Whalesbook
Margin Squeeze Ne Stocks Ko Dhakela Neeche!
Yeh All Time Plastics aur M&B Engineering ke shares aajkal bade mushkil mein hain. Inke stock prices 50% tak neeche gir gaye hain, lagbhag apne 52-week lows ke paas aa gaye hain. Is sab ka main reason hai company ke profit margins ka kam hona.
All Time Plastics ka Operating Profit Margin (OPM) 19.64% se ghata hokar September 2025 tak 11.04% ho gaya. Is wajah se net profit par bhi kafi asar pada hai, kyunki supply chain mein problems aur freight costs badh gaye hain. M&B Engineering ka OPM bhi December 2025 tak 11% ho gaya tha, jisme operational costs ki badhotri ne aur fuel daala. Is wajah se Domestic Institutional Investors ne bhi apni holdings kam kar di hain.
Shares Kyun Gir Rahe Hain?
Asal mein, dono companies ki market value mein badi girawat aayi hai. All Time Plastics, jo August 2025 mein list hui thi, uska stock March 2026 tak 40% gir kar Rs 200 par aa gaya, jo uske all-time low Rs 194 ke paas hai. M&B Engineering ka stock bhi peak se 50% se zyada gir kar Rs 251 ke aas paas trade ho raha hai, jo uske 52-week low Rs 243 ke nazdeek hai. Yeh sab margin kam hone ki wajah se ho raha hai. All Time Plastics ka net profit bhi Q3 FY26 mein 23.61% gir gaya, bhale hi revenue 7.07% badha ho. Market ko darr hai ki yeh costs aur supply chain issues profit ko aur hurt karenge.
Singhania Ka Contrarian Move: Growth Par Focus!
Par yahan ek interesting baat hai! Sunil Singhania, jo Abakkus Fund manage karte hain, unka focus abhi in companies ke long-term growth prospects par hai.
All Time Plastics ne FY20 se FY25 tak 14% sales CAGR dikhaya hai, aur EBITDA aur net profits 19% aur 25% CAGR se badhe hain. Haalanki Q3 FY26 mein profit 23.61% gira, revenue 7.07% badha tha. Company Rs 10 crore ka investment karke engineered bamboo products mein bhi utar rahi hai. ROCE bhi 21.36% hai, jo accha hai. Par valuation thoda zyada lag raha hai compared to peers.
M&B Engineering Pre-Engineered Buildings (PEB) sector mein hai aur FY20 se FY25 tak 12% sales CAGR aur 46% net profit CAGR dikhaya hai. Q3 FY26 mein revenue 7.96% badhkar Rs 355.35 Cr aur net profit 43.77% badhkar Rs 25.49 Cr ho gaya, margins 7.17% par aa gaye. Company ko US se Rs 212 crore ka sabse bada export order mila hai. Management ka target Rs 1,250 crore ka topline aur 12.75% EBITDA margins ka hai. PEB sector bhi 2030 tak 11.66% CAGR se grow karega.
Investors Ke Liye Risks Kya Hain?
Bhale hi Singhania bharosa dikha rahe hain, par risks bhi hain. All Time Plastics ka P/E ratio 36x se zyada hai, jo profit girne ke baad high lagta hai. Paanch saal mein sales growth sirf 12.20% hai aur 6 mahine mein PAT 35.23% gir gaya hai. Imported raw materials par dependence aur high freight costs bhi problem hai.
M&B Engineering mein bhi operational costs ki pressure hai. DIIs ki holdings kam hona bhi ek concern hai. Company ne abhi tak dividends nahi diye hain.
Aage Kya? Plans Aur Analyst Views
All Time Plastics bamboo products aur margin recovery par focus kar rahi hai. M&B Engineering export order book aur capacity badhane par kaam kar rahi hai. Analysts M&B Engineering ke liye kafi positive hain, average target price Rs 420-428 ke aas paas hai. All Time Plastics ke liye sentiment mila-jula hai. Filhaal toh supply chain issues ko manage karna aur plans ko profit mein badalna hi dono companies ke liye sabse bada challenge rahega.