Whalesbook
Toh bhaiyo aur behno, suno JFS ki kahani. Company ne FY26 ke Q4 mein revenue toh zabardast grow kiya hai, bhai! Net Interest Income (NII) mein 28% ka jump dekha gaya, jo ab ₹3.4 billion ho gaya. Aur toh aur, other income bhi 55% udh kar ₹3.8 billion tak pahunch gayi.
Par rukna! Yahaan ek bada 'BUT' hai. Company ke operating expenses 188% badh gaye hain, matlab double se bhi zyada! Lag gaye ₹3.9 billion. Ismein employee costs ka hissa sabse bada hai, jo 136% zyaada ho kar ₹1.3 billion pahunch gaya.
Is poore khel ka natija yeh hua ki profit before provisioning and contingencies (PPOP) mein 12% ki girawat aa gayi. Quarterly yeh ₹3.3 billion raha, jo pehle ₹3.7 billion tha. Poore FY26 ke liye, PPOP bas 2% badha hai, aur hua hai ₹16.3 billion.
Ab stock ki baat karein toh yeh lagbhag ₹358 par trade ho raha tha, aur market mein aaj 6 million shares se zyada ka volume dekha gaya. Company ki market cap bhi lagbhag ₹2.2 trillion hai aur trailing P/E ratio 185x chal raha hai, matlab future growth toh already stock price mein fully priced in hai.
Aur analysts? Woh toh alag hi duniya mein hain! Motilal Oswal ne toh BUY rating de kar target ₹315 diya hai, unka kehna hai ki PAT 50% CAGR se grow karega. Lekin CLSA jaisa broker ₹340 target de raha hai, aur Morgan Stanley ne 'EQUAL-WEIGHT' rating ke saath ₹300 ka target rakha hai. Sabki apni-apni rai hai.
Sabse badi chinta ka vishay ban gaya hai yeh 188% bada hua operating expense, jismein employee costs ka 136% spike hai. Yeh signals deta hai ki ya toh company zordar investment kar rahi hai ya phir costs ko control karna ek challenge ban gaya hai. Agar yeh costs aise hi badhte rahe toh profit margins par pressure aana pakka hai. Itne high valuation par, JFS ko ekdum flawless performance dena hoga. Koi bhi chook hui toh stock mein badi girawat aa sakti hai.
Future ki baat karein toh Motilal Oswal ki optimism future mein JFS ki badhti services, jaise lending, payments, insurance, aur unse aane wali efficiency par based hai. Ab JFS ka focus yeh dikhana hoga ki yeh jo kharchon mein izafa hua hai, woh ek planned, temporary investment hai, na ki koi structural issue jo hamesha profitability ko kha jayega. Investors ab agle results ka eagerly wait karenge ki yeh log costs ko control kar paate hain ya nahi.