Whalesbook
Sabse pehle baat karte hain Tata Steel ki, jahan JP Morgan ne rating change ki hai. Unhone is stock ko 'neutral' kar diya hai aur target price rakha hai ₹220. Stock pichhle saal 38% bhaga tha, jabki Nifty 5.5% gira tha. Main reason Netherlands mein chal rahe regulatory issues hain. Wahan coke aur gas plants jaldi band ho sakte hain, jisse raw material aur freight ka kharcha badhega. UK wala EAF project 6-8 mahine late ho gaya hai, aur India-NINL ka final decision July-September tak postpone hua hai. Is sab ka asar FY27 ke earnings par padega, Netherlands mein margin compress ho sakta hai. Q4 FY26 mein company ka profit 147% badhkar ₹2,965 crore hua tha, par stock 3.7% gir gaya tha ₹209 par. India business accha chal raha hai, deliveries ~22.5 million tonnes thi, par valuation thoda high hai.
Ab dekho, Tata Steel ke opposite, SAIL ke liye Investec kaafi bullish hai. Unhone 'buy' rating maintain ki hai aur target diya hai ₹270. Q4 FY26 mein SAIL ka EBITDA estimate se 19% upar tha, margin growth bahut acchi thi. Brokers ko lagta hai ki Q1 FY27 mein margin ₹2,200/tonne tak badh sakta hai. FY27 mein company 16% zyada volume, matlab 22 million tonnes tak karne ka target rakhi hai. Stock results ke baad thoda 3.36% gira, par analysts ko abhi bhi upside dikh raha hai.
Ab chalte hain telecom sector mein, jahan Vodafone Idea (Vi) abhi bhi badi challenges face kar rahi hai. Macquarie ne is par 'underperform' rating di hai aur target price ₹9 rakha hai. Subscriber base lagbhag 193 million par sthir hai, par kuch 100,000 subscribers kam hue hain QoQ. ARPU thoda sa, 1.2% badh kar ₹174 hua hai, jo abhi bhi competitors se kam hai. Sabse badi problem government dues ki hai, jo ~$16 billion ho gayi hai. Promoter group ne ₹470 crore raise kiye hain, par yeh badi debt ke saamne bahut kam lag raha hai.
Aur last mein, logistics company Delhivery. UBS ne is par 'buy' rating aur target ₹630 kar diya hai. Q4 FY26 mein revenue ₹2,850 crore raha, jo 30% saal-dar-saal growth dikhata hai. Profitability bhi expectations se behtar rahi. Lekin, yahan valuation ka issue hai. Iska P/E ratio TTM 152x se 230x+ hai, jo industry ke baaki players jaise Blue Dart (45-52x) se bahut zyada hai. ROE bhi sirf ~1-2% hai. Matlab, stock bahut expensive hai aur future growth kaafi price-in hai.