹23,770 Cr with a P/E of 18.5.
- Discussions will strictly adhere to publicly available information per SEBI regulations.
Redington reported an exceptional Q1 FY27 with consolidated revenue growing 34% YoY to ₹34,966 cr and PAT surging 77% to ₹486 cr. The India business was the standout performer, with revenue up 63% and PAT up 60%, supported by ₹1,000 cr in large data center deals. Software Solutions Group (SSG) led business unit growth at 52%, while working capital efficiency improved from 37 to 32 days. Despite geopolitical headwinds in West Asia and losses in the Turkey business (Arena), the company demonstrated significant operating leverage as profit growth outpaced revenue.
- Consolidated PAT grew 77% YoY to ₹486 cr, significantly outpacing revenue growth of 34% (₹34,966 cr).
- India business revenue surged 63% YoY, driven by strong demand in Mobility and ₹1,000 cr in large data center deals.
- Software Solutions Group (SSG) recorded the highest growth among units at 52% YoY, increasing its contribution to 17% of top line.
- Working capital cycle improved to 32 days from 37 days in Q1 FY26, reflecting disciplined execution.
- AI PCs accounted for 36% of endpoint revenue in India, highlighting a shift toward premium, high-spec technology.
Redington Limited concluded its 33rd Annual General Meeting on July 29, 2026, with shareholders approving all six proposed resolutions. Key approvals include the adoption of FY26 financial statements and the declaration of a final dividend. While all resolutions passed, the re-appointment of Mr. Srinivasan Venkata Krishnan as a Director saw a notable 12% dissent from voting shareholders. The company also confirmed the appointment of Deloitte & Touche LLP as the Singapore branch auditor and Mr. Ajay Rotti Jayathirtha as an Independent Director.
- Resolution for adoption of FY26 financial statements passed with 99.70% votes in favour
- Declaration of final dividend approved with 99.99% of votes cast in favour
- Re-appointment of Mr. Srinivasan Venkata Krishnan as Director faced 12.00% opposition but passed
- Total of 242,832 shareholders were on record as of the July 22, 2026, cut-off date
- Appointment of Mr. Ajay Rotti Jayathirtha as Independent Director for 5 years approved with 99.53% favour
Redington Limited has published the audio recording of its Q1 FY27 earnings conference call held on July 30, 2026. This follows the release of the company's unaudited financial results for the quarter. The recording provides management's detailed commentary on performance across its SISA and META markets. Given Redington's TTM revenue of ₹1,19,163 Cr and thin operating margins of 1.9%, such calls are critical for understanding volume trends and margin shifts in the IT distribution business.
- Earnings conference call for Q1 FY27 held on July 30, 2026
- Audio recording made available via a public URL as per regulatory requirements
- Company reported TTM revenue of ₹1,19,163 Cr leading up to this period
- Management commentary typically covers growth in Cloud and Services & Solutions Group (SSG)
Redington Limited has released the audio recording of its Q1 FY 2027 earnings conference call held on July 30, 2026. This is a routine procedural filing following the announcement of quarterly financial results. The call provides management's qualitative commentary on the company's performance, which includes a TTM revenue of Rs 1,19,163 Cr and a TTM PAT of Rs 1,284 Cr. Investors can access the recording to understand the growth trajectory of high-margin segments like Cloud and Services.
- Earnings conference call for Q1 FY 2026-27 conducted on July 30, 2026.
- TTM Revenue stands at Rs 1,19,163 Cr with a thin operating margin of 1.9%.
- Company reported a PAT of Rs 1,284.37 Cr for the full year FY26.
- Recording link provided for public access to management discussion and Q&A.
Redington Limited has updated the contact details of its Key Managerial Personnel (KMP) authorized to determine and disclose material events under SEBI (LODR) Regulations. The Board of Directors, in a meeting held on July 29, 2026, authorized Mr. S V Krishnan (Finance Director) and Mr. K Vijayshyam Acharya (Compliance Officer) for these roles. This is a standard administrative update to ensure regulatory compliance and clear communication channels with stock exchanges. The company continues to manage a large-scale operation with TTM revenue exceeding Rs 1,19,000 Cr.
- Board meeting held on July 29, 2026, to authorize KMPs under Regulation 30(5).
- Mr. S V Krishnan, Finance Director, authorized to determine materiality of events.
- Mr. K Vijayshyam Acharya, Compliance Officer, authorized to make disclosures to exchanges.
- Company maintains a significant scale with TTM revenue of Rs 1,19,163 Cr and a market cap of Rs 19,326 Cr.
Redington Limited concluded its 33rd Annual General Meeting on July 29, 2026, where shareholders approved a dividend of ₹6.00 per equity share (300% of face value). This dividend represents a payout of approximately 31.5% of the FY26 EPS of ₹19.06. Key management resolutions included the re-appointment of Mr. S.V. Krishnan as Finance Director and the appointment of Mr. Ajay Rotti Jayathirtha as an Independent Director. The company also adopted the FY26 audited financial statements, which reported a total revenue of ₹1,19,163 Cr.
- Approved a dividend of ₹6.00 per equity share of ₹2 face value for the financial year ended March 31, 2026
- Adopted audited standalone and consolidated financial statements for FY26, reporting revenue of ₹1,19,163 Cr
- Re-appointed Mr. S.V. Krishnan as Whole Time Director, designated as Finance Director
- Appointed M/s Deloitte & Touche LLP as auditors for the Singapore branch office for FY2026-27
- The meeting was conducted via video conferencing and concluded at 11:55 A.M. IST
Redington delivered its highest-ever quarterly performance in Q1 FY27, with consolidated revenue reaching ₹34,966 crore, a 34% YoY increase. Profit After Tax (PAT) grew significantly faster than revenue, jumping 77% YoY to ₹486 crore. The growth was primarily driven by the India market, which saw a 63% revenue surge and a 60% increase in PAT. The company benefited from large enterprise deals and higher PC realizations due to industry-wide memory supply constraints.
- Highest-ever quarterly revenue of ₹34,966 crore, representing 34% YoY growth
- PAT excluding exceptional items reached ₹486 crore, up 77% YoY
- India business revenue grew 63% YoY, supported by large enterprise and data-center deals
- Software Solutions Group (SSG) and Technology Solutions Group (TSG) grew by 52% and 50% YoY respectively
- Middle East and Africa (MEA) revenue grew 15% YoY despite geopolitical uncertainties
Financial Performance
Revenue Growth by Segment
In Q2 FY26, SISA (Singapore, India & South Asia) revenue grew by 22% YoY. Global revenue (excluding Arena) grew by 20% YoY, while Global revenue (including Arena) grew by 17% YoY. In Q1 FY26, the company reported revenue of INR 25,952.0 Cr, a 22% YoY growth driven by improved performance in MSG (Mobility Solutions Group) and CSG (Consumer Solutions Group).
Geographic Revenue Split
Redington's revenue is split between SISA (54% of consolidated revenue) and META (Middle East, Turkey, and Africa), which contributes 46% of consolidated revenue. Within META, the UAE grew by 21.29% in FY25, while the Saudi market saw a correction due to pauses in Mega and Giga projects.
Profitability Margins
Operating margins were 2.5% in FY25, down from 2.6% in FY24 due to competitive pricing and large deals. In Q2 FY26, PAT growth (32% YoY including Arena) outpaced revenue growth (17% YoY). ROE stood at 20.8% in Q2 FY26 compared to 21.4% in Q2 FY25, reflecting a slight moderation despite higher absolute profits.
EBITDA Margin
In Q2 FY26, EBITDA for Global operations (excluding Arena) grew by 33% YoY, while Global operations (including Arena) saw 23% EBITDA growth. SISA EBITDA grew by 19% YoY. Operating margins are expected to sustain at 2.3-2.4% over the medium term as the company shifts toward high-margin IT enterprise and cloud services.
Capital Expenditure
Redington maintains a strategy of minimal capital spending and moderate capex plans. The company focuses on reinvesting profits into working capital to support 10-12% market growth, with a specific focus on a 20% ROCE target for new investments.
Credit Rating & Borrowing
CRISIL maintains a 'Stable' outlook. Interest coverage ratio improved to ~4.0 times in 9M FY25 from 3.2 times in 9M FY24. The company has a healthy financial risk profile with adjusted gearing at ~0.4 times and a total outside liabilities to tangible net worth (TOL/TNW) ratio of 2.0 times as of March 2025.
Operational Drivers
Raw Materials
Not applicable as Redington is a distributor; however, its 'input' costs are primarily the procurement of IT hardware (servers, storage, networking) and mobility products (smartphones) from global vendors.
Import Sources
Products are sourced globally from IT and Mobility vendors, with significant operations and sourcing hubs in Singapore, India, UAE, and Turkey.
Key Suppliers
Global IT vendors including Apple (previously via RIIL), and various brands in the TSG (Technology Solutions Group) and MSG (Mobility Solutions Group) segments.
Capacity Expansion
Not a manufacturing entity; however, the company is expanding its digital capabilities and implementing SAP across all business locations to enhance its Management Information System (MIS).
Raw Material Costs
Cost of goods sold is the primary expense. The company maintains average receivables and inventory provisions at less than 0.1% of revenue (FY24), indicating high procurement and inventory efficiency.
Manufacturing Efficiency
Efficiency is measured by working capital cycles. In Q2 FY26, inventory days were 23 (down from 26 YoY), while debtor days were 60 (up from 58 YoY).
Logistics & Distribution
Logistics are a core competency, enabling the company to handle 'Make in India' brands and large-scale data center deployments in India and META regions.
Strategic Growth
Expected Growth Rate
10-12%
Growth Strategy
Growth will be driven by the SSG (Services & Solutions Group) and Cloud business, which saw triple-digit growth in META. The company is crafting 3-year plans for multi-year investments in SSG. Additionally, Redington is participating in 'Make in India' brand expansions and large data center deals in India, prioritizing incremental revenue and ROCE over margin percentages.
Products & Services
IT hardware (servers, storage, networking), software, cloud services, smartphones, and tablets.
Brand Portfolio
Arena (Turkey), and distribution rights for major global IT and mobility brands.
New Products/Services
Expansion into Cloud services and SSG (Services & Solutions Group) which are expected to be primary profitability contributors in the future.
Market Expansion
Focus on the UAE (21.29% growth) and Africa, driven by enterprise wins and mobility performance.
Market Share & Ranking
Maintains a leading position in SISA and META markets; revenue grew at a 14.1% CAGR over 5 years ending FY25.
Strategic Alliances
Partnerships with global IT vendors and cloud providers; divestiture of Paynet business in Turkey resulted in a USD 74 million profit.
External Factors
Industry Trends
The industry is shifting from pure hardware distribution to cloud and software services (SSG). Redington is positioning itself by investing in these high-margin areas to offset the low margins of traditional hardware distribution.
Competitive Landscape
Competes with global distributors; management notes that Redington's return ratios (ROCE 17.2%) and profit percentages are superior to many global peers.
Competitive Moat
Moat is built on established relationships with global IT vendors, a robust Management Information System (SAP), and a strong financial profile with INR 1,372 Cr in cash as of March 2025.
Macro Economic Sensitivity
Sensitive to interest rate movements and macro-economic trends in India and META regions. High interest rates increase the cost of funding working capital-intensive operations.
Consumer Behavior
Shift toward enterprise demand and data center requirements in India is driving a change in the product mix toward TSG and SSG segments.
Geopolitical Risks
Regulatory, fiscal, and currency pressures in the META region, specifically Turkey, pose ongoing risks to stability.
Regulatory & Governance
Industry Regulations
Compliance with the Companies Act 2013 and Ind AS. The company has a documented Internal Financial Control (IFC) framework with no reportable material weaknesses.
Environmental Compliance
Direct exposure to environmental risks is not material given the distribution nature of the business.
Taxation Policy Impact
Subject to standard corporate tax rates in India and international jurisdictions (Mauritius, Singapore, UAE, Turkey).
Legal Contingencies
Not disclosed in the provided documents; however, the company evaluates restructuring options for RIIL (associate company) including winding up.
Risk Analysis
Key Uncertainties
Potential for lower profit percentages on large deals (TSG) and the impact of the '10 to 11' refresh cycle which has not yet shown a significant impact.
Geographic Concentration Risk
54% of revenue from SISA and 46% from META, creating exposure to regional economic cycles.
Third Party Dependencies
High dependency on global IT vendors for product supply, though mitigated by a diversified portfolio.
Technology Obsolescence Risk
Mitigated by a quick conversion cycle and strong vendor relationships to ensure inventory does not become outdated.
Credit & Counterparty Risk
Receivables are largely credit-insured to mitigate default risk, with provisions kept below 0.1% of revenue.