Redington Limited

REDINGTON.NS

Technology Distributors · Technology

Price

₹365.10

+14.55 (+4.15%)

Market Cap

₹285.43B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Mixed

Stability

Mixed

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Redington Limited is one of the largest technology distributors in emerging markets. It buys products like laptops, servers, smartphones, cloud services, and networking gear from big brands such as Apple, HP, and Samsung, then sells them to thousands of smaller retailers, resellers, and businesses. The company acts as a middleman connecting global tech manufacturers with local buyers.

Redington earns money by purchasing technology products in bulk at a discount and reselling them at a small markup, which is why its profit margins are thin. It operates across more than 30 countries, with a strong presence in India, the Middle East, Africa, and Southeast Asia. Its wide distribution network and long-standing relationships with major brands give it a scale advantage that is hard for smaller competitors to replicate. Growth depends on rising technology adoption in emerging markets, but the low-margin business model means even small disruptions in demand or currency swings can significantly affect profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+25.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-41.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

24.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹13.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Redington Limited grew revenue 26% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 781.0M (2022) → 781.9M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

3.3%

Thin — 3.3% gross margin

Profit after running costs

Operating Margin

1.9%

Thin — 1.9% operating margin

Return on the money invested

ROCE

22.5%

Exceptional — 22.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+23.3%

Fast-growing sales (+23.3% YoY)

Profit growth

EPS YoY

+4.1%

Modest earnings growth (+4.1% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

43%

Weak — only 43% of profit becomes cash

Spare cash per sale

FCF Margin

0.5%

Thin free cash flow (0.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

6.57x

Adequate interest coverage (6.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

16.8x

Fair value — P/E 16.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+4.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.8 → 12.2)

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Dividends

Dividend

Dividend Yield

1.64%

Small dividend — 1.64% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+41.6%

Dividend growing fast (41.6% YoY)

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