Redington Q1: consolidated PAT near-doubles to ₹453 Cr as SISA drives 35% revenue jump

Redington delivered a strong start to FY27. Consolidated revenue rose ~34.6% YoY to ₹34,922 Cr and net profit (incl. minority) nearly doubled to ₹453.49 Cr from ₹232.98 Cr a year ago (+94.6%); profit attributable to shareholders was ₹485.98 Cr (EPS ₹6.22 vs ₹3.52). Crucially, this print carries no exceptional items on either side of the YoY comparison, so the near-doubling is genuine underlying growth rather than a base-effect artefact. Net margin expanded to ~1.30% from ~0.90% a year ago, and operating margin (PBT + finance costs / revenue) widened to ~2.0% from ~1.5%.

The growth was carried by the SISA segment (Singapore, India & South Asia), where revenue jumped ~63% YoY to ₹21,126 Cr, while the Rest-of-World segment — dominated by the Middle East and Africa — grew just ~6.5% to ₹13,810 Cr. That split validates management's Q4 concall guidance almost line for line: they flagged 1-2 quarters of Middle East softness on geopolitical risk alongside continued strong momentum in India, aided by rising ASPs from component shortages. Note 8 reiterates the company sees no material adverse effect from the Middle East situation. SISA segment profit rose to ₹443.97 Cr (from ₹283.21 Cr), doing the heavy lifting on the margin bridge.

The stock went into the print at ₹287.45, up 4.1% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Against the Street, there was no formal quarterly consensus, but analysts had pencilled in only ~19% PAT growth for full-year FY27 — a bar this quarter's ~95% YoY jump ran well ahead of, making it a clear beat on the FY trajectory. The QoQ optics (PAT +57.7%, revenue +5.1%) are inflated by the ₹152.31 Cr exceptional loss that depressed the March quarter; adjusting for it, sequential profit growth is modest low-single-digit. The board also declared the result alongside its 33rd AGM (July 29) and the quarter saw a 5-year expansion partnership with Resulticks and a Microsoft Frontier Distributor designation — both consistent with the strategic push into higher-margin services. Standalone (India) told a similar story: revenue ₹20,753 Cr (+62.7% YoY) and PAT ₹321 Cr (+60.3%), with net-profit margin at 1.55%.