Redington Ltd

Q3 FY26Commercial Services & Supplies

Redington Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹351

Market cap₹27.2K Cr

P/E15.1

Updated23 Aug 2026

Read4 min read

The short version

ESG (End Point Solutions Group & PCs): Short-term outlook is positive but with potential headwinds on quantity availability and supply-demand matching; volumes could be under pressure due to delayed refresh cycles. The company expects continued growth, particularly in the Software Solutions Group (SSG), targeting over 40% growth in upcoming years with investments in people and technology yielding long-term operating leverage.

From Redington Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

ESG (End Point Solutions Group & PCs): Short-term outlook is positive but with potential headwinds on quantity availability and supply-demand matching; volumes could be under pressure due to delayed refresh cycles.
Mobility: Strong continued growth, especially in India's premium and direct-to-retail segments; however, Middle East and Africa may see slowing momentum in coming quarters.
TSG (Technology Solutions Group): Moderate growth expected, with a 5% YTD growth but 7% decline in the recent quarter due to shift from on-prem to cloud; focusing on data center deals to sustain high single-digit growth.
SSG (Software Solutions Group): High growth expected at 40%+ across all markets (India, Middle East, Africa, Turkey, Southeast Asia); strong expansion driven by cloud and solution investments.
Geographic outlook: India remains strong at 25% growth; UAE at 19%; GCCL at 29%; Africa promising, Southeast Asia in early growth stages; Saudi Arabia shows slower yet positive growth.
Overall, growth will be supported by focused investments, stronger deal pipeline, and expansion in cloud-related businesses.

Profitability & Margins

The company expects continued growth, particularly in the Software Solutions Group (SSG), targeting over 40% growth in upcoming years with investments in people and technology yielding long-term operating leverage.
Return on Capital Employed (ROCE) is expected to range between 18%-20% going forward, with a threshold not to breach below 16%.
Margins in the Technology Solutions Group (TSG) face pressure but efforts are ongoing to correct and protect profitability.
Arena business is exiting loss-making segments; breakeven is expected next year with losses reducing quarterly.
AI and cloud-focused initiatives are expected to drive future growth.
Data center investments through tax holiday incentives present promising opportunities for growth.
Overall PAT growth was 9% in Q3 FY '26, with confidence to sustain profitable growth through various segments and geographies.

See what Redington Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

- Heavy capex of INR112 crores in Q3 was deployed across multiple areas. - Investments include ProConnect infrastructure in India and the Middle East, including warehouses. - Setting up AI Centers of Excellence (COEs) is underway, with part of that cost allocated to fixed assets. - Net fixed assets increased by INR60 crores year-on-year (from INR591 crores to INR653 crores). - Continuing to invest in SSG (Strategic Services Group) operations, including technology and people, to drive above-average profitability, with a 3-year investment horizon. - Ongoing investments in Professional Services, cloud platforms, automation, and customer engagement capabilities. - Monitoring and managing working capital to support growth while maintaining comfortable leverage. - Preparing to exploit government mandates related to data center reseller opportunities for hyperscalers in India, exploring direct business channels. These investments reflect a strategic focus on AI, infrastructure expansion, technology services, and market growth initiatives.

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Ranked on what management guided this quarter

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2Techknowgreen₹105 Cr

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Rev 2Mar 2

4₹7.2K Cr

Rev 2Mar 3

5₹6.1K Cr

Rev 2Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

No explicit mention of current or planned new fundraising through debt or equity in the provided transcript.
The company has emphasized internal cash flow management and working capital optimization.
Interest costs have notably decreased, e.g., factoring costs dropped from INR71 crores last year to INR33 crores this quarter.
There's mention of sufficient legroom for capturing growth without additional capital raising.
Discussions indicate focus on operational efficiency rather than external fundraising.
Some fixed asset investments (INR60 crores increase) are funded internally, not via new fundraising.
Exit from certain businesses (like Arena in Turkey) is reducing debt and financing costs.
Overall, no indication of near-term plans for raising new debt or equity.

See what Redington Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The company mentioned closing some very nice deals in TSG (Technology Solutions Group) in Q3, though full recognition of these deals is expected in Q4 and Q1.
Timings for some large deals have shifted to Q4 and Q1.
Management intends to share details about the size of large deals per quarter when ready.
Overall, despite linearity losses in TSG, there is an ongoing focus on deal closures, and growth in this segment is expected going forward.
Additional price hikes from OEMs are anticipated to be passed fully to customers on new inventory in Q3 and upcoming quarters.
No explicit numeric order book or pending order values were provided in the transcript.

Redington Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹33.2K Cr, net profit ₹288 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Redington Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Redington Ltd Q3 FY26 results?

What is Redington Ltd share price analysis?

Redington Ltd currently shows a neutral. The stock trades at a P/E of 15.1 with a market cap of ₹27,194 Cr. Investors should review the full earnings analysis for detailed insights.

Is Redington Ltd planning capital expenditure?

Heavy capex of INR112 crores in Q3 was deployed across multiple areas.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.