Rashi Peripherals: consol PAT +69% YoY on 62% revenue jump, margin tops guidance

Rashi Peripherals' consolidated Q1 FY27 (quarter ended June 30, 2026) results show revenue from operations of ₹5,101.9 Cr, up 61.9% YoY from ₹3,152.1 Cr and 13.6% QoQ from ₹4,489.4 Cr. Consolidated PAT (before the non-controlling-interest split) came in at ₹104.6 Cr, up 69.5% YoY from ₹61.7 Cr and 20.4% QoQ from ₹86.8 Cr; profit attributable to owners was ₹102.8 Cr after ₹1.8 Cr of NCI. Basic EPS was ₹15.59 against ₹9.30 a year ago. Both revenue and profit growth cleared management's own guidance framework by a wide margin, and the print beat Street estimates on both counts.

Growth continued to be led by the core IT distribution business against the AI PC refresh cycle and enterprise demand management flagged on the last call. Standalone (India plus the Singapore branch) revenue was ₹4,832.2 Cr with PAT of ₹97.2 Cr, tracking closely with the group number; the balance came from the Singapore branch (revenue ₹7.7 Cr, PAT ₹0.1 Cr, reviewed by the branch auditor) and one overseas subsidiary reviewed by another auditor (revenue ₹269.9 Cr, PAT ₹7.4 Cr). Consolidated net profit margin came in at 2.05% of revenue, up from 1.95% YoY and 1.93% QoQ — expansion despite the scale-up in inherently low-margin distribution revenue, and notably above management's own guided 1.5-1.75% PAT-margin band for the core distribution business, pointing to a richer mix from the semiconductor and enterprise-solutions verticals it has been building out.

The stock went into the print at ₹870.9, up 14.4% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.

Street estimates (per Univest's Q1 FY27 preview) had pegged revenue at ₹4,408-5,072 Cr and PAT at ₹81-104 Cr; the actual print of ₹5,101.9 Cr revenue and ₹104.6 Cr PAT sits at or just past the top end of both ranges — a clean beat. On the guidance side, management had talked of sustaining a 20% revenue CAGR with stable 1.5-1.75% core distribution PAT margins; the 61.9% YoY revenue growth and 2.05% NPM print both run well ahead of that framework, though a single AI PC-driven quarter is too early to reset the multi-year CAGR expectation. Alongside the results, the board approved a strategic joint venture with Japan's Restar Corporation (74:26, Rashi:Restar) to house the semiconductor and embedded-solutions business inside the newly formed Rashi Semiconductor Solutions Private Limited, alongside a slump-sale transfer of the embedded business from both the parent and its Singapore subsidiary into that entity — formalising the semiconductor push referenced in the prior guidance. The board also recommended a ₹2/share FY26 dividend (record date August 14, 2026) and allotted 5,06,081 ESOP shares.