Whalesbook
Toh hua yun ki Davangere Sugar Company mein ek solid deal hui hai. Craft Emerging Market Fund PCC ne ek jhatke mein lagbhag 5 crore shares kharid liye. Har share ka price tha ₹3.65, matlab total ₹18.25 crore ka funda laga! Is deal ke baad, stock ne 6.42% ka jump mara aur abhi bhi upar ja raha hai. Company bhi khush hai, keh rahi hai ki ye unke growth plan aur India ke badhte ethanol sector par bharosa dikhata hai. Government bhi toh ethanol ko promote kar rahi hai, aur demand bhi badh rahi hai!
Par is khushi ke peeche ek badi chinta bhi hai – company ka valuation. Bhai, Davangere Sugar ka P/E ratio lagbhag 60x se 64x chal raha hai! Ab compare karo na, Balrampur Chini Mills ka toh bas 24x-26x hai, aur Shree Renuka Sugars toh negative mein hai. Ye number bohot zyada lagte hain. Haan, company ka profit CAGR 36.7% (5 saal mein) dikh raha hai, par Return on Equity (ROE) sirf 5.8% hai, jo ki average hai. Aur toh aur, company ne ab tak koi dividend bhi nahi diya hai, aur interest coverage bhi kam hai.
Financials mein aur bhi kuch ghaple hain. Working capital ki requirement badh gayi hai. Debtor days 35.9 se badhkar 48.7 ho gaye hain, aur working capital days toh 127 se 182 ho gaye! Matlab paisa fans raha hai. Interest expenses bhi 35.48% badh gaye hain pehle nau mahine mein. Pichhle Q3 FY26 ke results bhi kuch khaas nahi the – net profit 61.3% gir gaya aur EBITDA 24.7%, jabki revenue toh badha tha. Promoter holding bhi 32.7% kam ho gayi hai pichhle 3 saalon mein.
Is sabke beech, MarketsMOJO ne toh March 2026 mein 'Strong Sell' rating de di thi. Stock ka performance bhi pichhle saal -10.00% raha hai, aur 52-week range ₹3.03 se ₹5.50 ke beech thi.
Ab sabki nazar 16 May, 2026 ko aane wale Q4FY26 results par hai. Dekhna hoga ki kya company sector ke faayde (jaise E20 target) ko profit mein badal paati hai ya nahi. Sugar export par ban (30 September 2026 tak) shayad ethanol production ko help kare, par commodity prices ki volatility bhi hai. Ye stock abhi kitna tikega, ye sab uske profits, debt management aur execution par depend karta hai.