Whalesbook
Dekho, company ka profit toh 9.7% badh kar ₹4,546.3 Crore pahunch gaya, jo analyst ke andazon ko beat kar gaya. Par asli picture thodi alag hai, kyunki revenue 5% gir gaya aur ₹11,666 Crore pe aa gaya. EBITDA bhi 11.3% neeche chala gaya, aur margins 77.7% pe aa gaye, jo pehle 83.3% the. Iska matlab hai ki profit toh expenses kam karke manage kiya gaya, na ki top-line growth se.
Aur haan, company ne final dividend bhi announce kiya hai, ₹1.25 per share ka. Sabse badi khabar yeh hai ki board ne ₹5,000 Crore tak fund raise karne ki permission de di hai. Yeh paisa unsecured term loans ke through aayega, aur lagta hai capital expenditure ya financial strength ko boost karne ke liye hoga.
Friday ko Power Grid ka stock NSE pe 1.24% badh kar ₹305.50 pe band hua. Profit beat ne shayad investors ko thoda reassured kiya hoga, par revenue aur margin ki yeh figures thoda sochne pe majboor karti hain. Analysts filhal positive hain, average target price ₹310 se ₹340 ke beech mein hai, aur sabka average lagbhag ₹323 hai. GuruFocus ne isko 'Fairly Valued' bataya hai.
India ka power sector toh waise hi bohot fast chal raha hai, demand 4-5% saalana badhne ka estimate hai FY27 mein. Is growth ke liye infrastructure pe bohot paisa lagana padega. Power Grid ka P/E ratio lagbhag 19.0x hai, jo NTPC (~20.0x) se thoda kam, par Tata Power (~34.0x) aur Adani Power (~33.0x) se kaafi kam hai. Matlab valuation moderate lag raha hai. Haan, debt-to-equity ratio around 1.4x hai, jo control mein hai par dhyan dene layak hai.
Ab risks ki baat karein toh transmission segment mein revenue ka 7.2% girna sawaal khada karta hai ki kya naye projects mil rahe hain ya competitive tariffs ka pressure hai. Aur yeh ₹5,000 Crore ka fundraising karne se company ka debt aur badhega. Jab debt-to-equity 1.4x hai, toh aur borrowing financial risk badha sakta hai, khaas kar agar interest rates badhte rahe. Ho sakta hai market future growth ko lekar thoda chintit ho, isliye iska valuation kuch peers se kam hai.
FY27 ke liye Power Grid ka outlook important rahega. India ki projected 4-5% power demand growth toh achhi hai, par company kaise is growth ko revenue mein convert karti hai aur margins maintain karti hai, yeh dekhna crucial hoga. Analyst targets toh modest upside dikha rahe hain, par long-term success revenue contraction ko rokne aur naye capital ko effectively use karne pe depend karegi.