Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,530.00 last close on 23 Oct 2026 +0.92%
Research updated
Redington Ltd.
NSE: REDINGTONTechnologyInformation Technology Services
- Last close
- ₹359.10
- Day change
- −₹8.00 (−2.18%)vs
- Market cap
- ₹30,653 crIndian rupees
- Research updated
- 1 report
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About Redington
Redington Ltd. is a leading technology solutions provider engaged in the distribution and supply chain of IT and mobility products. The primary function of the company is to offer comprehensive logistics and support services for IT hardware, including desktops, laptops, printers, and mobile phones. Redington plays a vital role in connecting technology manufacturers with a broad network of retail outlets and distributors across emerging markets in India, the Middle East, Africa, and South Asia. One of the notable features of Redington Ltd. is its extensive product portfolio, which includes offerings from globally renowned brands such as Apple, Microsoft, Hewlett-Packard, and Oracle. In addition to distributing products, Redington also provides value-added services, including supply chain solutions, technical support, and warranty services, thus enhancing the customer experience and ensuring high levels of satisfaction. Within the financial market, Redington Ltd. holds significant importance due to its expansive reach and ability to cater to the high demand for technology and mobility solutions in rapidly growing economies. The company's robust infrastructure and strategic partnerships enable it to maintain a competitive edge in the dynamic tech distribution sector.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: REDINGTON
- Chief executive
- Mr. Vishnampet Sethuraman Hariharan
- Employees
- 13,457
- Headquarters
- Chennai, India
- ISIN
- INE891D01026
- Website
- redingtongroup.com
Public research · Report of
Business model & financial foundation
Redington (NSE: REDINGTON), Technology distribution and supply-chain services: revenue of ₹1,19,162 crore in FY26 (+20.0% on FY25), an EBITDA margin of 1.9%, net profit of ₹1,490 crore and net debt of ₹1,528 crore.
- Revenue, FY26 (₹ crore)
- 1,19,162
- consolidated
- Revenue growth, FY26
- +20.0%
- on FY25
- EBITDA margin, FY26
- 1.9%
- EBITDA (Operating EBITDA (excl. other income)) / revenue
- Net profit, FY26 (₹ crore)
- 1,490
- to owners
- Return on equity, FY26
- 15.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,528
- Net debt (company capital-management definition)
- Market capitalisation (₹ crore)
- 30,345
- at the close of 15 Oct 2026
Company profile
Redington distributes endpoint devices, mobility, enterprise hardware and software/cloud/security through vendor and channel relationships. It earns thin distribution spreads and provides inventory, credit, fulfilment and services across India, South Asia, Middle East, Africa and Turkey. Inventory, vendor credit and collections are central to returns and cash generation.
| Item | Value |
|---|---|
| Legal name | Redington Limited |
| Exchange and ticker | NSE: REDINGTON; BSE: 532805 |
| ISIN | INE891D01026 |
| CIN | L52599TN1961PLC028758 |
| Sector | Technology |
| Industry | Technology distribution and supply-chain services |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells |
| Market capitalisation | ₹30,345 crore (15 Oct 2026) |
| Shares outstanding | 78.18 crore shares (FY26) |
| Price | ₹401.6 (close, 15 Oct 2026) |
| 52-week range | ₹191.3 - ₹419.5 (to 15 Oct 2026) |
| Website | https://redingtongroup.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| ProConnect Supply Chain Solutions | 100% | Logistics and warehousing |
| Redington International Mauritius | 100% | Overseas holding company redomiciled to UAE |
| Redington Distribution Pte | 100% | Singapore and South Asia distribution |
| Redserv Global Solutions | 100% | Support services |
| Redington Gulf FZE | 100% | Middle East and Africa distribution |
| Arena Bilgisayar | 49.4% | Turkey distribution; consolidated subsidiary |
No promoter. Synnex is a public-category strategic shareholder. Arena fully consolidates despite 49.4% economic ownership; NCI matters to EPS.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 61.81% | 61.94% | 61.49% | 61.96% |
| Domestic institutions | 17.02% | 17.33% | 17.18% | 16.37% |
| of which mutual funds | 11.54% | 11.59% | 11.55% | 10.96% |
| Retail | 11.73% | 11.33% | 11.65% | 11.47% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Redington distributes endpoint devices, mobility (notably Apple), enterprise hardware and software/cloud/security (SSG) across Singapore, India and South Asia (SISA) and the Middle East, Africa and Turkey (ROW). It earns a thin spread on gross revenue (FY26 trading spread about 4.9%, operating EBITDA margin about 1.9%) and funds receivables and inventory with vendor credit and short-term bank and CP lines. No promoter; Synnex holds 24.12%.
| Segment | total revenue, FY26 (₹ crore) | Share | revenue from operations external, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Singapore, India & South Asia (SISA) | 65,060 | 54.5% | 64,981 | 54.5% | 1,526 | 63.2% |
| Rest of World including Arena/Turkey | 54,287 | 45.5% | 54,182 | 45.5% | 888.6 | 36.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Rashi Peripherals (RPTECH) | Indian broadline technology distribution; closest domestic comparison. |
| Creative Newtech | Indian technology and consumer-electronics distribution; smaller and different product mix. |
| TD SYNNEX | |
| Ingram Micro | Global technology distribution; business-model comparator with different geography and capital structure. |
| Synnex Technology International | Asian distribution and strategic shareholder; cross-market operating comparison. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 62,612 | 79,337 | 89,346 | 99,334 | 1,19,162 |
| Cost of revenue (vendor classification) * | 59,700 | 75,760 | 85,527 | 95,484 | 1,14,849 |
| Other operating costs (vendor classification) * | 984.8 | 1,264 | 1,641 | 1,471 | 1,768 |
| EBITDA (vendor classification) * | 1,880 | 2,250 | 2,161 | 2,249 | 2,394 |
| Profit before finance cost, exceptional and tax | 1,732 | 2,096 | 1,960 | 2,039 | 2,208 |
| Finance costs | 110.0 | 262.7 | 385.3 | 330.2 | 358.7 |
| Profit before tax | 1,622 | 1,833 | 1,575 | 2,335 | 1,697 |
| Tax expense (current+deferred) | 307.5 | 394.1 | 336.0 | 514.2 | 412.9 |
| Profit for the period | 1,315 | 1,439 | 1,239 | 1,821 | 1,284 |
| Diluted EPS (INR) | 16.39 | 17.81 | 15.59 | 20.53 | 19.06 |
| Purchases of traded goods + change in inventories | 84,281 | 94,114 | 1,13,306 | ||
| Employee benefits expense | 1,289 | 1,423 | 1,611 | ||
| Other expenses | 1,899 | 1,743 | 2,007 | ||
| Operating EBITDA (excl. other income) | 1,877 | 2,053 | 2,239 | ||
| Other income (net) | 263.8 | 228.1 | 185.1 | ||
| Depreciation and amortisation | 181.1 | 217.6 | 206.4 | ||
| Impairment loss on goodwill | 0.00 | 24.6 | 9.24 | ||
| Exceptional items (signed) | 0.00 | 625.8 | -152.3 | ||
| Profit attributable to non-controlling interests | 20.0 | 215.8 | -206.1 | ||
| Share of profit/(loss) of associate | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to shareholders | 1,219 | 1,605 | 1,490 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (including NCI) | 6,108 | 7,293 | 7,862 | 9,197 | 10,424 |
| Borrowings, current plus non-current (excl. leases) | 830.8 | 3,321 | 2,807 | 2,619 | 2,637 |
| Cash and cash equivalents (balance sheet) | 3,290 | 1,859 | 1,612 | 1,357 | 1,110 |
| Current trade receivables | 8,675 | 12,030 | 13,934 | 17,330 | 21,569 |
| Inventories | 4,383 | 7,085 | 6,653 | 6,287 | 8,171 |
| Trade payables (MSME plus other creditors) | 10,154 | 10,971 | 11,869 | 13,392 | 18,039 |
| Net PPE plus right-of-use assets | 1.03 | 0.54 | 445.5 | 471.9 | 497.2 |
| Capital work in progress (excl. intangibles under development) | 84.8 | 8.30 | 0.55 | 11.3 | 66.6 |
| Total assets | 18,416 | 23,283 | 24,394 | 27,584 | 33,839 |
| Equity attributable to shareholders | 7,549 | 8,721 | 10,161 | ||
| Non-controlling interests | 313.2 | 476.2 | 263.3 | ||
| Lease liabilities current plus non-current | 151.3 | 189.3 | 204.2 | ||
| Other bank balances | 8.60 | 24.4 | 11.7 | ||
| Net debt (company capital-management definition) | 1,195 | 1,262 | 1,528 | ||
| Current investments held as liquidity | 0.00 | 0.00 | 0.00 | ||
| Noncurrent trade receivables | 3.76 | 1.29 | 13.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -1,587 | -3,770 | 1,079 | 292.6 | 231.4 |
| Free cash flow (vendor definition) * | 863.4 | -3,396 | 957.4 | 129.5 | 48.9 |
| Dividends paid to owners | -453.1 | -515.8 | -562.8 | -484.7 | -531.6 |
| Capex: PPE + other intangibles (cash) | -111.0 | -143.9 | -122.1 | -163.2 | -182.4 |
| Net cash from investing activities | 145.2 | 559.9 | -10.4 | ||
| Net cash from financing activities | -1,381 | -1,171 | -999.5 | ||
| Finance costs paid | -371.4 | -325.1 | -324.3 | ||
| Payment of lease liabilities | -102.0 | -113.9 | |||
| Income taxes paid (net) | -416.6 | -524.5 | -514.4 | ||
| Change in trade receivables (CF) | -3,459 | -4,478 | |||
| Change in inventories (CF) | 367.4 | -1,884 | |||
| Change in trade payables (CF) | 1,527 | 4,625 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding at year end (crore, FV INR 2) (crore shares) | 78.07 | 78.15 | 78.18 | 78.18 | 78.18 |
| Weighted average diluted shares (crore) (crore shares) | 78.17 | 78.18 | 78.18 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 24,896 | 26,716 | 26,440 | 25,952 | 29,076 | 30,922 | 33,213 | 34,922 |
| Cost of revenue (vendor classification) * | 25,052 | 29,820 | 32,046 | 33,727 | ||||
| Other operating costs (vendor classification) * | 500.2 | 466.1 | 552.9 | 487.5 | ||||
| EBITDA (vendor classification) * | 449.8 | 663.1 | 669.9 | 750.9 | ||||
| Profit before finance cost, exceptional and tax | 465.4 | 596.9 | 603.9 | 396.0 | 576.2 | 616.4 | 619.6 | 700.2 |
| Finance costs | 84.1 | 84.0 | 81.6 | 91.6 | 116.4 | 78.6 | 72.0 | 89.3 |
| Profit before tax | 381.3 | 512.9 | 1,148 | 304.3 | 459.8 | 537.8 | 395.2 | 610.9 |
| Tax expense (current+deferred) | 98.5 | 109.9 | 230.4 | 71.4 | 109.6 | 124.4 | 107.6 | 157.4 |
| Profit for the period | 282.9 | 403.0 | 917.7 | 233.0 | 350.2 | 413.4 | 287.6 | 453.5 |
| Diluted EPS (INR) | 3.75 | 5.12 | 8.51 | 3.52 | 4.96 | 5.57 | 5.01 | 6.22 |
| Purchases of traded goods + change in inventories | 23,647 | 25,300 | 25,040 | 24,668 | 27,624 | 29,412 | 31,601 | 33,252 |
| Employee benefits expense | 347.1 | 350.9 | 376.3 | 383.6 | 374.8 | 408.1 | 444.3 | 474.8 |
| Other expenses | 442.8 | 462.9 | 401.5 | 500.2 | 488.2 | 466.1 | 552.9 | 487.5 |
| Operating EBITDA (excl. other income) | 458.2 | 602.5 | 621.5 | 400.2 | 588.9 | 635.1 | 614.4 | 707.8 |
| Other income (net) | 56.7 | 48.4 | 70.1 | 49.5 | 42.8 | 37.2 | 55.5 | 43.2 |
| Depreciation and amortisation | 49.5 | 54.0 | 63.1 | 53.8 | 55.5 | 46.8 | 50.4 | 50.7 |
| Impairment loss on goodwill | 0.00 | 0.00 | 24.6 | 0.00 | 0.00 | 9.24 | 0.00 | 0.00 |
| Exceptional items (signed) | 0.00 | 0.00 | 625.8 | 0.00 | 0.00 | 0.00 | -152.3 | 0.00 |
| Profit attributable to non-controlling interests | -9.99 | 2.65 | 252.1 | -42.3 | -37.6 | -22.4 | -103.7 | -32.5 |
| Share of profit/(loss) of associate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to shareholders | 292.9 | 400.3 | 665.6 | 275.3 | 387.8 | 435.8 | 391.3 | 486.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 10.0% | 26.7% | 12.6% | 11.2% | 20.0% |
| EBITDA margin | 2.1% | 2.1% | 1.9% | ||
| Net margin | 1.4% | 1.6% | 1.3% | ||
| Return on equity | 16.1% | 18.8% | 15.2% | ||
| Return on capital employed | 26.9% | 23.9% | 18.4% | 18.1% | 17.8% |
| Return on assets | 5.1% | 6.2% | 4.9% | ||
| Net debt (₹ crore) | 1,195 | 1,262 | 1,528 | ||
| Net debt / EBITDA | 0.64x | 0.61x | 0.68x | ||
| Interest cover | 15.7x | 7.98x | 5.09x | 6.18x | 6.16x |
| Asset turnover | 3.80x | 3.81x | 3.75x | 3.82x | 3.88x |
| Receivable days | 51 | 55 | 57 | 64 | 66 |
| Inventory days (on revenue) | 26 | 33 | 27 | 23 | 25 |
| Payable days (on revenue) | 59 | 50 | 48 | 49 | 55 |
| Cash conversion | 0.89x | 0.18x | 0.16x | ||
| Capex intensity | 0.2% | 0.2% | 0.1% | 0.2% | 0.2% |
| Free cash flow (₹ crore) | -1,698 | -3,914 | 957.4 | 129.5 | 48.9 |
| Dividend payout | 46.2% | 30.2% | 35.7% | ||
| EPS, diluted (₹) | 16.39 | 17.81 | 15.59 | 20.53 | 19.06 |
| Book value per share (₹) | 78,23,80,460 | 93,32,44,102 | 1,00,56,54,533 | 1,17,64,51,881 | 1,33,33,74,384 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA (excl. other income)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (company capital-management definition); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA (excl. other income)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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