Whalesbook
Toh kya hua hai asaliyat mein? Stovekraft ne Q4 mein apna revenue 32% tak badhaya hai, YoY basis par. Ye growth kaafi sections mein achhi rahi hai, gas cooktops ko chhhodkar. EBITDA bhi 26% upar gaya hai. Haan, EBITDAM thoda sa neeche aaya hai, around 9.2% ke aas paas, gross margins kam hone ki wajah se, lekin operating leverage ne isko manage kar liya.
Ab sabse exciting baat - IKEA! FY27 se Stovekraft IKEA ko small appliances supply karna shuru karega, jisse saal ka ₹2-2.5 billion tak ka revenue aa sakta hai. Export bhi ab track par aayega. Company ka aim hai 2 se 3 saal mein revenue ko ₹25-30 billion tak pahunchana, aur ye sab zyada naye investment ke bina hoga. June 2026 mein prices bhi badhenge, kyunki commodity rates badh rahe hain.
Emkay Global ne bola hai ki woh stock ko March 2028 ke estimates par value kar rahe hain aur BUY rating pakki rakhi hai. Target ko ₹650 se badha kar ₹700 kar diya hai, jo ki 11x FY28E Enterprise Value to EBITDA multiple par based hai. Unhone ye bhi saaf kiya hai ki EPS estimates mein jo 10% ka change dikh raha hai, woh accounting policy ki wajah se hai, valuation par iska koi asar nahi hai.