Whalesbook
Dekho, Power Mech Projects ke haath ek aur badhiya deal lagi hai! Hindustan Zinc Ltd. ne unko ₹109.22 crore ka operation aur maintenance (O&M) contract diya hai, jo 48 mahine tak chalega. Isse company ka O&M business aur bhi strong ho jayega.
Aur yeh koi pehla deal nahi hai. Pichhle kuch samay mein, company ne Adani Infrastructure Management Services Ltd. se ₹709.56 crore ka thermal power plant deal, Adani ki do aur subsidiaries Mirzapur Thermal Energy (UP) Private Limited aur Mahan Energen Limited se lagbhag ₹1,000 crore ke orders, aur ek subsidiary dwara ₹3,126 crore ka Battery Energy Storage System (BESS) project bhi jeeta hai. Toh order book toh fill ho rahi hai.
Power Mech ka O&M segment unki FY25 revenue ka lagbhag 33% hissa hai, aur yeh unka core business hai. Is segment mein demand badh rahi hai kyunki companies apne plants ko efficient rakhna chahti hain, especially jab tariffs kam ho rahe hain aur regulations tight ho rahe hain. India ka power sector bhi next level grow karne wala hai, renewable energy aur infrastructure ke badhne se. Energy as a Service (EaaS) market toh 2030 tak $6.5 billion tak pahunch jayega!
Lekin yahan ek bada 'but' aata hai. Jahan poori duniya fossil fuels se hatkar clean energy ki taraf shift ho rahi hai, wahan Power Mech ka focus abhi bhi thermal power projects par zyada hai. Company BESS jaisi nayi cheezon mein enter kar rahi hai, par unka main revenue source abhi bhi conventional thermal generation hi hai. Renewable energy capacity toh bohot tezi se badh rahi hai, par uske liye O&M services mein company ka focus utna nahi dikh raha.
Isi thermal dependency ki wajah se, stock market mein mix reaction dikh raha hai. Jab bhi koi naya order announce hota hai, jaise ₹109.22 crore wala, toh stock mein short term mein 4.5% tak ka jump aa jata hai (February 2026 mein ₹1,005 crore ke order ke baad aisa hi hua tha). Par overall, pichhle 6 mahine aur year-to-date mein stock mein kaafi girawat dekhi gayi hai. Investors ko long-term mein energy transition risk aur domestic O&M sector ki challenges ko lekar chinta hai.
Analysts toh abhi bhi full confident hain. Consensus 'Strong Buy' rating hai aur average 12-month target price ₹2,644.00 hai, matlab abhi bhi 50% se zyada upside ka potential hai! Company ki earnings 24% aur revenue 17.7% saal dar saal grow karne ka projection hai agli teen saal mein. Order book bhi mast hai, FY26 mein ₹48 billion se zyada aur target ₹100 billion ka hai. O&M segment mein growth aur BESS mein expansion se revenue badhegi. Par yeh sab tabhi hoga jab company energy shift ke saath adapt kare aur India ke O&M sector ki challenges ko bhi manage kare.