Whalesbook
Asal mein, Q4 FY26 mein company ka consolidated revenue ₹334.02 Crore ho gaya, jo pichhle saal se 125% zyada hai. Aur Net Profit bhi ₹26.98 Crore par pahuncha, woh bhi 125% growth ke saath. Poore FY26 ki baat karein toh revenue ₹1,113.17 Crore cross kar gaya, jisme Borqs acquisition ka bada role raha.
Par, yahan ek twist hai. Q4 mein EBIT margin sirf 6.8% thi. Haan, consolidated EBIT ₹22.85 Crore tak pahuncha aur pichhle saal se 559.7% bada, par itni high revenue growth par margin kaafi lean lag raha hai. Poore saal ka Net Profit growth sirf 16.1% raha, jo revenue growth se kaafi kam hai.
Ab stock ke valuation par aate hain. Ye share trailing twelve-month P/E ratio ke hisab se 40x se 50x ke beech trade ho raha hai. Yeh toh Tata Consultancy Services aur Infosys jaise bade players (jo 16x-17x par hain) se bahut zyada hai. Kuch growth-focused companies jaise Persistent Systems aur Tata Elxsi bhi 40x ke aas-paas hain, par Sasken ka historical profit growth kabhi consistent nahi raha. Pichhle ek saal mein profit 42.07% gira tha aur 3 saal mein 27.57% negative growth thi. Toh ye jo current rally hai, shayad sirf market momentum aur acquisition ka kamaal hai, earnings recovery ka nahi. Ek achhi khabar ye hai ki company ne ₹13 per share ka final dividend recommend kiya hai, jo interim dividend ₹12 ke alawa hai.
Investors thoda darr rahe hain kyuki profit mein inconsistency aur lean EBIT margin ( 6.8%) operational efficiency par sawal utha rahe hain. Aur sabse badi baat, analysts ka consensus target price sirf ₹830.00 hai, jabki stock recent levels par ₹1,362.20 ke aas-paas chal raha hai. Matlab, experts ko nahi lagta ki ye valuation sustainable hai. Company par ₹314.01 Crore ki contingent liabilities bhi hain, jo ek aur risk hai.
Management apne 'Chip-to-Cognition' strategy par focus kar rahi hai, jisme Borqs acquisition ko integrate karke IoT aur 5G mein mazbooti lana hai. Dekhte hain ki company revenue growth ko consistent profit mein kaise badalti hai aur valuation ko market expectations ke hisab se kaise align karti hai.