**1. Financial Highlights:** Redington reported robust Q1FY26. Global Revenue hit ₹26,002 Cr (+22% YoY); PAT up 12% to ₹275 Cr, EBITDA 6% higher at ₹450 Cr.

SISA (India/South Asia) was a standout with Revenue +23%, PAT +29%. Working Capital days improved to 37, Net Debt/Equity at 0.23x. Mobility (+44%) and Cloud (+41%) drove growth. **2. Strategic Initiatives & Growth Drivers:** Shifting to a 'utility of product' model, Redington accelerates growth in subscription/consumption services.

Strategic focus areas include Hybrid Cloud, AI, Cybersecurity, and Sustainability Tech, with a circular economy focus. **3. Business Developments:** Redington divested its Fintech subsidiary Paynet.

Its supply chain arm, ProConnect Global, delivered strong results: Revenue +9%, EBITDA +18%, PAT +38%. **4. Market Position & Competitive Advantage:** Redington maintains a leading #1-#2 market position across 40 operating markets, backed by ~450 brand partnerships and extensive distribution.

It highlights its professionally managed, board-governed structure. **5. Investor Implications:** Strong revenue growth and improved working capital indicate positive growth potential.

SISA's robust performance and strategic pivot to high-growth tech segments are promising.

Investors should monitor profitability trends in the ROW region.