Whalesbook
Tech Mahindra ne apna Q4 FY26 ka result nikala hai, aur numbers aise hain ki revenue toh badhi par profit expectations se kaafi kam raha.
Revenue toh badhi, par Profit ka kya?
Company ki revenue Rs 15,076 crore tak pahunch gayi, jo Bloomberg ke estimate Rs 14,784 crore se zyada hai. Matlab sales toh achhi hui aur demand bani hui hai.
Profit Miss: Yeh hai asli chinta
Lekin asli picture profit mein hai. Net profit Rs 1,354 crore raha, jo expected Rs 1,511 crore se kaafi kam hai. Iska matlab hai ki income badh toh rahi hai, par company ka profit kam ho raha hai, shayad operating costs ya pricing issues ke karan.
Valuation aur Competitors ka Comparison
Ab baat karte hain valuation ki. Tech Mahindra ka P/E ratio lagbhag 28-32x chal raha hai. Yeh competitors jaise TCS (17-24x), Infosys (18-20x), aur Wipro (14-17x) se kaafi zyada hai. Toh, agar profit nahi badh raha toh itna high valuation kaise justify hoga? Investors yahi sawaal pooch rahe hain.
Dividend ka Update
Company ne final dividend Rs 36 per share announce kiya hai, jisse FY26 ka total dividend Rs 51 ho gaya. Toh share holders ko kuch toh return mila hai.
Margin Pressure ka Asar
Article mein yeh bhi bataya gaya hai ki PAT (Profit After Tax) margins 8.03% tak gir gaye hain March 2025 tak. Hallanki gross margin 89.8% dikh raha hai, par operational profit kam hona chinta ka vishay hai.
Sector ka Kya Scene Hai?
Waise toh Indian IT sector growth mein hai, aur FY26 tak Rs 315 billion ka ho sakta hai. Kamzor rupee bhi help kar raha hai. Lekin Tech Mahindra ka profit miss is sector ke overall stable margins se alag dikh raha hai. HCLTech ne bhi FY26 mein 3.9% revenue growth dikhaya tha constant currency mein.
Analyst Kya Bol Rahe Hain?
Kuch analysts abhi bhi positive hain. ICICI Direct ne 'BUY' rating de rakhi hai aur target price Rs 1,650 set kiya hai, matlab lagbhag 17% upar jaane ka potential. Par ab sabki nazar management ke FY27 guidance aur margins improve karne ke plans par hogi.
Investors ke Liye Risks
Risks toh hain hi, jaise persistent margin pressure aur AI ka impact. Agar performance aur predict nahi hui toh high valuation ke karan stock gir bhi sakta hai.