Earnings call Transcript - Q2 FY27

November 10, 2026 The National Stock Exchange of India Limited, BSE Limited Exchange Plaza, Floor 25, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Mumbai — 400 001 Bandra (E), Mumbai – 400051. Symbol: REDINGTON Scrip: 532805 Sir/Madam, Sub: Q2 - FY 2026-27 - Earnings Conference Call Transcript This is further to our letter dated October 30, 2026, intimating the details of earnings conference call on the unaudited financial results for the quarter and half year ended September 30, 2026, held on November 04, 2026. In this regard, we are enclosing herewith the transcript of the conference. The same is available on the Company’s website at https://redingtongroup.com/wp-content/uploads/2026/11/Redington-Limited- Q2FY27-Earnings-Call-Transcript.pdf No unpublished price sensitive information was shared/discussed in the meeting/ call. We request you to take this information on record. Thanking you For Redington Limited K Vijayshyam Acharya Company Secretary Encl: a/a “Redington Limited Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. V. S. HARIHARAN – MANAGING DIRECTOR GROUP CHIEF EXECUTIVE OFFICER– REDINGTON LIMITED MR. S.V. KRISHNAN – FINANCE DIRECTOR– REDINGTON LIMITED MR. V RAVI SHANKAR – CHIEF FINANCIAL OFFICER - INDIA & MIDDLE EAST PALAK AGRAWAL – HEAD INVESTOR RELATIONS – REDINGTON LIMITED Page 1 of 17 Information Classification: RL\Public Redington Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Redington Limited Q2 FY27 Earnings Conference Call. Before we begin, a brief disclaimer. This conference call will contain forward- looking statements. which are based on beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of future performance and involves risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions. after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. V.S. Hariharan, from Redington Limited. Thank you. And over to you, sir. V.S. Hariharan: Thank you so much. Good afternoon, and a warm welcome. Thank you for being with us today. This quarter marks another important milestone for Redington. We delivered the strongest quarterly revenue and profit after tax in our history, not in the benign environment, but against a backdrop of geopolitical disruption, changing component prices and continued supply chain complexity. The outcome says as much about the quality of our execution as it does about the strength of demand across our markets. We are in like a multi-verse phenomenon. Consolidated revenue for Q2 FY27 was INR43,002 crores, up 48% year-on-year. Profit after tax, excluding exceptional items, rose 50% to INR581 crores. Excluding Arena, this looks even better. Revenue expanded 54% and profit after tax increased 55% to INR657 crores. Growth remained broad and the core business converted that growth into stronger earnings. For the first half of '27, consolidated revenue reached INR77,967 crores, a growth of 41% year-on- year, while profit after tax, excluding exceptional items reached INR1,067 crores, growing at 61%. Both are the highest Redington has recorded in any first half… These results are not built around a single brand market or technology cycle. They reflect a portfolio designed for resilience, scale businesses that generate reach, value business that deepen relevance and emerging capabilities that prepare us for the next phase of technology adoption over the next few years. Let me begin with a little bit more deep dive into our markets. India continued to lead growth with the distribution business growing 67% year-on-year during the quarter, while the rest of the world excluding Arena grew 38%. Contributions by GCCL. These are the GCC countries in the Levant countries outside of UAE and Saudi grew 121%. UAE grew 39% and Africa grew 35%. The Middle East grew 41% despite the geopolitical uncertainty. The breadth of this performance demonstrates the relevance of our portfolio across these markets. Page 2 of 17 Information Classification: RL\Public Redington Limited November 04, 2026 India benefited from several growth vectors working together. Premium mobility continues to be a key play for us in the Mobility segment, the Smartphone segment, backed by NPIs, higher and higher PC selling prices in the PC segment, substantial data center wins and sustained expansion in software, cloud and security. Our routes to market are also becoming more effective, direct-to-retail motion in India. Other technology-enabled models are increasing our reach while giving partners a more responsive distribution platform. Across the Middle East and Africa, our teams adapted quickly to the logistics disruption, longer collection cycles and tighter liquidity. The region nevertheless produced strong growth, particularly in value-led categories. We are encouraged by the opportunity despite these situations in these markets while remaining deliberate about credit, inventory and cash discipline. Now turning to our business engines and giving a little bit of narrative around that. Every vertical grew very good double digits during the quarter. More importantly, the mix of growth shows that Redington is participating across the full technology stack from devices to data centers and from cloud consumptions to software-led solutions. Mobility grew 40% and accounted for 34% of the consolidated revenue. As I mentioned before, premiumization, especially in India, new product launches across the world and selective price increases supported in the quarter. SISA geography grew 70% with healthy momentum across both Apple and Android. In the Rest of the World, Mobility grew 34%, excluding Arena. Endpoint Solutions grew 38% and represented 30% of revenue. Higher average selling prices were the principal driver, supported by a sequential increase in commercial PC volumes. The business delivered its highest quarterly revenue to date, demonstrating the device demand remains relevant even as the market shifts towards higher performance and AI-capable PCs. On the Technology Solutions Group, it was a standout performance this quarter. Revenue increased 91%, taking TSG to 20% of the consolidated mix. Servers, storage and networking all contributed. However, the AI servers, the GPUs with richer configurations and dramatically higher ASPs, in many cases, 4x, are driving the growth. Large deals exceeded INR3,800 crores and accounted for roughly 9% of the group's revenue. A good chunk of the large deals in India came from data centers. Excluding these large deals, TSG grew by 33%, giving us confidence in the depth of the underlying opportunity. Software Solutions Group grew 39% and contributed to 15% of revenue. All SBUs grew under SSG with strong growth in cybersecurity and cloud. Cybersecurity sprung back very nicely with all the efforts and focus in the last few quarters. We are widening our access to leading OEMs and brands and hyperscalers taking existing partnership into new market and combining products into more complete customer solutions. The objective is straightforward, moving from fulfilment towards orchestration and earn a larger role in the customers' technology agenda. Our Professional Services business registered strong growth with many enterprise and SMB wins. Our new CloudQuarks 2.0 has been rolled out to all of Middle East, Africa and Cloud Life Page 3 of 17 Information Classification: RL\Public Redington Limited November 04, 2026 Cycle management tools, which is TrackMyCloud and Reonix has become -- has found better adoption by partners, and these will hold a lot of good stead in terms of stickiness to custo [Showing first 8,000 characters — download PDF for full document]