Rashi Peripherals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Rashi Peripherals Ltd filed with BSE on 20 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Rashi Peripherals reported consolidated Q4 FY26 revenue growth of 51% year-on-year to Rs 4,489 crores, with EBITDA up 41% and PAT up 65% year-on-year. For the full year FY26, revenue grew 15% to Rs 15,827 crores, EBITDA rose 53% to Rs 459 crores, and PAT grew 35% to Rs 282 crores. Management attributed the quarter's growth to enterprise refresh demand, AI PC adoption, component price increases, and continued expansion of its distribution network.
Numbers mentioned
Revenue from operations: INR4,489 crores (Q4 FY26)
p. 5
“Our consolidated performance for the fourth quarter of financial year 2026 revenue from operations increased by 51% year-on-year to INR4,489 crores.”
Himanshu Shah, page 5 of the filed PDF · View the filing
EBITDA margin: 2.95% (Q4 FY26)
p. 5
“EBITDA increased by 41% year-on-year with EBITDA margins at 2.95%.”
Himanshu Shah, page 5 of the filed PDF · View the filing
Profit after tax: INR87 crores (Q4 FY26)
p. 5
“Profit after tax was INR87 crores, registering a growth of 65% year-on-year with PAT margins of 1.93%.”
Himanshu Shah, page 5 of the filed PDF · View the filing
Revenue from operations: INR15,827 crores (FY26)
p. 5
“For the financial year 2026, consolidated revenue from operations grew 15% year-on-year to INR15,827 crores.”
Himanshu Shah, page 5 of the filed PDF · View the filing
EBITDA: INR459 crores (FY26)
p. 5
“EBITDA increased by 53% to INR459 crores with EBITDA margin expanding by 72 bps to 2.90%.”
Himanshu Shah, page 5 of the filed PDF · View the filing
Profit after tax: INR282 crores (FY26)
p. 5
“Profit after tax rose 35% year-on-year to INR282 crores with PAT margins at 1.78%.”
Himanshu Shah, page 5 of the filed PDF · View the filing
Operating cash flow: INR514 crores (FY26)
p. 5
“we generated a healthy operating cash flow of INR514 crores for the period.”
Himanshu Shah, page 5 of the filed PDF · View the filing
Inventory days: 56 days (FY26)
p. 5
“Inventory days stood at 56 days, reflecting calibrated inventory management to ensure product availability across key categories.”
Himanshu Shah, page 5 of the filed PDF · View the filing
Debtor days: 46 days (FY26)
p. 5
“Debtors were at 46 days, in line with higher business volumes and continued expansion across channels.”
Himanshu Shah, page 5 of the filed PDF · View the filing
Creditor days: 44 days (FY26)
p. 5
“Our creditor days stood at 44 days, reflecting balanced vendor management and procurement planning.”
Himanshu Shah, page 5 of the filed PDF · View the filing
Working capital days: 58 days (FY26)
p. 5
“Consequently, working capital remained well managed at 58 days, aligned with the operating requirements of the business.”
Himanshu Shah, page 5 of the filed PDF · View the filing
ROCE: 16%+ annualized, 19%+ for the quarter (FY26 / Q4 FY26)
p. 5
“I'm also glad to inform you that the ROCE on an annualized basis has crossed 16%, and for the quarter, it was 19%-plus.”
Himanshu Shah, page 5 of the filed PDF · View the filing
LIT segment growth: 24% (FY26 year-on-year)
p. 7
“in the LIT category, we have grown on a year-to-year basis at the rate of 24%.”
Rajesh Goenka, page 7 of the filed PDF · View the filing
PES segment growth: 37% (FY26 year-on-year)
p. 8
“in the PES category, we have grown at 37%, which is obvious because of the higher H2 PC demand and because of the higher ASPs.”
Rajesh Goenka, page 8 of the filed PDF · View the filing
Semiconductor business growth: 131% (FY26 year-on-year)
p. 6
“our semiconductor business, we have had 131% growth on a year-to-year basis.”
Rajesh Goenka, page 6 of the filed PDF · View the filing
India traditional PC market shipments: 15.9 million units, 10.2% year-on-year growth (calendar year 2025)
p. 3
“India's traditional PC market shipped a record 15.9 million units in calendar year of 2025, growing at about 10.2% year-on-year, the strongest ever year, surpassing even the pandemic peaks of 2021 and 2022.”
Kapal Pansari, page 3 of the filed PDF · View the filing
AI-enabled notebook growth: 129% (calendar year 2025)
p. 3
“AI-enabled notebooks grew 129% year-on-year in calendar 2025.”
Kapal Pansari, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth (overall CAGR) — 20% CAGR · coming year
stated firmly by Rajesh Goenka
p. 6
“So we are very confident to maintain our trajectory of 20% CAGR in the coming year as well.”
Rajesh Goenka, page 6 of the filed PDF · View the filing
PES category price increase — another 20%
stated as an aspiration by Rajesh Goenka
p. 9
“The price increase is happening and is expected to further increase in the PES category only. And that increase, now onwards, it is expected on an average should be another 20%.”
Rajesh Goenka, page 9 of the filed PDF · View the filing
Regular run-rate business growth — 15% to 20% growth
stated as an aspiration by Rajesh Goenka
p. 10
“we currently post-IPO, we have the capacity to pick up these kind of projects subject to ROIs.”
Rajesh Goenka, page 10 of the filed PDF · View the filing
PES segment growth (net of price/volume offset) — 10% to 15% growth · FY27
stated conditionally by Rajesh Goenka
p. 14
“So even if I assume that the market size of this 58% of the Rashi's revenue degrows by 10%, but the price itself will grow by about 20%, 25%. So net, we will continue to have 10% to 15% growth on an as-is where basis without any doing any change.”
Rajesh Goenka, page 14 of the filed PDF · View the filing
PAT margin range — 1.5% to 1.75%
stated as an aspiration by Himanshu Shah
p. 15
“around the range of 1.5 to 1.75 is the range applicable to this industry.”
Himanshu Shah, page 15 of the filed PDF · View the filing
Working capital days — FY27
stated firmly by Himanshu Shah
p. 13
“Yes, we can expect around same range.”
Himanshu Shah, page 13 of the filed PDF · View the filing
Semiconductor business meaningful contribution to top line and bottom line — a few years
stated as an aspiration by Rajesh Goenka
p. 6
“considering the overall size of INR15,800 crores, semiconductor meaningful impact to our top line and bottom line is a few years away.”
Rajesh Goenka, page 6 of the filed PDF · View the filing
Dell revenue share — close to double-digit share · next financial year
stated conditionally by Rajesh Goenka
p. 9
“Right now it is at low single digit. But on a Y-o-Y basis, next financial year, we think that it should be close to double-digit share.”
Rajesh Goenka, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said H1 growth was volume-driven while H2 saw a substantial price impact, and reaffirmed the long-term 20% CAGR trajectory.
Answered by Rajesh Goenka
Asked by Miloni Mehta: How much of top-line growth was driven by pricing versus volume, and what is the normalized growth expectation for FY27?
p. 6
“H2, roughly on an average basis, if I see, the growth has been about 46%, 47% H2-to-H2. I would account half of it or at least 20%, 22% growth because of the increase in the price.”
Rajesh Goenka, page 6 of the filed PDF · View the filing
Management said PCs with NPUs or high-end GPUs are classified as AI PCs, and about 25% of PCs sold currently are AI PCs.
Answered by Rajesh Goenka
Asked by Vinay Menon: What defines an AI PC and what share of PCs sold today are AI PCs?
p. 7
“currently around 25% of the PCs and notebooks sold in the country are AI PCs, but this is only accelerating.”
Rajesh Goenka, page 7 of the filed PDF · View the filing
Management said LIT grew due to high market share and continues to outpace industry growth, while PES growth is driven by PC refresh and pricing.
Answered by Rajesh Goenka
Asked by Madhur Rathi: What drove LIT segment growth and how does the mix affect gross margin?
p. 8
“LIT, we continue to grow almost 2x of the industry. LIT, one, Rashi Peripherals market share is very high.”
Rajesh Goenka, page 8 of the filed PDF · View the filing
Management declined to disclose specific Dell figures but indicated a double-digit share for the year, and described margin expansion as a multi-year strategy tied to solutions-driven business.
Answered by Rajesh Goenka
Asked by Hitesh Goel: What is Dell's contribution to revenue and how will margin expansion be achieved in FY27?
p. 9
“it should be a double-digit share in our overall top line.”
Rajesh Goenka, page 9 of the filed PDF · View the filing
Management said they will pursue projects selectively based on ROI without compromising core business growth of 20% year-on-year.
Answered by Rajesh Goenka
Asked by Aejas: How will Rashi participate in large data center opportunities given capital intensity and lower margins?
p. 10
“if there is an opportunity where we have a decent ROI, then we can pick up these projects as an add-on this without compromising our regular run rate growth of 20% Y-o-Y.”
Rajesh Goenka, page 10 of the filed PDF · View the filing
Management said the program has no recourse or cost to the company and the credit/funding cost is borne by channel partners.
Answered by Himanshu Shah
Asked by Sumukh: How does the ST Finserv channel finance partnership affect working capital and credit risk?
p. 11
“it has no recourse, no cost to us, no impact to us and no cost to us.”
Himanshu Shah, page 11 of the filed PDF · View the filing
Management said commercial demand should remain strong but consumer demand could see softness in H2 due to affordability pressures from price hikes.
Answered by Rajesh Goenka
Asked by Deepak Lalwani: What is the sustainable volume growth outlook and how is secondary demand shaping up?
p. 14
“in the consumer, there could be a softness in the H2 of this financial year because of the affordability.”
Rajesh Goenka, page 14 of the filed PDF · View the filing
Management said the distribution industry has finely defined margins in a set range unless product or customer mix changes significantly.
Answered by Himanshu Shah
Asked by Dheeraj Kumar Reddy: What is the aspiration for PAT margins over the next few years?
p. 15
“So distribution industry has got very finely defined margins and we continue to operate in that.”
Himanshu Shah, page 15 of the filed PDF · View the filing
Management said margins remain intact and the price rise has slightly improved overall profiling due to operating leverage.
Answered by Himanshu Shah
Asked by Vaibhav Gupta: Is there a negative margin impact from the current price hike environment?
p. 15
“margins are intact with the price rise. And in fact, the overall profiling has a little bit better only and which is evidenced of the numbers delivered and declared.”
Himanshu Shah, page 15 of the filed PDF · View the filing
Risks flagged
Potential PC market shipment decline in calendar 2026 due to component cost pass-through
p. 4
“IDC has flagged that calendar year 2026 may see a temporary dip of 5% to 10% in PC shipments as the component cost works through the system.”
Kapal Pansari, page 4 of the filed PDF · View the filing
Possible shortage in supply in the PES category due to price increases
p. 14
“there, there is a major price increase impact that is coming in, and there could be a potential shortage in supply also which should come.”
Rajesh Goenka, page 14 of the filed PDF · View the filing
Consumer demand softness in H2 due to affordability pressure from rising laptop prices
p. 14
“another 15%, 20% price rise in 6 months could make laptop to INR70,000, which could impact the affordability of the consumer.”
Rajesh Goenka, page 14 of the filed PDF · View the filing
Slow-moving inventory requiring additional charge affecting gross margin
p. 16
“We have some slow-moving inventory, I would say. We have taken additional charge on that and brought down the value of the slow-moving inventory as a prudent accounting practices.”
Himanshu Shah, page 16 of the filed PDF · View the filing
Higher working capital requirement in semiconductor business
p. 7
“So while the working capital is higher, but at the same time, the gross margins are also substantially higher.”
Rajesh Goenka, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.