Whalesbook
Aage kya hai company ka plan?
Asal mein, company ka Electronics division ekdum tezi se badh raha hai. FY26 mein revenue growth 49% raha aur FY27 mein 40% ka target hai. Yeh sab acquisitions jaise Ascent Circuits, Power-One, aur Unitronics ki wajah se ho raha hai. Plus, Korea Circuit ke saath milkar high-growth segments mein enter kar rahe hain. Apne core RAC business mein bhi demand recover ho rahi hai heatwaves ki wajah se. Government ne AC imports par restrictions laga di hain, jisse domestic production ko fayda hoga, aur Amber iska fayda uthane ke liye ready hai. Railway division bhi pichhe nahi hai, Q4 mein 22% grow kiya aur FY27 mein 30-35% ka target hai, ₹2,600 Crore ka order book bhi hai.
Future ke liye bada plan: ₹1,800-2,000 Cr Capex!
Ab sabse badi khabar – company next financial year FY27 mein ₹1,800 se ₹2,000 Crore ka capital expenditure (Capex) karne wali hai. Yeh paisa PCB manufacturing, electronics localization, aur railway division ko expand karne mein lagega, taaki India ke 'Make in India' initiative aur import substitution opportunities ka faayda uthaya ja sake. Is bade expansion ke liye company ne QIP aur CCPS se lagbhag ₹2,707 Crore bhi successfully raise kiye hain.
Par margin pressure aur valuation ki chinta?
Par sab kuch itna bhi smooth nahi hai. Rising costs jaise copper clad laminate aur currency depreciation ki wajah se operating margins thode kam hue hain, lagbhag 50 basis points year-on-year. Management keh raha hai ki yeh costs aage 2 quarters mein pass on ho jayegi, but short-term profits par pressure hai. Full FY26 mein consolidated net profit actually 9.83% gir gaya tha, partly exceptional items aur joint venture losses ki wajah se. Aur haan, stock valuation bhi kaafi high hai. TTM P/E 94x se 200x tak hai, aur FY28 ke liye 41x ke aas paas. Isi wajah se results aur conference call ke baad stock 16% tak gir gaya tha, jo investors ki chinta dikhata hai. Company par debt bhi hai lagbhag ₹1,425 Crore ka.
Analysts kya bol rahe hain?
Analysts abhi bhi generally 'Buy' ya 'Add' rating de rahe hain, long-term outlook positive hai India ke RAC market (₹50,000 Crore FY29 tak) aur electronics manufacturing sector (USD 610 billion tak FY30 mein) ke growth ko dekh kar. Company ka strategic expansion, government support, aur localization par focus future growth ko support karta hai. Par, company ko apne bade Capex plans ko successfully execute karna hoga aur cost pressures ko manage karna hoga. Competition bhi kaafi tagda hai, jaise Voltas, Blue Star, aur Dixon Technologies se.