NSE: REDINGTON · BSE: 532805
REDINGTON LIMITED
Distributes technology products across hardware, software, cloud, security, and mobility categories through two geographic segments — SISA and ROW. In FY26, the SISA segment contributed ₹65,033.44 crore (54.6% of segment revenue) with EBIT of ₹1,434.15 crore, while ROW brought ₹54,181.85 crore (45.4%) with EBIT of ₹773.91 crore. The software distribution arm (Software Solutions Group) hosts an AI Exchange platform listing 450+ pre-validated AI agents, and runs on a recurring-revenue model currently at 74% mix. Margins are thin — EBITDA margin of 1.9% in FY26 — reflecting a distribution model where employee costs (1.4% of revenue) and other operating expenses (1.7% of revenue) are the disclosed cost lines. The company holds Microsoft's Frontier Distributor designation within the AI Cloud Partner Program and a multi-year AWS strategic collaboration, and signed a 5-year distribution partnership with Resulticks in July 2026. Q1 FY27 saw record quarterly revenue of ₹34,966 crore, up 34% YoY, with PAT up 77% to ₹486 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. SISA segment (55%), ROW segment (45%). Asset-light technology distribution with very thin margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 62,644 | 79,377 | 89,346 | 99,334 | 1,19,162 |
| EBITDA (ex other income) | 1,792 | 2,119 | 1,877 | 2,655 | 2,077 |
| margin % | 2.9 | 2.7 | 2.1 | 2.7 | 1.7 |
| Owners' profit | 1,280 | 1,393 | 1,219 | 1,605 | 1,490 |
| EPS, as reported (₹) | 16.40 | 17.82 | 15.59 | 20.53 | 19.06 |
| ROE % · ROCE % | 21.5 · 26.7 | 19.7 · 27.5 | 15.8 · 23.9 | 19.8 · 27.9 | 12.3 · 19.0 |
| Debt / equity (x) | 0.10 | 0.43 | 0.36 | 0.28 | 0.25 |
| Cash from operations | 989 | (3,234) | 1,079 | 293 | 231 |
| Capex | (118) | (157) | (104) | (136) | (157) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24,896 | 26,716 | 26,440 | 25,952 | 29,076 | 30,922 | 33,213 | 34,922 |
| Profit before tax | 381 | 513 | 1,148 | 304 | 460 | 538 | 395 | 611 |
| Net profit | 283 | 403 | 918 | 233 | 350 | 413 | 288 | 453 |
| EPS (₹) | 3.75 | 5.12 | 8.51 | 3.52 | 4.96 | 5.57 | 5.01 | 6.22 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| SISA | 65,033 | 54.6 |
| ROW | 54,182 | 45.4 |
| Total, before eliminations | 1,19,215 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED ◆ | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.2 | 13.9 | 69 of 130 | 47% |
| P/B | 2.6 | 0.9 | 114 of 150 | 24% |
| ROCE | 15.7 | 2.1 | 23 of 177 | 88% |
| ROE | 12.3 | 2.3 | 25 of 158 | 85% |
| Debt / Equity | 0.3 | 0.1 | 103 of 154 | 33% |
| EBITDA margin | 2.1 | 4.5 | 90 of 137 | 35% |
| Revenue growth | 34.6 | (8.6) | 38 of 135 | 72% |
| Profit growth | 94.7 | 0.6 | 51 of 157 | 68% |
| Market cap | 27525 | 21 | 1 of 179 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Redington Gulf signs strategic partnership with AWS for AI adoption | compliance | low | — | — |
| 16 Oct 2026 · CFO certifies Q2 FY26 Commercial Paper compliance | compliance | minimal | — | — |
| 15 Oct 2026 · Routine compliance certificate for Q2 FY26 from registrar | compliance | minimal | — | — |
| 1 Oct 2026 · Redington signs distribution deal with OPSWAT for critical infrastructure protection | strategic transactions | medium | — | — |
| 25 Sept 2026 · Redington trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Redington to hold virtual investor and analyst meeting on Sep 22, 2026 | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Redington partners with Siemens to distribute industrial software across six African markets | compliance | medium | — | — |
| 9 Sept 2026 · Redington reschedules investor meet to Sept 11 in London | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Redington to hold investor meetings in London on Sept 9 | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Redington to attend Ambit Capital investor conference in Singapore on 17 Aug | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.