Whalesbook
Toh hua yun ki Q3 FY26 mein Ratnaveer Precision Engineering ne revenue toh 10.2% saal-dar-saal badha kar ₹2,858.68 Cr kama liya (previous year ₹2,594.55 Cr tha). Lekin, jahan baat profit ki aayi, toh wahan 31.1% ki girawat dikhi, profit sirf ₹86.55 Cr raha (last year ₹125.60 Cr tha). Per share earnings (EPS) bhi 33.3% kam hokar ₹1.24 ho gaya.
Agar nine months ki baat karein (December 2025 tak), toh revenue 46.5% badh kar ₹8,918.0 Cr ho gaya, jo ki bahut accha hai. Par yahan bhi profit 45.1% gir gaya aur ₹46.25 Cr pe simat gaya (last year ₹84.19 Cr tha). EPS bhi 47.6% neeche aa gaya.
Ab sawaal ye hai ki jab revenue itna badh raha hai toh profit kyu gir raha hai? Lagta hai company ke kharchon mein kaafi izafa hua hai ya fir maal banane ki cost badh gayi hai, jisse profit margins kam ho gaye hain. News mein aisa kuch khaas nahi bataya gaya hai ki koi bada one-off expense ho jo is profit drop ko explain kare.
Sabse interesting baat ye hai ki auditor Pankaj Shah & Associates ne report mein 'Emphasis of Matter' likha hai. Ye tax provisions ke estimation ko lekar hai. Matlab, company tax kitna degi, iske calculation par auditor ne thoda dhyan dene ko kaha hai. Khushkhabri ye hai ki auditor ne conclusion ko modify nahi kiya, par fir bhi investors ko is par nazar rakhni chahiye.
Aur haan, company ne aage ke liye koi guidance nahi di hai aur na hi koi concall update hai, toh future ke bare mein guess karna mushkil hai.
Is result se sabse bada risk ye lagta hai ki company revenue badha kar bhi profit nahi kama pa rahi hai. Cost control aur operational efficiency par kaam karne ki zaroorat hai. Auditor ki tax provision wali baat bhi ek risk factor hai.
Aage dekhna hoga ki management is profit kam hone ki wajah batati hai ya nahi aur cost control par kaise kaam karti hai. Pichle 9 mahine ka revenue growth dikhata hai ki demand toh hai, bas profit ko theek karna hoga.