Whalesbook
Toh yeh numbers aaye kaise?
Rico Auto ne FY'26 ke teesre quarter (jo December 31, 2025 ko khatam hua) mein solid performance dikhaya hai. Unka consolidated revenue pichhle saal ke comparison mein 14.1% badhkar ₹632 Crore ho gaya. Sabse zabardast baat hai EBITDA mein 33.2% ki tez waqt, jisne margin ko pakad kar 10% tak pahuncha diya hai (pehle yeh 8.5% ke aas-paas tha). Agar pichhle 9 mahine ki baat karein toh revenue 7.7% badhkar ₹1,806 Crore raha aur EBITDA mein 23.2% ka sudhar hua. Sirf yahi nahi, 9 mahine ka net profit toh pichhle saal ke muqable mein 3 guna se bhi zyada ho gaya hai! Waise, standalone basis par toh revenue growth aur bhi kamaal ka raha, Q3 FY'26 mein 25.5% badha hai.
Margin kaise sudhra? Yeh bhi jaano!
EBITDA margin mein yeh sudhar kuch reasons se hua hai - company ne andar hi andar cost control kafi acche se kiya hai, productivity badhi hai, aur machines ka use bhi behtar hua hai. Management ne yeh bhi bataya ki raw material ke daam upar neeche hote rehte hain, lekin woh customers ke saath deal karke iska impact manage kar lete hain. Woh log 'other income' par dependency kam kar rahe hain, isliye future targets mein sirf core business se hone wali earning ko hi count kiya jayega. Isse pata chalta hai ki company ki earnings quality improve ho rahi hai.
Aage kya plan hai? (Future Outlook)
Management ne FY'27 ke liye ek dam clear picture di hai. Unka kehna hai ki revenue 10-15% se bhi zyada badhega, jismein naye programs jo domestic aur export dono markets mein launch hone wale hain, uska bada role rahega. Target hai ki EBITDA margin ko badha kar 13% tak pahunchaya jaaye. Railways sector se FY'27 mein ₹60-65 Crore ka revenue aa sakta hai, jo Q2 FY'27 se start ho sakta hai approvals ke baad. EV/Hybrid segment, jo abhi 7% revenue de raha hai, usmein bhi double-digit growth ka aim hai. Woh log US-India trade deals se hone wale fayde ko bhi manage kar rahe hain taaki competitiveness bani rahe. Ek bade government tender ka business haath se nikal gaya hai, but woh private sector mein opportunities dhoondh rahe hain.
Kaunse Risks hain aur aage kya hoga?
Abhi koi badi 'red flag' wali baatein toh nahi pata chali hain, jaise auditor ki koi problem ya promoter ka pledge. Lekin haan, naye programs ko successfully launch karna aur railway jaise sectors mein approvals time par milna zaroori hoga. Competition bhi kaafi hai, khas kar China aur Vietnam se, isliye cost control aur competitive rehna bahut important hai. EV/Hybrid segment abhi chota hai, iska jaldi growth pakadna ek watchpoint hoga.
Magar overall, management FY'27 ke liye bahut optimistic hai. Localization trends, vehicle mein components ka badhta use, aur export market mein recovery se fayda hoga. FY'26 ke Q4 mein bhi achha performance expect hai kyunki naye programs aa rahe hain. Auto component sector khud bhi FY'27 mein mid to high single digits mein grow karega. Rico Auto sahi direction mein jaa raha hai, jisse consistent growth aur profit milega.