Whalesbook
Aao ab poora detail mein dekhte hain ki actual mein kya hua. Operational performance toh mast raha, revenue 18.6% jump kar ke ₹1,522 Crore ho gaya. EBITDA bhi 13% upar ₹705 Crore tak pahunch gaya. Yeh sab ancillary services, price hikes, aur logistics expansion ki wajah se possible hua.
Lekin profit side pe thodi gadbad ho gayi. Net profit 18% gir kar ₹418 Crore reh gaya. Iska main reason hai kuch one-off charges jaise ki Fujairah terminal mein ₹68 Crore ka fire loss aur ₹43 Crore ka unrealized forex loss. Iske alawa, third-party cargo ka share bhi pehle 50% se kam ho kar 46% ho gaya hai. Waise, company ne apni port capacity 183 MTPA tak expand kar li hai. Aur haan, logistics segment toh ekdum toofani raftaar se badh raha hai, FY26 mein iska revenue lagbhag triple ho gaya hai!
Abhi stock price ₹283-₹285 ke aas-paas chal raha hai, aur market cap around ₹59,500-₹60,000 Crore hai. Company ka P/E ratio thoda high side pe hai, 37-39x ke range mein. Bade player Adani Ports & Special Economic Zone (APSEZ) ke compare mein toh yeh abhi chhota hai, APSEZ ki capacity 580 MTPA hai aur market cap ₹2.9 Lakh Crore se bhi upar hai. APSEZ ka P/E generally JSW Infra se kam rehta hai.
India ka overall infrastructure aur logistics sector toh government ke support se bahut achha kar raha hai. Logistics sector mein 10.7% CAGR ki growth expected hai. Aur ek badi khabar yeh hai ki Fitch Ratings ne company ko investment grade rating ('BBB-') de di hai, woh bhi stable outlook ke saath! Yeh company ki credibility aur finance ko aur strong karta hai.
Brokerage houses abhi bhi positive hain. Prabhudas Lilladher ne target thoda neeche ₹342 kar diya hai, par 'Buy' rating maintain rakhi hai. Overall, 16 analysts ne 'Buy' kaha hai aur average target ₹334.75 hai, jo lagbhag 18% aur upside dikhata hai. ICICI Securities ka target ₹365 hai, aur Kotak ne bhi outlook upgrade kiya hai. Lekin kuch concerns bhi hain, jaise third-party cargo ka share kam hona, aur P/E ratio ka high hona.
Debt ke mamle mein company stable lag rahi hai, Fitch ke rating case ke according 3.5x se kam hai Gross Debt/EBITDA. Prabhudas Lilladher ko lagta hai ki FY26-28E mein EBITDA 32% CAGR se badhega. Investment grade rating future financing aur growth ke liye bahut helpful hogi.