Whalesbook
Dekho, is share ke bhaagne ka ek bada reason hai institutional investors ka faith. Reports bata rahi hain ki FIIs ne apna stake 6.15% se badha kar 6.49% kar liya hai. Aur DIIs bhi peeche nahi, unhone apna stake 24.00% se badha kar 24.76% kar liya hai March 2026 quarter mein. Yeh sab dekh kar Rekha Jhunjhunwala jaise bade investors ko bhi fayda ho raha hai.
Company chal rahi hai India ke specialty chemicals sector mein, jo 2025 mein $67.0 billion se badhkar 2034 tak $93.4 billion ka hone wala hai. Lekin valuation ka scene thoda complex hai. Iska P/E ratio lagbhag 39-42 hai, jo sector average 48.72 se kam hai, par Aarti Industries (P/E 17.8) se toh zyada hi hai. Aur ROE ki baat karein toh yeh 8.88% se 11.24% ke beech mein hai, jo SRF (ROE 20.74%) jaise competitors se pichhe hai. Achhi baat ye hai ki debt-to-equity ratio control mein hai, lagbhag 0.26-0.27.
Brokerage analysts bhi is stock par bullish hain. 6 analysts ne toh 'Strong Buy' rating di hai aur unka average 12-month target price ₹919.50 hai, matlab lagbhag 39% tak ka upside dikh raha hai. Yeh confidence company ke pyridine aur Vitamin B3 mein leadership aur specialty chemicals & CDMO services par focus karne ki wajah se hai. Axis Securities ne bhi ₹800 ke target ke saath 'Buy' rating di hai. Company ka aim hai ki agle paanch saalon mein 18-20% EBITDA margins achieve karein.
Par sab kuch itna bhi acha nahi hai. Q3 FY25-26 mein company ka net profit 21.9% gir gaya. Aur long-term trend dekha jaaye toh pichhle paanch saalon mein net sales -0.45% aur operating profit -13.67% se kam hue hain. Geopolitical issues, jaise Middle East conflict aur Red Sea crisis, bhi logistics costs badha sakte hain. Aur energy prices mein volatility se feedstock aur power expenses badh rahe hain, jisse chemical intermediates segment ke EBITDA margins Q3 FY26 mein gir kar sirf 4% reh gaye the. MarketsMojo ne toh 'cautious sell' bhi kaha hai. Haalanki Chairman Shyam S. Bhartia ko allegations se bari kar diya gaya hai, par global uncertainties aur internal performance issues ko investors ko dhyan mein rakhna hoga.