Whalesbook
Okay, toh company ka Q4 FY26 ka performance kaafi mixed raha hai.
Asal mein, poora FY26 hi thoda abnormal tha due to international situations. Management ne bataya ki Pahalgam attack aur Middle East mein chal rahe conflict ne kaafi impact dala hai, especially international travel pe jahan airfares bhi bhari ho gaye the.
But there's a good side too! Financial Services division ne toh kamaal kar diya. Unka EBIT (Earnings Before Interest and Taxes) is quarter mein 17% badh ke ₹392 million ho gaya hai. Aur unka resort business, Sterling Holidays, ne bhi record banaya hai! Profit Before Tax (PBT) 18% upar gaya aur ₹207 million pahunch gaya. Matlab, domestic and financial services are strong!
Ab jo thoda negative point hai woh hai international travel segment. DEI jaise units, jinka revenue 50% tak UAE se aata hai, unko Middle East conflict ki wajah se ₹10 crore ka EBIT loss hua. Toh bhai, ek taraf growth toh dusri taraf geopolitical issues ka pressure.
Sabse bada strategic move jo company ne announce kiya hai, woh hai unke resort business ko Sterling Holiday Resorts mein demerge karne ka. Isse kya hoga? Company apna structure clear karegi aur core travel aur financial services pe zyada focus kar paayegi. Iske saath hi, company ke paas net cash bhi hai lagbhag ₹730-740 crore ke aas paas. Ye paisa technology, debt repayment, ya new acquisitions mein use kiya jayega, jo future growth ke liye achha hai.
Risks toh obvious hain: Middle East ki situation jab tak theek nahi hoti, tab tak international travel aur outbound business pe uncertainty rahegi. Higher fuel costs aur dollar/euro ke against rupee ki movement bhi thoda pressure bana sakti hai.
Ab investors kya track karenge? Sabse pehle toh ye demerger ka progress dekhna hoga, jo Q1 FY28 tak expect hai. Middle East business kab recover hota hai, Sterling ke 95 resorts aur 4,500 rooms tak pahunchne ke plans, aur company cash ko kaise use karti hai, ye sab important hoga. Aur haan, RBI ke naye Forex rules ka kya impact hota hai financial services pe, woh bhi nazar rakhni hogi.