Trading & Distributors industry
226 companies · ₹67,675 cr · 4 with AI deep dives · Q1FY27 report
AI volumes lift tech distributors to record revenues; Middle East freight shock tests the thin-margin model
- Revenue YoY
- +34.1%
- EBITDA margin
- 2.2%
- +40bps YoY
- Price, 1 year
- +49.6%
- 77% of names up
- P/E vs own 5y
- +109.3%
- 25.9x now
Exhibit 1The quarter in numbers
constant panel of 12 companies above ₹500 cr- Jun 26
- 35,610 cr
- Mar 26
- 33,913 cr
- QoQ
- +5.0%
- Jun 25
- 26,545 cr
- YoY
- +34.1%
- Peak
- 35,610 cr
- vs peak
- 0.0%
- Jun 26
- 2.2%
- Mar 26
- 1.9%
- QoQ
- +30bps
- Jun 25
- 1.8%
- YoY
- +40bps
- Peak
- 2.4%
- vs peak
- -20bps
Breadth: 57% of 14 companies grew revenue year on year (was 77% a quarter earlier) and 50% expanded margin (was 46%).
Exhibit 2What it costs
18.73x - 58.48x across the panel todayThe median name trades at 25.9x, +109.3% against this industry's own 5-year median of 12.4x, and -39.0% against its own peak of 42.4x.
Exhibit 3Structure
₹67,675 crRedington Ltd is 41.9% of this industry by market cap. The top 5 are 69.7% and the top 10 are 77.2%.
Exhibit 4Screen
P/E below the sub-industry median of 25.85x, 5y ROCE above its median of 4.04%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 226)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹2,536 cr
- P/E
- 32.1x
- EV/EBITDA
- 24.8x
- ROCE
- 15.5%
- Margin
- 19.2%
- Rev YoY
- +58.5%
- Mcap
- ₹681 cr
- P/E
- 1.1x
- EV/EBITDA
- 2.8x
- ROCE
- -16.7%
- Margin
- 6.9%
- Rev YoY
- -26.5%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Three managements independently cited the Middle East conflict as a direct operating cost headwind. Redington converted ~85% of sea purchases to air, incurring ~$3M incremental…
- REDINGTON (Q1FY27): “Pre-war, almost about 85% of our purchases used to be through sea shipments, which all…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →AppendixThe other 201 companies
1-30- Mcap
- ₹302 cr
- P/E
- 128.6x
- EV/EBITDA
- 59.0x
- ROCE
- 2.3%
- Margin
- 6.9%
- Rev YoY
- -31.6%
- Mcap
- ₹193 cr
- P/E
- 7.7x
- EV/EBITDA
- 10.0x
- ROCE
- 15.3%
- Margin
- 16.9%
- Rev YoY
- -8.4%
- Mcap
- ₹185 cr
- P/E
- 20.1x
- EV/EBITDA
- 12.0x
- ROCE
- 30.1%
- Margin
- 13.9%
- Rev YoY
- +90.2%
- Mcap
- ₹137 cr
- P/E
- 28.9x
- EV/EBITDA
- 9.9x
- ROCE
- 27.9%
- Margin
- 7.5%
- Rev YoY
- -3.6%
- Mcap
- ₹100 cr
- P/E
- 30.1x
- EV/EBITDA
- 14.4x
- ROCE
- 10.8%
- Margin
- 6.8%
- Rev YoY
- -20.4%
171 more companies
This industry has 201 constituents beyond the covered names. The first page is free; premium opens the rest.
See plans →