Whalesbook
Profit Squeeze, Revenue Badhne Ke Baad Bhi?
Ab dekhte hain ki yeh profit gira kyu. Q4 mein revenue toh 4.2% badh kar ₹1,926.9 crore ho gaya, par higher costs ki wajah se net profit pichle quarter se 32.6% neeche ₹65.5 crore par aa gaya. EBIT bhi 6.8% gir kar ₹155.8 crore raha, aur operating margins bhi 8.09% se 9.04% tak narrow ho gaye. Matlab, zyada sales hone ke baad bhi profits manage karna mushkil ho raha hai, isiliye investors thode chintit hain.
Buyback Aur Saudi Mein Expansion Ka Plan!
Lekin company ne ek zabardast move chala hai! Board ne ₹720 crore ka share buyback approve kiya hai, jisme ₹1,125 per share ke hisab se khareedi jayegi. Yeh buyback around 64 lakh equity shares tak ka hai, jo company ke 5.76% equity ko cover karta hai. Promoters ko chod kar baaki shareholders ke liye yeh achhi khabar hai, kyuki iss se unhe fayda hoga. Iske alawa, company Saudi Arabia mein bhi apna office kholne jaa rahi hai, Saudi Vision 2030 ko target karte hue, khaas kar energy aur utilities sector mein. Middle East mein acquisitions ke baad yeh unka next step hai.
Brokerages Kya Bol Rahe Hain?
Ab brokerages ki taraf dekhte hain. Generally analysts ne 'Outperform' rating di hai aur average target price ₹1,200 rakha hai, matlab current price se 28% tak ka upside ho sakta hai. Lekin sabhi itne optimistic nahi hain. Morgan Stanley ne 'Underweight' rating di hai aur target ₹1,050 rakha hai, unki kuch alag concerns hain. Stock ka P/E ratio 17.8x hai, jo IT sector ke median 25.6x se kam hai. Compare karein toh Hexaware 18.4x aur Mphasis 22.4x par hain, jabki Sonata 35.69x aur Birlasoft 38.56x par trade kar rahe hain. Analyst target achhe hain, par stock mein 2.69% ki girawat dikhi thi kyunki results ne expectations ko thoda miss kiya.
Future Outlook Aur Concerns
Investors ki sabse badi chinta margins ka kamzor hona hai, jo sales badhne ke baad bhi profits nahi bana pa raha. Saudi mein expansion achha hai diversification ke liye, par execution risk toh rehta hi hai. Baki overall IT sector bhi 2026 mein thoda correction dikha raha hai. Company ne FY26 ke liye final dividend nahi diya, shayad capital buyback ya investments ke liye bachane ki soch rahe hain. Global IT market growth 7.01% CAGR se badhne ka estimate hai, toh opportunities toh hain, bas margins ko control karna aur operational efficiency badhana company ke liye sabse important hoga.