Rashi Peripherals Reports Strong Q2 & H1 FY26 Results, Highlights PC Market Growth and Strategic Expansion
Rashi Peripherals reported strong Q2 and H1 FY26 results with significant revenue growth. The company highlighted robust PC market growth, new partnerships, and strategic expansion into AI and embedded solutions.
The announcement provides detailed financial results for Q2 and H1 FY26, crucial for investor evaluation. It also outlines significant strategic initiatives, market outlook, new partnerships, and future growth drivers, which are expected to have a high impact on the company's performance and investor sentiment.
The company reported strong revenue growth (excluding large projects), improved profitability metrics (EBITDA, adjusted PAT), positive cash flow, and efficient working capital management. Management expressed optimism about market trends, strategic expansions, new partnerships, and future large project opportunities.
* Rashi Peripherals Limited submitted the transcript of its Earnings Conference Call held on Monday, November 10, 2025, at 10:00 a.m. (IST), discussing the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2025. * Consolidated Financial Highlights - Q2 FY26: * Revenues stood at ₹4,155.4 crore (₹41,554 million), marking a 12.1% increase year-over-year (20% Y-o-Y excluding project deals). * EBITDA was ₹108.1 crore (₹1,081 million), up 3.5% Y-o-Y, with an EBITDA margin of 2.6%. * PAT for the quarter was ₹59.22 crore (₹592.2 million), translating into a PAT margin of 1.4%. * Adjusted PAT, excluding extraordinary items, reached ₹66.4 crore (₹664 million), an increase of 7.4% Y-o-Y. * Consolidated Financial Highlights - H1 FY26: * Revenue for the first half was ₹7,307.65 crore (₹73,076.5 million), an 8.3% decline Y-o-Y, but up 16% on run-rate business excluding large project deals from the previous year. * EBITDA grew by 12.6% Y-o-Y to ₹219.55 crore (₹2,195.5 million), with an EBITDA margin of 3%. * PAT stood at ₹120.92 crore (₹1,209.2 million), down 3.2% Y-o-Y, with a PAT margin of 1.7%. * Adjusted PAT, excluding extraordinary items, was ₹128.1 crore (₹1,281 million), an increase of 9.7% Y-o-Y. * ROE was 13.33% and ROC was 15.06% on an annualized basis for H1 FY26. * Working capital days were managed at 61 days for H1 FY26. * Business Mix and Market Trends: * On a trailing 12-month basis, the PES segment contributed 57% of revenue, while LIT accounted for 43%. 61% of revenue originated from metro cities. * The global PC market saw Q2 2025 shipments surge 8-10% Y-o-Y, driven by Windows 10 sunset and Windows 11 refreshes. Indian Q2 shipments climbed 6% to 3.6 million units. * The Indian IT hardware market continues to grow at 10-12% annually. * Strategic Initiatives and Outlook: * Expanded distribution network by commencing two new branches in Maharashtra (Nanded and Baramati), bringing total locations to 54. * Announced an ESOP program for employees, with a Q2 FY26 provisioning of ₹7.217 crore (₹72.17 million). The yearly run rate for ESOP expense is expected to be around ₹20 crore (₹200 million) for two years. * Formed new brand alliances, welcoming Dell Commercial Technologies business and Indian startup Teachmint Technologies to its portfolio. Dell commercial business is expected to contribute substantially from Q3 FY26. * Successfully completed India's longest-running Channel Roadshow, covering 50 cities and engaging over 4,000 small partners. * Expanding server and storage portfolio and aggressively moving into future-ready categories like AI-enabled services, embedded/semiconductor solutions, and comprehensive enterprise/cloud solutions. * Management aims to maintain a 20% CAGR in revenue growth, excluding large project deals, and is now open for new large project deals in Q3 and Q4 FY26, focusing on ROCE. * AI PCs are priced significantly higher (₹75,000-₹80,000) compared to normal PCs (₹40,000), indicating a trend towards premiumization. * The company maintains lowest-in-industry provisions for doubtful debts (0.01-0.02%) and prudent accounting for ageing inventory. * Awards: Recognized as NCN's Best National Level Value-Added Distributor of 2025 and Digital Terminal's Most Trusted National Distributor of ICT Solutions in India.
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