Kya Hai Asli Kahani? (The Real Story)
Dekho, Q3 mein joh numbers aaye hain na, woh bilkul shock wale hain. Company ki core business se ₹0 Revenue aayi hai, yeh sabse badi chinta ki baat hai. Iski wajah se ₹26.11 Lacs ka net loss hua. Pichhle saal isi quarter mein ₹15.22 Lacs ka profit tha, socho kitna bada difference hai. Total income bhi sirf ₹29.67 Lacs rahi, woh bhi mostly 'other income' se, business se nahi. Aur expenses ₹58.26 Lacs ho gaye, jisse pre-tax loss ₹28.59 Lacs ka bana.
Ab baat karte hain 9 mahine (9M FY26) ki. Yahan bhi haalat kharab hai. Revenue from operations ₹1,337.24 Lacs par aa gaya, jo pichhle saal ₹4,551.28 Lacs tha. Is period mein ₹17.14 Lacs ka net loss report hua hai, compared to last year ka ₹8,710.64 Lacs ka bada profit. Lekin, yeh yaad rakhna ki pichhle saal ka profit mostly ₹8,548.06 Lacs ke deferred tax credit ki wajah se tha, yeh koi operating profit nahi tha.
EPS ka bhi bura haal hai. Q3 FY26 ke liye basic and diluted EPS ₹(0.14) hai, jabki pichhle saal ₹0.08 tha. Aur 9 mahine ke liye ₹(0.09) ho gaya hai, jahan pichhle saal ₹45.37 tha! Matlab investors ke liye EPS mein bahut badi giraavat aayi hai.
Governance Ka Issue Bhi Hai! (Governance Problem Too)
Ab sirf numbers hi nahi, governance ka bhi ek bada issue saamne aaya hai. Company ne Section 203 of the Companies Act, 2013 follow nahi kiya hai. Matlab, inke paas Company Secretary hi nahi hai! Management bol raha hai ki isse financial results par koi khaas fark nahi padega, lekin investors ke liye yeh ek red flag hai ki company rules follow kar rahi hai ya nahi.
Aage Kya? (What's Next?)
Management ne future ke liye koi guidance nahi di hai. Toh aage kya hoga, yeh kehna mushkil hai. Sabse bada risk toh yahi hai ki operational revenue bilkul band ho gaya hai. Agar company ne jaldi se operational revenue generate karna shuru nahi kiya, losses control nahi kiye, aur governance issues solve nahi kiye, toh investors ke liye yeh stock bahut risky ho sakta hai. Outlook toh filhaal bahut dark lag raha hai.