Whalesbook
SBFC Finance ne FY26 ke Q4 results mein dhamakedar performance dikhaayi hai, jiske baad inka Return on Equity (RoE) 14.5% ho gaya hai! Yeh bada jump aaya hai operational efficiencies ki wajah se, jisme cost-to-assets mein 80 basis points ki kami aayi aur net interest spreads 50 basis points se zyada widen ho gaye YoY. Haan, credit costs thoda 35 basis points badhe hain, par overall results solid hain. Poore fiscal year 2026 ki baat karein toh inki total income 28.6% badh kar ₹16,795.02 million ho gayi aur net profit 31% jump kar ke ₹4,508.33 million ho gaya. Assets Under Management (AUM) bhi 29% badh kar ₹11,270 crore ho gaya. Jab yeh numbers aaye, tab stock price ₹94.50 ke aas paas tha aur market cap lagbhag ₹10,400 crore tha.
Ab is company ki khaasiyat hai inka niche market focus. Ye log under-banked SME sector ko ₹2.5 million se kam wale loans dete hain, aur inka gold loan portfolio bhi tezi se badh raha hai, jo ab total AUM ka 21% ho gaya hai. Is strategy se FY18 se AUM ka CAGR 33% raha hai, jo NBFC sector ke expected 13% growth se kaafi zyada hai. Lekin bhai, sabse bada sawaal hai valuation ka. Inka P/E ratio 23.2x aur P/B ratio 3.0x hai, jo sector median se kaafi zyada hai (P/E 16.53x, P/B 2.00x). Pichhle saal stock -10.7% gira tha, lekin last month mein +14.5% ka recovery dikhaya hai. Is sab ko dekh kar analysts ka kehna hai ki target price ₹121.57 tak ja sakta hai, matlab 28% tak ka upside potential hai.
Par har kahani mein kuch twists hote hain. Yahan risk hai funding ka, kyunki ye log lagbhag 47.4% tak bank loans par depend karte hain. Agar interest rates badhe toh inki borrowing cost badh sakti hai. Credit costs aur geopolitical issues bhi is target customer base ke liye challenge ban sakte hain. Company ka 3-year average RoE 11.9% raha hai, toh kya yeh latest 14.5% sustainable hai, yeh dekhna hoga. Zyada valuation ka matlab hai ki market ko future mein bahut achhi performance ki umeed hai. Agar ye uspar khare nahi utre toh stock gir sakta hai. Company ka future outlook kaafi positive hai; FY28 tak AUM CAGR ~24% aur RoE ~15% tak pahunchne ka target hai. Branch network badhaane aur gold loan portfolio increase karne ki bhi planning hai. ICICI Securities jaise analysts bhi 'BUY' rating de rahe hain aur ₹130 ka target de rahe hain, jo is stock mein potential dikhata hai.