📉 Numbers ka Khel Bigda!
DCM Limited ke Q3 FY26 ke results dekh kar toh aankhon taley andher chha gaya. Consolidated revenue toh bas 2% badhkar ₹1,768 lakh ho gaya, par company ka total income 17.3% gir gaya ₹1,845 lakh pe. Expenses bhi 13.8% badhkar ₹1,941 lakh ho gaye. In sab chakkar mein, profit before tax 98.5% crash karke sirf ₹32 lakh reh gaya. Final result? Consolidated net loss ho gaya ₹(26) Lakh ka, jabki pichle saal isi time ₹2,056 lakh ka profit tha! Earnings Per Share (EPS) bhi minus mein ₹(0.16) chala gaya, pichle saal yeh ₹11.01 tha.
Aur nine months ka dekhein toh consolidated profit ₹439 lakh ho gaya hai, jo pichle saal ₹2,098 lakh tha.
Standalone results toh aur bhi bura haal dikha rahe hain. Revenue 55.6% gir kar ₹12 lakh pe aa gaya aur loss ho gaya ₹(363) Lakh ka, jabki pichle saal yahan ₹141 lakh ka profit tha. Standalone EPS toh ₹(1.94) ho gaya, jo pichle saal ₹0.76 tha.
🚩 Kahaani Mein Kitne Pade Hain? (Risks & Challenges)
Sabse badi chinta company ke 'going concern' status ko lekar hai, jiska matlab hai ki company future mein operational reh payegi ya nahi. Yeh teen bade issues hain jo future mein problem create kar sakte hain:
- JDA Ka Funda: Hisar mein ek land ko lekar Joint Development Agreement (JDA) mein dispute chal raha hai. DCM ne developer GCD Prime se agreement terminate kar diya delays ki wajah se, lekin developer ne arbitration shuru kar di hai. Company ke paas developer ka ₹5,000 lakh ka advance pada hai, jo abhi current liabilities mein dikh raha hai aur resolution ka wait kar raha hai.
- MCD Ki Maang: Municipal Corporation of Delhi (MCD) ne ₹24,134 lakh ka demand notice bheja hai land use conversion ke liye ek JV project mein. JV company ko yeh demand bahut zyada lag rahi hai aur unhone court mein writ petition file ki hai.
- Engineering Ka Lockout: Engineering business mein toh October 2019 se hi lockout chal raha hai! Is lockdown period mein kiye jaane wale wages ka provision nahi kiya gaya hai, jo ab tak aggregate mein ₹7,845 lakh ho gaye hain. Is quarter mein hi ₹126 lakh wages pending hain.
🧐 Balance Sheet Aur Aage Kya?
December 31, 2025 tak, consolidated basis par current liabilities, current assets se ₹284 lakh zyada thi, aur standalone basis par toh yeh gap ₹4,162 lakh ka hai. Woh ₹5,000 lakh wala JDA advance is liquidity situation ko aur kharab kar raha hai.
Management keh raha hai ki woh real estate assets ko manage karke, engineering business ko restructure karke liquidity manage kar lenge. Lekin jab tak yeh bade legal issues solve nahi hote aur engineering business mein jaan nahi foonki jati, tab tak investors ko bahut careful rehne ki zarurat hai. Management ne koi specific future financial guidance bhi nahi di hai, jo uncertainty ko aur badha raha hai.