Whalesbook
Pharma companies ne Q4 mein bohot struggle kiya, jiske karan unke profits mein badi girawat aayi.
Pharma Sector Ki Kahani
Example ke liye, Dr. Reddy's Laboratories ka net profit saal dar saal 86.2% gir kar sirf ₹220.1 crore pe aa gaya, aur revenue bhi 11.6% kam hua. Iska reason tha shelf stock adjustment aur key markets mein prices ka kam hona.
Baki companies ka bhi yahi haal hai. Tata Power Company ka profit 4.5% gir kar ₹995.9 crore ho gaya, revenue 12.8% down. Torrent Power ka toh profit 70% drop hua aur yeh ₹318.2 crore par pahunch gaya. Nazara Technologies, jo gaming company hai, uska profit toh badha tha ₹55.7 crore tak, par revenue 23.5% gir gaya.
Pharma sector mein patent expire hone aur competition se mushkil ho rahi hai. Waise overall Indian pharma market 10.5% grow kiya hai Q4 FY26 mein, par yeh growth volume se zyada price hike par depend kar rahi hai.
Infra Sector Ki Badi Jeet
Ab suno infra sector ki kahaani, jo bilkul ulta hai. Infrastructure aur manufacturing companies ne bade orders jeete hain, jisse unki growth outlook badh gayi hai.
Rail Vikas Nigam (RVNL) ne South East Central Railway se ₹221.3 crore ka EPC project jeeta hai, woh bhi lowest bidder ban kar. Railway PSUs ke liye yeh trend chal raha hai aur RVNL ke order book mein future revenue ki kaafi visibility hai.
Phir aata hai Texmaco Rail & Engineering, jise Tsiko Africa Logistics se rolling stock aur locomotives ke liye ₹4,045 crore ka Letter of Award mila hai. Rolling stock ki demand zabardast hai aur Texmaco growth ke track par hai. Iska P/E ratio 30.30 hai.
Interarch Building Solutions ne bhi ₹102 crore ka contract jeeta hai pre-engineered steel buildings ke liye.
Kuch Aur Corporate Updates
Aur bhi kuch updates hain. PNC Infratech ne National Highways Authority of India ke saath ₹234.99 crore ka dispute settle kar liya. Vodafone Idea ke board ne Q4 results aur fundraising par discussion ki. United Breweries ke liye khush khabri hai, ₹275 crore ka tax demand cancel ho gaya.
Valuations Par Nazar
Valuations ki baat karein toh, Dr. Reddy's 19.39 ya 17.46 ke P/E par trade kar raha hai, aur analysts mostly 'Hold' keh rahe hain, ek ne 'Strong Buy' diya hai.
Tata Power ka P/E 30.32 ya 35.33 hai, aur Torrent Power ka P/E 26.88 se 32.60 ya 31.1 ke beech hai. Yeh sab growth expect kar rahe hain.
Nazara Technologies, revenue kam hone ke bawajood, 36.06 ke P/E par hai, ya fir negative -10.75 P/E, shayad speculation ki wajah se.
RVNL ka P/E toh kaafi high hai 61.23 ya 53.9, jo growth expectations dikha raha hai. Par yaad rahe, RVNL ka historical average P/E toh sirf 18.8 tha.
Risks Aur Market Sentiment
Par risk toh hai hi. Pharma sector mein margin pressure chal raha hai. Dr. Reddy's Q4 mein Lenalidomide sales kam hone, North America aur Europe mein price drop aur ₹453 crore ki stock adjustment se hit hua.
Infrastructure firms jaise RVNL ka high P/E 61.23 yeh batata hai ki future growth already priced in hai, isliye kisi bhi project delay se dikkat ho sakti hai.
Market sentiment bhi 12 May 2026 ko weak tha, Nifty 50 1.83% gir gaya tha. Foreign investors selling kar rahe hain aur economic worries hain. Toh achhi company news bhi tab tak asar nahi karti jab tak investors darre hue ho.
Dr. Reddy's ke liye analysts ne downgrades bhi diye hain, aur unke biosimilar pipeline ko lekar bhi chinta hai.
Aage Kya Ho Sakta Hai?
Aage dekhein toh Indian market abhi bhi oil prices aur currency swings se affected rahega, foreign investors ki selling badh rahi hai. Infra mein orders aa rahe hain, par pharma ko recover karne ke liye naye products aur behtar margins chahiye.
Dr. Reddy's par analysts ke views mixed hain, koi 'Hold' keh raha hai, koi 'Strong Buy'. Aage bhi volatility rahegi.