Whalesbook
Chalo, market mein chal kya raha hai, ek-ek karke dekhte hain:
Bharti Airtel: NBFC Mein Entry Ki Taiyari!
Bharti Airtel ab NBFC business mein bhi kadam rakhne wala hai. Iske liye woh lagbhag ₹20,000 Crore tak invest kar sakte hain. Citi ka kehna hai ki yeh unka next bada growth engine ban sakta hai, kyunki unke paas kaafi strong free cash flow (FCF) hai aur yeh unke balance sheet ko zyada strain nahi karega. Bas yeh yaad rakho, aise financial services business ko build karne mein time lagta hai, investors ko thoda patience rakhna padega. Company ka P/E ratio abhi 38.94x ke aas paas hai aur market cap ₹11.87 lakh Crore hai. S&P Global Ratings ne bhi unki credit rating ko upgrade karke 'BBB' kar diya hai, jo ek positive sign hai.
ITC: Tax Ka Pressure Aur FY27 Mein Gamble
ITC ke liye thodi chinta wali baat hai. February 2026 mein cigarette par jo indirect taxes badhe hain, uska impact ab dikhne wala hai. CLSA ne is wajah se unka target price ₹485 se girakar ₹367 kar diya hai. Company ko apna profit (EBIT) maintain karne ke liye cigarette ka price lagbhag 33% tak badhana pad sakta hai. Isse FY27 mein volumes aur earnings par pressure aa sakta hai. FY28 tak recovery ki umeed hai, agar koi aur tax hike na ho toh. Historical data kehta hai ki ITC tax badhane par price badha sakta hai, par abhi consumers par inflation ka bhi asar hai.
ABB India: High Valuation Aur Margin Ka Pressure
ABB India ke orders toh bade zabardast aa rahe hain – Oct-Dec 2025 quarter mein 52% growth ke saath ₹4,100 Crore ke orders mile hain, aur backlog bhi ₹104.7 billion ka hai. Lekin, Kotak Institutional Equities ne is stock ko 'Reduce' kiya hai aur target ₹5,750 diya hai. Reason? Valuation bahut hi zyada hai! Stock ka forward P/E 63x chal raha hai, ya trailing earnings par 72-76x tak ja sakta hai. Margin par bhi pressure hai due to high-cost inventory aur raw material ke badhte rates. Analysts ko lagta hai ki yeh valuation kaafi optimistic hai, jabki competitors mein same growth kam price par mil rahi hai.
Urban Company: Profitability Ka Sawaal Abhi Bhi Hai
Urban Company ka 'Instahelp' wala business 50,000 daily bookings cross kar raha hai, jo ek achi growth story hai. Lekin, Q3 FY26 mein company ko ₹21.26 Crore ka net loss hua hai, jo pichle quarter se ek reversal hai. Revenue 38.03% badhkar ₹382.68 Crore ho gaya hai, par operating margins abhi bhi negative (-9.23%) hain. Management ka target hai Q3F28 tak breakeven karne ka. Company ka P/E ratio 76x ke aas paas hai aur market cap ₹18,662 crores hai. MarketsMojo ne toh isko 'Strong Sell' bhi kaha hai.
Zomato: Food Delivery Mein Dum, Par Valuation Ka Game!
Jefferies ne Zomato (Eternal) ko 'Buy' rating di hai aur target ₹480 rakha hai. Unko lagta hai ki food delivery business mein ~20% growth aur margin mein sudhar hoga. Food delivery market toh 22-23% CAGR se badh raha hai. Asal issue quick commerce mein hai. Blinkit ka revenue Q1FY26 mein ₹2,400 Crore ho gaya hai, jo Zomato ke food delivery revenue (₹2,261 Crore) se bhi zyada hai. Lekin, Blinkit ke EBITDA losses bhi badh gaye hain. Sabse badi baat yeh hai ki Zomato ka trailing twelve-month P/E ratio 1,000x se bhi upar hai! Yeh dikhata hai ki company bahut expensive hai aur isme growth ke liye bahut kam room hai.