Whalesbook
Toh bhai, sabse pehle tension wali baat sunn le. ABD ka jo business premium products mein chal raha hai, woh toh sahi hai, par company ko filhaal kuch bade challenges face karne pad rahe hain. Packaging ke liye LNG prices badh gaye hain aur West Asia mein jo tension chal raha hai, uski wajah se shipping mein bhi dikkat aa rahi hai. In sab se short-term mein company ke profits pe thoda dabav aa sakta hai.
Lekin, company ki achhi baat yeh hai ki unka 'Prestige & Above' (P&A) portfolio zoron par hai. Is segment mein volumes 18.9% saal-dar-saal badhe hain Q3FY26 mein. Ab P&A ka mix 48.5% ho gaya hai, jo pehle 42% tha. Yaani, log high-margin products khareed rahe hain!
Aur ek game changer hai Karnataka ki nayi alcohol tax policy. Ab yeh tax alcohol content par lag raha hai, na ki pehle ki tarah fixed price par. Isse company ko premium segments mein price badhane ki achhi flexibility milegi, jahan unka brand strong hai.
Ab yeh jo cost pressure aa raha hai na, isko handle karne ke liye company ₹700 crore ka bada investment kar rahi hai. Yeh paisa backward integration mein lagega, jaise ENA, malt, bottling aur packaging facilities mein. Target hai ki FY28 tak operating margins 300 basis points badh jaayein. Yaani, apna khud ka production badha kar costs control karna.
Exports bhi ek achha area hai jahan margins zyada hain, aur ABD 30 se zyada deshon mein hai. Par West Asia wali problem yahan bhi effect kar rahi hai, freight costs aur transit time badh rahe hain. Halanki exports revenue ka chhota hissa hain, par unse profit achha milta hai.