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Aisa kya hua ki revenue badhne ke baad bhi Zaggle ka stock seedha 20% tak neeche gir gaya?
Company ne 13th May ko apna Q4 FY26 ka result announce kiya tha. Result mein operational revenue 49.9% saal dar saal badh kar ₹618 Crore ho gaya. Profit after Tax (PAT) bhi 30.4% badh kar ₹40.6 Crore pe pahuncha. Adjusted EBITDA margin bhi 9.0% se sudhar kar 9.8% ho gaya. Lekin, 14th May ko stock ₹283.85 ke close se gir kar intraday mein ₹252.55 tak pahunch gaya. Lagta hai investors ko sirf revenue growth se matlab nahi hai, unki nazar long-term profitability aur competitive positioning par hai.
India ka Fintech Market aur Zaggle ka Valuation
Dekho, India ka fintech sector bahut tezi se badh raha hai. 2026 mein yeh market around USD 51.30 billion ka tha aur 2031 tak USD 109.06 billion hone ki umeed hai, jo ki 16.27% CAGR se grow karega. Zaggle ki market cap lagbhag ₹3,800 Crore hai, aur uska TTM P/E ratio 29.57 ke aas paas hai. Yeh valuation peers jaise SBI Cards (P/E 28.35) ke comparison mein theek lagta hai, par PB Fintech (P/E 110.49) se toh kaafi kam hai. Par, Indian IT sector mein pichle saal 27.52% ki giraawat hui hai, jisne sentiment ko thoda affect kiya hai.
Profitability par Doubt Kyun?
Bade profit aur margin badhne ke baad bhi itni badi girawat ye sawaal khada karti hai ki kya company ki profitability sustainable hai. Kya EBITDA margin ka improvement baaki cheezon ki kami poori kar sakta hai? Kya current growth valuation ko justify karta hai? Especially jab market AI se efficiency lane wali companies par focus kar rahi hai.
Analysts ke views bhi mix hain. Kai log ismein 'Strong Buy' rating de rahe hain aur target price ₹430 ke aas paas bata rahe hain, jo kaafi upside dikhata hai. Lekin kuch analysts ne 'Sell' rating bhi di hai. High beta 1.62 ka matlab hai ki stock market se zyada volatile hai.
Management ka Optimism aur Investors ki Scrutiny
Management ka kehna hai ki FY27 mein revenue 25-30% (standalone) aur 40% (consolidated) tak grow karega, jisme AI-led products aur MENA, US markets mein expansion ka role hoga. Unhone Venkatesh Ramachandran ko naya CFO bhi banaya hai. Lekin, latest stock reaction dikhata hai ki investors ab growth ko lasting profitability mein badalte hue dekhna chahte hain. Unke AI investments aur product ecosystem ko closely watch kiya jayega.