Whalesbook
Asal mein, market ab sirf growth numbers nahi dekh raha hai, balki yeh bhi dekh raha hai ki company paisa bana kaise rahi hai aur unka governance kaisa hai. Yahi wajah hai ki Entero aur Medplus jaisi companies, jinka profit growth toh kamaal ka hai, par unke share prices kam ho rahe hain.
Entero Healthcare Solutions ne toh profit CAGR mein 152% aur sales mein 30% ka growth dikhaya hai. Par inka stock price, jo pehle ₹1,584 tak gaya tha, ab ₹1,128 ke aas paas trade kar raha hai, matlab 28% neeche! Iska reason hai negative operating cash flow aur naye labor laws ke wajah se aane wala financial pressure. Entero ke paas ₹466.67 crore ki contingent liabilities bhi hain.
Wahi Medplus Health Services, jo India ki doosri sabse badi pharmacy retailer hai, ne bhi 131% profit CAGR record kiya hai. Lekin inka share bhi ₹1,343 ke peak se 37% gir kar ₹824 par aa gaya hai. Yahan cash burn ka issue hai, kyunki company aggressive expansion kar rahi hai, aur promoters ne 60.7% shares pledge kar diye hain, jis se investors ki chinta badh gayi hai.
Maza yeh hai ki Indian healthcare sector ka outlook toh positive hai, par yeh dono companies apni internal problems mein fansi hain. Entero ka P/E ratio 39.56x hai, jo sector ke average 29.50x se zyada hai. Aur Medplus ka P/E toh 225.4x hai! Yeh dikhata hai ki market inke growth ko explain karne mein mushkil pa raha hai financial reality ke saath.
Entero ke liye sirf revenue badhana kaafi nahi, unhe positive operating cash flow dikhana hoga aur regulatory challenges ko bhi theek karna hoga. Medplus ko apni balance sheet mazboot karni hogi, risky expansion kam karni hogi aur promoter pledge wale issue ko solve karna hoga taaki investors ka trust wapas jeet sakein. Jab tak yeh problems solve nahi hoti, inke share prices shayad aise hi dabbe rahenge.