Achanak profit mein kaise hua jump?
Asal mein, SML Mahindra ne Q4 FY26 mein ₹54.2 Crore ka net profit report kiya hai, jo pichhle saal ke ₹53 Crore se 2.4% zyada hai. Saath hi, company ki revenue bhi 16.4% bhadkar ₹898 Crore tak pahunch gayi. Is performance ko celebrate karne ke liye, board ne ₹23.5 per share ka final dividend recommend kiya hai.
Sales toh badhi, par margin kyun ghata?
Lekin, picture sirf itni hi nahi hai. Sales badhne ke bawajood, company ka EBITDA 0.1% kam ho gaya hai, jo ₹90.44 Crore se ₹90.38 Crore ho gaya hai. Asli chinta ki baat yeh hai ki company ka EBITDA margin ghata hai. Quarter mein yeh 10.06% raha, jabki pichhle saal yeh 11.72% tha. Iska matlab hai ki kharche badhne ya price kam karne ke pressure ke karan company sales ko profit mein convert karne mein thoda struggle kar rahi hai.
Valuation aur Sector ki Chinta
Stock market mein, SML Mahindra ka share aaj 0.48% badhkar ₹4,340 par band hua. Saal bhar mein yeh 9.16% badh chuka hai. Lekin iski valuation thodi mehengi lag rahi hai. Jabki company ki market cap ₹6,250 Crore ke aas-paas hai, iska P/E ratio 39.5x hai, jo competitors ke 25.30x ke average se kaafi zyada hai.
Commercial Vehicle (CV) sector mein bhi slowdown dikh raha hai, jahan growth 4-6% rehne ka andaaza hai FY27 mein. Isse future revenue par bhi asar pad sakta hai.
Kya hai positive aur kya hai risk?
Kuch achhi baatein bhi hain, jaise company ka Return on Equity (ROE) 36.4% hai aur debt bhi kam hua hai. Lekin, premium valuation, margin contraction aur debtors ke paisa collect karne mein zyada time lagna (debtors' days 40.4 ho gaye hain) yeh sab risks hain.
Aage kya?
Analysts ki rai mili-juli hai. MarketsMOJO ne ise 'Hold' bola hai par valuation ko 'expensive' kaha hai. Company 20 April 2026 ko ek investor call karne wali hai, jahan management in sab baaton par aur details de sakti hai.
