• VDA stake acquisition: Rashi Peripherals is acquiring a 67% stake in VDA Infosolutions for approximately ₹368 crore in cash at a ₹550 crore enterprise valuation, with plans to purchase an additional 11% annually over the next three years to reach 100% ownership.
• Acquisition financing structure: The initial 67% stake will be funded primarily through debt at a borrowing cost of 8% to 9%, supported by a debt-to-equity ratio of 0.4 to 0.5 times, while subsequent tranches will be funded via internal accruals.
• Margin expansion profile: VDA generated ₹850 crore in revenue and is projected to grow 25% to 30% annually over the next two to three years with PAT margins of 4% to 5%, nearly double Rashi's traditional distribution margins of 1% to 2%.
• Hardware growth outlook: Rashi expects to maintain a core revenue growth rate of 15% to 20% driven by an enterprise hardware refresh supercycle and AI demand, alongside expanding its semiconductor portfolio, which recently surpassed $15 million in revenue.