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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
₹4,489 Cr
verified against source
Revenue YoY
51%
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 a stellar Q4 FY26 with revenue surging 51% YoY to ₹4,489 crore, driven by a structural PC refresh supercycle, AI PC acceleration, and component price hikes. EBITDA grew 41% YoY with margins at 2.95%, while PAT jumped 65% YoY to ₹87 crore. The PC segment (58% of revenue) grew 37% YoY, benefiting from Windows 10 end-of-life and rising ASPs. The LIT segment (42%) grew 24% YoY. Management guided for continued 20% CAGR revenue growth, with AI data center project funnel exceeding ₹20,000 crore. However, IDC flags a potential 5-10% dip in PC unit shipments in CY26, and consumer affordability may soften H2 demand. The semiconductor business grew 131% YoY but remains small. Overall, the company is well-positioned to gain market share through its extensive distribution network and vendor relationships.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated confidence in maintaining 20% CAGR revenue growth, consistent with historical performance.
- Management expects another 20% price increase in the PC segment going forward, supporting revenue growth.
- Management indicated PAT margins are expected to remain in the 1.5-1.75% range typical for the distribution industry.
- Management plans to selectively participate in AI data center projects subject to ROI, with a funnel of ₹20,000-25,000 crore.
Risks flagged
- IDC projects a 5-10% dip in PC unit shipments in calendar 2026 as component costs normalize, which could impact volume growth.
- Rising laptop prices (from ₹30-35k to ₹50k+) may soften consumer demand in the second half of FY27, though EMI schemes could offset.
- Large data center projects are capital-intensive with lower margins; management acknowledged the trade-off but did not quantify capital allocation limits.
- Despite 131% growth, semiconductor revenue is still negligible relative to total revenue; meaningful margin impact is years away.
Key quotes
- FY26 has been without exaggeration the most consequential year for Indian ICT distribution industry in over a decade.
- We are very confident to maintain our trajectory of 20% CAGR in the coming year as well.
- If I remove the last to last year Yota deal then we have a growth of 31%.
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