Whalesbook
Profit badha, par share price neeche kyu gira?
Hindustan Aeronautics Limited (HAL) ne March quarter mein ₹4,196 Crore ka Net Profit report kiya hai, jo pichhle saal se 5.5% zyada hai. Lekin, stock market mein share seedha 4% gir gaya aur ₹4,427.00 par aa gaya. Ye sab isliye hua kyunki company ke core operations mein kuch dikkatein hain.
Margins par dabaav, Other Income ka sahara
Asal mein, company ka Gross Margin 63.7% se gir kar 54% ho gaya hai. Iska matlab hai ki production costs badh gaye hain aur company ka main business pressure mein hai. Halanki, 'other income' mein 76.6% ka jump aaya tha, jisse Net Profit badha hua lag raha hai.
Tejas Mk1A program mein delays ka bura haal
Sabse badi chinta Tejas Mk1A fighter jet program ko lekar hai. Ismein kaafi delays ho rahe hain. Indian Air Force aur HAL ke beech ek important meeting postpone ho gayi kyunki HAL ne zaroori progress reports submit nahi kiye. Aur toh aur, jo GE Aerospace se 99 engines mangaye the Tejas Mk1A ke liye, usmein se sirf 6 deliver hue hain April 2026 tak! Pehla engine toh March 2025 mein aaya tha. Ab HAL ne GE par penalties bhi lagana shuru kar diya hai delays ke liye. Radar aur missile integration mein bhi problems chal rahi hain. Jo deliveries March 2024 mein honi thi, woh ab mid-2026 ya uske baad hogi. Poori fleet deliver hone mein 2031 tak lag sakta hai.
Valuation high, Execution par sawaal
Company ka market cap lagbhag ₹3.08 lakh Crore hai aur P/E ratio 33-35 ke aas-paas hai. Industry ka P/E 21.13 hai. Matlab, HAL ka valuation kafi high lag raha hai. Haalanki, order book ₹2.54 lakh Crore se zyada ka hai, jo achhi revenue visibility dikhata hai, lekin ye sabhi orders time par deliver karne par depend karta hai.
Military leaders ne bhi uthaye sawaal
Isi beech, senior military leaders ne bhi defence projects mein delays ko lekar sawal uthaye hain. Air Force Chief Marshal Amar Preet Singh ne kaha ki 'ek bhi project time par complete nahi hua hai.' Unhone unrealistic deadlines par bhi sawaal uthaye. Ye cheezein HAL jaise public sector companies ki operational inefficiencies ko highlight karti hain.
Analysts ka alag alag mat
Analysts bhi is stock ko lekar divided hain. JM Financial ne margin weakness aur execution issues ko dekha hai. Nomura ne 'Buy' rating maintain ki hai aur ₹5,954 ka target diya hai, order backlog ko dekhte hue. Goldman Sachs 'Neutral' hai, aur Antique Stock Broking ko FY27 mein improvement ki ummeed hai, agar engine supply issues theek ho jayein toh.
Final Verdict
Toh overall, HAL ka profit toh badh raha hai, lekin Tejas program aur engine supply jaise operational challenges uske share price par bhaari pad rahe hain aur investors ki chinta badha rahe hain.