Whalesbook
Toh bhai, Newgen Software ne FY26 ke Q4 mein apna revenue 5.3% saal-dar-saal badhaya hai. Ye growth kaafi achhi hai, especially jab EMEA region mein 12.3% ka decline bhi dekha gaya. Lekin, APAC aur India ki strong performance ne isko compensate kar diya, khaas kar Indian NBFCs se mili demand ke chalte.
Company ka subscription revenue 24% saal-dar-saal badha hai, aur ab FY26 ki total earning mein iska hissa 62% ho gaya hai, jo FY25 mein 56% tha. Long term mein company ka target hai ki ye recurring revenue 75-80% tak pahunch jaye. Ye predictable income ke liye bohot accha hai.
Aur kya badhiya hua? Inka gross margin 477 basis points badh gaya. Ye sab AI ki vajah se delivery models mein aayi efficiencies ka kamaal hai. Operating margin bhi 31.9% se badhkar Q4 FY26 mein 33.6% ho gaya hai. Matlab, cost control bhi acche se ho raha hai.
Ab brokers ki baat karein toh ICICI Securities ne target P/E multiple ko 25x se kam kar ke 19x kar diya hai, kyunki company apna 20% growth target miss kar gayi thi. Fir bhi, unhone 'Hold' rating rakhi hai aur March 2027 ka price target ₹530 diya hai. Haan, kuch dusre analysts ₹807-820 ka target de rahe hain.
Newgen ka current P/E ratio 21-25x hai, jo Tata Elxsi (36.8x) aur Tata Technologies (40.79x) se kam hai, par Zensar Technologies (14.76x) se zyada.
Par sab kuch accha nahi hai. Company ka working capital days 244 days ho gaya hai, jo double se bhi zyada hai. Customer payments slow hone se collection pe sawal uth rahe hain. Q4 FY26 mein operating profit growth flat rahi. Aur pata hai, 4th May 2026 ko MarketsMojo ne stock ko 'Sell' bhi kar diya tha, mixed financials aur technical signs ko dekhte hue.
Stock pichhle ek saal mein 50% se zyada gira bhi hai, jo iske 5-saal ke returns se bilkul alag hai.
Lekin future ki baat karein toh most analysts abhi bhi 'Buy' rating de rahe hain aur average target ₹800-820 ke aas-paas hai. FY27 mein 10.3% growth recovery ki ummeed hai. Company global expansion aur AI/low-code platforms mein invest kar rahi hai, jo future growth ke liye important hai.