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Redington

REDINGTON NSE

Key Fundamentals

SmallcapTrading & DistributorsCommercial Services
Market Cap
₹30,419 Cr
Volatility
High Risk
P/E Ratio
18.09
EBITDA
₹2,415 Cr
Return on Equity
12.32%
Debt to Equity
0.28
Book Value
₹129.97
EPS
₹15.55
52W High
₹403.25
52W Low
₹191.31

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 34.8%

Growth Rate

Revenue Growth
19.87% higher than 3Y
Net Income Growth
-29.47% lower than 3Y
Cash Flow Change
-20.94% higher than 3Y
ROE
-37.78% lower than 3Y
ROCE
-31.83% lower than 3Y
EBITDA Margin (Avg.)
-11.01% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Redington Ltd is a ₹30,419 Cr market-cap technology distribution company trading at a PE of 20.4x with 15-17% ROE consistency over 3-10 year periods. FY25 consolidated revenue reached ₹99,562 Cr (23% TTM sales growth) with PAT of ₹1,821 Cr (42% TTM profit growth), while the stock has delivered a 62% return over the past year, significantly outpacing its longer-term CAGRs of 21-35%.

Bull Case 8
  • FY25 revenue hit a record ₹99,562 Cr with 23% TTM sales growth, accelerating from the 15% 3-year and 16% 5-year compounded sales CAGR, indicating strengthening demand momentum
  • TTM profit growth of 42% significantly outpaced TTM revenue growth of 23%, signalling improving operating leverage; Q4 FY25 PAT surged 183% YoY to ₹918 Cr
  • Software Solutions Group (SSG) grew 40% YoY in Q3 FY26, driven by cloud, cybersecurity, and AI engagements — the global addressable IaaS/PaaS/SaaS market is projected to grow from $515B in 2025 to $1.07T by 2029
  • Consistent ROE of 15-18% across 3, 5, and 10-year periods (17% last year) demonstrates durable capital efficiency for a distribution business model
  • Healthy dividend payout ratio of 34.8% with a 1.53% dividend yield provides steady income return alongside capital appreciation
  • Q1 FY27 delivered highest-ever quarterly revenue of ₹34,966 Cr (+34% YoY) and PAT of ₹486 Cr (+77% YoY), confirming the growth trajectory is sustaining into the new fiscal year
  • Microsoft AI Frontier Distributor designation and expanding cloud/AI mix (cloud ~4-5% of revenue, TSG ~30%) positions the company to capture enterprise digital transformation spend in India and MEA
  • 10-year stock CAGR of 21% and 5-year CAGR of 22% reflect sustained long-term compounding, with the 1-year return of 62% suggesting recent re-rating
Bear Case 8
  • Operating profit margin guidance of just 2.3-2.5% reflects the structurally thin margins inherent in IT distribution — even with record revenues of ₹99,562 Cr, net profit was only ₹1,821 Cr (~1.8% net margin)
  • PE of 20.4x is elevated for a distribution business with sub-2% net margins; the 62% one-year stock return has already priced in much of the near-term growth acceleration
  • 3-year compounded profit CAGR of only 5% versus 15% sales CAGR over the same period shows that profit growth has been inconsistent and was depressed before the recent surge
  • Price-to-book of 3.02x is on the higher side for a capital-light distributor, implying the market is pricing in significant future growth that may not materialise
  • Heavy dependence on vendor relationships — Redington distributes for 70+ vendors, and any shift in vendor go-to-market strategy (direct selling, channel consolidation) could impact volumes materially
  • Cloud and SSG, while the fastest-growing segment at 40% YoY, still represents a small share of overall revenue (~4-5% cloud), meaning the bulk of the business remains in lower-growth hardware distribution
  • Turkey subsidiary Arena introduces currency and geopolitical risk; excluding Arena, core business metrics look stronger (41% revenue growth vs 34% consolidated in Q1 FY27), masking underlying drag
  • Distribution is a working-capital-intensive business with total debt-to-EBITDA of 1.23x; any tightening in credit conditions or elongation of payment cycles could pressure cash flows on a ₹99,562 Cr revenue base

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 4
  • Record Q1 FY27 revenue and PAT Sep 9

    Consolidated PAT surged 77% YoY to ₹486 crore and revenue rose 35% YoY to ₹34,922 crore, the highest-ever quarterly revenue. India segment was particularly strong with revenue up 63% and PAT up 60% YoY.

  • iPhone 18 and Duo boost stock Sep 9

    Shares surged 6.4% to ₹398.45 after Apple unveiled iPhone 18 and its first foldable iPhone Duo (starting ₹2,99,900 in India), with pre-orders opening Sep 12 and retail sales Sep 18.

  • Apple price hikes lift GMV Sep 9

    Apple raised iPhone 17 256GB price over 20% to ₹99,900 and launched iPhone 18 Pro at ₹1,64,900 and Pro Max at ₹1,79,900, directly expanding Redington's distribution realizations and GMV.

  • Strong long-term stock performance Sep 9

    Redington shares have gained 41.95% YTD and 59.85% over one year, with market cap around ₹29,903 crore.

Neutral 2
  • Siemens Africa distribution partnership Sep 10

    Redington became distributor for Siemens Digital Industries Software across six African markets (Egypt, Kenya, Ethiopia, Nigeria, Morocco, Tanzania), leveraging its 70,000+ channel partner network.

  • London investor meet rescheduled Sep 9

    Analyst and institutional investor meeting postponed to September 11, 2026 in London due to external exigencies.

TL;DR: Redington is firing on all cylinders with record Q1 FY27 financials (PAT +77%, revenue +35%) and a strong tailwind from Apple's iPhone 18 and foldable Duo launch, which along with significant Apple price hikes should expand distribution GMV. Geographic expansion into African markets via the Siemens partnership adds a modest diversification angle. No material headwinds are visible; the trend is clearly improving, and the Sep 18 iPhone retail launch is the next near-term catalyst.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
21,187
22,220
23,505
22,433
21,282
24,896
26,716
26,440
25,952
29,076
30,922
33,213
34,922
Expenses
20,768
21,739
22,988
21,974
20,911
24,437
26,114
25,843
25,552
28,487
30,296
32,599
34,215
Operating Profit
419
481
517
459
371
458
602
597
400
589
626
614
708
OPM %
2%
2.2%
2.2%
2%
1.7%
1.8%
2.3%
2.3%
1.5%
2%
2%
1.9%
2%
Other Income
64
76
45
79
53
57
48
696
50
43
37
-97
43
Interest
88
106
85
106
81
84
84
82
92
116
79
72
89
Depreciation
42
44
43
52
51
49
54
63
54
55
47
50
51
PBT
352
408
434
381
292
381
513
1,148
304
460
538
395
611
Tax %
27%
24%
20%
15%
26%
26%
21%
20%
23%
24%
23%
27%
26%
Net Profit
255
312
348
324
217
283
403
918
233
350
413
288
453
EPS in Rs
3.18
3.88
4.36
4.16
3.15
3.75
5.12
8.51
3.52
4.96
5.57
5.01
6.22
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
31,559
35,442
41,115
41,603
46,536
51,465
56,946
62,644
79,377
89,346
99,334
1,19,162
1,28,133
Expenses
30,843
34,637
40,264
40,757
45,570
50,373
55,554
60,805
77,174
87,337
97,179
1,16,815
1,25,596
Operating Profit
717
806
851
846
966
1,092
1,392
1,839
2,203
2,009
2,154
2,348
2,537
OPM %
2.3%
2.3%
2.1%
2%
2.1%
2.1%
2.4%
2.9%
2.8%
2.2%
2.2%
2%
2%
Other Income
64
34
41
39
-8
44
89
88
142
264
854
33
26
Interest
182
202
183
197
271
289
205
163
355
517
456
477
356
Depreciation
43
47
55
57
63
155
148
141
155
181
218
206
203
PBT
555
590
655
631
623
692
1,128
1,622
1,833
1,575
2,335
1,697
2,004
Tax %
26%
25%
27%
23%
22%
23%
30%
19%
21%
21%
22%
24%
—
Net Profit
410
444
477
484
484
534
788
1,315
1,439
1,239
1,821
1,284
1,505
EPS in Rs
4.84
5.3
5.8
6.02
6.53
6.62
9.74
16.38
17.82
15.59
20.53
19.06
21.76
Div. Payout %
20%
20%
37%
20%
18%
32%
60%
40%
40%
40%
33%
31%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
80
80
80
80
78
78
78
156
156
156
156
156
Reserves
2,294
2,869
3,068
3,451
3,828
4,231
4,861
5,629
6,771
7,392
8,565
10,004
Borrowings
1,867
2,349
1,516
1,458
1,307
2,775
622
831
3,321
2,958
2,809
2,842
Other Liabilities
4,135
5,226
5,486
5,875
7,206
7,568
8,999
11,792
13,030
13,880
16,043
20,835
Total Liabilities
8,375
10,525
10,150
10,863
12,419
14,651
14,559
18,407
23,278
24,387
27,573
33,837
Fixed Assets
276
498
476
470
454
714
605
700
877
861
858
666
CWIP
13
14
0
20
38
11
1
85
12
6
15
75
Investments
0
0
5
4
7
0
0
0
34
0
0
0
Other Assets
8,086
10,013
9,669
10,369
11,920
13,925
13,953
17,622
22,354
23,520
26,699
33,095
Total Assets
8,375
10,525
10,150
10,863
12,419
14,651
14,559
18,407
23,278
24,387
27,573
33,837
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
257
-142
1,360
186
1,068
966
3,497
989
-3,234
1,079
293
231
Investing
10
12
-86
-25
-94
54
-610
-167
243
37
547
470
Financing
-225
202
-1,131
-199
-651
443
-2,241
-476
1,529
-1,381
-1,171
-999
Net Cash Flow
42
71
144
-38
324
1,463
646
346
-1,462
-264
-332
-298
Free Cash Flow
224
-185
1,309
152
995
885
3,459
870
-3,382
1,016
138
125
CFO/OP
51
5
180
40
131
100
270
69
-132
74
38
32
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
51
55
45
53
49
50
44
51
55
57
64
66
Inventory Days
35
41
32
29
32
28
20
27
35
29
24
26
Days Payable
40
46
42
44
49
47
50
63
54
51
52
58
Cash Conversion Cycle
46
50
35
38
32
30
14
15
36
34
36
34
Working Capital Days
23
23
20
24
22
11
8
10
21
22
25
26
ROCE %
17%
16%
16%
16%
18%
15%
20%
28%
25%
19%
19%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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64 extracted metrics + investor summaries across FY07–FY27.

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Shareholding Pattern

Govt.0.06%FIIs61.96%Others5.28%Public16.32%DIIs16.37%As ofJun 2026

Documents

Frequently Asked Questions about Redington

What does Redington Ltd do?
Established in the year 1993, Redington Limited is a leading distributor of IT and mobility products and a provider of supply chain management solutions and support services in India, the Middle East, Turkey and Africa.[1]
Where is Redington Ltd (REDINGTON) listed?
Redington Ltd trades as REDINGTON on the NSE and under code 532805 on the BSE.
Which sector does Redington Ltd belong to?
Redington Ltd is classified under the Commercial Services sector, in the Trading & Distributors industry.
What is the market capitalisation of Redington Ltd?
Redington Ltd has a market capitalisation of ₹30,419 Cr, which places it in the Large Cap band.
What is the PE ratio of Redington Ltd?
Redington Ltd trades at a PE ratio of 18.09, on earnings per share of ₹15.55, against a book value of ₹129.97 per share.
What is the 52-week high and low of Redington Ltd?
Over the last 52 weeks Redington Ltd has traded between ₹191.31 and ₹403.25.
Does Redington Ltd pay dividends?
Redington Ltd has a dividend yield of 1.53%.
What is the Return on Equity (ROE) of Redington Ltd?
Redington Ltd reported a return on equity of 12.32%. Its debt-to-equity ratio is 0.28.

Company Information

Established in the year 1993, Redington Limited is a leading distributor of IT and mobility products and a provider of supply chain management solutions and support services in India, the Middle East, Turkey and Africa.[1]

Website redingtongroup.com
CEO Mr. Srinivasan Venkata Krishnan
Employees 12,062
Listed 2007-02-15
Face Value ₹ 2
Issued Size 78,17,74,431

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