Toh dekho, company fresh issue se 2.55 crore equity shares laane waali hai, aur saath mein ₹235 crore ka offer-for-sale (OFS) bhi hai. Matlab kuch purane shareholders apna stake bech kar nikalna chahte hain. Inki total installed capacity 171.68 MW hai, aur uff, 97-98% business toh bas solar water pumps ka hai! Abhi April-September FY26 mein, inka revenue raha ₹274.3 crore aur profit ₹40.4 crore. FY25 mein toh kamaal hi ho gaya tha, profit ₹30.8 crore tak pahunch gaya jo FY24 ke ₹7.7 crore se chaar guna zyada tha. Revenue bhi ₹302 crore ho gaya tha. Ye sab manage kar raha hai Beeline Capital Advisors.
Ye sab isliye ho raha hai kyunki India mein renewable energy ka bohot craze hai, khaas kar PM-KUSUM jaise government schemes ki wajah se. Yeh scheme farmers ko solar pumps par subsidy deti hai, aur seedha Sadbhav Futuretech ke revenue aur profit ko boost karti hai. Company ke paas abhi 120 MW ke EPC contracts aur LOIs bhi hain, jo future mein thoda diversification dikha raha hai. Lekin asli baat ye hai ki ye sirf ek hi product par rely kar rahe hain, jo kabhi kabhi risk ho sakta hai. Dusri taraf Sterling and Wilson Solar jaise companies badi projects par focus karti hain. Aur haan, H1 FY26 mein jo profit margins dikhe hain, woh FY25 se kaafi high hain, ispe bhi nazar rakhna zaroori hai.
Ab baat karte hain risks ki. Sabse bada risk hai policy par dependence. Agar government ne PM-KUSUM jaise schemes mein change kiya ya subsidy kam kar di, toh demand seedha gir sakti hai. Aur ye jo OFS hai na, shayad iska matlab ye hai ki kuch bade log abhi hi paisa nikalna chahte hain. Bade projects execute karne ki ability bhi abhi fully prove nahi hui hai. Agar koi industry-wide slowdown aaya toh inke earnings ko zyada protection nahi milegi.
Toh ab investors ye dekhenge ki company apne core solar pump business mein kaise lead banaye rakhti hai aur bade EPC projects mein kitni safal hoti hai. India ki renewable energy policies aur competition bhi crucial rahegi. Agar government ka support bana raha aur projects time par execute hue toh valuation aur growth dono achhi ho sakti hai.