Whalesbook
Toh bhai, HUDCO ne FY26 ke Q4 results mein toh dhamaka kar diya, Net Profit 172.2% bhaaga kar ₹1,981.31 Crore ka profit dikhaya! Par suno, yeh number seedha nahi aaya hai, iske peeche ek ₹1,530.32 Crore ka deferred tax reversal ka bada game hai, matlab yeh mostly accounting adjustment tha.
Asali picture dekhne jaye toh Profit Before Tax (PBT) actually 39.12% gir gaya, jo pehle ₹1,020.26 Crore tha woh ab bas ₹621.01 Crore reh gaya. Why? Kyunki company ke total expenses 63.7% bhadak gaye, ₹3,004.06 Crore tak pahunch gaye! Iska bada reason hai ₹466.40 Crore ka fair value changes par net loss. Bhai, operating margin bhi 96% se kam hokar 83.52% par aa gaya. Is wajah se, stock market mein intraday mein 8% se zyada ka giravat dekhne ko mila, investors thode confused hain quality of earnings ko lekar.
Par sab kuch bura nahi hai! Company ki operational income 25.3% badhi, jo ₹3,562.86 Crore ho gayi. Poore saal FY26 mein revenue 27.5% badh kar ₹13,150.40 Crore ho gaya. Aur loan book toh 28.76% expand ho kar ₹1.60 Lakh Crore tak pahunch gayi!
Lekin bhai, debt ka figure thoda alarming hai. Debt-to-equity ratio 6.43 ho gaya hai, jo pichhle saal 5.72 tha. Aur valuation ke mamle mein bhi yeh LIC Housing Finance aur PNB Housing Finance jaise competitors ke comparison mein expensive lag raha hai.
Phir bhi, analysts kaafi optimistic hain. Jo 11 analysts is stock ko cover kar rahe hain, unmein se zyada tar 'Buy' keh rahe hain aur average target price ₹279.48 set kiya hai. Unko lagta hai ki company expense control kar legi aur growth chalti rahegi.