Whalesbook
Numbers Toh Ekdum Zabardast!
Sona Comstar ne FY26 ke liye aur March mein khatam hue quarter ke liye shaandaar figures report kiye hain. Q4 mein revenue saal-dar-saal 47% badhkar ₹1,272 Crore ho gaya. Poore saal ki revenue ₹4,475 Crore rahi, jo 26% ka growth hai. EBITDA bhi Q4 mein 32% jump karke ₹311 Crore tak pahunch gaya, jisme margin 24.4% maintain raha. Net profit quarter ke liye 17% badhkar ₹192 Crore ho gaya. Is sab mein battery electric vehicle (BEV) segment ka bada yogdaan raha, jiska hissa ab 39% ho gaya hai. Company ka order book bhi kafi strong hai, lagbhag ₹23,700 Crore ka pipeline hai agle 10 saal ke liye.
April 2026 tak, Sona Comstar ka stock lagbhag ₹607.25 par trade kar raha tha, aur market cap ₹37,700 Crore ke aas-paas thi. Stock apne 52-week high ₹613.10 ke paas hi bana hua hai.
Ab Aata Hai Asli Panga: Governance Aur Ownership Ki Ladai
Asal mein, company ke promoter entity Aureus Investment, jisme Sona Comstar ka 28.02% stake hai, uski ownership ko lekar ek badi ladai chal rahi hai. Yeh dispute matriarch Rani Kapur aur late chairman Sunjay Kapur ki widow Priya Sachdev Kapur ke beech hai.
Management, jisme MD & Group CEO Vivek Vikram Singh bhi hain, keh raha hai ki yeh ladai sirf ownership level par hai aur iska operations, strategy ya governance par koi asar nahi pad raha hai. Lekin, yeh lambi chalne wali legal fight uncertainty zarur paida kar rahi hai. Delhi High Court ne estate mein badlavon par rok lagai hai, aur Supreme Court ne mediation ka suggestion diya hai, par abhi tak koi final decision nahi aaya hai.
Valuation Ka Kya Scene Hai?
Sona Comstar ka valuation, peers ke mukable kaafi high hai. Iska Price-to-Earnings (P/E) ratio 59-61x ke aas-paas hai. Yeh Samvardhana Motherson (jo lagbhag 42x par hai) aur Bosch Ltd (jo 39x par hai) jaise competitors se kafi zyada hai. Yeh high valuation EV components market mein company ki strong position aur differential gears ( 8.1% ) aur starter motors ( 4.2% ) mein market share ki wajah se hai. Lekin, itna high P/E future mein koi bhi operational problem ya growth slow hone par risk badha sakta hai.
Industry Trends Aur Future Plans
Indian auto component sector mein kaafi growth ka scope hai, jo 2025 se 2030 tak 14.8% CAGR se badh sakta hai, jiska reason electrification aur vehicle demand hai. FY27 mein sector 7-9% grow kar sakta hai. Sona Comstar high-voltage traction motors, inverters, aur railway business mein bhi expand karne ka plan kar raha hai, saath hi strategic acquisitions bhi dekh raha hai. Company ka aim ek comprehensive mobility technology company banna hai.