Whalesbook
FY26 mein KPI Green Energy ka record-breaking performance!
Dekho, FY26 ke figures dekh ke laga hi nahi ki koi problem hai. Company ka revenue 55.3% bhag kar ₹2,696 Crore tak pahunch gaya! Aur EBITDA toh 70% upar chadh ke ₹958 Crore par aa gaya. Company ka Net Profit (PAT) bhi 49% badha, jo ki ₹476 Crore raha. Yeh sab zyada tar unke Captive Power Producer (CPP) arm ki wajah se hua, jisne 61.2% year-on-year growth dikhaya.
Operations update aur Gujarat mein fasa project
Operationally bhi company ne Q4 FY26 mein 447 MW capacity add ki, jisse total operational capacity ab 975 MW ho gayi hai. Lekin abhi ek bada hurdle aa gaya hai: Gujarat mein 376 MW ka GUVNL Independent Power Producer (IPP) project hai na, usme power evacuation yani bijli ko grid tak pahunchane mein delays ho rahe hain. Ye ek critical infrastructure bottleneck hai jo project ke timeline ko affect kar sakta hai. Company ko umeed hai ki unka high-margin IPP business, jisme 85-90% tak EBITDA margins milte hain, future mein earnings mein bada contribute karega. Aur toh aur, Battery Energy Storage System (BESS) capacity FY27 tak ready ho jayegi, jisse FY28 se revenue aana shuru hoga.
Analysts ka kya kehna hai?
Experts kaafi optimistic hain. Unhone 'Buy' rating maintain ki hai aur target price rakha hai ₹562. Yeh unke FY27 ke projected Earnings Per Share (EPS) ₹31.2 ke 18 times multiple par based hai. FY27 aur FY28 ke estimates bhi 10-24% tak badhaye gaye hain. Company ki market cap lagbhag ₹8,600 se ₹9,400 Crore ke beech hai. Haan, Adani Green Energy jaise bade players se thoda kam hai valuation, par Indian renewable energy sector ke liye ye normal hai jo sectors jaise grid integration aur transmission infrastructure mein challenges face kar rahe hain.
Dhyan dene wali baatein
Par ek cheez dhyan rakhne wali hai. Company 5% equity dilute karne ka plan kar rahi hai warrants ke through. Isse future mein EPS growth par thoda impact aa sakta hai, haalanki yeh capital raise karega. Sector mein grid stability aur transmission infrastructure ki bhi apni challenges hain, jinka asar sabhi companies par padta hai.