Redington (REDINGTON) Q2 25/26 earnings summary

Executive summary

• Achieved record Q2 FY26 revenue of ₹29,118 crore, up 17% year-over-year, and highest ever quarterly PAT of ₹388 crore, with PAT growth outpacing revenue growth.

• SISA (Singapore, India & South Asia) and ROW (Rest of World) segments both delivered double-digit revenue and profit growth.

• Unaudited standalone and consolidated financial results for Q2 and H1 FY26 were approved on November 5, 2025, covering performance up to September 30, 2025.

• Financial statements reviewed by Deloitte Haskins & Sells, with no material misstatements identified.

Financial highlights

• Q2 FY26 consolidated revenue: ₹29,118 crore (up 17% YoY); EBITDA: ₹632 crore (up 23% YoY); PAT: ₹388 crore (up 32% YoY).

• H1 FY26 consolidated revenue: ₹55,120 crore (up 19% YoY); EBITDA: ₹1,081 crore (up 15% YoY); PAT: ₹663 crore (up 23% YoY).

• Free cash flow for Q2 FY26 was ₹1,523 crore; H1 FY26 free cash flow was ₹583 crore.

• Net debt-to-equity at 0.11x; ROE at 17.2%; ROCE at 20.8% for Q2 FY26.

• Standalone net profit for Q2 FY26 was ₹531.78 crore; consolidated net profit was ₹350.20 crore.

Outlook and guidance

• SSG expected to maintain strong momentum, with continued investments in presales, platforms, and academy.

• Positive outlook for India, UAE, and KSA for the next two to three quarters, with strong momentum in mobility and anticipated PC growth if current trends persist.

• Focus on sustaining growth momentum across all business units and geographies.

• Management continues to monitor market and currency conditions, with segment reporting aligned to internal management structure.

• Arena's profitability expected to improve as benefits from the Vodafone Connect sale materialize from Q4 and next financial year.