Revenue growth: 2x market rate
Management maintains its stated aspiration to grow at 2x the PC market rate. With market projected at 6-9% for 2025, Rashi targets double-digit growth excluding large project deals.
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Rashi Peripherals · forward-looking guidance across the available source record.
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What management said would happen.
growth
Normalized EBITDA margin: 2.7-2.8%
Management explicitly stated the 3.5% Q1 margin is not sustainable and reaffirmed 2.7-2.8% as the annual guidance range, subject to customer and product mix.
Q2 market growth: 8-10%
Market expected to accelerate to 8-10% in Q2 driven by festive season demand, with H2 projected at 12-14% as Windows 10 end-of-support creates upgrade cycle.
10,000 GPU government order in Q2
Government order for 10,000 GPUs likely to be finalized in Q2 and available for distribution companies to bid, though margins and ROCE will be evaluated before participation.
Volume growth to persist YoY for 2 quarters, then flatten
Management expects year-over-year unit growth to continue for Q4 and Q1 FY27 due to advance planning, after which volumes will stabilize while higher ASPs drive revenue growth.
20% price hikes implemented, more to follow
Overall product price increases of approximately 20% have already occurred, with another 7-8% expected in the next 2 months and ongoing increases thereafter on a quarterly basis.
Dell partnership to become substantial next fiscal year
The newly started Dell distribution partnership was insignificant in Q3 but is expected to be a decent contributor in Q4 and become a substantial revenue stream from FY27 onwards.
Revenue CAGR target of 20%
Management reiterated confidence in maintaining 20% CAGR revenue growth, consistent with historical performance.
PC segment price increase of ~20% expected
Management expects another 20% price increase in the PC segment going forward, supporting revenue growth.
PAT margin range of 1.5-1.75%
Management indicated PAT margins are expected to remain in the 1.5-1.75% range typical for the distribution industry.
AI data center project participation
Management plans to selectively participate in AI data center projects subject to ROI, with a funnel of ₹20,000-25,000 crore.