Aisa kaise hua? Revenue badha, Profit kam?
Dekho, Sula Vineyards ne March mein end hone wale Q4 mein ₹142.6 crore ka revenue generate kiya, jo pichhle saal se 7.1% zyada hai. Unki Elite aur Premium brands ki sales 11% bhagi hain, aur wine tourism se bhi 17.5% zyada kamai hui, jo ki ₹23.9 crore hai. Stock bhi thoda upar 1.35% gaya, ₹173.10 par close hua.
Toh phir profit kyun gira?
Asal chakkar hai badhti hui costs ka, khaas kar ke angoor (grape) ke daam. Is wajah se, EBITDA, jo company ke operating profit ka indicator hai, woh 2.6% gir kar ₹28 crore par aa gaya. Margin bhi 19.5% se ghata hai, pehle 21.4% tha. Poore FY26 ki baat karein toh net profit ₹25.65 crore raha, jo FY25 ke ₹70.20 crore se kaafi kam hai. Revenue bhi thoda neeche aaya hai, ₹596.2 crore vs ₹619.4 crore.
Kya investors ko tension leni chahiye?
Company ka P/E ratio kaafi high hai, jiska matlab hai ki market future growth expect kar raha hai. Lekin agar costs aise hi badhti rahi toh yeh growth ruk sakti hai. Is baar final dividend bhi kam recommend kiya hai, sirf ₹2 per share, pichhle saal ₹3.6 tha. ROE bhi gir kar 4.59% ke aas paas hai. Working capital days bhi 101 ho gaye hain.
Aage ka kya plan hai?
Analyst log abhi bhi Sula par 'Buy' ya 'Outperform' rating de rahe hain, aur target price ₹201.50 se ₹220.83 ke beech mein hai. Company apne wine tourism business ko aur badha rahi hai, jaise ki Nashik mein Chandon ki estate kharidna. Unko umeed hai ki premium brands aur tourism se future mein acha growth milega aur rising costs ko manage kar payenge.
