Q4 FY26 Earnings Conference Call- Transcript

Mgmt Guided Margin ImprovementOrder Pipeline DisclosedAnalyst Day Multiyear TargetsPromoter Disclosed Acquisition PlansInvestor Communications View source PDF

REDINGTON · price

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AI summary

Redington reported its best-ever Q4 with INR33,269 crore revenue (25% YoY) and INR467 crore PAT at 1.4% margin. Full-year FY26 revenue reached INR119,347 crore (~$13.5 billion) with 17% PAT growth. India delivered exceptional 50% top-line and 41% PAT growth, while Middle East was impacted by the West Asia crisis in March. The company announced INR6 per share dividend (30% payout) but flagged lower payout to fund growth opportunities. Management disclosed active M&A discussions in professional services for cloud and security. Working capital improved to 30 days with ROCE at 22%. The company sees large deal pipeline of INR2,500 crore for FY27 and expects to maintain EBITDA of 2.2-2.4% excluding Arena, with ROCE above 18%.

Likely market impact

Strong quarterly performance driven by India growth and large deals, but management's decision to conserve cash for acquisitions signals potential M&A activity. Middle East geopolitical risks remain a near-term concern while component shortages continue to drive ASP-led growth.