Whalesbook
Arvind ka US mein bada kadam: Dalco Nonwovens deal
Arvind Limited ka technical fabrics wala division, Arvind Advanced Materials (AAML), ab US ki Dalco Nonwovens mein majority stake kharidne ke kareeb hai. Ye deal $125 million se lekar $140 million tak ki ho sakti hai. Isse company US mein apna manufacturing base bana payegi, jo ki badhti tariffs ko bypass karne aur China se reliance kam karne ke liye ek smart move hai.
Funding ki kaise hogi arrangement?
Arvind ke paas filhaal cash ₹827 crore (approx. $98 million) hai Q4 FY25 ke end mein, jo deal ki value se thoda kam hai. Isliye, company apni internal savings aur naye offshore debt ka combination use karegi. Aur fikar ki baat nahi, kyuki Arvind ka debt-to-equity ratio sirf 0.36 hai March 2025 tak, matlab company aur zyada borrow kar sakti hai. FY25 mein unka free cash flow ₹760 crore aur EBITDA ₹919 crore raha hai. Advanced Materials division ne toh ₹1,544 crore revenue aur ₹234 crore EBITDA generate kiya hai pichhle saal.
Global trade mein tariffs ka khel
Arvind ka ye move global trade trends se juda hai. Indian textile exports par US mein 18% tak tariffs lagte hain, jabki China ko 34% se zyada. Welspun Living aur Gokaldas Exports jaise players bhi US market mein hain. Arvind ka ye kadam 'China-plus-one' strategy mein madad karega.
Risks aur challenges?
Deal achhi lag rahi hai, par Dalco ko integrate karna ek bada challenge ho sakta hai. Textile sector mein margins par bhi pressure hai. Ye deal takreeban ₹1160 crore ki hai, jo unke free cash flow ₹760 crore se kaafi zyada hai. Naye debt se company ki obligations badh jayengi. Aur Dalco ke main markets (auto, industrial) cyclical hain.
Analysts kya bol rahe hain?
Market Arvind ko lekar optimistic hai. Kai analysts ne 'Buy' rating di hai aur price target ₹457.57 ke aas paas set kiya hai. Unko lagta hai FY26 se growth 20% se zyada hogi, jo exports aur advanced materials ki wajah se aayegi.