REDINGTON · Services
Redington Ltd. reported revenue of ₹42,947 cr for July to September 2026, +47.7% on the year and +23.0% on the quarter. That is faster than this quarter has grown in recent years (+14.4% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹1.42 lakh cr, +31.3% on the four before.
Operating profit (EBITDA) was ₹839 cr, a margin of 2.0%, −7 bps on the year and −7 bps on the quarter. Over the last 8 quarters the margin has ranged from 1.5% to 2.3%, averaging 2.0%. Operating costs grew +47.8%, faster than revenue at +47.7%, so operating profit grew less than sales.
Net profit was ₹423 cr, +20.9% on the year and −6.6% on the quarter, with earnings per share of ₹6.92. Profit before other income, one-offs and tax grew faster, at +55.9%; other income, one-offs or tax held the headline back. The tax rate was 32% against an average of 24% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹1,577 cr, −17.2% on the four before.
Of the 12 companies in Services that have reported Q2 FY27 so far, Redington Ltd. ranks 2nd on revenue growth; the sector median is +19.8%. Its margin moved −7 bps on the year against a sector median of +40 bps.
On earnings per share of ₹23.72 over the last four quarters, the stock at ₹328.50 trades at 13.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹23,505 cr | ₹22,433 cr | ₹21,282 cr | ₹24,896 cr | ₹26,716 cr | ₹26,440 cr | ₹25,952 cr | ₹29,076 cr | ₹30,922 cr | ₹33,213 cr | ₹34,922 cr | ₹42,947 cr |
| YoY | — | — | +0% | +12% | +14% | +18% | +22% | +17% | +16% | +26% | +35% | +48% |
| EBITDA margin | 2.2% | 2.0% | 1.7% | 1.8% | 2.3% | 2.3% | 1.5% | 2.0% | 2.0% | 1.8% | 2.0% | 2.0% |
| Other income, % of PBT | 10% | 21% | 18% | 15% | 9% | 61% | 16% | 9% | 7% | −25% | 7% | −4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 20% | 15% | 26% | 26% | 21% | 20% | 23% | 24% | 23% | 27% | 26% | 32% |
| Net profit | ₹348 cr | ₹324 cr | ₹217 cr | ₹283 cr | ₹403 cr | ₹918 cr | ₹233 cr | ₹350 cr | ₹413 cr | ₹288 cr | ₹453 cr | ₹423 cr |
| YoY | — | — | −15% | −9% | +16% | +183% | +7% | +24% | +2% | −69% | +94% | +21% |
| Core profit YoY | — | — | −17% | −2% | +20% | +50% | +6% | +29% | +8% | +9% | +124% | +56% |
| EPS | ₹4.36 | ₹4.16 | ₹3.15 | ₹3.75 | ₹5.12 | ₹8.51 | ₹3.52 | ₹4.96 | ₹5.57 | ₹5.01 | ₹6.22 | ₹6.92 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | 1 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Redington Ltd. reported revenue of ₹42,947 cr (+47.7% on the year) and net profit of ₹423 cr (+20.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +55.9% on the year, against +20.9% for reported profit.
None of the 7 checks that could run raised a question.
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