Rashi Peripherals Ltd Q2FY26 Concall Decoded – 16% growth, 72 mn ESOP hit, and a PC market resurrection
1. Opening Hook
Remember when everyone said the PC market was “dead”? Well, turns out it was just hibernating — like your laptop after too many Chrome tabs. The Windows 10 sunset has brought resurrection vibes, and Rashi Peripherals is surfing that digital afterlife with a grin. With laptops turning “AI-smart” and even data centers acting pricey, Rashi’s management wants you to believe they’ve cracked the growth code — minus the glitches.
Stay tuned — because as the CFO explains why 1.4% margins are “strong,” the plot thickens faster than a BIOS update gone wrong. ⚙️
2. At a Glance
Revenue up 12.1% YoY: Apparently Windows 10’s death certificate boosted sales.
EBITDA grew 3.5%: Margins flatter than a new MacBook.
EBITDA Margin – 2.6%: Still allergic to high percentages.
PAT ₹592 mn, up 7.4% adj.: Adjustments: because reality needs filters too.
Working Capital Days – 61: The cash conversion diet seems to be working.
Stock sentiment: Bulls heard “AI laptops” and forgot about 2.6% EBITDA.
3. Management’s Key Commentary
“PC shipments in India rose 6% YoY — we’re bridging global innovation with India’s digital future.” (Translation: Windows 10’s expiry date gave us free marketing.)
“Our PC business grew 2x the market rate.” (When everyone else got a 6%, we managed a glorious 12%. Parade-worthy.)
“We completed India’s longest Channel Roadshow — 50 cities, 4,000 partners.” (Basically, a Bharat Jodo Yatra but for distributors.) 😏
“EBITDA margin stood at 2.6% — we’re proud of our cash-positive operations.” (Proudly operating on wafer-thin air.)
“ESOPs will build ownership culture.” (Also, the perfect excuse for EPS dilution.)
“Dell commercial business is a $3B opportunity.” (Read: we just got the invite to the big boys’ table.)
“Competition is rising, but we have 54 locations.” (When in doubt, count branches instead of profits.)
