Whalesbook
Toh bhaiyo, Emmvee Solar ka stock aaj poori tarah se bhaga hai! NSE par yeh ₹299.5 ke 52-week high tak pahunch gaya. Pichhle trading session mein hi stock 8.2% jump kar gaya tha, aur Nifty50 ke 1.2% gain ko kaafi peeche chhod diya. Is bhagdaud ka reason hai company ke zabardast Q4 FY26 results aur badhti manufacturing capacity, jisse production volumes badhe hain. Finance costs bhi kam hue hain is quarter mein.
Aisa kya hua Q4 mein?
Company ne Q4 mein kamaal kar diya hai. Revenue 62% saal-dar-saal badh kar ₹1,738.8 crore ho gaya. Aur profit? Bhai, net profit toh 89% chadh kar ₹392.4 crore par pahunch gaya, jo pichhle saal isi quarter mein ₹207.1 crore tha. Quarter-on-quarter bhi revenue 51% badha hai aur profit ₹263.6 crore se upar gaya. EBITDA bhi 58% badh kar ₹571.1 crore raha.
Future ka Order Book bhi tagda hai!
Future bhi bright lag raha hai. Company ke paas abhi 9.4 GW ka order book hai, matlab aane wale time mein kaam ki kami nahi hogi. Aur yeh sab aise time mein ho raha hai jab India ka solar market rocket ki speed se badh raha hai. Estimate hai ki 2026 tak India duniya ka doosra bada solar market ban jayega.
Brokerage kya bol rahe hain?
Brokerages bhi bullish hain. JM Financial ne apna 'Buy' rating maintain rakha hai aur price target ₹341 kar diya hai, matlab stock mein abhi 25% aur upside dekh rahe hain woh. Dusre analysts ka average target lagbhag ₹292.75 ke aas-paas hai, aur Jefferies ne toh ₹350 ka target diya hai.
Concerns aur Valuation?
Lekin, sab kuch perfect nahi hai. Jab revenue itna badh raha hai, tab bhi EBITDA margins 33% par hi stable rahe, jo pichhle saal ke 34% se thoda kam hai. Iska matlab ho sakta hai ki raw material mehnga ho raha ho ya phir company low-margin products par focus kar rahi ho. Imported raw materials ke price mein upar-neeche hona aur currency exchange rate bhi risk hain.
Valuation ki baat karein toh, Emmvee ka P/E lagbhag 24x hai. Compare karein toh Adani Green 134x par hai aur Waaree Energies 30x par. Emmvee ka EV/EBITDA 12.57x hai, jo historical median 8.93x se zyada hai, par sector mein yeh theek hai. ROE 105% hai, aur P/B ratio 19.7 hai, matlab market is company ko premium de raha hai.
Aage kya?
Company ne aage ke liye bhi plan kiya hai. Ek 6-GW ka integrated facility aa raha hai jo April 2027 tak operational ho jayega. Iske liye paisa debt aur internal cash se arrange kiya ja raha hai. Abhi asal test yeh hoga ki Emmvee apne plans ko kaise execute karta hai aur badhti market mein apni valuation maintain kar pata hai ya nahi.