Rashi Peripherals Limited acquires 67% of VDA for Rs 368.5 crore

Rashi Peripherals Limited acquired 67% of VDA Infosolutions Private Limited for Rs 368.5 crore during the quarter ended September 30, 2026, and has set out a plan to buy the remaining 33% through three annual 11% tranches ending on August 31, 2029. The first purchase gives Rashi Peripherals a majority stake in VDA Infosolutions.

What did Rashi Peripherals acquire from VDA Infosolutions?

Rashi Peripherals acquired 67% equity shares of VDA Infosolutions during the quarter ended September 30, 2026 for a purchase consideration of Rs 368.5 crore. The company described the purchase as the first tranche of a staggered acquisition, rather than a transaction for all of VDA Infosolutions' equity at one time.

The filing does not disclose VDA Infosolutions' revenue, profit, assets, product lines, seller identity or valuation method. It also does not state the date within the September quarter when control was obtained. As a result, the reported consolidated revenue and earnings for the quarter cannot be used to identify VDA Infosolutions' separate financial contribution.

Rashi Peripherals' consolidated cash-flow statement recorded Rs 366.649 crore under acquisition of subsidiary, net of cash acquired, for the six months ended September 30, 2026. That reported cash-flow amount is Rs 1.851 crore below the Rs 368.5 crore purchase consideration because it is presented net of cash acquired; the filing does not provide a separate reconciliation or state the acquired company's cash balance.

How will Rashi Peripherals acquire the remaining VDA Infosolutions shares?

Rashi Peripherals plans to buy the remaining 33% of VDA Infosolutions in three equal annual tranches of 11% each by August 31, 2027, August 31, 2028 and August 31, 2029. If those purchases proceed as disclosed, the company would move from the initial 67% holding to full ownership over three years.

The Rs 368.5 crore consideration disclosed in the filing applies to the 67% first tranche. Rashi Peripherals did not disclose the price, valuation formula, funding source, accounting treatment or any other terms for the later 11% tranches. The announced consideration therefore cannot be treated as the total cost of acquiring 100% of VDA Infosolutions.

The consolidated balance sheet reported non-controlling interest of Rs 163.792 crore at September 30, 2026, compared with Rs 11.223 crore at March 31, 2026. This balance represents interests in consolidated entities held by parties other than Rashi Peripherals' owners, but the filing does not allocate the increase specifically between VDA Infosolutions and other group entities.

What changed in Rashi Peripherals' assets after the acquisition?

Rashi Peripherals reported goodwill of Rs 74.871 crore at September 30, 2026, up from Rs 2.867 crore at March 31, 2026, while other intangible assets rose to Rs 304.762 crore from Rs 0.62 crore. Total consolidated assets increased to Rs 9,315.277 crore from Rs 5,327.148 crore over the same six-month period.

The balance-sheet movements occurred in a period that included the VDA Infosolutions purchase, but the financial statements do not provide a purchase-price allocation. Consequently, the filing does not establish how much of the growth in goodwill, intangible assets or total assets was attributable specifically to VDA Infosolutions.

Inventories increased to Rs 4,498.723 crore at September 30, 2026 from Rs 2,553.722 crore at March 31, 2026, while trade receivables rose to Rs 3,130.358 crore from Rs 2,184.212 crore. Current assets in total rose to Rs 8,795.61 crore from Rs 5,219.795 crore, alongside the addition of the acquired subsidiary and changes in the group's working-capital balances.

What were Rashi Peripherals' September 2026 financial results?

Rashi Peripherals reported consolidated revenue from operations of Rs 6,185.113 crore and profit after tax of Rs 130.742 crore for the quarter ended September 30, 2026, compared with Rs 4,155.407 crore and Rs 59.215 crore respectively in the September 2025 quarter. Profit before tax increased to Rs 174.585 crore from Rs 78.656 crore over the same comparison.

For the six months ended September 30, 2026, revenue from operations was Rs 11,286.965 crore, compared with Rs 7,307.55 crore a year earlier, while profit after tax was Rs 235.307 crore against Rs 120.915 crore. Finance costs increased to Rs 75.435 crore from Rs 51.327 crore, and employee benefits expense rose to Rs 127.984 crore from Rs 91.885 crore.

Rashi Peripherals operates in one operating segment, Computer Systems, Software & Peripherals, Mobiles. India generated Rs 6,020.463 crore of revenue in the September 2026 quarter and overseas operations generated Rs 164.65 crore, compared with Rs 4,058.184 crore and Rs 97.223 crore respectively in the September 2025 quarter.

How did cash flows and borrowings change during the acquisition period?

Rashi Peripherals used Rs 516.519 crore in operating activities and Rs 372.62 crore in investing activities during the six months ended September 30, 2026. In the corresponding 2025 period, it generated Rs 35.249 crore from operating activities and used Rs 2.999 crore in investing activities; the 2026 investing outflow included Rs 366.649 crore for acquisition of a subsidiary, net of cash acquired.

Working-capital movements included an Rs 1,878.919 crore increase in inventories and an Rs 726.314 crore increase in trade and other receivables. Trade payables and other liabilities increased by Rs 2,241.636 crore, while Rashi Peripherals reported Rs 737.56 crore of net cash inflow from financing activities, including Rs 480.533 crore of net borrowings and Rs 555.132 crore of term-loan proceeds.

Current borrowings stood at Rs 1,719.534 crore at September 30, 2026, compared with Rs 958.566 crore at March 31, 2026. Non-current borrowings were Rs 248.4 crore at September 30, while the March 31 statement did not show a non-current borrowing balance; the filing does not link a particular borrowing directly to the VDA Infosolutions acquisition.

Conclusion

Rashi Peripherals' Rs 368.5 crore acquisition of 67% of VDA Infosolutions added a controlled entity during the September 2026 quarter while leaving a 33% minority interest to be purchased later. The same six-month accounts recorded Rs 366.649 crore of acquisition cash outflow net of acquired cash, a rise in goodwill and intangible assets, and revenue of Rs 11,286.965 crore.

The next disclosed acquisition milestones are the three 11% VDA Infosolutions tranches scheduled for August 31 in 2027, 2028 and 2029. Investors can watch for future disclosure of the consideration and terms for those purchases, along with any financial information that identifies VDA Infosolutions' contribution to Rashi Peripherals' consolidated results.