Redington financials and balance sheet

NSE: REDINGTONBSE: 532805Commercial Services & SuppliesSmall Cap

Formerly Redington (India)

₹359.10₹8.00 (2.18%)BSE ₹359.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹367.10.

52-week range of traded prices to 23 Oct 2026

₹191.31Low, 2 Apr 2026₹419.50High, 23 Sep 2026

Market cap: ₹28,074 Cr355th largest listed
P/E: 16.5
P/B: 2.8
Dividend yield: 1.67%
ROE: 18.0%
ROCE: 17.9%
Debt to equity: 0.25
Volume, NSE: 22,51,82746.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Redington annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,19,162 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 7.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,19,162
Materials and goods−1,13,306
Employee costs−1,611
Other expenses−2,017
Operating profit2,229
Depreciation−206
Other income+185
One-off items−152
Finance costs−359
Profit before tax1,697
Tax−413
Net profit1,284

What the company owns

Receivables₹21,569 Cr
Inventory₹8,171 Cr
Plant, investments and other assets₹2,977 Cr
Cash and bank₹1,122 Cr

What pays for it: net worth and liabilities

Owed to suppliers₹18,039 Cr
Net worth₹10,424 Cr
Other liabilities₹2,738 Cr
Borrowings₹2,637 Cr

Redington business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Redington segment results by quarter

Revenue by segment

₹1,19,215 CrTotal

SISA₹65,033 Cr54.6% of total
ROW₹54,182 Cr45.4% of total

Profit by segment

SISA₹1,434 Cr65.0% of total
ROW₹774 Cr35.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

SISA
Revenue, ₹ crore
17,021
18,790
22,827
27,255
36,932
42,375
50,055
65,033
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
381
346
505
684
919
1,079
1,224
1,434
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
ROW
Revenue, ₹ crore
29,516
32,676
34,120
35,389
42,454
47,018
49,328
54,182
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
517
570
786
1,054
1,186
881
815
774
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	46,537	51,466	56,947	62,645	79,386	89,392	99,383	1,19,215
Company revenue, as in its results	46,536	51,465	56,946	62,644	79,377	89,346	99,334	1,19,162
Revenue	17,021	18,790	22,827	27,255	36,932	42,375	50,055	65,033
Revenue growth	–	10.4%	21.5%	19.4%	35.5%	14.7%	18.1%	29.9%
Profit	381	346	505	684	919	1,079	1,224	1,434
Profit growth	–	−9.3%	46.0%	35.6%	34.3%	17.4%	13.5%	17.1%
Margin	2.2%	1.8%	2.2%	2.5%	2.5%	2.5%	2.4%	2.2%
Return on capital	39.1%	34.8%	39.1%	38.0%	–	34.1%	32.0%	31.6%
Assets	4,719	5,029	4,534	7,173	–	10,665	12,625	17,090
Liabilities	3,743	4,035	3,244	5,373	–	7,498	8,795	12,547
Capital employed	976	994	1,290	1,800	–	3,167	3,830	4,543
Revenue	29,516	32,676	34,120	35,389	42,454	47,018	49,328	54,182
Revenue growth	–	10.7%	4.4%	3.7%	20.0%	10.8%	4.9%	9.8%
Profit	517	570	786	1,054	1,186	881	815	774
Profit growth	–	10.3%	37.8%	34.0%	12.6%	−25.7%	−7.5%	−5.0%
Margin	1.8%	1.7%	2.3%	3.0%	2.8%	1.9%	1.7%	1.4%
Return on capital	16.4%	15.8%	19.6%	24.3%	–	18.8%	15.2%	13.4%
Assets	7,556	9,449	9,881	11,099	–	13,504	14,648	16,219
Liabilities	4,393	5,830	5,862	6,760	–	8,826	9,287	10,457
Capital employed	3,163	3,620	4,020	4,339	–	4,677	5,360	5,761

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Redington quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 12 Jun	Mar 2021Filed 28 May	Mar 2022Filed 23 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
Revenue from operations	41,115	43,459	46,536	51,465	56,946	62,644	79,377	89,346	99,334	1,19,162
	40,290	42,643	45,637	50,442	55,602	60,852	77,258	87,468	97,305	1,16,933
Materials and goods bought	38,824	41,057	43,813	48,648	53,801	58,855	74,633	84,281	94,114	1,13,306
Employee costs	627	653	724	784	832	886	1,168	1,289	1,423	1,611
Other expenses	838	933	1,100	1,010	970	1,112	1,457	1,899	1,768	2,017
Operating profit before depreciation	825	816	899	1,023	1,343	1,792	2,119	1,877	2,029	2,229
Operating margin	2.0%	1.9%	1.9%	2.0%	2.4%	2.9%	2.7%	2.1%	2.0%	1.9%
Materials, % of revenue	94.4%	94.5%	94.1%	94.5%	94.5%	94.0%	94.0%	94.3%	94.7%	95.1%
Employee costs, % of revenue	1.5%	1.5%	1.6%	1.5%	1.5%	1.4%	1.5%	1.4%	1.4%	1.4%
Other expenses, % of revenue	2.0%	2.1%	2.4%	2.0%	1.7%	1.8%	1.8%	2.1%	1.8%	1.7%
Depreciation and amortisation	55	57	63	155	148	141	155	181	218	206
Operating profit after depreciation	770	760	835	867	1,195	1,650	1,963	1,696	1,811	2,023
Other income	41	39	63	49	96	88	142	264	228	185
Finance costs	157	168	204	219	156	116	272	385	330	359
Profit before one-off items and tax	655	631	694	697	1,134	1,622	1,833	1,575	1,709	1,849
One-off items	0	0	−71	−5	−6	0	0	0	626	−152
Profit before tax	655	631	623	692	1,128	1,622	1,833	1,575	2,335	1,697
	178	146	139	158	342	307	394	336	514	413
Current tax	171	150	158	142	347	309	409	383	521	539
Deferred tax	6	−4	−19	16	−6	−1	−15	−47	−7	−126
	477	484	484	534	787	1,315	1,439	1,239	1,821	1,284
Belonging to the company's shareholders	477	484	508	515	756	1,280	1,393	1,219	1,605	1,490
Belonging to outside owners of subsidiaries	–	–	−23	19	30	35	47	20	216	−206
Other comprehensive income	–	–	137	276	−164	−66	244	−105	−1	474
Total comprehensive income	–	–	621	810	623	1,249	1,684	1,134	1,820	1,758
Net margin	1.2%	1.1%	1.0%	1.0%	1.4%	2.1%	1.8%	1.4%	1.8%	1.1%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 23 May	Mar 2020Filed 12 Jun	Mar 2021Filed 28 May	Mar 2022Filed 23 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
	4,251	4,690	5,307	6,108	7,293	7,862	9,197	10,424
	3,906	4,309	4,934	5,785	6,927	7,549	8,721	10,161
Share capital	78	78	78	156	156	156	156	156
Reserves	3,828	4,231	4,856	5,629	6,771	7,392	8,565	10,004
Belonging to outside owners of subsidiaries	345	381	373	323	366	313	476	263
	1,307	2,537	439	633	3,127	2,807	2,619	2,637
Repayable after a year	25	0	5	90	50	39	16	0
Repayable within a year	1,283	2,537	434	543	3,077	2,768	2,603	2,637
	8,040	9,672	8,987	11,902	15,634	16,208	18,022	23,017
Trade payables	5,905	6,275	7,300	10,154	10,971	11,869	13,392	18,039
Other financial liabilities	204	257	283	270	278	386	471	313
Other liabilities	598	487	803	742	1,047	935	1,207	1,546
Provisions	18	21	24	27	45	50	55	73
Tax owed	32	94	142	167	217	200	293	409
	130	295	263	406	356	324	365	398
Other financial liabilities	0	165	129	146	0	88	128	133
Other liabilities	7	0	0	0	121	1	1	2
Provisions	97	125	127	155	177	189	209	261
Deferred tax	2	5	3	8	6	7	12	2
Trade payables	0	0	0	7	3	0	0	0
	12,421	14,656	14,557	18,416	23,283	24,394	27,584	33,839
Held for sale or for a demerger	–	–	8	7	–	–	–	–
	752	1,003	849	1,050	1,146	1,232	1,359	1,310
Plant in use, after depreciation	187	174	147	147	276	274	268	283
Plant being built	8	0	0	85	8	1	11	67
Intangible assets	245	292	262	285	301	317	286	120
Goodwill	22	18	18	62	85	86	75	10
Intangible assets being developed	30	11	1	1	4	6	4	9
Property held to earn rent	0	0	0	0	11	12	25	39
Other financial assets	26	20	20	19	22	21	17	31
Deferred tax	40	30	29	38	45	89	78	205
Trade receivables	0	0	0	0	12	4	1	14
Other assets	194	457	371	413	380	422	592	533
	11,669	13,654	13,700	17,359	22,138	23,162	26,226	32,529
Inventories	3,859	3,673	2,902	4,383	7,085	6,653	6,287	8,171
Trade receivables	6,279	7,032	6,801	8,675	12,030	13,934	17,330	21,569
Cash and cash equivalents	867	2,344	2,939	3,290	1,859	1,612	1,357	1,110
Other bank balances	11	34	554	370	92	9	24	12
Current investments	7	0	0	0	34	0	0	0
Loans given	44	2	0	0	0	0	0	0
Other financial assets	264	200	199	227	354	295	390	320
Tax paid in advance	0	0	0	0	0	0	0	174
Other assets	338	370	306	415	683	659	837	1,173
Net debt	423	160	−3,054	−3,027	1,142	1,186	1,238	1,516

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 23 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
	3,497	989	−3,234	1,079	293	231
	3,760	1,266	−2,899	1,496	1,419	770
	2,334	−624	−5,136	−562	−1,468	−1,808
Receivables	24	−1,460	−2,949	−1,974	−3,459	−4,478
Inventories	690	−1,297	−2,439	440	367	−1,884
Payables	1,201	2,339	209	892	1,527	4,625
Other working capital	419	−207	44	79	96	−71
Tax paid	−263	−276	−335	−417	−525	−514
Capital spending	33	118	157	104	136	157
Free cash flow	3,464	871	−3,391	976	156	74
	−497	−57	176	145	560	−10
Plant and property sold	10	7	13	58	8	76
Companies bought	0	−185	–	0	0	0
Interest received	53	40	55	89	85	80
	−2,241	−476	1,529	−1,381	−1,171	−999
Borrowings raised	0	177	15,953	20,668	20,391	25,189
Borrowings repaid	−2,002	−16	−13,560	−21,006	−20,656	−25,221
Interest paid	−144	−109	−264	−371	−325	−324
Lease payments	−95	−68	−79	−107	−102	−114
Dividends paid	0	461	522	565	485	532
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	759	457	−1,529	−156	−319	−779

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Companies bought is left blank for the year to Mar 2023: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Consolidated, ₹ per share, years to March.Redington dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 12 Jun	Mar 2021Filed 28 May	Mar 2022Filed 23 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
	₹5.81	₹6.02	₹6.40	₹6.62	₹9.72	₹16.40	₹17.82	₹15.59	₹20.53	₹19.06
As stated that year	₹11.61	₹12.04	₹12.80	₹13.24	₹19.44	₹16.40	₹17.82	₹15.59	₹20.53	₹19.06
	₹5.81	₹6.02	₹6.40	₹6.62	₹9.70	₹16.39	₹17.81	₹15.59	₹20.53	₹19.06
As stated that year	₹11.61	₹12.04	₹12.80	₹13.24	₹19.40	₹16.39	₹17.81	₹15.59	₹20.53	₹19.06
	₹2.15	₹1.20	₹1.65	₹2.15	₹5.80	₹6.60	₹7.20	₹6.20	₹6.80	₹6.00
As declared that year	₹4.30	₹2.40	₹3.30	₹4.30	₹11.60	₹6.60	₹7.20	₹6.20	₹6.80	₹6.00
	–	–	₹50.19	₹55.37	₹63.38	₹74.03	₹88.64	₹96.56	₹111.56	₹129.97
On that year's share count	–	–	₹100.39	₹110.74	₹126.77	₹74.03	₹88.64	₹96.56	₹111.56	₹129.97
Dividend payout	36.1%	19.8%	25.3%	32.5%	59.7%	40.3%	40.4%	39.8%	33.1%	31.5%
Shareholder yield	–	–	–	–	0.0%	4.1%	4.0%	3.5%	2.6%	3.4%
Market cap at the year end (₹ crore)	4,400	5,875	3,990	2,669	7,426	11,326	13,024	16,295	18,993	15,632

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Redington PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 12 Jun	Mar 2021Filed 28 May	Mar 2022Filed 23 May	Mar 2023Filed 17 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 May
Revenue growth	16.0%	5.7%	7.1%	10.6%	10.6%	10.0%	26.7%	12.6%	11.2%	20.0%
Operating profit growth	7.0%	−1.0%	10.1%	13.8%	31.3%	33.4%	18.3%	−11.4%	8.1%	9.9%
Net profit growth	12.0%	1.6%	0.0%	10.2%	47.3%	67.2%	9.5%	−13.9%	47.0%	−29.5%
Earnings per share growth	9.0%	3.7%	6.3%	3.4%	46.8%	68.7%	8.7%	−12.5%	31.7%	−7.2%
	–	–	13.0%	12.5%	16.4%	23.9%	21.9%	16.8%	19.7%	15.8%
	–	–	–	−0.5 pts	3.8 pts	7.5 pts	−2.0 pts	−5.1 pts	2.9 pts	−3.9 pts
From the net margin	–	–	–	−1.1 pts	4.1 pts	8.8 pts	−3.4 pts	−4.9 pts	3.1 pts	−4.5 pts
From asset turnover	–	–	–	0.2 pts	0.4 pts	−0.6 pts	0.0 pts	−0.3 pts	0.4 pts	0.2 pts
From borrowing	–	–	–	0.4 pts	−0.7 pts	−0.7 pts	1.4 pts	0.1 pts	−0.6 pts	0.3 pts
Return on capital employed	–	–	15.0%	12.0%	20.8%	24.5%	18.8%	15.9%	15.3%	15.5%
Cash conversion	–	–	–	–	444.6%	75.2%	−224.6%	87.1%	16.1%	18.0%
Interest cover	4.9	4.5	4.1	4.0	7.6	14.3	7.2	4.4	5.5	5.6
Debt to equity	–	–	0.31	0.54	0.08	0.10	0.43	0.36	0.28	0.25
Receivable days	–	–	49	50	44	51	55	57	64	66
Inventory days	–	–	32	28	20	27	35	29	24	26
Payable days	–	–	49	47	50	63	54	51	52	58
Cash conversion cycle, days	–	–	32	30	14	15	36	34	36	34
Working capital days	–	–	32	29	11	14	35	33	35	34
Asset turnover	–	–	3.75	3.80	3.90	3.80	3.81	3.75	3.82	3.88
Assets per rupee of net worth	–	–	3.18	3.30	3.16	3.08	3.28	3.29	3.19	3.25
Sales per rupee of plant	–	–	249.03	295.59	387.33	425.74	287.70	325.78	370.65	420.89
Capital spending to depreciation	–	–	–	–	0.22	0.83	1.01	0.57	0.63	0.76
Plant being built, % of plant in use	–	–	4.0%	0.0%	0.2%	57.7%	2.9%	0.2%	4.2%	23.5%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.9%
Cash from operations against operating profit: 10.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.9%	15.9%	14.5%
Profit growth, yearly rate	13.3%	14.5%	2.3%
Return on equity, average	–	19.6%	17.4%
Return on capital employed, average	–	18.0%	15.6%
Operating margin, average	2.2%	2.3%	2.0%
Net margin, average	1.4%	1.6%	1.4%
Asset turnover, average	–	3.81	3.82
Cash conversion cycle, days, average	–	31	35
Interest cover, average	6.2	7.4	5.2
Debt to equity, average	–	0.29	0.30

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−641	1,603	231
Cash from investing	814	695	−10
Cash from financing	−2,499	−3,551	−999
Capital spending	672	397	157
Dividends paid	2,564	1,581	532
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	82,378	66,248	25,189
Borrowings repaid	80,458	66,883	25,221

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	5	3	4	7	5
Altman Z-scorePublished threshold 1.1	–	–	3.92	3.64	4.41	4.10	3.87	3.90	4.14	3.68
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.35	−2.22	−1.33	−2.28	−1.95	−2.17
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−15.15	2.32	21.57	0.06	3.73	3.46
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.35	−0.29	−0.41	0.37
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	1.41	−13.94	17.56	11.96	3.27	13.19	4.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−15.87	−31.57	41.64	34.84	−19.03	−17.17	9.58
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.06	−0.12	0.22	0.50	−0.09	0.27	0.37
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.00	0.60	0.03	0.00	0.05	0.30
Effective tax ratePublished threshold 17.16 per cent	27.16	23.18	22.28	22.88	30.27	18.95	21.49	21.34	22.02	24.33
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.92	3.23	−5.12	−0.44	−5.98

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		150
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Other		1,900
6 Oct 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Other	Stable	304.50
30 Sep 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		200
30 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA+Review, Re-affirm	Stable	1,141
30 Sep 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	4.50
30 Sep 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]A1+Review, Re-affirm		1,854.50
30 Sep 2025	ICRA Limited (opens in a new tab)	Unallocated-Unallocated	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	304.50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.