# Redington (REDINGTON) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/redington

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹328.5
- Change: -7.83%
- As of: 2026-11-06
- 1D return: -7.83%
- 5D return: +0.47%
- 1M return: -15.34%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

REDINGTON (₹328.50) exhibits a sharp divergence between short-term weakness and longer-term structural strength. On the daily chart, price is below the 20-period EMA, SMA, and Supertrend, with an established bearish trend (ADX 29.36). This follows an extreme upward volume anomaly on November 4 (+13.0% range, +9.4% return) and a significant drop on November 6 (-7.8%), leaving the stock in a consolidation phase near its 20-day low (+14.0% from range bottom).

However, the weekly and monthly trends remain bullish. The price sits above the 50-period moving averages and Supertrend on the weekly timeframe, and above all major indicators on the monthly chart (ADX 32.42). An active weekly 'Outside Bar' pattern suggests indecision following recent volatility. With annualized volatility at +50.4% and a current drawdown of -20.4%, the setup is high-risk. Immediate resistance lies at ₹334.80 (1.92% above), while support is found at ₹322.70 (1.77% below). A break below ₹322.70 would invalidate the near-term defensive structure, whereas a sustained move above ₹334.80 could signal a resumption of the weekly uptrend.

- Trend Divergence: Daily trend is bearish (price below 20-EMA/Supertrend), while weekly and monthly trends remain bullish (price above key MAs/Supertrend).
- Volatility & Structure: Extreme volume spike on Nov 4 (+9.4% return) preceded today's pullback (-7.8%). Active weekly 'Outside Bar' indicates indecision.
- Key Levels: Resistance at ₹334.80 (1.92% up); Support at ₹322.70 (1.77% down). Current price is near the lower end of the 20-day range.
- Risk Profile: High volatility (+50.4% annualized) and significant current drawdown (-20.4%) require tight monitoring of support holds.

- Outside Bar
- Hammer
- Bearish Engulfing Reversal
- Harami
- Inside Bar

### News Context

Redington Ltd reported second-quarter results on November 4, 2026, showing a 20% year-on-year increase in net profit to ₹422 crore and a 48% surge in revenue to ₹42,947 crore. The company attributed this growth to rising enterprise technology and data centre spending, with significant contributions from India (67% revenue growth) and its Technology Solutions Group (91% expansion). Following the release of these figures, which also included a record EBITDA of ₹894 crore (up 41%), Redington's shares surged approximately 11-11.5%.

On November 5, Motilal Oswal initiated coverage on the stock with a 'buy' rating, projecting a bull case price target of ₹1,050. The brokerage forecasts revenue, EBITDA, and PAT to compound at 23%, 28%, and 27% respectively over FY26-29. However, the firm identified key risks including the low-margin nature of hardware distribution, working capital intensity, OEM dependence, and currency volatility.

- {'detail': 'Net profit rose 20% YoY to ₹422 crore; revenue increased 48% to ₹42,947 crore; EBITDA grew 41% to ₹894 crore.', 'metric': 'Q2 Financial Performance'}
- {'detail': 'Shares surged 11-11.5% on November 4 following the earnings release, driven by strong demand for cloud, cybersecurity, and AI infrastructure.', 'metric': 'Market Reaction'}
- {'detail': "Motilal Oswal initiated coverage on November 5 with a 'buy' rating and a ₹1,050 bull case target, implying 190% upside, while citing risks related to margins and OEM dependence.", 'metric': 'Brokerage Outlook'}

- [Stocks To Buy: Motilal Oswal projects 190% bull case upside potential for its latest stock pick](https://www.cnbctv18.com/market/redington-share-price-motilal-oswal-buy-rating-bull-case-190-percent-upside-key-triggers-iphone-apple-risks-20027584.htm)
- [FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- [Redington Q2 PAT up 20% as IT infra spends grow](https://www.thehindubusinessline.com/companies/redington-q2-pat-up-20-as-it-infra-spends-grow/article71665128.ece)
- [Redington shares surge 11% on strong Q2 results; profit rises 21% to Rs 422 crore](https://www.moneycontrol.com/news/business/markets/redington-shares-surge-11-on-strong-q2-results-profit-rises-21-to-rs-422-crore-14069345.html)
- [Redington Q2 earnings: Stock rises 11% on highest revenue, EBITDA up 41%](https://www.businesstoday.in/markets/stocks/story/redington-q2-earnings-stock-rises-on-highest-revenue-ebitda-up-565648-2026-11-04)

### What Changed

Redington Limited reported unaudited financial results for the quarter and half-year ended September 30, 2026, which were approved by the Board of Directors on November 4, 2026. The company submitted copies of newspaper publications containing these results to the NSE and BSE on November 5, 2026. For the half-year ended March 31, 2026 (audited), consolidated profit after tax was ₹1,284.15 crores, while standalone profit after tax stood at ₹1,243.90 crores. For the quarter ended September 30, 2025, consolidated profit after tax was ₹422.51 crores and standalone profit after tax was ₹838.64 crores. On November 6, 2026, Redington’s shares traded at ₹328.50 on the NSE, down from a previous recorded price of ₹356.25.

- Board-approved unaudited results for H1 FY2027 (ended Sept 30, 2026) filed with exchanges on Nov 5, 2026.
- Consolidated PAT for H1 FY2026 (audited) was ₹1,284.15 crores; Standalone PAT was ₹1,243.90 crores.
- Quarterly PAT (ended Sept 30, 2025) was ₹422.51 crores (consolidated) and ₹838.64 crores (standalone).
- Share price observed at ₹328.50 on Nov 6, 2026, compared to prior level of ₹356.25.

- [Redington Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/Abhinandhanan_05112026163806_SEintimationNewspaperQ2.pdf)

### Official Filings

Redington Limited reported unaudited financial results for the quarter and half-year ended September 30, 2026, approved by its Board on November 4, 2026. The company recorded its highest-ever quarterly revenue of ₹43,002 crore in Q2 FY27, representing a 48% year-on-year increase. Consolidated profit after tax (PAT) was ₹541 crore, which included an exceptional impairment loss of ₹80.33 crore related to its Turkish subsidiary, Arena Bilgisayar Sanayi Ve Ticaret A.S. Excluding this impairment, PAT stood at ₹581 crore, up 50% year-on-year. On a standalone basis, the half-year PAT was ₹1,243.90 crore. In addition to financial reporting, the Board appointed Ms. Anchal Dhir as a Non-Executive Independent Director for a five-year term effective November 4, 2026.

- Q2 FY27 consolidated revenue reached ₹43,002 crore, up 48% year-on-year, marking the company's highest-ever quarterly revenue.
- Consolidated Q2 PAT was ₹541 crore; excluding an ₹80.33 crore impairment from the Turkish unit Arena, adjusted PAT was ₹581 crore (up 50%).
- Half-year standalone PAT for the period ended March 31, 2026, was ₹1,243.90 crore.
- Ms. Anchal Dhir was appointed as Additional Director (Non-Executive Independent Director) effective November 4, 2026, subject to shareholder approval.

- [Redington Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/Abhinandhanan_05112026163806_SEintimationNewspaperQ2.pdf)
- [Redington Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134315_SEintimation_FS.pdf)
- [Redington Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134806_SEintimationforcorporateandearningspresenation.pdf)
- [Redington Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Redington Q2 FY27 revenue rises 48% to ₹43,002 crore". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026135558_Press_relese__Q2_2026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752486_04112026020726_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752485_04112026020644_WEB.xml)
- [Redington Limited has informed the Exchange regarding Appointment of Ms Anchal Dhir as Non- Executive Independent Director of the company w.e.f. November 04, 2026. |SUBJECT: Appointment](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026142927_SEAnchalDhir.pdf)
- [REDINGTON LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2532_WebXMLFile_20261104_143500620.xml)
- [Redington Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026201748_SEintimatioforaudiorecordingSD.pdf)
- [Financial Results |Meeting Date: 04-Nov-2026](https://nsearchives.nseindia.com/corporate/Jhanviu_30102026152943_RLBMIntimationNov04.pdf)

### Fundamentals

Redington demonstrates a clear divergence between top-line expansion and bottom-line profitability in the latest reporting periods. For Q2 FY2026-27, income rose sequentially to ₹43,002 crore from ₹34,966 crore in Q1, with Profit Before Tax (PBT) increasing to ₹624 crore. However, Net Profit declined to ₹423 crore from ₹453 crore in Q1, indicating margin compression or higher tax/exceptional costs despite revenue growth.

Earnings quality shows strain as cash conversion deteriorates; CFO/EBITDA dropped from 74% in Mar 2024 to 32% in Mar 2026, and Cash from Operating Activity fell sharply to ₹231 crore in Mar 2026 from ₹1,079 crore previously. This aligns with a lengthening Cash Conversion Cycle (34 days in Mar 2024 to 34 days in Mar 2026, driven by rising Debtor Days from 57 to 66). Balance sheet pressures are evident with Current Liabilities surging to ₹30,136 crore as of Sep 2026 against Cash & Equivalents of just ₹1,120 crore, while Trade Receivables jumped to ₹25,511 crore.

Ownership structure is heavily skewed toward Foreign Institutional Investors (63.42% in Sep 2026), with Domestic Institutions reducing stakes. While long-term compounded sales growth remains robust at 16% over five years, the recent deceleration in operating profit efficiency and liquidity tightness are key monitoring factors.

- Net Profit declined sequentially to ₹423 crore in Q2 FY2026-27 despite Income rising to ₹43,002 crore, signaling margin pressure.
- Cash from Operating Activity fell significantly to ₹231 crore in Mar 2026, down from ₹1,079 crore in Mar 2024, reflecting weaker cash generation.
- Trade Receivables increased to ₹25,511 crore as of Sep 2026, contributing to a rise in Debtor Days from 57 to 66 since Mar 2024.
- Current Liabilities surged to ₹30,136 crore in Sep 2026, far exceeding Cash & Equivalents of ₹1,120 crore, tightening working capital dynamics.

### Bull Case

Redington’s constructive case rests on accelerating operational momentum and structural shifts in its revenue mix, which contrast with recent short-term price weakness. In the second quarter ended September 2026, the company delivered record revenue of ₹43,002 crore, a 48% year-on-year surge, alongside a 41% increase in EBITDA to ₹894 crore. Net profit rose 20–21% to ₹422 crore, driven by robust demand for cloud, cybersecurity, and AI infrastructure. Growth was particularly strong in India (up 67%) and within the Technology Solutions Group (up 91%), indicating a successful transition toward higher-value software and solutions rather than relying solely on low-margin hardware distribution.

Technically, while the daily trend is bearish with the stock trading at ₹328.5 (a 20.4% drawdown from highs), the monthly and weekly trends remain bullish. The stock has gained 47.2% over the past six months and 19.5% year-to-date as of November 6, 2026. A key condition for this upside case is the sustainability of enterprise IT spending; if demand for data center and cloud infrastructure remains strong, the current valuation gap between fundamentals and price could narrow. However, investors should monitor working capital intensity and OEM dependence, which Motilal Oswal notes as persistent risks despite the growth trajectory.

- Q2 FY26 revenue surged 48% YoY to a record ₹43,002 crore, with EBITDA up 41% to ₹894 crore and net profit rising 20% to ₹422 crore.
- Technology Solutions Group revenue expanded 91% YoY, highlighting a strategic shift toward high-growth software, cloud, and cybersecurity segments.
- Indian market revenue grew 67% YoY, underscoring domestic demand strength as a primary driver of the recent performance.
- Monthly and weekly technical trends remain bullish despite a bearish daily signal, with the stock up 47.2% over the last six months.

- [Stocks To Buy: Motilal Oswal projects 190% bull case upside potential for its latest stock pick](https://www.cnbctv18.com/market/redington-share-price-motilal-oswal-buy-rating-bull-case-190-percent-upside-key-triggers-iphone-apple-risks-20027584.htm)
- [FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- [Redington Q2 PAT up 20% as IT infra spends grow](https://www.thehindubusinessline.com/companies/redington-q2-pat-up-20-as-it-infra-spends-grow/article71665128.ece)
- [Redington shares surge 11% on strong Q2 results; profit rises 21% to Rs 422 crore](https://www.moneycontrol.com/news/business/markets/redington-shares-surge-11-on-strong-q2-results-profit-rises-21-to-rs-422-crore-14069345.html)
- [Redington Q2 earnings: Stock rises 11% on highest revenue, EBITDA up 41%](https://www.businesstoday.in/markets/stocks/story/redington-q2-earnings-stock-rises-on-highest-revenue-ebitda-up-565648-2026-11-04)
- [Redington Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/Abhinandhanan_05112026163806_SEintimationNewspaperQ2.pdf)
- [Redington Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134315_SEintimation_FS.pdf)
- [Redington Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134806_SEintimationforcorporateandearningspresenation.pdf)
- [Redington Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Redington Q2 FY27 revenue rises 48% to ₹43,002 crore". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026135558_Press_relese__Q2_2026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752486_04112026020726_WEB.xml)

### Bear Case

Redington faces structural margin and operational constraints that temper the enthusiasm from recent earnings growth. Motilal Oswal’s coverage explicitly flags the low-margin nature of hardware distribution, high working-capital intensity, dependence on OEMs, and currency volatility as key risks. Technically, the stock has retreated significantly from its highs; it is down 19.0% over the past month and currently sits in a 20.4% drawdown, with daily technical indicators turning bearish (Supertrend direction: bearish, ADX 29.36). While the monthly trend remains bullish, the near-term price action shows weakness, with resistance clustered closely above at ₹334.8 and ₹335.5, against support at ₹322.7.

- Structural Risks: Brokerage analysis highlights low margins, working-capital intensity, OEM dependence, and currency volatility as inherent business risks.
- Technical Deterioration: Daily Supertrend is bearish; stock is in a -20.4% current drawdown and down -19.0% over the last month.
- Near-Term Resistance: Immediate resistance levels are tight at ₹334.8 (+1.92%) and ₹335.5 (+2.13%), limiting upside momentum.
- Volatility: Annualized volatility stands at +50.4%, indicating significant price fluctuation risk for investors.

- [Stocks To Buy: Motilal Oswal projects 190% bull case upside potential for its latest stock pick](https://www.cnbctv18.com/market/redington-share-price-motilal-oswal-buy-rating-bull-case-190-percent-upside-key-triggers-iphone-apple-risks-20027584.htm)
- [FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- [Redington Q2 PAT up 20% as IT infra spends grow](https://www.thehindubusinessline.com/companies/redington-q2-pat-up-20-as-it-infra-spends-grow/article71665128.ece)
- [Redington shares surge 11% on strong Q2 results; profit rises 21% to Rs 422 crore](https://www.moneycontrol.com/news/business/markets/redington-shares-surge-11-on-strong-q2-results-profit-rises-21-to-rs-422-crore-14069345.html)
- [Redington Q2 earnings: Stock rises 11% on highest revenue, EBITDA up 41%](https://www.businesstoday.in/markets/stocks/story/redington-q2-earnings-stock-rises-on-highest-revenue-ebitda-up-565648-2026-11-04)
- [Redington Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/Abhinandhanan_05112026163806_SEintimationNewspaperQ2.pdf)
- [Redington Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134315_SEintimation_FS.pdf)
- [Redington Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134806_SEintimationforcorporateandearningspresenation.pdf)
- [Redington Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Redington Q2 FY27 revenue rises 48% to ₹43,002 crore". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026135558_Press_relese__Q2_2026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752486_04112026020726_WEB.xml)

### FAQs

**What were Redington's key financial results for Q2 FY2026-27, and how did they compare to the prior year?**

For the quarter ended September 30, 2026, Redington reported record consolidated revenue of ₹43,002 crore, up 48% year-on-year. Consolidated profit after tax (PAT) was ₹541 crore, including an exceptional impairment loss of ₹39.7 crore from its Turkish subsidiary Arena. Excluding this item, PAT rose 50% to ₹581 crore with a margin of 1.35%. On a standalone basis, PAT was ₹838.64 crore.

**Why did Redington report an impairment loss in Q2, and what is its impact on the business?**

The company recognized an impairment loss of ₹80.33 crore related to its investment in Arena Bilgisayar Sanayi Ve Ticaret A.S (Turkey). This resulted in a ₹39.68 crore hit to consolidated PAT. The presentation attributed Arena's 37% revenue decline to the exit from Turkish Lira-denominated businesses. Two new subsidiaries were incorporated in Iraq and Kenya during the period.

**How has Redington's stock price performed recently, and what are the current technical levels?**

As of November 6, 2026, shares closed at ₹328.50, down 7.8% over the past week but up 19.5% year-to-date. The stock surged 11% following Q2 results but has since pulled back. Key resistance levels are noted at ₹334.80 and ₹335.50, while support exists at ₹322.70 and ₹319.00. The monthly trend remains bullish, though daily indicators show bearish momentum.

**What growth projections have analysts provided for Redington, and what risks do they highlight?**

Motilal Oswal initiated coverage with a 'buy' rating, projecting a bull case target of ₹1,050. They forecast revenue, EBITDA, and PAT to compound at 23%, 28%, and 27% respectively between FY26 and FY29. Key risks identified include the low-margin nature of hardware distribution, working capital intensity, dependence on OEMs, and currency volatility.

- [Stocks To Buy: Motilal Oswal projects 190% bull case upside potential for its latest stock pick](https://www.cnbctv18.com/market/redington-share-price-motilal-oswal-buy-rating-bull-case-190-percent-upside-key-triggers-iphone-apple-risks-20027584.htm)
- [FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- [Redington Q2 PAT up 20% as IT infra spends grow](https://www.thehindubusinessline.com/companies/redington-q2-pat-up-20-as-it-infra-spends-grow/article71665128.ece)
- [Redington shares surge 11% on strong Q2 results; profit rises 21% to Rs 422 crore](https://www.moneycontrol.com/news/business/markets/redington-shares-surge-11-on-strong-q2-results-profit-rises-21-to-rs-422-crore-14069345.html)
- [Redington Q2 earnings: Stock rises 11% on highest revenue, EBITDA up 41%](https://www.businesstoday.in/markets/stocks/story/redington-q2-earnings-stock-rises-on-highest-revenue-ebitda-up-565648-2026-11-04)
- [Redington Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/Abhinandhanan_05112026163806_SEintimationNewspaperQ2.pdf)
- [Redington Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134315_SEintimation_FS.pdf)
- [Redington Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134806_SEintimationforcorporateandearningspresenation.pdf)
- [Redington Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Redington Q2 FY27 revenue rises 48% to ₹43,002 crore". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026135558_Press_relese__Q2_2026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752486_04112026020726_WEB.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Moderate Downtrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹362.45
- Risk regime: Price Risk Requires Attention

### Support levels
- 322.7
- 299.63625
- 291.775

### Resistance levels
- 334.8
- 362.525
- 371

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -7.83% |
| return_10 | -8.52% |
| return_1m | -19.03% |
| return_1y | +13.30% |
| return_20 | -15.34% |
| return_3m | -6.34% |
| return_5 | +0.47% |
| return_6m | +47.16% |
| return_since_start | +64.47% |
| return_ytd | +19.48% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -39.35% |
| annualized_volatility | +50.38% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Redington Limited Q2 FY2026-27: Revenue up 23%, profit down 7% sequentially

Redington’s revenue from operations rose 23% sequentially to ₹42,947 crore in Q2 FY2026-27, while profit before exceptional items and tax increased 15% to ₹704 crore. Profit for the period fell 7% to ₹423 crore from Q1, after an exceptional charge of ₹80 crore and tax expense of ₹201 crore. Operating cash flow was negative ₹1,523 crore as inventory and receivables stood higher at quarter-end than at March-end.

## Revenue and expenses increased from Q1

Revenue from operations rose to ₹42,946.91 crore from ₹34,922.47 crore in Q1 FY2026-27, a 23% sequential increase. Expenses increased 23% to ₹42,297.41 crore from ₹34,354.76 crore, broadly matching revenue growth. Purchases of stock in trade were ₹41,353.58 crore.

Other expenses increased 44% year on year to ₹703.42 crore from ₹488.24 crore in Q2 FY2025-26. They were also higher than the ₹487.52 crore recorded in Q1 FY2026-27.

## Exceptional charge and tax reduced reported profit

Profit before exceptional items and tax rose to ₹704.14 crore from ₹610.87 crore in Q1 FY2026-27. An exceptional charge of ₹80.33 crore brought profit before tax to ₹623.81 crore. Tax expense was ₹201.30 crore, up from ₹157.38 crore, and profit for the period declined 7% to ₹422.51 crore from ₹453.49 crore.

Basic and diluted earnings per share from continuing operations were ₹6.92, compared with ₹6.22 in Q1. Profit attributable to owners of the parent was ₹541.32 crore, offset by a loss attributable to non-controlling interests of ₹118.81 crore; these amounts reconcile to consolidated profit for the period.

## Working capital and cash flow

At 30 September 2026, inventories were ₹11,843.55 crore, compared with ₹8,170.70 crore at 31 March 2026 and ₹6,821.31 crore at 30 September 2025. Current trade receivables were ₹25,511.43 crore, up from ₹21,569.46 crore at March-end and ₹18,882.14 crore a year earlier. Current trade payables increased to ₹20,984.45 crore from ₹18,039.13 crore at 31 March 2026.

Operating cash flow was negative ₹1,523.41 crore and free cash flow was negative ₹1,087.31 crore in the quarter. The higher quarter-end inventory and receivable balances coincided with the operating cash outflow, making cash conversion a key consideration alongside revenue growth.

## Borrowings and financial liabilities rose

Current borrowings increased to ₹5,992.40 crore at 30 September 2026 from ₹2,637.45 crore at 31 March 2026 and ₹2,407.66 crore at 30 September 2025. Current financial liabilities were ₹27,439.84 crore, compared with ₹20,989.31 crore at March-end.

Cash and cash equivalents were ₹1,119.87 crore, broadly unchanged from ₹1,109.76 crore at 31 March 2026 and below ₹1,359.69 crore a year earlier. Financing cash flow was positive ₹1,011.76 crore and investing cash flow was positive ₹436.10 crore in Q2.

## Key Takeaway

Redington delivered strong sequential revenue growth and higher pre-exceptional profit, but consolidated profit declined after the exceptional charge and higher tax expense. The rise in inventory and receivables coincided with negative operating cash flow, while current borrowings and financial liabilities increased—keeping working-capital demands and cash conversion in focus.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +0.00%
- FII holding: +39.30%
- DII holding: +16.01%
- Mutual fund holding: +12.28%
- Retail holding: +10.45%
- Promoter pledged: +0.00%

### Major reported shareholders

- SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION — +24.12%
- HDFC SMALL CAP FUND — +6.35%
- FIDELITY PURITAN TRUST-FIDELITY LOW-PRICED STOCK FUND — +2.65%
- FIDELITY INVESTMENT TRUST FIDELITY INTERNATIONAL SMALL CAP FUND — +2.05%
- GOVERNMENT PENSION FUND GLOBAL — +2.01%
- MASSACHUSETTS INSTITUTE OF TECHNOLOGY — +1.88%
- RBC EMERGING MARKETS DIVIDEND FUND — +1.22%
- VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND — +1.09%
- VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS — +1.05%
- OLD BRIDGE FOCUSED FUND — +1.04%

## Official filings

- 2026-11-06 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_06112026165221_DatabookSEintimation.pdf)
- 2026-11-05 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Abhinandhanan_05112026163806_SEintimationNewspaperQ2.pdf)
- 2026-11-04 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134315_SEintimation_FS.pdf)
- 2026-11-04 — Earnings Presentation: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026134806_SEintimationforcorporateandearningspresenation.pdf)
- 2026-11-04 — Press Release: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026135558_Press_relese__Q2_2026.pdf)
- 2026-11-04 — Financial Results Filing: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752486_04112026020726_WEB.xml)
- 2026-11-04 — Financial Results Filing: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752485_04112026020644_WEB.xml)
- 2026-11-04 — Management Change: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026142927_SEAnchalDhir.pdf)
- 2026-11-04 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_2532_WebXMLFile_20261104_143500620.xml)
- 2026-11-04 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_04112026201748_SEintimatioforaudiorecordingSD.pdf)
- 2026-10-30 — Board Meeting Notice: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_30102026152943_RLBMIntimationNov04.pdf)
- 2026-10-30 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_30102026153608_SEIntimationEarningscall.pdf)
- 2026-10-30 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2532_WebXMLFile_20261030_181553157.xml)
- 2026-10-30 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2532_WebXMLFile_20261030_181204930.xml)
- 2026-10-30 — Board Meeting Notice: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2532_WebXMLFile_20261030_181204930.xml)
- 2026-10-22 — Press Release: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Abhinandhanan_22102026175810_PressrealseAWS_SD.pdf)
- 2026-10-15 — Shareholding Disclosure: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1738776_15102026030911_WEB.xml)
- 2026-10-15 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_15102026154716_SEintimationReg74.pdf)
- 2026-10-01 — Press Release: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Abhinandhanan_01102026161204_FPS_OPSWAT_SE_Intimation_sd.pdf)
- 2026-09-25 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Abhinandhanan_25092026143716_TWC_Q2.pdf)
- 2026-09-25 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2532_WebXMLFile_20260925_144258610.xml)
- 2026-09-17 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Abhinandhanan_17092026172046_SE_intimation_Investor_Conference_Sep_22_1.pdf)
- 2026-09-05 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_05092026115630_SE_intimation_Investor_Conference_Sep_09_signed.pdf)
- 2026-08-14 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_14082026174504_SE_intimation_Investor_Conference_Aug_14.pdf)
- 2026-08-12 — Generic Announcement: Redington Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Jhanviu_12082026172919_SE_intimation_Investor_Conference_Aug_121.pdf)

## News and market events

- 2026-11-05 — CNBC-TV18: **Stocks To Buy: Motilal Oswal projects 190% bull case upside potential for its latest stock pick** — Motilal Oswal initiated coverage on technology distributor Redington Ltd. with a 'buy' rating, projecting a bull case price target of ₹1,050 that implies 190% upside potential from current levels. The brokerage anticipates strong growth in Redington's Software Solutions Group and core distribution business, forecasting revenue, EBITDA, and PAT to compound at 23%, 28%, and 27% respectively over FY26-29. Key risks identified include the low-margin nature of hardware distribution, working capital intensity, OEM dependence, and currency volatility. — [Source](https://www.cnbctv18.com/market/redington-share-price-motilal-oswal-buy-rating-bull-case-190-percent-upside-key-triggers-iphone-apple-risks-20027584.htm)
- 2026-11-04 — CNBC-TV18: **FIIs invest over ₹20,000 crore in four days as markets rise for fifth straight session** — Foreign institutional investors extended their buying streak in Indian equities to a fourth consecutive session on November 4, purchasing shares worth a net ₹7,284.03 crore and contributing to a cumulative investment of over ₹20,000 crore in four days. This inflow coincided with Indian equity benchmarks rising for a fifth straight session, with the Nifty gaining over 5% to reclaim the 23,900 mark and the Sensex closing above 77,300. While market breadth remained positive with an advance-decline ratio of 3:1, domestic institutional investors recorded net outflows of ₹3,712.23 crore as they rema — [Source](https://www.cnbctv18.com/market/fiis-invest-over-rs20000-crore-in-four-days-as-markets-rise-for-fifth-straight-session-20027245.htm)
- 2026-11-04 — The Hindu: **Redington Q2 PAT up 20% as IT infra spends grow** — Chennai-based IT solutions provider Redington reported a 20% year-on-year increase in second-quarter net profit to ₹422 crore, driven by a 48% surge in revenue to ₹42,947 crore. This growth was primarily attributed to rising enterprise technology and data centre spending, with significant contributions from India's 67% revenue growth and the Technology Solutions Group's 91% expansion. The company highlighted strong demand for cloud, cybersecurity, and AI infrastructure as key factors supporting its performance across major markets. — [Source](https://www.thehindubusinessline.com/companies/redington-q2-pat-up-20-as-it-infra-spends-grow/article71665128.ece)
- 2026-11-04 — MONEYCONTROL: **Redington shares surge 11% on strong Q2 results; profit rises 21% to Rs 422 crore** — Redington's shares surged 11% following the release of strong second-quarter results, which reported a 21% rise in profit to Rs 422 crore. The positive financial performance drove the significant increase in the company's stock price. — [Source](https://www.moneycontrol.com/news/business/markets/redington-shares-surge-11-on-strong-q2-results-profit-rises-21-to-rs-422-crore-14069345.html)
- 2026-11-04 — BUSINESSTODAY: **Redington Q2 earnings: Stock rises 11% on highest revenue, EBITDA up 41%** — Redington Ltd shares rose 11.54% to Rs 374 after the technology distributor reported record Q2 revenue of Rs 43,002 crore and a 41% increase in EBITDA to Rs 894 crore. The strong performance was driven by significant year-on-year growth in India and the Middle East and Africa, fueled by demand for enterprise infrastructure, cloud, and cybersecurity solutions. — [Source](https://www.businesstoday.in/markets/stocks/story/redington-q2-earnings-stock-rises-on-highest-revenue-ebitda-up-565648-2026-11-04)
- 2026-11-04 — CNBC-TV18: **Redington Q2 Results: Shares rally 13% on record revenue and profit growth** — Redington reported record quarterly revenue of ₹42,947 crore and a 20.6% rise in profit after tax for Q2 FY27, driven by strong growth across its key geographies including South Asia, India, and Sub-Saharan Africa. The company disclosed an impairment charge linked to its Turkish subsidiary Arena due to challenging economic conditions and currency-related exits, which weighed on reported earnings. Following the announcement of these results, Redington's shares rallied significantly on the BSE. — [Source](https://www.cnbctv18.com/market/earnings/redington-q2-results-shares-rally-over-9pc-on-record-revenue-and-profit-growth-20026915.htm)
- 2026-10-28 — BUSINESSTODAY: **JioBlackRock MF folios jump 261%: Can new fund houses challenge established AMCs?** — JioBlackRock Mutual Fund's investor folios surged 261% year-on-year to 13.37 lakh in September 2026, highlighting the rapid expansion of newer fund houses in India's competitive mutual fund industry. — [Source](https://www.businesstoday.in/mutual-funds/story/jioblackrock-mf-folios-jump-261-can-new-fund-houses-challenge-established-amcs-563522-2026-10-29)
- 2026-10-27 — MONEYCONTROL: **Redington shares fall 2.4% as iPhone sales face festive-season slowdown** — Redington shares fall 2.4% as iPhone sales face festive-season slowdown Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Allotment Jio IPO Listing Date Israel Elections 2026 live Microsoft Buyout news Gyanesh Kumar Benjamin Netanyahu Noel Tata Ather Share Price Anthropic IPO News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance mor — [Source](https://www.moneycontrol.com/news/business/stocks/redington-shares-fall-2-4-as-iphone-sales-face-festive-season-slowdown-14061410.html)
- 2026-09-23 — MONEYCONTROL: **Business news live: Redington's Turkish arm signs Vodafone distribution deal worth $8 million** — india, business news live, business news, gold, silver, rbi, gmp, ipo, tata — [Source](https://www.moneycontrol.com/news/business/india-business-news-live-business-news-gold-silver-rbi-gmp-ipo-tata-liveblog-14035913.html)
- 2026-09-10 — Economic Times: **Apple Event 2026 impact: Redington shares jump 5% after Apple unveils first-ever foldable iPhone** — Apples entry into the foldable smartphone market could benefit Redington, a key Apple distribution partner in India and other markets. Analysts expect the launch to boost consumer awareness and confidence in foldables, although Samsung is likely to retain its dominance in the near term. IDC expects Apple to ship around 10 million units in the first 12 months. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/apple-event-2026-impact-redington-shares-jump-5-after-apple-unveils-first-ever-foldable-iphone/articleshow/133993680.cms)
- 2026-09-08 — Mint: **Stock market today: Trade guide for Sensex, Nifty 50, crude oil to gold | eight stocks to buy** — Stock market today: Indian stock market indices Sensex and Nifty 50 are set for a lower open on 8 September amid mixed global cues. Nifty 50 closed below 23,800, signaling bearish momentum, while elevated crude oil prices and geopolitical tensions raise concerns over inflation and market sentiment. — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-trade-guide-for-sensex-nifty-50-crude-oil-to-gold-eight-stocks-to-buy-11788828251128.html)
- 2026-08-28 — CNBC-TV18: **Tejas Networks, Tata Teleservices rally while BBTC slumps post previous day surge** — Some Nifty 500 stocks rallied on order wins and block deal activity, while others slid on large stake sales and profit booking — here's a look at today's top gainers and losers at market open. — [Source](https://www.cnbctv18.com/market/nifty-500-top-gainers-losers-market-open-tejas-networks-tata-teleservices-ather-energy-share-price-19978788.htm)
- 2026-08-25 — Mint: **Stock market today: Gift Nifty hints a weak start; eight day trading stocks to buy on Tuesday, 25 August** — The Indian stock market is set to open lower due to weak global cues. The Nifty 50 fell to 24,219.05, while the Sensex declined 171.72 points. The escalating US-Iran tensions and new sanctions could affect market sentiment and energy prices. — [Source](https://www.livemint.com/market/stock-market-news/stock-market-today-gift-nifty-hints-a-weak-start-eight-day-trading-stocks-to-buy-on-tuesday-25-august-11787624139233.html)
- 2026-08-13 — MONEYCONTROL: **Kenneth Andrade-backed Old Bridge MF adds Jubilant FoodWorks, Redington, Delhivery; exits Axis Bank, Syngene International** — Old Bridge MF, Kenneth Andrade — [Source](https://www.moneycontrol.com/news/business/markets/kenneth-andrade-backed-old-bridge-mf-adds-jubilant-foodworks-redington-delhivery-exits-axis-bank-syngene-international-14004150.html)
- 2026-08-11 — MONEYCONTROL: **Momentum Stocks: HLE Glascoat, Rhetan TMT, Identical Brain under pressure; stocks trade below key moving averages** — Buzzing Stocks — [Source](https://www.moneycontrol.com/news/business/markets/momentum-stocks-nifty50-today-hle-glascoat-rhetan-tmt-identical-brain-under-pressure-stocks-trade-below-key-moving-averages-14000950.html)
- 2026-08-08 — Economic Times: **Quant Small Cap Fund adds SBI Funds Management, Caliber Mining and 11 others in July** — Quant Small Cap Fund added 13 stocks in July, including SBI Funds Management, Caliber Mining and Hexaware Technologies. The fund exited four stocks and reduced exposure to seven others, while increasing holdings in 10 stocks. Its portfolio rose to 106 stocks from 97 in June, with AUM at Rs 34,069 crore as of July 31. — [Source](https://economictimes.indiatimes.com/mf/analysis/quant-small-cap-fund-adds-sbi-funds-management-caliber-mining-and-11-others-in-july/articleshow/133048616.cms)
- 2026-08-03 — Mint: **Top Gainers & Losers on 3 August: Urban Company, Pine Labs, Redington, Paytm, TCS, Meesho among top gainers** — Indian equities surged nearly 1% on Monday, led by a decline in crude oil prices and strong IT sector buying. The Nifty 50 rose to 24,573 and the Sensex to 78,677, extending gains to a fourth session. Nifty IT and Private Bank were top gainers. — [Source](https://www.livemint.com/market/stock-market-news/top-gainers-losers-on-3-august-urban-company-pine-labs-redington-paytm-tcs-meesho-among-top-gainers-11785751559441.html)
- 2026-08-03 — Economic Times: **Redington partners with SolarEdge to expand advanced solar energy solutions across India** — Redington and SolarEdge have formed a strategic partnership to expand solar energy access. This collaboration will distribute SolarEdge's advanced solar technology throughout India. Redington's extensive network will accelerate market reach for residential and commercial solar projects. The partnership aims to make efficient solar solutions more accessible to Indian customers. This initiative supports India's ongoing transition towards a sustainable energy future. — [Source](https://cio.economictimes.indiatimes.com/news/business-analytics/redington-partners-with-solaredge-to-expand-advanced-solar-energy-solutions-across-india/132822537)
- 2026-08-03 — CNBC-TV18: **Sensex Today | Stock Market Live Updates: Nifty at a 5-month high as market extends gains** — Sensex Today | Stock Market Live Updates: The markets are trading on a strong footing, even as the Asian markets move lower. The Nifty is up over 150 points, rising above 24,500. The Nifty Bank is also higher, jumping over 300 points, rising to 57,600. ITC, Shriram Fin and IndiGo are top gainers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-oil-fcnr-rupee-itc-maruti-autos-ioc-divis-zee-stl-banks-share-price-liveblog-19959976.htm)
- 2026-07-30 — Mint: **Multibagger Redington shares soar 18% to record high after Q1 profit jumps 77%** — Redington's shares rose 18% to an all-time high of  ₹338.50 following record Q1 FY27 results, with revenue at  ₹34,966 crore and 77% year-on-year profit growth. Strong demand across sectors, notably in India, fueled this performance amid ongoing industry supply constraints. — [Source](https://www.livemint.com/market/stock-market-news/multibagger-redington-shares-soar-18-to-record-high-after-q1-profit-jumps-77-11785401185178.html)
- 2026-07-30 — The Hindu: **Q1 Results Today Live: Gillette Q1 profit up 9.4% y-o-y, Bajaj Finance, M&M, Tata Steel, Vedanta, Torrent Pharma, Hyundai Motor, IRFC, Swiggy, NSDL to announce Q1 results** — Q1 Results Today, 30th July 2026 Live Updates: Stay tuned for more from businessline — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-bajaj-finance-mampm-tata-steel-swiggy-awl-agri-torrent-pharma-hyundai-motor-irfc-mankind-vedanta-gillette-mazagon-thermax-ajanta-nuvama-nsdl-niva-bupa-results-30-july-202/article71280963.ece)
- 2026-07-30 — CNBC-TV18: **Q1 Results LIVE Updates: Hester Bio revenue down 8%; Gillette profit up 9%; Swiggy reports today** — Q1 Results LIVE Updates: Bajaj Finance, M&M and Tata Steel are the three Nifty results for the day, along with broader market names like Hyundai Motor, Vedanta, Vedanta Aluminium, Swiggy, Mazagon Dock, Torrent Pharma, Thermax and many others. Eicher Motors, Dabur, three Vedanta demerged units, Bajaj Housing, Hexaware and many more also react to numbers. Watch this space for all the LIVE Q1 results updates. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-today-bajaj-finance-mm-tata-steel-eicher-dabur-mazagon-dock-swiggy-syngene-irfc-vedanta-aluminium-mtar-hyundai-lic-liveblog-19957385.htm)
- 2026-07-30 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Nifty remains above 24,250; Redington shares up 10%** — Sensex Today | Stock Market LIVE Updates: Today is the monthly expiry of the Sensex contracts. 24,000 on the downside is key for the Nifty, while the July 17 high of 24,367 is the first hurdle to cross on the upside — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-expiry-infosys-it-eicher-dabur-vedanta-irfc-asian-paints-share-price-liveblog-19957305.htm)

## Business profile

**Strategic vision:** Distributes technology products and provides supply chain solutions.

### Business segments
- **Technology Distribution:** Redington distributes a wide range of technology hardware and software solutions, including consumer electronics, enterprise solutions, and mobility devices.
- **Logistics and Supply Chain Services (ProConnect):** Through its subsidiary ProConnect Logistics, Redington provides third-party logistics, warehousing, order fulfillment, and distribution services to corporate clients.
- **Digital and Cloud Services:** Redington operates the digital platform 'Cloudspire', offering cloud subscription management, provisioning, and consulting services for multi-cloud environments.

### Competitive strengths
- Extensive distribution network for global IT and consumer electronics brands.
- Integrated logistics and supply chain capabilities.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/redington
Markdown representation: https://faxioms.com/stocks/redington?render=md