Whalesbook
Numbers kya bol rahe hain? (Financial Fiesta!)
TFCILTD ne Q4 FY26 aur poore fiscal year 2026 ke liye ekdum dumdaar numbers pesh kiye hain. Chahe woh asset quality ho ya profitability, sab kuch mast dikh raha hai.
Quarter-on-quarter, net profit 6% badha hai aur ₹32.02 Crore bana hai, jabki revenue 8.6% badh kar ₹73.89 Crore ho gaya. Poore FY26 ki baat karein toh net profit 18.9% ki tezi dikha kar ₹123.46 Crore pahunch gaya, aur revenue bhi 8.8% badh kar ₹273.69 Crore ho gaya. Sabse badi khabar ye hai ki Gross NPAs 3.22% se gir kar sirf 0.37% reh gaye hain. Net NPAs toh nil ho gaye hain, jo ki kamaal ki baat hai! Provision Coverage Ratio bhi 100% hai.
Dividend aur Capital Raise ka plan (Future Ready!)
Company ke Board ne FY26 ke liye ₹0.60 per equity share ka dividend recommend kiya hai. Aur suniye, yeh company ₹1,200 Crore tak ka fund raise karne ka plan bana rahi hai debt instruments ke through. Yeh unke future growth plans aur balance sheet ko expand karne ke liye kaafi madadgar hoga.
Valuation par sabki nazar (Pricey ka Maza?)
Ab aate hain us point par jo sabke mann mein hai. TFCILTD ka P/E ratio lagbhag 28-30x chal raha hai, jo ki financial sector ke doosre bade players jaise Power Finance Corporation (PFC) aur Rural Electrification Corporation (REC) ke muqable kaafi zyada hai. Woh toh iske aaspas 1/4th multiple par trade kar rahe hain! Yahan tak ki PNB Housing Finance, jiska market cap lagbhag ₹27 billion hai, woh bhi 11-12x P/E par hai. Iska matlab hai ki investors is stock mein zyada expect kar rahe hain ya phir valuation thoda stretched lag raha hai. Pichhle ek saal mein iska stock 80.82% bhaga hai, jo shayad is valuation ko support karta hai par sales growth 8-9% utni impressive nahi hai.
Aage kya? (Risk & Reward)
Yeh jo ₹1,200 Crore raise hone wala hai, woh tourism, hospitality aur infrastructure financing business ke liye accha hai aur loan book ko badhane mein help karega. Lekin isse company ki leverage bhi badhegi, jisse interest rate hikes ya sector mein koi slowdown hone par risk badh sakta hai. Anoop Bali ka MD ke roop mein continue karna leadership stability dega. Ab sabki nazar is baat par rahegi ki kya company apni earnings ko itna fast grow kar paegi ki yeh high valuation ko justify kar sake.