ASM Technologies Q3: Revenue **79%** bhaga, par cash position pe sawaal!

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AuthorAarav Shah|Published at:
ASM Technologies Q3: Revenue **79%** bhaga, par cash position pe sawaal!
Overview

ASM Technologies ke liye Q3 ka result mila-jula sa raha. Ek taraf revenue **79%** bhag kar **₹116 Crore** ho gaya, jo ki ekdum zabardast hai. Lekin dusri taraf, company cash ki dikkat mein aa gayi hai aur debt badh gaya hai. Dekhte hain poora scene kya hai.

Aage kya hua? Financial Breakdown!

ASM Technologies ne Q3 FY26 ke numbers release kiye hain aur bhai, revenue toh 79% badh kar ₹116 Crore ho gaya hai Q3 FY25 ke ₹64.7 Crore se. EBITDA bhi 65% badha hai, lekin margins thode kam hue hain, 16.9% pe aaye hain 18.4% se. PAT bhi 79% badh kar ₹9.3 Crore hua hai.

Aur agar pichle 9 mahine (9M FY26) ki baat karein toh toh numbers aur bhi mast hain! Revenue 126% badh kar ₹393.4 Crore ho gaya hai. EBITDA 246% badha aur margins 19.3% tak pahunch gaye hain. Sabse achha, PAT 331% jump kar ke ₹44.0 Crore ho gaya hai, aur margins 11.2% tak aa gaye hain. EPS bhi ₹30.14 raha. Ek ₹2.5 Cr ka exceptional item bhi record hua hai.

Lekin cash ka kya scene hai?

Yahan thodi dikkat hai. Operating activities se jo cash aata hai, woh negative ho gaya hai. March 2025 tak yeh -₹23.5 Crore tha, jo pichle saal ke -₹0.6 Crore se kaafi girawat dikhata hai. Matlab company kama toh rahi hai, par day-to-day operations se cash nahi ban raha.

Aur balance sheet pe ek bada change aaya hai March 2025 tak. Pichle saal jahan company ke paas cash surplus tha (pichle saal ₹73 Crore the), woh ab net debt mein aa gayi hai. Borrowings ₹76.5 Crore ho gaye hain (₹69 Crore se badh kar), aur sabse alarming baat, cash reserves ₹60 Crore se zyada kam ho kar sirf ₹13.2 Crore reh gaye hain. Yeh sab expansion aur naye facilities ke liye lagaya gaya hai.

Aage ki planning aur Risks

Company management kaafi confident hai. Keh rahe hain ki Design-Led Manufacturing (DLM) aur ER&D mein acchi performance chal rahi hai. Enquiry bhi acchi aa rahi hai aur order book bhi strong hai.

Expansion plans bhi bade hain. Do nayi manufacturing facilities Bengaluru mein laga rahe hain aur Vietnam mein ek subsidiary bhi shuru kar rahe hain. Iske alawa, Karnataka govt ke saath ₹510 Crore aur Tamil Nadu govt ke saath ₹250 Crore ka MoUs bhi sign kiya hai ESDM capabilities badhane ke liye.

Par bhai, itna bada expansion, jisme paisa debt aur cash se lag raha hai, execution risk toh hai hi. Negative operating cash flow ko bhi dhyan se dekhna hoga. Investors yehi dekhenge ki company apne naye facilities aur MoUs ka fayda utha kar sustainable cash flow bana pati hai ya nahi, aur apna debt manage kar paati hai ya nahi.

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