Whalesbook
Bhai log, L&T ka stock aajkal thoda sadma mein hai. Pura 7.19% pichhle teen mahine mein gir gaya hai, aur saal ki shuruaat se ab tak 6.44% neeche aaya hai. Yeh sab tab ho raha hai jab company ne apne Power Transmission & Distribution (PT&D) business ke liye Middle East mein bade orders secure kiye hain, jinki value ₹1,000 crore se lekar ₹2,500 crore tak hai. Yeh orders extra-high voltage substations banane ke liye hain aur turnkey basis par honge, jisse regional power infrastructure strong hogi.
Lekin asli issue yahan hai - Analysts ne ratings down kar di hain! Sabse pehle Nomura ne 'Buy' se 'Neutral' kiya aur target Rs 3,940 set kiya, keh rahe hain ki growth slow ho rahi hai aur stock expensive lag raha hai. Phir ICICI Securities ne 'Buy' se 'Add' kiya, aur BofA Securities ne toh seedha 'Underperform' rating de di, target Rs 3,700 diya. Inka kehna hai ki domestic capex growth slow ho raha hai aur Middle East mein bhi risks hain.
Company ka market cap toh ₹5.33 lakh crore ke aas-paas hai, lekin Valuation Metrics thode tense hain. TTM P/E ratio historical median aur industry average se zyada dikh raha hai. Aur haan, Debt-to-equity ratio bhi 1.33 se 1.36 ke beech hai, matlab company par kaafi leverage hai jo financial risk badhata hai.
Ek bada risk hai Middle East par reliance. FY25 mein order book ka 37% wahan se aata hai, toh wahan ki koi bhi political instability ya fluctuating oil prices L&T ke liye problem create kar sakti hai. Competition bhi full power mein hai, jaise Siemens Energy jo Saudi Arabia aur Gulf region mein bade projects le rahi hai. Hyderabad Metro jaise projects se nikalna bhi company ke liye ek alag challenge raha hai.
Overall, analysts ke targets alag-alag hain, Rs 3,600 se lekar Rs 5,281.5 tak. Sabka average target lagbhag Rs 4,618.33 ke aas-paas hai. Ab sabki nazar L&T par hai ki wo kaise apne backlog ko manage karte hain, project timelines aur costs ko control mein rakhte hain, aur debt ko kam karte hain.