Redington is a technology ecosystem orchestrator - it does not make the phones, laptops or software itself but instead bridges the gap between the world’s biggest technology brands and the businesses and consumers who use them, operating across 40 emerging markets without a presence in the US, Europe or China. The company began in 1993 with a single HP printing contract in India and expanded by following a repeatable playbook: win a marquee brand, build the distribution muscle around it, then use the cash flows and credibility to add the next brand, the next product category and the next country. That approach - de-risking through diversification across geographies and technology types - has turned a single-country IT distributor into one of the top 10 technology distributors globally, moving everything from smartphones to cloud subscriptions. # Business segments Five engines at different stages - a smartphone cash cow, a personal-computing stalwart, two enterprise-technology platforms at scale, and a logistics backbone that serves them all - each built with the cash flows of the one before. ## 1. Mobility Solutions Group: where the group’s revenue comes from **Apple is the gravitational centre of this business, accounting for nearly a third of the entire company’s revenue, with the rest coming from a broad Android portfolio distributed through a direct-to-retail model that has grown tenfold in five years.** - **One brand dominates the engine** - Apple contributed 31% of total company revenue in FY26, a position built over two decades of deepening the relationship from Macs to iPhones and capturing a major share of iPhone demand through the channel ecosystem. - **Android built through direct reach** - the “Direct to Retail” (DTR) model bypasses layers of sub-distribution to place phones straight into stores, which is how Android’s share of total company revenue rose from 1.3% to 10.2% over five years. - **Volume with a premium tilt** - the business is driven by volume but focuses on the premium segment, with growth tied to seasonality and new product introductions from brands like Samsung (5% of FY26 revenue), Google Pixel, Motorola and Nothing. - **Affordability unlocks demand** - the group complements distribution with financing schemes, buy-back programs and brand marketing campaigns that make high-value smartphones accessible and drive demand at scale. ## 2. End Point Solutions Group: the personal-computing and printing backbone **A three-decade-old engine distributing PCs, printers and gaming gear through a network of over 10,000 partners, now riding a refresh cycle where AI-capable PCs have crossed 40% of commercial revenue in India.** - **The original business, still growing** - founded on an HP print-and-supplies contract in 1993, this engine now distributes commercial and consumer PCs, laptops, workstations, tablets, printers and gaming products from the world’s leading brands, generating INR 36,828 crores globally in FY26. - **AI PCs are reshaping demand** - in the Indian commercial segment, AI PCs with more than 40 TOPS (trillions of operations per second, a measure of on-device AI processing power) reached 41% of revenues, signalling a replacement cycle that pulls through higher-value hardware. - **Large deals and pre-buying drive the rhythm** - approximately INR 500 crores in deals closed in a single quarter, with component shortages and anticipated price increases triggering pre-buying behaviour that amplifies volume. - **Last-mile reach through 10,000 partners** - the engine serves government and enterprise clients through institutional channels while reaching consumers via online, offline and omnichannel routes, with a partner network that provides last-mile connect for brands. ## 3. Technology Solutions Group: the enterprise-infrastructure engine **Data-centre building blocks - servers, storage, networking and security - sold to system integrators and solution providers, with large deals exceeding INR 1,100 crores in a single quarter.** - **Everything a data centre needs** - the portfolio spans compute, storage, networking, unified communications, power and cooling, and comprehensive security solutions covering identity, data, applications, network, cloud and endpoints. - **Sold through a technical channel** - the engine collaborates with independent software vendors, system integrators and solution providers to build customer-vertical-specific solutions for telecom, banking, education, manufacturing, healthcare and government. - **Pre-sales engineers strengthen partner offerings** - a strong technical team of certified pre-sales engineers across India, combined with channel finance, project finance and a project management team, supports complex enterprise infrastructure projects that a simple box-mover could not handle. - **Brand breadth reduces dependence** - key brands include Cisco, Dell EMC, Hewlett Packard Enterprise, IBM, Juniper, NetApp, Nutanix, Pure Storage, Fortinet, Palo Alto and VMware, so no single vendor relationship dominates the engine. ## 4. Software Solutions Group: the high-margin, recurring-revenue growth engine **The fastest-growing and most profitable engine - a platform business that orchestrates cloud subscriptions, software licences and security services, with nearly three-quarters of its revenue recurring.** - **Built for the subscription economy** - the business model evolved from reselling software licences to co-selling cloud solutions to becoming an ecosystem orchestrator that monetises solution design, subscriptions, cloud consumption, renewals and services. - **Recurring revenue provides visibility** - approximately 74% of Software Solutions Group (SSG) revenue is recurring in nature, with an 85% retention rate that banks 63.5% of revenue into the following year, making earnings more predictable than in the hardware engines. - **Digital platforms are the moat** - proprietary platforms like CloudQuarks (cloud commerce and lifecycle management), the AI Exchange (a marketplace with over 200 AI agents) and DigiGlass (managed security services) turn the distributor into a platform that vendors and partners build on. - **A 1,000-strong team across 130 brands** - backed by over 10,000 partners globally and six platforms, the engine crossed the $2 billion mark in FY26 and earned Microsoft’s Frontier Distributor designation for enabling partner success at scale. # ProConnect Supply Chain Solutions **A wholly owned logistics subsidiary that runs automated warehouses and freight operations across India, the Middle East and Africa - serving both Redington’s own distribution engines and external customers, with captive business at 28% of quarterly revenue.** - **More than an internal function** - ProConnect operates as a third-party logistics (3PL) player across six verticals: IT and Telecom, E-Commerce, Healthcare and Pharma, FMCG, FMCD, and Value-Added Services. - **Automation and AI drive efficiency** - the subsidiary runs Automated Distribution Centres and uses a proprietary AI tool called NethraPro for real-time tracking and predictive analytics, which helps it pivot toward higher-margin technical services. - **Certified for enterprise-grade operations** - ProConnect holds ISO 14001 (environmental management), ISO 45001 (occupational health and safety) and ISO 27001 (information security management) certifications, making it a credible partner for regulated industries. # Group structure and partners **A board-governed, professionally managed company with no promoter, listed in India, with Synnex of Taiwan as the largest strategic shareholder at 24% and a footprint spanning 32 countries through a web of operating subsidiaries.** - **No promoter, professional management** - classified by SEBI as a “listed entity with no promoter,” the company is run by a board that includes directors from Synnex and a Group CEO, V.S. Hariharan, appointed for five years from February 2025. - **Two geographic segments** - SISA (Singapore, India and South Asia) contributed 58% of FY26 revenue, while the Rest of the World segment (Turkey, Africa, Egypt, CIS) contributed 42%, with India, UAE and Saudi Arabia together accounting for 70% of the business. - **440 brands, 70,000 partners, 163 warehouses** - the top 10 brands account for roughly 80% of business, with Apple (31%), Lenovo (10%), HP Inc (9%), Samsung (5%) and Dell EMC (5%) as the top five, while channel partners range from system integrators and e-commerce players to managed service providers and independent software vendors. - **Arena carries Turkish risk** - the Turkish subsidiary incurred an impairment of INR 152.3 crores (Redington’s share INR 75.2 crores) in FY26 due to challenging economic conditions and revised projections, and it divested its fintech unit Paynet in 2025.