Trading & Distributors industry

208 companies · ₹62,499 cr · 8 with AI deep dives · Q1FY27 report

Panel revenue at all-time high on AI/data-center demand, but Middle East freight shock caps margin recovery

Turning upmargin troughed at 1.8% and has risen for 4 quarters to 2.2%, on positive revenue growth

Revenue YoY: +34.6%
EBITDA margin: 2.2%; +40bps YoY
Price, 1 year: +6.7%; 55% of names up
P/E vs own 5y: +31.5%; 20.3x now

Exhibit 1The quarter in numbers

constant panel of 10 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	35,512 cr	33,956 cr	+4.6%	26,386 cr	+34.6%	35,512 cr	0.0%
EBITDA margin	2.2%	1.9%	+30bps	1.8%	+40bps	2.4%	-20bps

Revenue

Jun 26: 35,512 cr
Mar 26: 33,956 cr
QoQ: +4.6%
Jun 25: 26,386 cr
YoY: +34.6%
Peak: 35,512 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 2.2%
Mar 26: 1.9%
QoQ: +30bps
Jun 25: 1.8%

Sept 26: 0 of 13 reported so far, so it is not in the trend above.

Breadth: 67% of 12 companies grew revenue year on year (was 91% a quarter earlier) and 50% expanded margin (was 55%).

Exhibit 2What it costs

16.72x - 55.69x across the panel today

The median name trades at 20.3x, +31.5% against this industry's own 5-year median of 15.5x, and -34.1% against its own peak of 30.8x.

Exhibit 3Structure

₹62,499 cr

Redington Ltd is 45% of this industry by market cap. The top 5 are 69.6% and the top 10 are 77.5%.

mid 1small 6micro 20113 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 20.31x, 5y ROCE above its median of 3.69%, 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.

Diwali open house: sign in free and Premium is open to you until 8 Nov.See plans →

Exhibit 5Coverage (25 of 208)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Redington Ltd	₹28,847 cr	17.0x	13.9x	17.6%	1.9%	+34.6%	Unlock
MSTC Ltd	₹4,108 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindMiddle East conflict inflating freight and input costs across distributors3 managements

Three managements quantified supply-chain cost escalation tied to the Middle East conflict. Redington converted 85% of sea shipments to air, absorbing ~$3M in additional freight…

REDINGTON (Q1FY27): “Pre-war, almost about 85% of our purchases used to be through sea shipments, which all…”

tailwind2 managements headwind2 managements

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 183 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Rotographics (India) Ltd	₹279 cr	252.9x	226.0x	12.2%	-0.2%	+37.7%	Unlock