Logica Infoway FY26: Retail mix shift drives record revenue and profit

FY26 revenue from operations was ₹13,157.2 Mn (+17.6% YoY), EBITDA was ₹305.6 Mn (+29.5% YoY), and PAT was ₹141.8 Mn (+34.8% YoY).

Distribution contributed 41% of FY26 revenue (₹5,400 Mn), followed by e-commerce at 25% (₹3,295 Mn), retail at 21% (₹2,780 Mn), and exports at 13% (₹1,720 Mn).

FY26 gross margin expanded to 5.91% (from 5.63% in FY25). H2 FY26 gross margin was 6.30%, the highest half-yearly print cited in the presentation.

The deck attributes growth to retail expansion (+60% YoY), a new Tier-1 Samsung Notebooks mandate, exclusive Infinix distribution in Gurgaon, and a calibrated re-engagement of exports in H2.

Management states the company aims to scale the store network from 77 to 100+ stores by the close of FY27 and increase retail space from 38,125 sq. ft. to 50,000+ sq. ft.

The presentation guides FY27 EBITDA margin in the 2.0% to 3.0% range, supported by maturing stores, retail mix expansion, and SAP-enabled improvements.

Working-capital days increased to 62 in FY26 (from 53 in FY25). FY26 payables were 37 days, inventory 41 days, and receivables 62 days.