Sonata Software Share: Revenue **45%** Bhaga, Par Profit Kaha Gaya? Margin Squeeze Ki Kahani

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AuthorAarav Shah|Published at:
Sonata Software Share: Revenue **45%** Bhaga, Par Profit Kaha Gaya? Margin Squeeze Ki Kahani
Overview

Sonata Software ke liye Q3 FY26 ka result mila jule tha. Ek taraf, revenue **45.4%** jump karke **₹3,080.6 crore** ho gaya. Lekin dusri taraf, net profit **13.3%** gir gaya aur **₹104.4 crore** pe aa gaya. Iska reason EBIT margin ka **130 basis points** ghatna hai jo **5.6%** ho gaya. Stock **0.76%** gir kar band hua.

Toh bhai, Sonata Software ne Q3 FY26 mein ekdum different story pesh ki hai. Ek taraf revenue mein toofani tezi thi, 45.4% badh kar ₹3,080.6 crore ho gaya. Pichle quarter se dekho toh ye ₹2,119.3 crore se sidha jump hai! Is growth mein bade deal wins ka bhi haath hai, jaise $129 million ke do big contracts.

Par bhai, is growth ki keemat chukani padi. EBIT margin 130 basis points ghata aur 5.6% pe aa gaya (pehle 6.9% tha). Is wajah se, net profit 13.3% gir kar ₹104.4 crore ho gaya. Haan, absolute EBITDA 15.9% badh kar ₹200.2 crore zaroor hua, but margin ka kam hona yeh dikha raha hai ki ya toh kharche badh gaye hain ya phir price kam mil raha hai revenue ke liye.

Ab dekho, poora IT sector hi thoda pressure mein hai. Nifty IT index bhi pichle hafte -5.4% gira hai. Is mahol mein Sonata Software ka margin kam hona chinta ka vishay hai. Pichli baar bhi jab aise margin issues aaye the, stock 15.1% gira tha (February 2025 mein). Aaj toh stock sirf 0.76% hi gira hai ₹306.80 pe band hokar, but sawal wahi hai - kya company growth ko sustainable profit mein badal payegi?

Company ab AI aur digital services pe focus kar rahi hai, Cloud & Data se 63% revenue aa raha hai, jo ki achhi baat hai. Iski P/E ratio ~19.62 hai, jo Infosys (~21.57), Wipro (~18.29), aur TCS (~22.57) jaise competitors ke comparison mein theek lag rahi hai. Matlab valuation bahut zyada nahi hai. Lekin asli test toh yahi hoga ki woh revenue growth ko acchi aur lasting profit margins mein kaise convert karte hain.

Chalo, ek achhi khabar bhi hai. Analysts kaafi positive lag rahe hain, aur unka average price target ₹435 hai, matlab abhi se 40% se zyada upside dekh rahe hain log! Ye shayad company ke AI/digital services pe shift aur bade deals ke karan hai. Lekin kuch experts thode neutral hain, 'Hold' rating de rahe hain. Unko company ki fundamentals aur valuation toh achhi lag rahi hai, but financial trends flat hain aur technicals bhi utne strong nahi. Company bade clients pe focus kar rahi hai aur sales pipeline strong kar rahi hai. Dekhna padega ki kya Sonata Software yeh margin pressure ko manage kar ke IT sector ke trends ka fayda utha pata hai ya nahi.

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