Whalesbook
Servotech ka record quarter, par stock kyon gira?
Servotech Renewable Power System Ltd ne FY26 ke Q4 mein record results announce kiye hain, revenue aur EBITDA mein zabardast jump dikhaya. Par surprise ki baat ye hai ki Thursday ko stock 2.23% gir kar ₹95 pe close hua. Aisa lagta hai market ne operational performance se zyada company ke valuation pe focus kiya hai.
Financial numbers kya bolte hain?
Company ka standalone revenue Q4 mein 66.6% badh kar ₹21,120 lakh ho gaya, aur EBITDA 70.16% badh ke ₹2,320 lakh pahunch gaya. Profit After Tax (PAT) bhi 49.5% badh kar ₹1,173 lakh raha. FY26 mein EBITDA margins bhi 9.95% se badh kar 11.56% ho gaye, jo ki higher-margin renewable aur EV segments mein strategic focus aur better manufacturing ka result hai.
Valuation ka issue?
Itne acche results ke bawajood, stock girne ka main reason hai company ka valuation. Servotech ka trailing Price-to-Earnings (P/E) ratio lagbhag 66.38x hai, jo ki Indian Renewable Energy industry ke average 28.1x aur competitors se kaafi zyada hai. Is high valuation ka matlab hai ki market expect kar raha hai ki company consistently bahut tez growth dikhaye.
Strategy aur Future:
Servotech ab solar inverters aur EV charging infrastructure jaise high-growth areas pe focus kar raha hai, jahan CAGR kaafi high rehne ki ummeed hai. Par, medical equipment subsidiary se low-margin trading activities kam karne ki wajah se consolidated FY26 revenue flat raha. Pichle saal ki annual earnings growth bhi 7% ho gayi hai, jo pehle 5-year average 48.7% se kaafi kam hai. EV ecosystem mein bhi execution challenges hain aur analyst coverage bhi kam hai. Management FY27 ke liye confident hai, par ab company ko consistently operational efficiency aur margin growth dikhana hoga apne current valuation ko justify karne ke liye.