1. At a Glance

Welcome toRedington Ltd Q2FY26, the ₹19,564 crore market-cap middleman that turns“Apple, HP, and Dell”shipments into pure profit and dividends while never inventing a single gadget itself. The stock trades at₹250, up3.05% in 3 months, yielding2.72% dividends, and flexing aP/E of 14.3x— a discount to India’s tech hype machine, but perfectly priced for the company that sells the hype, not creates it.

Q2FY26 was pure logistics poetry:Sales hit ₹29,118 crore(up17% YoY) andPAT ₹388 crore(up32% YoY), proving again that in India, you don’t have to code software to make money off it. Just distribute it smartly. ROCE stands at a healthy18.9%, and ROE at14.4%, which for a glorified warehouse operator, is straight-up alpha.

What’s better? No promoter pledges, no financial drama, and60% foreign institutional ownership— basically, FIIs love Redington more than most Indian tech startups love losses. The company continues its balancing act between India and its 31-country empire, all while keeping a2% operating marginthat somehow translates into a billion-rupee smile each quarter.

2. Introduction

Once upon a time (okay, 1993), Redington started as India’s IT distribution donkey — hauling computers from point A to B. Fast forward three decades and this donkey evolved into acloud-savvy, supply-chain optimized unicornthat never needed a hoodie-wearing founder to explain its “vision.”

FromChennai to Cairo, Redington runs a silent empire of cables, servers, smartphones, and solar panels. It doesn’t innovate, it intermediates. It doesn’t brag about AI, it sells the laptops that run AI. And in a market where every startup bleeds cash to “grow,” Redington earns cash to pay dividends.

This is theAmazon of Distribution, except without Bezos, spaceships, or a moonshot. Just warehouses, order forms, and a 7.7 million sq. ft. real estate empire filled with boxes that print profits.

The latest quarter? A showcase of scale meeting sanity. While the tech world burns through capital for “future growth,” Redington quietly clocked ₹29,000+ crore in sales with a 2% margin that would make even government PSU clerks proud.

And the cherry on top? It’spromoter-less— a corporate democracy where professionals actually run the company. In a land of family-run empires, this makes Redington the rare “joint family business” where the joint is optional and the business is booming.

3. Business Model – WTF Do They Even Do?

Redington is themafia don of technology distribution. Think of it as the middleman between every cool gadget you buy and the bored shopkeeper who sells it to you. The company doesn’t make iPhones, it moves them. Doesn’t design servers, it delivers them. Doesn’t code software, it resells licenses.

Let’s decode their empire:

• End-Point Solutions Group (ESG):Laptops, printers, and consumables — basically, everything that keeps your office printer jamming.
• Technology Solutions Group (TSG):Servers, networking, software — the “backend” of every IT department’s pain.
• Mobility Solutions Group (MSG):Smartphones, tablets, and accessories — 34% of revenue and 100% of your EMI payments.
• Cloud Solutions Group (CSG):Cloud resale and managed services — the digital equivalent of selling invisible air.
• Renewable Energy:Solar panels and inverters — for when IT distribution gets boring.
• ProConnect Supply Chain Solutions:The logistics backbone with warehouses, trucks, and caffeine-powered dispatchers.
• Others:IT services (Ensure), fintech (Paynet, now sold), and shared services (RGS).

In short, if it plugs in, boots up, or stores data, Redington’s fingerprints are on it.

They’ve also gone global —32 countries, 40 markets, and No.1 or No.2 positions across them. But here’s the beauty: their balance sheet looks like it’s managed by a CA with OCD — steady, predictable, boring… which in finance is the sexiest thing ever.

4. Financials Overview

Commentary:Redington doesn’t chase big