Whalesbook
Toh bhai, Sedemac Mechatronics ke tech strength ko dekh kar analysts ne bola hai ki 'Buy karo', aur target set kiya hai ₹2,350 ka! Unko company ka Sensorless Commutation (SLC) aur ISG systems ka kaam, khas kar ICE vehicles ke liye, kaafi impressive laga. India mein ISG market bhi grow kar raha hai, abhi 36% hai aur FY30 tak 50% ho jayega. May 2026 mein iska market cap lagbhag ₹8,700-₹8,850 crore tha.
Par yahan aata hai sabse bada 'BUT'! Company ki sabse badi weakness hai customer dependence. 75% se zyada revenue toh ek hi client se aa rahi hai, aur top 3 milakar 90% se upar ho gaya. Yaani agar yeh bade clients ne kuch bhi gadbad ki, toh seedha Sedemac ke revenue par attack. Imagine karo, ek hi shop se poora business aata ho!
Aur ek aur danger bell hai import par dependence. Material cost ka 74-80% toh semiconductor aur electronic components mein jaata hai, jo mostly bahar se aate hain, specially China se. Global supply chain mein koi bhi problem, ya geopolitical tension, yahan tak ki currency ka utaar-chadaav, sab Sedemac ki production aur cost ko affect kar sakta hai.
Plus, market ab EV ki taraf tezi se bhaag raha hai. Sedemac abhi bhi traditional combustion engine vehicles par zyada focus kar raha hai, aur EV products abhi revenue mein bahut kam hain. Competition bhi tagda hai, Bosch, Sona BLW jaise bade players already market mein hain jinke paas zyada resources hain.
Valuation ki baat karein toh iska P/E ratio lagbhag 185-186x hai, jo sector ke average 16-62x se bahut zyada hai. Matlab share already kaafi expensive lag raha hai, aur yeh valuation shayad in bade risks ko poora price in nahi kar raha. IPO bhi Offer For Sale tha, matlab company ne koi naya paisa nahi uthaya tha.