NSE:REDINGTON · Risk Score Report

NSE:REDINGTONNSETechnology

Redington Limited

📊 Information Technology Services

Day ₹212

₹218 Neutral

52W ₹191

₹335 Oversold

₹214.75

▼ ₹0.22 (-0.10%)

Vol: 2,725,696 · Avg: 6,426,288

As of April 29, 2026 · 06:35 IST

COMPOSITE RISK SCORE

VAL:25/25 · FIN:11/25 · GRO:13/25 · TECH:8/25

📈 P/E RATIO

9.5x

Trailing

📖 P/B RATIO

1.9x

Price to Book

💰 EPS

₹22.57

TTM

🏛 MARKET CAP

₹16,789Cr

Mid Cap

📊 ROE

18.4%

Return on Equity

📈 REV GROWTH

15.7%

YoY

🏢 Company Analysis · Redington Limited

💼 BUSINESS MODEL

Redington Limited distributes information technology, mobility, and other technology products in India, the Middle East, Turkey, Africa, and South Asian countries..
It provides AI and automation, software applications, security, digital printing, data and analytics, infrastructure, 3D printing, network modernization, cyber security, solar, gaming, AE and VR, home automation, wearables, and displays; and firewalls, access service edge, endpoint security, and identity and access management solutions..
The company also offers software and hardware solutions, such as laptops, tablets, servers, software, notebooks, workstations, networking, power supply, desktops, accessories, components, and lighting products for mobility, computing, printing, automation, gaming, and solar applications..
In addition, it is involved in the marketing, sale, and maintenance of computer hardware, accessories and spare parts; wholesale of mobile phones and devices, electronic household appliances, telecommunication products, and cosmetics; artificial intelligence activities; distribution of renewable energy products, information technology, spare parts, and telecommunication products; cloud services and software sales; public materials transportation; requisites trading of computer software, computer equipment, telephones and telecommunication equipment, and data processing; import and export of computers, computer peripherals, and components..
Operates in Information Technology Services within the Technology sector.
Workforce of 12,062 employees.

🏰 MOAT & COMPETITION

Mid-cap (₹16,789 Cr) — growing company in a competitive landscape.
Key competitors: Redington, Encompass Design, Vega Jewellers, S T C.

🚀 CATALYSTS

Revenue growing at 16% — strong top-line momentum.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹300 — ₹330 (mean ₹314, 4 analysts).
Moderate asymmetry — upside +54% vs downside +40% (1.4x).
P/E of 9.5x — low valuation floor, limited downside from de-rating.

🔭 FUTURE OUTLOOK

Analyst consensus: None (4 analysts).
Latest quarter earnings change: +9% YoY — relatively flat.

✅ PROS

Stock is providing a good dividend yield of 3.20%.
Company has been maintaining a healthy dividend payout of 37.8%

❌ CONS

Earnings include an other income of Rs.825 Cr.

VALUATION

25/25

25% WEIGHT

P/E at 10x
P/B at 1.9x
Analyst target: ₹314 (+46.1%)
1Y return: -11.6%

FINANCIAL HEALTH

11/25

25% WEIGHT

ROE: 18.4%
Profit margin: 1.6%
Revenue growth: 15.7%
Debt/Equity: 28%

GROWTH

13/25

25% WEIGHT

Revenue growth: 15.7%
Earnings growth: 8.8%
Beta: 0.95
Sector: Technology

TECHNICAL

8/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

9.5x

Trailing twelve months

P/B RATIO

1.9x

Price to Book value

ROE

18.4%

Return on Equity

PROFIT MARGIN

1.6%

Net profit margin

OPM

1.9%

Operating profit margin

ANALYST TARGET

₹314

Range: ₹300 - ₹330

Yahoo Finance ↗

PEG RATIO

N/A

Price/Earnings to Growth

EV/EBITDA

7.9x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

3.16%

Annual yield

ROA

6.4%

Return on Assets

GROSS MARGIN

5.1%

Gross profit margin

INDUSTRY AVERAGES — TRADING & DISTRIBUTORS

P/E 32.2x (below avg)

P/B 8.0x (sector fair)

ROCE 23.2% (below avg)

ROE 25% (sector good)

OPM 25% (sector good)

Div Yield 6.20%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹24,896 Cr	—	₹293 Cr	—	N/A	2.1%
Q3 FY25	₹26,716 Cr	+7.3%	₹400 Cr	+36.7%	N/A	2.4%
Q4 FY25	₹26,397 Cr	-1.2%	₹666 Cr	+66.3%	N/A	4.9%
Q1 FY26	₹25,952 Cr	-1.7%	₹275 Cr	-58.6%	N/A	1.7%
Q3 FY26	₹30,922 Cr	+19.1%	₹436 Cr	+58.3%	N/A	2.1%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹62,612 Cr	—	₹1,280 Cr	—	₹989 Cr	—
FY23	₹79,337 Cr	+26.7%	₹1,393 Cr	+8.8%	₹-3,234 Cr	-426.9%
FY24	₹89,310 Cr	+12.6%	₹1,219 Cr	-12.5%	₹1,079 Cr	+133.4%
FY25	₹99,291 Cr	+11.2%	₹1,605 Cr	+31.7%	₹293 Cr	-72.9%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Redington Limited Makes Its Money

🏦 Snapshot of Redington Limited's Balance Sheet

💸 Looking into Redington Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	21,187	22,220	23,505	22,433	21,282	24,896	26,716	26,440	25,952	29,076	30,922
YOY Sales Growth %	26.09%	16.64%	8.45%	2.68%	0.45%	12.04%	13.66%	17.86%	21.94%	16.79%	15.74%
Expenses +	20,768	21,739	22,988	21,974	20,911	24,437	26,114	25,843	25,552	28,487	30,296
Material Cost %	94%	94%	94%	94%	95%	95%	95%	95%	95%	95%	95%
Employee Cost %	2%	1%	1%	1%	2%	1%	1%	1%	1%	1%	1%
Operating Profit	419	481	517	459	371	458	602	597	400	589	626
OPM %	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%	2%
Other Income +	64	76	45	79	53	57	48	696	50	43	37
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	625.77	0.00	0.00	0.00
Other income normal	63.52	76.44	44.56	79.32	52.96	56.66	48.35	70.10	49.53	42.76	37.24
Interest	88	106	85	106	81	84	84	82	92	116	79
Depreciation	42	44	43	52	51	49	54	63	54	55	47
Profit before tax	352	408	434	381	292	381	513	1,148	304	460	538
Tax %	27%	24%	20%	15%	26%	26%	21%	20%	23%	24%	23%
Net Profit +	255	312	348	324	217	283	403	918	233	350	413
Minority share	-6	-8	-7	2	29	10	-3	-252	42	38	22
Exceptional items AT	0	0	0	0	0	0	0	500	0	0	0
Profit excl Excep	255	312	348	324	217	283	403	418	233	350	413
Profit for PE	249	303	341	326	246	293	400	303	275	388	436
Profit for EPS	249	303	341	326	246	293	400	666	275	388	436
YOY Profit Growth %	-21%	-22%	-10%	5%	-1%	-3%	17%	-7%	12%	32%	9%
EPS in Rs	3.18	3.88	4.36	4.16	3.15	3.75	5.12	8.51	3.52	4.96	5.57
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	41,603	46,536	51,465	56,946	62,644	79,377	89,346	99,334	112,389
Sales Growth %	1.19%	11.86%	10.59%	10.65%	10.01%	26.71%	12.56%	11.18%
Expenses +	40,757	45,570	50,373	55,554	60,805	77,174	87,337	97,179	110,177
Manufacturing Cost %	0%	0%	0%	0%	0%	0%	1%	0%
Employee Cost %	2%	2%	2%	1%	1%	1%	1%	1%
Other Cost %	2%	2%	1%	1%	1%	1%	1%	1%
Operating Profit	846	966	1,092	1,392	1,839	2,203	2,009	2,154	2,212
OPM %	2%	2%	2%	2%	3%	3%	2%	2%	2%
Other Income +	39	-8	44	89	88	142	264	854	825
Exceptional items	3	-67	-4	-5	4	3	6	634
Other income normal	36	59	48	94	84	139	258	220
Interest	197	271	289	205	163	355	517	456	368
Depreciation	57	63	155	148	141	155	181	218	219
Profit before tax	631	623	692	1,128	1,622	1,833	1,575	2,335	2,450
Tax %	23%	22%	23%	30%	19%	21%	21%	22%
Net Profit +	484	484	534	788	1,315	1,439	1,239	1,821	1,914
Profit from Associates	0	0	0	0	0	0	0	0
Minority share	-3	23	-19	-30	-35	-47	-20	-216
Exceptional items AT	2	-50	-3	-4	3	2	4	492
Profit excl Excep	482	535	537	792	1,312	1,437	1,234	1,328
Profit for PE	480	558	518	762	1,277	1,390	1,214	1,171
Profit for EPS	482	508	515	758	1,280	1,393	1,219	1,605
Profit Growth %	4%	16%	-7%	47%	68%	9%	-13%	-4%
EPS in Rs	6.02	6.53	6.62	9.74	16.38	17.82	15.59	20.53	22.56
Dividend Payout %	20%	18%	32%	60%	40%	40%	40%	33%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	80	78	78	78	156	156	156	156	156
Reserves	3,451	3,828	4,231	4,861	5,629	6,771	7,392	8,565	8,856
Borrowings +	1,458	1,307	2,775	622	831	3,321	2,958	2,809	2,609
Long term Borrowings	4	25	0	5	90	50	39	16	12
Short term Borrowings	1,454	1,283	2,537	440	543	3,077	2,768	2,603	2,408
Lease Liabilities	0	0	237	177	198	193	151	189	189
Other Borrowings	0	0	0	0	0	0	0	0
Other Liabilities +	5,875	7,206	7,568	8,999	11,792	13,030	13,880	16,043	18,173
Non controlling int	359	345	381	373	323	366	313	476	384
Trade Payables	4,765	5,905	6,275	7,300	10,154	10,971	11,869	13,392	15,665
Advance from Customers	99	284	155	291	273	409	382	550
Other liability items	652	673	756	1,035	1,042	1,284	1,316	1,625	2,124
Total Liabilities	10,863	12,419	14,651	14,559	18,407	23,278	24,387	27,573	29,793
Fixed Assets +	470	454	714	605	700	877	861	858	788
Land	18	18	242	191	221	264	221	255
Building	92	95	99	97	99	145	149	151
Plant Machinery	23	40	39	34	40	53	51	54
Equipments	38	43	51	45	45	53	54	51
Computers	40	46	53	53	63	76	88	90
Furniture n fittings	62	62	77	58	68	70	72	72
Vehicles	14	13	18	15	15	31	49	47
Intangible Assets	242	256	275	267	319	364	369	366	292
Other fixed assets	88	134	200	212	254	292	343	341
Gross Block	616	706	1,054	972	1,124	1,348	1,397	1,426
Accumulated Depreciation	146	252	340	367	424	471	536	569
CWIP	20	38	11	1	85	12	6	15	39
Investments	4	7	0	0	0	34	0	0	0
Other Assets +	10,369	11,920	13,925	13,953	17,622	22,354	23,520	26,699	28,966
Inventories	3,107	3,859	3,673	2,902	4,383	7,085	6,653	6,287	6,821
Trade receivables	6,042	6,279	7,032	6,801	8,675	12,030	13,934	17,330	18,882
Cash Equivalents	541	877	2,377	3,493	3,659	1,951	1,621	1,381	1,371
Loans n Advances	151	138	175	96	139	263	273	271	32
Other asset items	528	767	668	662	766	1,025	1,039	1,430	1,860
Total Assets	10,863	12,419	14,651	14,559	18,407	23,278	24,387	27,573	29,793

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	1,360	186	1,068	966	3,497	989	-3,234	1,079	293
Profit from operations	856	869	1,018	1,149	1,426	1,890	2,238	2,058	2,286
Receivables	184	-978	-57	-449	24	-1,460	-2,949	-1,974	-3,459
Inventory	359	279	-654	406	690	-1,297	-2,439	440	367
Payables	310	243	1,008	101	1,201	2,339	209	892	1,527
Loans Advances	0	0	0	0	0	0	0	0	0
Other WC items	-179	-77	-46	-113	419	-207	43	79	96
Working capital changes	674	-532	252	-55	2,334	-624	-5,137	-562	-1,468
Interest paid	0	0	0	0	0	0	0	0	0
Direct taxes	-170	-151	-201	-128	-263	-276	-335	-417	-525
Cash from Investing Activity +	-86	-25	-94	54	-610	-167	243	37	547
Fixed assets purchased	-56	-59	-82	-84	-48	-126	-162	-122	-163
Fixed assets sold	4	25	9	4	10	7	13	58	8
Investments purchased	-18	-113	-44	-66	0	0	-34	0	0
Investments sold	14	115	41	74	0	0	0	34	0
Investment income	2	1	2	2	2	5	1	2	4
Interest received	17	20	20	19	53	40	55	89	85
Dividends received	0	0	0	0	0	0	0	0	0
Redemp n Canc of Shares	0	0	0	0	25	0	0	0	641
Acquisition of companies	0	0	-38	-10	0	-185	0	0	0
Other investing items	-49	-14	-1	115	-652	92	369	-25	-29
Cash from Financing Activity +	-1,131	-199	-651	443	-2,241	-476	1,529	-1,381	-1,171
Proceeds from shares	0	3	0	0	0	0	0	0	0
Proceeds from borrowings	157	801	878	2,039	0	177	15,953	20,668	20,396
Repayment of borrowings	-939	-730	-1,066	-924	-2,002	-16	-13,560	-21,006	-20,656
Interest paid fin	-154	-165	-204	-208	-144	-109	-264	-371	-325
Dividends paid	-198	-111	-117	-359	0	-461	-522	-565	-485
Financial liabilities	0	-0	-1	-93	-95	-68	-79	-107	-102
Other financing items	3	3	-141	-11	-0	0	0	0	0
Net Cash Flow	144	-38	324	1,463	646	346	-1,462	-264	-332
Free Cash Flow	1,309	152	995	885	3,459	870	-3,382	1,016	138
CFO/OP	180%	40%	131%	100%	270%	69%	-132%	74%	38%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	45	53	49	50	44	51	55	57	64
Inventory Days	32	29	32	28	20	27	35	29	24
Days Payable	42	44	49	47	50	63	54	51	52
Cash Conversion Cycle	35	38	32	30	14	15	36	34	36
Working Capital Days	20	24	22	11	8	10	21	22	25
ROCE %	16%	16%	18%	15%	20%	28%	25%	19%	19%

🏭 Industry Peers — Trading & Distributors

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Redington ★	₹216	12.0	₹16,871	18.9%	+8.9%	59
2	Encompass Design	₹245	32.2	₹348	45.8%	—	56
3	Vega Jewellers	₹62	19.9	₹315	2.5%	+6881.8%	52
4	S T C	₹119	16.1	₹716	—	+928.6%	49
5	SMT Engineering	₹464	63.8	₹838	4.5%	+5700.0%	48
6	MMTC	₹66	87.3	₹9,892	7.7%	+1184.8%	47
7	MSTC	₹440	13.7	₹3,098	29.3%	+13.5%	46
8	BN Agrochem	₹238	46.1	₹2,328	27.4%	-167.2%	42
9	RRP Defense	₹766	486.7	₹1,051	82.7%	-161.9%	40

★ REDINGTON is the top-ranked techno-fundamental pick in Trading & Distributors

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
FIIs	58.53%	60.57%	62.58%	61.81%	61.94%	61.49%
DIIs	18.64%	17.87%	16.65%	16.97%	17.28%	17.12%
Government	0.00%	0.05%	0.06%	0.05%	0.05%	0.06%
Public	22.82%	21.50%	20.71%	21.17%	20.73%	21.33%
No. of Shareholders	2,18,928	2,23,938	2,19,740	2,50,955	2,42,936	2,53,694

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 15.7% YoY.

💹Analyst Upside (46%): Mean target of ₹314 above current price.

🔀Low Beta (0.95): Less volatile than market — defensive play.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Technology space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +7.4%, 6M -18.4%, RSI 43, MACD bullish, Below 200DMA

Sentiment 8/10
Analyst upside +46.1%, Rec: none

Value 9/10
P/E 9.5, P/B 1.9, EV/EBITDA 7.9

Quality 5/10
Margin 1.6%, D/E 28

Low Volatility 5/10
Beta 0.95, Ann. vol 50%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 46.1% analyst upside	Fundamentals provide base support
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.45%)	Miss further upside if momentum continues; 1M return of +7.4% shows momentum
SELL	Lock in -11.6% 1Y return	Avoid further drawdown

REASONS TO BUY

Analyst upside of 46.1% with mean target of ₹314
ROCE at 19% indicates strong capital efficiency
Revenue growing at 15.7% YoY (sector norm: 12%)

REASONS TO SELL / AVOID

FII stake falling (-0.45%) — institutional exit signal

📰 Latest News

Redington Ltd (BOM:532805) Q3 2026 Earnings Call Highlights: Robust Revenue Growth and ...

GuruFocus.com · 2026-02-05T11:00

Redington Ltd (BOM:532805) Q2 2026 Earnings Call Highlights: Record Revenue and Strategic ...

GuruFocus.com · 2025-11-06T17:01

RECOMMENDATION

HOLD

COMPOSITE SCORE

57/100

Redington Limited trades at ₹214.75 with a composite risk score of 57/100. The stock scores 25/25 on valuation, 11/25 on financial health, 13/25 on growth, and 8/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 46.1% with a mean target of ₹314. Revenue growth is at 15.7% — a strong positive signal.

Bottom Line: Neutral for Technology — wait for better entry or catalyst. The current recommendation is HOLD.

HIGH ROE UPSIDE POTENTIAL CHEAP