Whalesbook
Achanak Q4 mein margins kyun gir gaye?
Waaree Energies ne apna Q4 FY26 ka result announce kiya hai, jisme revenue mein toh 112% ka zabardast jump dikha aur ₹8,840.25 crore tak pahunch gaya. Net profit bhi 74.7% badh kar ₹1,126.26 crore ho gaya. Lekin bhai sahab, baat yahan bigad gayi ki Ebitda margins ₹23% se kam hokar sirf 18.6% reh gaye hain. Yahi wajah hai ki investors ne stock ko girana shuru kar diya, share lagbhag 10% tak neeche aa gaya aur ₹3,162.05 ka intraday low bana diya.
Dusre Solar Companies kya kar rahi hain?
Market mein ab sirf revenue growth nahi, profitability bhi dekhi ja rahi hai. Waaree ke margins kam hue hain jabki Adani Green Energy jaisi companies ne apne Ebitda margins 82.3% tak badha liye hain. Sterling and Wilson Renewable Energy ne profit badhaya par revenue kam kiya, aur Borosil Renewables ne bhi revenue se zyada profit growth dikhaya. Waaree ke margins mein yeh girawat aloo, copper jaise raw material prices badhne ya company ke pricing power kam hone ki taraf ishara kar rahi hai.
Analysts ne bhi jatayi chinta
Is saal April mein hi Jefferies ne Waaree ko valuation concerns ke chalte 'Underperform' rating de di thi aur ₹2,100 ka target diya tha. Bernstein ne bhi 'Underperform' rating aur ₹1,902 ka target set kiya tha. Abhi haal hi mein company ne ₹10,000 crore tak fund raise karne ka plan bhi bataya hai, jo shayad profitability pressure ya expansion plans ke liye ho sakta hai. FY27 ke liye company ne ₹7,000-₹7,700 crore ka Ebitda guidance diya hai, jise in margin concerns ke beech dekhna hoga.