Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - Redington signs OPSWAT distribution deal across Middle East, Türkiye, Africa and CIS.
Source: Bse
Redington Limited (REDINGTON)
Small CapServices stocks · Small cap · NSE
Redington is transforming from a software distributor to an intelligent orchestration provider, focusing on Software, Cloud, and Security (SSG) services. It aims to leverage a platform-led, Everything-as-a-Service model to drive higher growth, profitability, and predictable recurring revenue across India, META, and SESA regions.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result29 Jul, 11:04 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
61BullishSMA20 +6.9% / mo · MACD −
Stock trend: 61
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
REDINGTOND candles · FIT view+71.4%Latest close ₹371.05 on 2026-10-19
Bar
-3.6%
RSI
42
MACD hist
-4.76
52W pos
79%
2026-10-19O ₹385.00H ₹387.50L ₹366.20C ₹371.05Vol 41.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
REDINGTONNifty 500
- REDINGTON
- +37.7%
- Nifty 500
- -5.6%
- Vs Nifty 500
- +43.3 pp
Chart stats
19 Oct 2026- From 52W high
- -11.5%
- 52W range position
- 79%
- ATR (14)
- 4.3%
- Volume vs 20D
- 0.97x
- Avg traded value
- ₹156 Cr
- 20D price channel
- ₹366.2 - ₹419.5
₹419.5
₹191.3 - ₹419.5
₹15.8
Latest completed session
20-session average
38.6% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +34.6% · PAT +94.4% YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model+35.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +35% YoY · PAT +94% YoY · margin expansion · +5% QoQ · operating leverage
Filed 29 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹34,922 Cr | +34.6% | +5.2% |
| EBITDA | ₹708 Cr | +77.0% | +15.3% |
| Operating margin | 2.0% | +50 bps | +10 bps |
| PAT | ₹453 Cr | +94.4% | +57.3% |
| PAT margin | 1.3% | +40 bps | +43 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 16.80
- P/B
- 2.96
- EV/EBITDA
- 12.02
- Market Cap
- 30098.00Cr
Profitability
- ROE
- 16.90%
- ROCE
- 18.40%
- ROA
- 4.45%
- Dividend Y
- 1.56%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 7.13×
- Altman Z
- 4.53
- Book Value
- 130.00
Cash Flow
- FCF Yield
- 2.33%
- FCF Positive Y
- 10/5
- OCF
- 231.00 Cr
- EPS TTM
- 21.76
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 119.2k+20.0% vs prev
Net Profit
₹ CrLatest: 1,284-29.5% vs prev
Return on Equity
%Latest: 12.6-39.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 42. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.4% over last month) — short-term momentum positive.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 12% off 52W high · 94% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
96
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.2%
3M return
+37.7%
6M return
+64.3%
1Y return
+42.0%
RS 1D
0
RS 20D
+2
Sector rank
#4
Industry rank
-
Stage evidence
- Price is 28.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
04 Aug 2026
S2 age
53 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 144.38-2.24%
RS vs Nifty 500144
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation10/30
Growth9/25
Quality11/20
Balance Sheet7/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 35.8%.
- Cash flow contributes 6/10 to the score.
Main drags
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Growth is weaker at 9/25; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
16.8
PB
3.0
EV/EBITDA
12.0
ROE
16.9%
ROCE
18.4%
FCF Yield
2.3%
Debt/Equity
0.3
MoS
+35.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 48
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+35.8%
Previous: +35.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
46
46
46
46
46
46
46
48
48
48
48
48
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹252.29
-47.1% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹577.73
+35.8% MoS
PEG
1.45
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RPTECH
Small
Rashi Peripherals Limited
IT Services / Digital
match 25
55
19.6
14.7%
+44%
FAIR VALUE
CNL
Small
Creative Newtech Limited
IT Services / Digital
match 24
46
21.9
18.8%
+25%
FAIR VALUE
DCI
Small
Dc Infotech And Communication Limited
IT Services / Digital
match 24
46
25.8
23.6%
+21%
FAIR VALUE
DELHIVERY
Small
Delhivery Limited
Logistics
match 18
28
251.0
-0.2%
-1096%
OVERVALUED
FSL
Small
Firstsource Solutions Limited
IT Services / Digital
match 16
44
24.9
17.6%
+7%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-22T07:54:02.827Z
Management commentary snapshot
Redington's SSG segment achieved $2.2 Bn Net Revenue in FY26, with 25% YoY Gross Revenue growth, driven by 40% YoY Cloud growth. The company is targeting $5 Bn Gross Revenue by FY29(E) through its platform-led transformation.
Management is actively pursuing a strategic shift towards a higher-margin, recurring revenue SSG model, showing strong growth in Cloud and Professional Services. The focus on platform development and AI integration aligns with market trends, but execution on vendor alignment and platform rollout remains key.
Current business mix
Portfolio Revenue Share (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Software40.0%
Cloud33.0%
Security27.0%
Services1.0%
Growth engines
Cloud Services
40% YoY growth in Cloud with 34% 3yr-CAGR
Professional Services
Professional Services revenue @ USD 10 Mn with > 20% GM, scaling up
Recurring Revenue Model
Portfolio secured through ARR & subscription-based revenue streams; FY’25 @ 72%
AI Integration
AI powered Smarter experiences, GenAI & Agentic AI Motions
Capacity and execution
SSG Global Team
~1000 SSG Team
Professional Services Team
500+ PS team
Delivery Centers
5+ delivery centers
Platforms
06+ Platforms
Tailwinds
Market Shift to XaaS
Consumption models moving from perpetual licenses to flexible, outcome-based subscriptions
Platform-Led Distribution
Vendors consolidating through marketplaces and API-first ecosystems
Growing Market Opportunity
SaaS market expected to exceed $700B by 2028, Cloud spend set to exceed $1.3T by 2028, Cybersecurity spending projected to exceed $500B by 2030
Strategic AWS Partnership
SCA 2.0: 5-year commitment (Oct 2026–Sep 2031) — largest SCA in APJ
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides annual financial data (FY23-FY26) and multi-year targets (FY29E), making year-over-year comparisons most relevant for assessing growth trends and strategic progress.
Sector KPIs management disclosed
Cloud Growth
40% YoY growth in Cloud
SSG Net Revenue (FY26)
$2.2 Bn
SSG Gross Margin (FY26)
$126 M
Professional Services Revenue
USD 10 Mn with > 20% GM, scaling up
Management forward view
FY29(E) Targets
Path to USD 5 Bn Gross Revenue with GM 5.5% - 6% and PAT 1.8% - 2%
SSG Transformation
SSG transforms from a transactional distributor into a high-margin, platform-driven services orchestrator
Profitability Focus
Higher-margin services & Bundled services security & cloud at double-digit margins
Platform Development
Deploy SSG's unified subscription and services platform
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CloudQuarks Platform Rollout | CQ 2.0 released | CQ 2.1 & CQ 2.2 – September & December 2026 |
| Vendor Alignment | Major cloud vendors onboarded. | Software and security vendors in progress |
| Recurring Revenue Mix | Not explicitly stated for current period. | Set ARR milestones and track subscription mix quarterly |
| SSG Investment Opex | FY26: USD 1.5 – 2 Mn | FY27 Planned : ~ USD 10 Mn |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 83rd percentile within Services. Main check: financial discipline is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
189 docs text-extracted · 80 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Services: 83rd pctile, median 66 · Small: 80th pctile, median 66
Evidence depth
Financial-only
189 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.3%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸Profit margin is 2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Redington Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Redington to hold a virtual investor/analyst group meeting on 22 September 2026 from 4:00 PM.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 10 Sep - Redington to distribute Siemens Digital Industries Software in six African markets from September 10, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Sep - Redington to hold NDR 1x1 investor meetings in London on 9 September 2026 with Ambit Capital.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug - Redington to attend Ambit Capital investor meetings in Singapore on 17 August 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Redington will attend an Avendus Spark investor conference on 12 August 2026 in Hong Kong.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Aug - Non-Deal Roadshow (NDR) organized by IIFL Capital
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 20 Jul - Redington signs 5-year strategic relationship with Resulticks for AI engagement expansion across Middle East, India and SESA.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul - Newspaper publication regarding Thirty Third Annual General Meeting
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.