Rashi Peripherals Limited has informed the Exchange about Transcript
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Rashi Peripherals reported Q1 FY26 consolidated revenue of INR 31,521 million, down 26% YoY due to the absence of a large project deal (NMDC/Yotta worth ~INR 1,500 cr last year). Excluding that one-off, revenue grew 11.4% on a like-for-like basis, driven by strong channel and organized retail growth. EBITDA rose 23% to INR 1,114 million with margins expanding 140 bps to 3.5%, and PAT grew 12.1% to INR 617 million. Management clarified that the higher margin is not sustainable long-term and reiterated 2.7-2.8% as the steady-state range. The company added four new strategic brands (MSI, Norden, Riello, ALOGIC), is seeing strong traction in surveillance, embedded (35-38% growth), and quick commerce businesses, and expects the government 10,000 GPU order to finalize in Q2 FY26. Working capital days rose to 73 from 50-55 due to delayed debtor payment and early vendor incentives.
Mixed signals for shareholders - core business momentum is strong with 11% underlying growth, but the headline 26% revenue decline and management's caution on margins (2.7-2.8% long-term) may temper near-term enthusiasm. Pipeline of large deals in Q2-Q4 and Windows 10 refresh cycle could be positive catalysts.