Whalesbook
Yaar, Prime Minister Narendra Modi ne road transport ministry ko tight order diya hai: May tak sirf aur sirf highway construction ki quality par hi focus karna hai. Sunne mein aa raha hai ki road ki quality ko lekar complaints kaafi badh gayi hain, especially baarish ke baad roads ki haalat kharab ho jaati hai.
Ab tak toh government full speed mein highways bana rahi thi, network expand kar rahi thi. Lekin ab is new rule se pura focus quality, safety aur durability par shift ho gaya hai. Matlb, ab sirf jaldi kaam khatam karna kaam nahi aayega, balki kaam pakka aur mazboot hona chahiye. National Highways Authority of India (NHAI) bhi pehle se hi quality check ke liye alag-alag system bana rahi hai, jaise independent quality offices aur third-party lab mein material testing.
Iss quality overhaul ka fayda bade players ko mil sakta hai, jaise Larsen & Toubro (L&T). L&T ki market cap toh ₹5.59 trillion se bhi zyada hai aur unka P/E ratio 33.56 hai. Share bhi ₹4068 ke aas paas chal raha hai, matlab investors ko bharosa hai. Lekin PNC Infratech (Market Cap ₹5,873 Cr, P/E 14.1) aur KNR Constructions (Market Cap ₹4,279 Cr, P/E 7.87) jaise mid-cap aur chote players ke liye thoda mushkil ho sakta hai. Ashoka Buildcon (Market Cap ₹4,456 Cr, P/E 4.29) ka ROE toh 54.8% hai, lekin MarketsMOJO ne ise 'Sell' grade diya hai, jo andar ki pareshani dikha sakta hai. Jo contractors quality mein peeche rahenge ya zyada ladai jhagde (litigation) karenge, unhein penalty padegi. KNR Constructions ne toh already bola hai ki unka quarterly profit 59% gir gaya hai quality standards badhane ke chakkar mein. Ministry of Road Transport & Highways (MoRTH) aur NHAI ab aur sakhti se quality check karenge.
Socho, jab quality improve karni hogi toh material bhi accha use karna padega aur kaam bhi dheere lekin dhang se karna padega. Isse contractors ka kharcha badhega aur unka profit margin kam ho sakta hai. Jo companies pehle se hi kam margin par kaam kar rahi hain, unke liye yeh bahut bada challenge ban sakta hai. Yeh sirf road banane ka network nahi, balki economic hubs ko connect karne par focus hoga. KNR Constructions jaise companies jinki working capital days badh rahi hain, ya PNC Infratech jaise companies jinka interest coverage ratio kam hai, unko zyada risk ho sakta hai. Agar koi company blacklist ho gayi ya uske upar zyada cases (litigation) chal rahe hain, toh use bhi nuksan ho sakta hai. Yaad hai pehle kaise complex rules ki wajah se projects ka kharcha 20% tak badh jaata tha? Government ab state highways ko national highways banane mein bhi selective ho gayi hai.
Lekin haan, Indian infrastructure sector toh abhi bhi growth mein hai. Union Budget 2026-27 mein bhi public capital expenditure ke liye ₹12.2 lakh crore rakhe gaye hain, jisme roads aur railways main hain. L&T ka Mojo Score 'Hold' hai, jo dikhata hai ki analysts bhi cautiously dekh rahe hain. Jo companies quality achhi de sakti hain, financialy strong hain, wohi is naye environment mein tik paayengi aur fayda utha payengi.