1. At a Glance

Redington is the tech world’s DHL-meets-Kirana-store — a ₹1.04 lakh crore revenue giant that lives on wafer-thin 2% operating margins and still manages to throw ₹1,219 crore in annual profit. Its empire spans 32 countries, 450 brands, and 7.7 million sq. ft of warehouses, with Apple alone supplying nearly a third of its revenue. Q1 FY26 saw 21.9% sales growth, 7.3% PAT growth, and the usual tightrope walk of balancing volumes with margin discipline in a business where one misplaced iPhone box can wipe out a month’s profits.

2. Introduction

If Reliance Digital is your tech shopping mall, Redington is the silent truck-and-ledger army making sure those shelves don’t look like the onion aisle after a monsoon flood. Born in 1993, it has evolved from a PC-and-printer shipper to a full-stack distributor of everything from iPhones to cloud licenses, servers to solar panels.

This is not a “build-a-brand” story — Redington is the connective tissue between global tech OEMs and regional dealers in markets stretching from Chennai to Casablanca. You won’t see their ads on cricket matches, but you’ll feel their presence when your corporate IT guy gets the laptop order in 48 hours flat.

The business model thrives on scale, speed, and working capital wizardry. But at 2% OPM, you don’t sneeze without a cost-benefit analysis. The upside? High ROCE, a dividend yield brushing 3%, zero promoter drama, and a balance sheet that knows debt is just a seasonal guest, not a permanent roommate.

3. Business Model (WTF Do They Even Do?)

Verticals:

• End-Point Solutions (36.6% rev):PCs, printers, consumables.
• Technology Solutions (30%):Enterprise servers, storage, networking, security, software.
• Mobility Solutions (34.3%):Smartphones, feature phones — read: “Apple money machine.”
• Cloud Solutions (4.1%):Resale & managed services — growing but still small.
• Others:Renewable energy gear, logistics, IT services, fintech.

Brand Roster:Apple (29% of revenue),