Whalesbook
Yaar, yeh company bas badhti hi jaa rahi hai! Is fiscal mein 1500 MW tak ka naya capacity add karne ka plan hai, last year toh 1400 MW kiya tha. Iska main reason hai corporate sector ki demand, jo sasti aur green energy chahte hain taaki unke ESG scores bhi badhein. Aur toh aur, data centers aur AI wale bhi bade clients ban rahe hain, jo 42% tak portfolio mein aa gaye hain.
Apne expansion ke liye paisa bhi bade partners se aa raha hai. Apple ne ₹100 Crore se zyada invest karke 49% stake liya hai ek JV mein. Phir Toyota Tsusho India ke saath 300 MW ka target hai Japanese corporates ke liye, aur Osaka Gas ke saath bhi 400 MW ka plan chal raha hai. Yeh sab funding ko smooth bana raha hai aur business ko expand karne mein help kar raha hai.
Ab aata hai asli drama! Ek taraf toh profit 340% badh kar ₹85.6 Crore ho gaya hai FY26 mein, aur revenue ₹1,913 Crore tak pahunch gaya. Lekin asli picture thodi alag hai. Operating margins gir kar 62.29% se 48.01% ho gaye hain, jabki revenue 31% quarter-on-quarter badha. Aur sabse bada tension hai debt ka, jo ₹7,126.84 Crore tak hai March 2025 tak. Is par interest hi Q4 FY26 mein ₹180.18 Crore aa gaya! Interest coverage ratio bhi bas 2.54 times hai, matlab debt service karne mein zyada buffer nahi hai. Aur toh aur, profit before tax ka 58.60% toh 'other income' se aaya hai, asli business se nahi. Isliye investors abhi thoda soch rahe hain.
Sector toh 'Stable' chal raha hai government policies aur C&I demand ke karan. Lekin transmission aur PPA delays jaise issues bhi hain. Adani Green aur ReNew Power jaise bade players bhi hain. Investors ko is company ke financials mein kuch concerns hain. Itna bada debt, interest expenses, aur 'other income' par reliance ko dekh kar kuch analysts ne IPO mein 'Avoid' rating diya tha aur kaha tha ki company peers se 'overvalued' hai. Dividend bhi nahi deti, profits hone ke baad bhi.
Aage bhi company ka expansion ka plan hai, FY27 mein bhi 1.5 GW add karne ka target hai. Data centers aur AI se demand aati rahegi. India ka renewable sector badhega, lekin grid infrastructure aur PPA delays jaise hurdles rahenge. Company ka future is baat par depend karega ki woh debt ko kaise manage karti hai, margins ko kaise improve karti hai aur expansion targets poore karti hai ya nahi.