Aisa kaise hua? Revenue badha phir bhi profit gira?
Dekho, company ne Q4 mein revenue 6.67% badhaya aur poore FY 26 mein toh 15.80% ka impressive growth dikhaya hai, jisse total FY revenue ₹6,271.15 Crore ho gaya. Lekin asli picture toh profit ki hai, jo Q4 mein seedha 30.36% gir kar ₹159.57 Crore pe aa gaya. Poore saal ki baat karein toh profit 13.38% neeche jaakar ₹378.46 Crore hua.
Debt ka pressure aur ₹450 Cr ka plan
Aur tension ki baat yeh hai ki company ka standalone non-current debt lagbhag double ho gaya hai! Yeh ₹489.49 Crore se badh kar ₹908.25 Crore ho gaya hai. Total standalone borrowings ab ₹3,169.35 Crore ho gaye hain. Is situation ko manage karne ke liye, company ne ₹450 Crore ka preferential share issue karke fund raise karne ka plan banaya hai.
Investors kya sochein?
Yeh results thode mixed hain. Revenue toh badh raha hai, shayad ethanol ki demand ke kaaran, par profit kyu kam ho raha hai? Kya operating costs badh gayi hain ya margins kam ho gaye hain? Upper se debt ka badhna aur share issue se existing shareholders ke stake mein dilution ka dar investors ko pareshan kar sakta hai. Ab sabki nazar management par hai ki woh profit margins kaise improve karte hain aur badhte hue debt ko kaise control mein rakhte hain.