RPTECH Q3 FY26 earnings call.
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Revenue
₹4,030 Cr
verified against source
Revenue YoY
43%
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.
Rashi Peripherals delivered an exceptional Q3 FY26 with consolidated revenue of INR 4,300 crore (+43% YoY) and PAT of INR 75 crore (+132% YoY), driven equally by ~20% volume growth and ~20% price appreciation from component shortages and dollar appreciation. The company operates in a benign environment where global PC demand is rebounding on Windows 10 end-of-support refresh cycles and AI-ready device adoption, with India outperforming at 10%+ YoY growth. Management's 35-year-old distribution platform (55 branches, 10,000+ partners across 700+ towns) is converting supply-side constraints into pricing opportunities. However, visibility beyond 2-3 quarters is limited: volumes are expected to flatten as affordability pressures mount, with revenue growth increasingly reliant on ASP increases rather than unit sales. The critical risk is Micron's Crucial consumer brand discontinuation creating a revenue gap in FY27, partially offset by continued enterprise momentum. Working capital discipline remains a focus area given historical cash flow volatility.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- 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.
Risks flagged
- Micron has declared the Crucial consumer brand as end-of-life, which will create a revenue dent in FY27 as supplies stop after April. The company will continue enterprise-class Micron business and has backup plans to partially offset the loss.
- Rising laptop prices (20-30% already, more to come) are causing some corporates to extend refresh cycles from 2-3 years to 3-4 years. If price increases continue, B2C consumer demand could face significant headwinds, impacting long-term volume trajectory.
- Rashi Peripheral's working capital turns (~6x annual) significantly lag competitor Redington (~10x), partly due to product mix differences. The company historically generated positive operating cash flow in only 2 of the past 10 years, raising questions about sustainable free cash flow generation.
- Last year's ~INR 2,000 crore project order revenue is absent in FY26 by design (payments only collected this year), meaning 9M 5% revenue growth is entirely from base business, inflating the underlying run-rate visibility.
Key quotes
- The only challenge is the prices are going up on a periodic basis. So that is the challenge but so far we have been able to plan inventory in advance. So far we have been very effectively been able to promote and sell our products at a higher price across the length and breadth of the country.
- This growth is without the INR 2,000 crore of last year project business. So all the 5% growth is base business growth. That is quite healthy and demonstrates the underlying robustness of the business model.
- If you compare from year-over-year, there is already an increase in terms of supplies. Volume growth from a year-to-year will continue to be seen for the next two quarters. However, quarter-over-quarter, there may not be any growth in terms of volume. In terms of price rise, that is a quarter-over-quarter scenario that continues to rise.
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