Whalesbook
Government order ne machaya tha kalesh!
Yaad hai jab government ne domestic users ke liye LPG supply ko priority dene ka order nikala tha? Uska bada impact HOCL ke operations pe hua tha, jiske chalte unke Kochi plants band hone pad gaye the. Lekin ab BPCL ne LPG supply phir se shuru kar di hai, toh HOCL ne 20th April, 2026 ko apne Phenol aur Cumene plants ko phir se start karna shuru kar diya hai. Companies ko weeks tak disruption face karna pada tha, jiske karan unhe force majeure bhi declare karna pada tha.
LPG ki supply hui restore
Yeh sab kab hua? Government ke order ke baad BPCL ne industrial LPG supply band kar di thi. Is wajah se HOCL ka LPG stock kam hone laga, aur 9th March, 2026 ko company ne force majeure declare kar diya. 11th March ko Cumene plant band ho gaya, aur 14th March ko Phenol plant bhi ruk gaya. Isse Phenol aur Acetone banane ki capacity par bahut asar pada. Haalanki, Hydrogen Peroxide plant chal raha tha, par main Phenol Complex poori tarah band tha. Abhi operations ka restart hona steady LPG supply par depend karta hai, jo HOCL ke control mein bilkul nahi hai.
Ek hi unit ka bada risk
Sabse badi problem yeh hai ki HOCL ka Kochi unit hi unka akela plant hai jahan Phenol, Acetone, aur Hydrogen Peroxide banta hai. Matlab, agar is ek jagah par koi bhi gadbad hui, toh poori company ke production pe asar padta hai. Bade companies ki tarah inke paas alag alag jagah production nahi hai, toh shutdown ka impact bahut zyada hota hai. Aur yeh chemicals pharma aur agrochemicals jaise industries ke liye bahut zaroori hain, isliye Kochi unit ka chalna crucial hai.
Financials vs Market Value: Kya scene hai?
HOCL ka FY2025 ka Net Profit kaafi achha raha, lagbhag ₹391.54 crore. Yeh pichle saalon ke loss se ek badi recovery hai. Par market mein inki valuation bahut kam hai. TTM P/E ratio sirf 0.4 se 0.73 ke beech hai! Dusri taraf, Deepak Nitrite jaise competitors ₹21,000 crore ke market cap ke saath 39 se 100+ ke P/E pe trade kar rahe hain. Styrenix Performance Materials bhi 7 se 20 ke P/E pe hai. Iska matlab market ko HOCL ke operations stability aur future pe bahut doubt hai. Ek taraf profit badha, par company ka annual revenue ₹558 crore pe aa gaya hai FY2025 mein, jo ki kam hai. Aur pichle ek saal mein stock 20% se zyada gir bhi gaya hai.
Industry badh rahi, HOCL ka kya hoga?
India ka chemical aur petrochemical industry $300 billion tak pahunchne wala hai 2025 tak, kyunki domestic demand bahut hai. Par HOCL is growth ka fayda utha paega ya nahi, yeh kehna mushkil hai. Unki supply chain ki weaknesses aur single production site unhe peeche rakh sakte hain. Investors ab dekhenge ki LPG supply constant rehti hai ya nahi aur HOCL aage aise disruptions ko rok pata hai ya nahi. Jab tak commercial production phir se start hone ka koi clear timeline nahi aata, tab tak uncertainty bani rahegi.