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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹33,213 Cr
verified against source
Revenue YoY
25%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Redington delivered its best quarter ever with revenue of ₹33,269 crore (+25% YoY) and PAT (ex-exceptionals) of ₹467 crore (1.4% margin). India led with 50% revenue growth and 41% PAT growth, driven by PC pre-buying ahead of component shortages, large deals (~₹1,500 crore in endpoint solutions, ~₹1,100 crore in PSG), and strong mobility/SSG momentum. Middle East was impacted by the West Asia crisis (March disruption), but Africa and GCCL continued strong. SSG now contributes 17% of revenue (up from 15% in FY25). Management expects India momentum to continue, Middle East softness in H1 FY27, and sustained SSG growth. Key risk: prolonged West Asia crisis could further pressure Middle East operations and margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects India momentum to sustain, while Middle East will be soft in Q1 and possibly Q2 due to the West Asia crisis.
- SSG (cloud, software, security) expected to maintain or accelerate growth above 30%, driven by cloud, AI exchange, and security catch-up.
- Elevated opex due to capability building in SSG and technology will persist for 1-2 years, but AR provisions and war-related costs should normalize.
- Excluding Arena, management expects EBITDA margin of 2.2-2.4% and RoCE above 18% (currently ~20%).
Risks flagged
- The crisis disrupted March performance; management expects softness in Q1 and Q2 FY27. Insurance coverage was withdrawn, and logistics costs rose.
- Arena reported a loss of ₹44 crore (Redington share ₹22 crore) plus impairment of ₹75 crore. Management expects losses to continue for another year.
- Unlike COVID, the current shortage is not accompanied by a demand spike, so gross margin expansion may be limited. Working capital could increase.
- KSA grew only 5% for the full year and declined 12% in Q4 due to government reprioritization. Recovery may take time.
Key quotes
- This has been our best quarter so far from both revenue and profit perspective.
- India had a fantastic quarter. The business grew topline by 50% and the profit after tax by 41% during the quarter.
- We are very sensitive to our shareholder needs. We have additional capital needs for growth opportunities and are cautious about the evolving geopolitical uncertainty.
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