Whalesbook
Toh bhaiyon aur behno, Torrent Power ka Q4 FY26 ka result aa gaya hai, aur numbers thoda surprising hain. Net profit ekdum se 70% neeche gir gaya, ₹318.2 crore tak pahunch gaya. Lekin yahan ek catch hai! Last year issi time par ek kamaal ka tax reversal hua tha ₹637 crore ka, jiski wajah se woh base kaafi high tha. Agar usko hata dein toh company ke operations bade solid dikh rahe hain.
Revenue toh lagbhag flat raha ₹5,930 crore par, lekin EBITDA mein 1.7% ka jump aaya ₹1,149.3 crore tak, aur margins bhi 17.9% tak sudhre hain. Distribution aur renewable energy segments ne accha perform kiya hai, jisse total comprehensive income mein ₹92 crore ka increase hua.
Ab future ki baat karein toh company ne bade plans banaye hain. Lagbhag ₹30,000 crore ke expansion projects aa rahe hain, jismein thermal capacity ko 3 GW tak badhayenge. Ismein Madhya Pradesh mein ek naya 1,600 MW project aur Nabha Power se 1400 MW acquire karne ka plan hai. Iske liye ₹10,000 crore tak fund raise karne ka plan hai non-convertible debentures se.
Market mein baaki companies ka haal dekhein toh Adani Power ka profit tax benefits se 64% badhkar ₹4,271 crore ho gaya, aur Tata Power ka profit 8% badh kar ₹1,416 crore hua. Torrent Power ke stable operations in sabke beech mein stand out kar rahe hain. Adani Power ka P/E ratio 33.86x hai, jo confidence dikhata hai. NTPC ke results abhi aane hain, jismein ₹48,000–52,000 crore revenue aur ₹5,000–5,600 crore profit forecast hai.
Lekin bhai, har cheez mein risk hota hai. Ye ₹10,000 crore ka NCD fundraising aur ₹30,000 crore ka capex debt badhayega. Managing this debt in volatile energy markets, especially with fluctuating gas prices, ek challenge hai. Execution risks toh hain hi Indian power sector mein, aur West Asia mein chal rahi tensions se bhi thoda uncertainty hai energy markets mein.
Shareholders ke liye khushkhabri yeh hai ki board ne ₹5 per share ka final dividend recommend kiya hai FY26 ke liye, jismein ₹15 ka interim dividend pehle hi mil chuka hai. MarketsMOJO ne stock ko 'Buy' rating di hai, lekin baaki analysts abhi bhi 'Hold' par hain. Analyst ka average 12-month price target ₹1,412 ke aas-paas hai, jo current levels se thoda downside dikhata hai. Company ne apna SEBI compliance certificate submit kar diya hai.