Redington Ltd(REDINGTON)

NSE: REDINGTONBSE: 532805

₹ 359.5-2.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 28,105 crWebsite: redingtongroup.com/Updated: 24 Oct 2026

About

Redington Limited is a technology distributor and solutions orchestrator. It distributes IT products, software licences, cloud subscriptions and mobility devices across India, the Middle East, Africa, Turkey and Southeast Asia. It reports two segments: SISA (South Asia, India, Southeast Asia) at 54.6% of FY26 revenue and ROW (rest of world) at 45.4%. Redington says it is a strong #1 across India and MEA and is among the Top 10 Global Distributors, with 440 brands and more than 70,000 channel partners as of FY26.^[1][2][3]

Business segments

SISA (Singapore, India, South Asia) had revenue of Rs 65,033.44 Cr in FY26, 54.6% of the total, with a 2.2% EBIT margin.^[2]
ROW (Middle East, Turkey, Africa and others) had revenue of Rs 54,181.85 Cr in FY26, 45.4% of the total, with a 1.4% EBIT margin.^[2]
Revenue at RIML, the Middle East, Turkey and Africa subsidiary, was USD 5.70 billion in FY26, up from USD 5.42 billion in FY25.^[3]
Across the segments the business runs as four units: Mobility Solutions, End Point Solutions, Technology Solutions and Software Solutions. All four grew by strong double digits in FY26.^[3][4]

Products and services

The portfolio held 440 brands as of FY26.^[3]
Software and services made up 17% of the business in FY26, backed by 130+ brands, 10,000+ partners, over six platforms and a 1,000-strong team.^[3]
Software Solutions gross revenue reached $2.2 Bn in FY26, up from $1.7 Bn in FY25. Cloud grew 40% YoY in FY26, and professional services reached $10 Mn.^[5]
Mobility: in the standalone business, Android's share of total revenue rose from 1.3% to 10.2% over 5 years, helped by the Direct to Retail model.^[3]
End Point Solutions: AI PCs made up 36% of India commercial PC revenue in Q1 FY27, up from 28% in Q3 FY26 and 22% in Q2 FY26.^[4]
Technology Solutions distributes servers, networking, storage and data-centre infrastructure. It executed large deals of about ₹1,000 Cr in Q1 FY27, mostly India data-centre orders.^[4]

Operations and subsidiaries

As of FY26 the group ran 163 warehouses and 62 sales offices. Singapore, India and South Asia had 141 warehouses and 37 offices; the rest of the world had 22 warehouses and 25 offices.^[3]
Redington had an in-country presence in 32 markets, served 40 markets and had more than 5,100 employees as of FY26.^[3]
ProConnect Supply Chain Solutions, the wholly owned logistics and warehousing arm, had revenue from operations of ₹682.08 crores in FY26, about 17.5% higher year on year.^[3]
Captive (Redington group) business made up 28% of ProConnect's quarterly revenue in Q2 FY26.^[6]
Ensure Services provides vendor-certified support and infrastructure management in 28 countries. Redserv Global Solutions is the group's captive Global Capability Centre.^[3]

Key operating numbers

Working capital days were 32 in Q1 FY27, 5 days fewer than a year earlier, after a record low of 28 days in Q3 FY26.^[4]
ROCE was 22.2% in Q1 FY27, against 14.5% a year earlier.^[4]
Accounts receivable provisions were 0.39% of sales in Q1 FY27, against 0.15% a year earlier.^[4]
Software Solutions made up 17% of group top line in Q1 FY27, against 15% in Q1 FY26. Recurring revenue was 74% of the unit's revenue, with an 85% renewal rate, in FY26.^[4]
Cloud revenue grew 67% YoY in Q1 FY27 (55% in SISA, 80% in ROW excluding Arena).^[4]
Large Technology Solutions deals totalled about ₹2,500 Cr in FY26, including ₹1,600+ Cr in Q4 FY26.^[5]

Customers and distribution

The company reaches the market through more than 70,000 channel partners as of FY26.^[3]
In FY26, sales went to 19,001 dealers and distributors; the top 10 took 15%.^[3]
India top line grew 63% YoY in Q1 FY27, making India the largest contributor to group growth.^[4]
Middle East and Africa is about 30-35% of group business. MEA grew 15% in Q1 FY27, led by GCC/Levant (+95%) and Africa (+39%), while UAE fell about 3% and Saudi Arabia about 7%.^[4]
In Q1 FY27, management estimated Tier 2 partners held 2-3 months of PC inventory, a demand pull-forward driven by price increases of 25-50%.^[4]

Expansion and platform investments

The Software Solutions target is $5 Bn gross revenue by FY29, up from $2.2 Bn in FY26.^[5]
The CloudQuarks platform added Reonics, TrackMyCloud and AI Exchange (250+ AI agents) in Q1 FY27. Releases 2.1 and 2.2 were planned for September and December 2026.^[4][5]
An AI capability centre was set up in Chennai, and go-to-market AI teams are being built in India and the Middle East.^[5]
Redington is exploring acquisitions in cloud and cybersecurity professional services. It cut the dividend payout ratio to 30% (₹6/share for FY26) from 40%.^[5][3]

Arena (Turkey subsidiary)

Arena posted a ₹64 Cr loss in Q1 FY27 (Redington's share ₹31 Cr). Its revenue halved to about $500 Mn in FY26 from over $1 Bn after it exited several businesses.^[4]
Arena's net debt fell to $90 Mn in Q1 FY27 from $120-130 Mn previously.^[4]
Management is exploring strategic options for Arena, including restructuring or divestiture, and expects losses through FY27.^[4]
A ₹75.2 Cr impairment of the Arena trade name was recognised in Q4 FY26 as an exceptional item.^[5]

Recent developments

01 Oct 2026: Redington announced a distribution partnership with OPSWAT for critical infrastructure protection across the Middle East, Turkey, Africa and the CIS.^[7]
From 28 Feb 2026 the West Asia conflict forced rerouting through Fujairah. This added about 30 days of lead time and about $3 Mn a quarter in freight and insurance costs.^[4]
Redington has no promoter under SEBI classification; foreign investors held 61.49% of its shares as of FY26.^[3]

Market Cap

₹28,105 Cr

High / Low

₹420 / 191

Stock P/E

16.5

Price / Book

2.8

Book Value

₹130

EPS

₹19.1

No. of Shares

78.18 Cr

ROCE

17.6%

ROE

15.8%

OPM

1.8%

Debt / Equity

0.26

Sales

₹1,19,162 Cr

Net Profit

₹1,284 Cr

Promoter holding

0.0%

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Redington Ltd(REDINGTON)

About

Business segments

Products and services

Operations and subsidiaries

Key operating numbers

Customers and distribution

Expansion and platform investments

Arena (Turkey subsidiary)

Recent developments

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