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Redington

REDINGTON NSE

Key Fundamentals

SmallcapTrading & DistributorsCommercial Services
Market Cap
₹31,681 Cr
Volatility
Moderate
P/E Ratio
18.29
EBITDA
₹2,415 Cr
Return on Equity
12.32%
Debt to Equity
0.28
Book Value
₹129.97
EPS
₹15.55
52W High
₹419.5
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

6d ago
AI opinion · based on fundamentals
Risk medium

Redington Ltd, a technology and mobility distribution company with a market capitalisation of about ₹32,131 crore, trades at a P/E of 21.1x and a P/B of 3.13x. TTM sales grew 23% and TTM profit grew 42%, but 3-year compounded profit growth is only 5% against 15% sales growth. Return on equity was 17% last year versus a 3-year average of 15%. The stock has returned 54% over the past year and 38% CAGR over three years.

Bull Case 7
  • Near-term growth has picked up sharply. TTM compounded sales growth of 23% is well above the 10-year sales CAGR of 13%, and TTM profit growth of 42% points to operating leverage returning.
  • Returns on capital have held up over a long period. The 10-year average ROE is 17%, and last year's ROE of 17% is above the 3-year average of 15%, which suggests profitability is recovering.
  • The company pays out a steady share of profits. A dividend payout ratio of 34.8% and a dividend yield of 1.48% show a shareholder-return policy that sits alongside growth spending.
  • Long-term growth has been consistent. Sales compounded at 16% over 5 years and 13% over 10 years, and profit compounded at 16% over 5 years and 14% over 10 years, which shows durable scale in distribution.
  • The valuation is not stretched relative to recent earnings momentum. A P/E of 21.1x set against 42% TTM profit growth implies a low price-to-growth multiple on trailing numbers.
  • Shareholders have been rewarded over the long run. The stock has compounded at 23% CAGR over both 5 and 10 years, broadly in line with or ahead of 5-year profit growth of 16%.
  • The business has meaningful scale. A market capitalisation of about ₹32,131 crore places Redington among the larger listed players in Indian IT and mobility distribution, which supports bargaining power with vendors.
Bear Case 7
  • Profit growth has lagged sales growth over the medium term. The 3-year profit CAGR of 5% trails the 3-year sales CAGR of 15% by a wide margin, which points to margin compression in a business that already runs on thin margins.
  • The share price has run well ahead of earnings. A 1-year stock return of 54% and a 3-year stock CAGR of 38% compare with a 3-year profit CAGR of only 5%, so much of the recent return comes from a higher valuation multiple rather than earnings growth.
  • Strong TTM profit growth of 42% may partly reflect a low base after weak years, given the 3-year profit CAGR of only 5%. How long this growth can last is not yet proven.
  • ROE has trended down from its 5-year average of 18% to a 3-year average of 15%, which suggests capital efficiency weakened in recent years.
  • A P/B of 3.13x against an ROE of 15–17% implies the market is pricing in continued improvement in returns. That leaves less cushion if returns revert toward the 3-year average.
  • Data on leverage and capital efficiency is incomplete. Debt-to-equity and ROCE are not available in the dataset, which limits assessment of the working-capital and borrowing intensity typical of distribution businesses operating at this ₹32,131 crore scale.
  • The dividend yield of 1.48% is modest after a 54% one-year price rise, offering limited income support if the valuation multiple contracts.

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

AI News Digest

1d ago
Headwinds 4
  • Steep iPhone price hikes Sep 18

    The iPhone 18 lineup costs 20% to 43% more than the previous series, with Pro models at ₹1,64,900 to ₹3,29,900. The hikes are driven by rising global memory costs and a weaker rupee, which could dampen unit volumes in a price-sensitive market.

  • Heavy Apple dependence Sep 18

    Apple made up 31% of Redington's top five vendors as of Q1 FY27, so the company is exposed to how well Apple's product cycles and pricing land.

  • Rally raises valuation risk Sep 18

    Shares are up 74% in six months and 46.5% YTD to a record ₹413.20, a market cap of about ₹31,490 crore. That leaves little room for disappointment if iPhone 18 demand undershoots.

  • Thin distribution margins Sep 9

    Even after expanding, EBITDA margin is only 2.02% and the March 2026 net profit margin was 1.94%. Earnings stay sensitive to small changes in pricing, working capital or credit costs.

Positives 6
  • Record Q1 FY27 earnings Sep 9

    Consolidated PAT grew 77% YoY to ₹486 crore and revenue rose 35% to a record ₹34,922 crore. EBITDA jumped 76% to ₹707 crore, with margin up to 2.02% from 1.55%, and India revenue grew 63%.

  • iPhone 18 lifts stock to record Sep 18

    Shares rose over 3% to a record ₹413.20 when iPhone 18 sales opened in India on Sep 18, after a 6.4% intraday jump to ₹398.45 on the Sep 10 launch.

  • Higher prices expand distribution GMV Sep 9

    Higher retail prices, such as the 256GB iPhone 17 rising over 20% to ₹99,900 and the iPhone Duo starting at ₹2,99,900, directly raise Redington's gross merchandise value across wholesale and retail.

  • Apple foldable entry opens new segment Sep 9

    The iPhone Duo, Apple's first foldable, is priced at ₹3 lakh to ₹4.5 lakh. Analysts estimate it could take about 24% of the premium foldable segment against Samsung's Z Fold 8.

  • Siemens Africa software deal Sep 10

    Redington will distribute Siemens digital industries software in six African markets: Egypt, Kenya, Ethiopia, Nigeria, Morocco and Tanzania. This broadens its mix beyond consumer hardware.

  • OPSWAT cybersecurity distribution pact Oct 1

    Redington signed a deal to distribute OPSWAT's MetaDefender critical infrastructure security products across the Middle East, Türkiye, Africa and CIS, using its regional logistics and financing reach.

Neutral 2
  • Group investor meet Sep 22 Sep 17

    Redington will hold a virtual group meeting with investors and analysts on September 22, 2026, limited to publicly available information.

  • London investor meet rescheduled Sep 9

    The analyst and institutional investor meeting in London was moved to September 11, 2026, because of external exigencies.

TL;DR: Redington is doing well on strong fundamentals: record Q1 FY27 revenue of ₹34,922 crore, 77% PAT growth and a wider EBITDA margin of 2.02%, plus iPhone 18 and Duo launch excitement that pushed shares to a record ₹413.20. New Siemens and OPSWAT deals add diversification in software and cybersecurity across MEA. The main risks are reliance on Apple, very thin margins, possible volume pressure from 20% to 43% iPhone price hikes, and a stretched valuation after a 74% six-month rally. The trend is improving, and the next test is whether iPhone 18 sell-through supports Q2 FY27 results that justify the current price.

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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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 ₹31,681 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 18.29, 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 ₹419.5.
Does Redington Ltd pay dividends?
Redington Ltd has a dividend yield of 1.47%.
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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