Whalesbook
Ambit Capital ne badla investment ka tareeka
Ambit Capital ne apna investment strategy update kiya hai, jisme woh ab growth aur operational leverage wali companies ko zyada prefer kar rahe hain. Is wajah se, unhone Blackbuck ko 'Buy' rating di hai aur ek attractive target price bhi set kiya hai. MakeMyTrip ko bhi 'Buy' rating mili hai kyunki travel market mein company ki position strong hai. Iske opposite, GE Vernova T&D ko valuation aur orders ki chintaon ke chalte 'Sell' kar diya gaya hai. Ye move dikhata hai ki market ab speculative growth se zyada solid fundamentals ko importance de raha hai.
Blackbuck ka logistics mein dum
Blackbuck ki 'Buy' rating ke peeche Q4 FY26 ke strong results hain. Revenue mein 52% ka year-on-year jump dekhne ko mila hai, jo Rs 185 crore tak pahunch gaya, aur Rs 66 crore ka profit bhi hua hai, jo ek bada sudhar hai. Company ka core trucking business ab bhi sabse zyada revenue laata hai, jisme unka lending business bhi help kar raha hai. Blackbuck ka expansion, khas kar Superloads segment mein, aur operational efficiency badhna growth ke main reasons hain. Indian logistics sector, jiski value $354 billion hai, mein abhi kaafi growth ka scope hai.
MakeMyTrip travel mein bhi tikau
Travel sector mein chal rahi problems ke bawajood, Ambit ne MakeMyTrip ki 'Buy' rating maintain rakhi hai. Company ki market leadership aur badhti profitability ko iska credit jaata hai. Domestic hotel demand aur bus services ne international travel par geopolitical events ke impact ko kam karne mein madad ki hai. Ambit ko lagta hai ki ye problems temporary hain aur MakeMyTrip ki strong market position aur online penetration future growth ke liye kaafi hai. Indian online travel market ki value $15.35 billion hai.
GE Vernova T&D ko challenges
Ambit ki 'Sell' rating GE Vernova T&D ke liye domestic orders ki kami aur margins kam hone ki worries se aayi hai. Export toh badha hai, par brokerage ka kehna hai ki high valuations mein ye expected gains pehle se hi include hain. Risks mein export allocation aur parent company ki capacity changes bhi shamil hain. Ambit ne notice kiya ki, "Margins appear to have peaked." Q3 FY26 mein order inflow badhne ke baad bhi, FY26 ke pehle nau mahine mein pichle saal ke compare mein cumulative orders kam the. Competitors jaise Siemens Energy aur Hitachi Energy bhi supply chain aur pricing pressures jaisi issues face kar rahe hain. Global T&D equipment market badh raha hai, par GE Vernova T&D ke domestic order booking aur margin outlook par chinta hai.
Valuation aur Sector Trends
Blackbuck ka P/E ratio lagbhag 23.38 hai, jo Indian software sector mein competitive hai. MakeMyTrip ka P/E ratio abhi 89.92-91.69 ke aas paas tha, jo high growth expectations dikhata hai. GE Vernova T&D India ka P/E ratio 97.41x hai, aur forward P/E 66.58 hai, jo ek rich valuation indicate karta hai. Indian logistics sector $450 billion tak pahunchne ki ummeed hai 2026-2027 tak, aur online travel market 2025 mein $19.05 billion se badhkar 2031 tak $31.38 billion ho sakta hai. Global Power T&D market bhi expand ho raha hai. Lekin, Ambit ko lagta hai ki GE Vernova T&D ki valuation mein domestic order pipeline challenges aur margin pressures fully reflect nahi ho rahe hain.
GE Vernova T&D ke Domestic Orders par focus
Ambit ki 'Sell' rating GE Vernova T&D ke liye mainly domestic orders mein struggle karne ki wajah se hai. Export order book strong hai, par domestic pipeline kamzor lag rahi hai. "Margins appear to have peaked," brokerage ka kehna hai, matlab improvement ki zyada gunjaish nahi hai. Siemens Energy ke opposite, jinki European base strong hai, GE Vernova T&D ka domestic market slowdown dikha raha hai. Ye kuch bade projects par depend hona aur consistent domestic orders secure karne mein difficulty premium valuation ke liye risk hai.
Future Outlook
Ambit Capital ki strategy un companies ko favor karti hai jinke paas proven growth aur efficiency hai. Blackbuck ka logistics mein performance aur MakeMyTrip ki online travel market mein dominance unki 'Buy' ratings ko support karte hain. GE Vernova T&D ki downgrade sustained domestic growth, potential margin pressures, aur high valuations par chinta jatati hai. Market ab GE Vernova T&D ki ability dekhega ki woh global competition ke beech naye domestic orders secure kar sakta hai aur margins maintain kar sakta hai.