Whalesbook
Toh hua kya hai, company ne ₹11,337 crore ka revenue generate kiya hai, jo pichhle saal ke compare mein 11% upar hai. Ye number ₹10,700 crore ke analyst estimates se bhi aage nikla. Is growth ka main reason hai stainless steel prices ka recover hona, jiski wajah se Net Selling Rates (NSR) bhi 11% badh gaye. Lekin ek interesting baat hai, company ka sales volume practically flat raha, matlab volume badha nahi, sirf price badha hai, jo export share mein bhi thoda sa rise dikhata hai, par domestic demand abhi bhi main driver hai.
Abhi kya hai na, fuel prices badh rahe hain (jaise LPG, propane), jisse company ke margins par thoda pressure aa raha hai. Isliye, company expect kar rahi hai ki H1FY27 mein EBITDA per ton kam hokar ₹18,000–₹20,000 ho jayega, jo 4QFY26 mein ₹22,670/tonne tha.
Lekin brokers isse zyada worried nahi hain. Motilal Oswal jaise experts ne is stock par 'BUY' rating pakki rakhi hai aur target price ₹920 diya hai. Baaki analysts bhi same vibe mein hain, average target ₹880-₹885 ke aas-paas de rahe hain, matlab 13-14% aur upside dekh rahe hain. Company ka financial health bhi solid hai, debt bahut kam hai (Net Debt-to-Equity ratio 0.15x) aur return on equity bhi accha hai (22.87%).
Globally bhi stainless steel market grow kar raha hai, lekin India mein cheap imports (especially China aur Vietnam se) ek problem ban rahe hain. Upastithit mein global market mein demand badh rahi hai par supply mein bhi issues aa sakte hain.
Future ke liye company bade plans bana rahi hai. Indonesia mein ek plant lagaya hai aur Maharashtra mein bhi naya project aa raha hai. FY29 tak 3.5 MTPA sales ka target hai. Ye sab dekh kar lagta hai ki company long term mein accha karne wali hai.