किसी शेयर की फंडामेंटल एनालिसिस करते समय आप ROE के बारे में जरूर सुनते होंगे लेकिन हमें इसका क्लियर मतलब नहीं पता होता कि आखिर रिटर्न ऑन इक्विटी होता क्या है और इसे कैसे कैलकुलेट करते हैं?
तो आज इस पोस्ट में हम आपको बताएंगे कि ROE का क्या अर्थ होता है और किसी कंपनी का ROE कितना होना चाहिए ताकि शेयर खरीदने पर आपको अच्छा खासा रिटर्न मिल सके. तो चलिए सबसे पहले जानते हैं कि–
किसी कंपनी का Return on Equity (ROE) एक इंपॉर्टेंट फाइनेंशियल रेशों होता है जो किसी कंपनी के प्रॉफिटेबिलिटी को दर्शाता है। ROE यह दिखाता है कि एक कंपनी अपने शेयरहोल्डर्स के इन्वेस्ट किए गए कैपिटल पर कितना प्रॉफिट कमा रही है।
ROE कैसे कैलकुलेट करते हैं?
ROE का Formula:
ROE calculate karne ke liye yeh formula use hota hai:
ROE= (Net Profit/ Shareholders’ Equity)×100
Net Profit: Yeh company ka after-tax profit hota hai, jo company ke total revenues se total expenses (including taxes) minus karne ke baad bachta hai.
Shareholders’ Equity: Yeh company ke total assets minus total liabilities hota hai, yaani shareholders ka invested capital.
ROE का उदाहरण:
Maan lijiye XYZ Company ka net profit ₹10 crore hai, aur uske shareholders’ equity ₹50 crore hai.
ROE= (10/ 50)×100 = 20%
Iska matlab hai ki XYZ Company apne shareholders ke capital par 20% return kama rahi hai.
ROE को समझना क्यों जरूरी है?
1. Profitability Ka Indicator: ROE ek important indicator hai jo company ke profitability aur efficiency ko measure karta hai. Zyada ROE dikhata hai ki company apne capital ka achhe se use kar rahi hai.
2. Investment Decisions: Naye investors ke liye ROE ek useful metric hota hai, kyunki yeh dikhata hai ki company shareholders ke liye kitna return generate kar rahi hai. Achi company mein invest karne ke liye unki ROE ko check karna zaroori hota hai.
3. Industry Comparison: ROE ko industry ke standard se compare karna chahiye. Agar ek company ka ROE industry average se zyada hai, toh yeh indicate karta hai ki company apne competitors se better perform kar rahi hai.
4. Growth Potential: High ROE wali companies ko generally high growth potential mana jata hai, lekin kabhi-kabhi high ROE ka matlab yeh bhi ho sakta hai ki company zyada debt use kar rahi hai, jo risk bhi badha sakta hai.
ROE में क्या ध्यान रखें–
Debt Impact: Zyada debt hone se ROE artificially high dikh sakta hai, kyunki debt kam karke shareholders’ equity ko reduce kar deta hai, lekin risk bhi badha deta hai.
Consistency: Ek hi saal ka ROE dekhne ke bajaye, pichle kai saalon ka ROE check karna chahiye. Consistently high ROE wali company invest karne ke liye acchi hoti hai.
ROE ka use karke investors company ki financial health aur profitability ka achhe se andaza laga sakte hain, aur informed investment decisions le sakte hain.
किसी भी कंपनी का ROE कितना होना चाहिए?
Kisi company ka ROE (Return on Equity) kitna hona chahiye, yeh alag-alag factors par depend karta hai, jaise ki industry norms, company ka business model, aur market conditions. Lekin generally, kuch guidelines hain jo investors ko ROE ko samajhne mein madad karti hain.
एक अच्छा ROE कितना होता है?
1. Industry Average:
Ek achha ROE wahi mana jata hai jo industry average se zyada ho. Industry average different industries mein alag ho sakti hai.
Example: Technology sector mein high ROE expected hota hai (20% se zyada), jabki utility companies mein relatively low ROE (10-15%) bhi acceptable hota hai.
2. 15% aur Uske Upar:
Aam taur par, 15% se zyada ROE achha mana jata hai. Yeh dikhata hai ki company efficiently apne shareholders’ equity ka use kar rahi hai aur accha return generate kar rahi hai.
Example: Agar ek company ka ROE consistently 15-20% ke beech hai, toh yeh ek strong financial performance ka signal hota hai.
3. Consistency:
Ek saal ka high ROE hona itna meaningful nahi hota, jitna ki consistently high ROE hona. Agar company pichle kai saalon se 15-20% ka ROE maintain kar rahi hai, toh yeh company ke strong management aur profitability ka signal hota hai.
High ROE का क्या मतलब है?
Efficient Operations: High ROE yeh indicate karta hai ki company apne capital ka efficient use kar rahi hai aur apne investors ke liye achha return generate kar rahi hai.
Competitive Advantage: Consistently high ROE wali companies ke paas koi na koi competitive advantage hota hai, jo unhe market mein sustain karne mein madad karta hai.
Low ROE का क्या मतलब है?
Underperformance: Low ROE ka matlab yeh ho sakta hai ki company apne resources ka effectively use nahi kar rahi hai.
High Debt: Low ROE kabhi-kabhi high debt ke wajah se bhi ho sakta hai, kyunki debt company ke equity ko dilute karta hai.
ROE चेक करते समय क्या ध्यान रखना चाहिए?
Debt Impact: Kabhi-kabhi high ROE ka matlab yeh bhi ho sakta hai ki company ne zyada debt liya hai, jo shareholders’ equity ko reduce karta hai aur isliye ROE artificially high dikh sakta hai. Aise mein ROE ke saath-saath debt-to-equity ratio bhi check karna chahiye.
Business Nature: Kuch industries mein naturally low ROE hota hai, jaise utilities, lekin iska matlab yeh nahi ki company achhi nahi hai. Isliye, ROE ko industry ke context mein dekhna chahiye.
कहने का मतलब यह है कि–
एक अच्छा ROE कंपनी की industry, market conditions, और historical performance पर निर्भर करता है।
सामान्यतः 15% या उसके ऊपर का ROE अच्छा माना जाता है, लेकिन consistency और industry comparison भी जरूरी है।
High ROE wali companies generally investment ke liye attractive hoti hain, lekin saath hi debt aur other financial factors ko bhi evaluate karna chahiye.
किन कंपनियों का ROE High और किन कंपनियों का Low ROE होता है?
ROE (Return on Equity) ko dekh kar hum yeh samajh sakte hain ki ek company apne investors ke capital par kitna return kama rahi hai.
Kuch prakar ki companies mein ROE naturally high hota hai, jabki kuch mein low hota hai, jo unke business model, industry characteristics, aur capital structure par depend karta hai. Aayiye ise detail mein samajhte hain:
High ROE Wali Companies
1. Technology Companies:
Reason: Technology companies ka business model aasan tarike se scale hota hai, aur unhe apni growth ke liye zyada physical assets ya heavy capital investment ki zaroorat nahi hoti.
Example: Microsoft aur Apple jaisi companies ka ROE high hota hai (20-40% ya usse zyada). Yeh companies apni intellectual property aur digital products se profits generate karti hain, jisse inka equity return strong hota hai.
2. Consumer Goods Companies:
Reason: Consumer goods companies ka demand steady hota hai, aur yeh apni branding aur efficient distribution networks ki wajah se high profit margins enjoy karti hain.
Example: Nestlé aur Hindustan Unilever jaise FMCG (Fast-Moving Consumer Goods) companies ka ROE bhi high hota hai (15-30%). Yeh apne established brands aur loyal customer base ki wajah se consistently high returns generate karti hain.
3. Pharmaceutical Companies:
Reason: Pharmaceutical companies apni patented drugs aur innovative treatments ki wajah se high profit margins enjoy karti hain.
Example: Pfizer aur Johnson & Johnson jaise companies ka ROE high hota hai (20% ya usse zyada). Yeh companies apne research and development mein heavy investment karti hain, lekin once successful, unki products unhe high returns deti hain.
Low ROE Wali Companies
1. Utilities Companies:
Reason: Utilities companies (jaise electricity, water supply) mein capital-intensive business hota hai jisme heavy infrastructure aur maintenance cost involved hoti hai. Inka profit margin limited hota hai.
Example: NTPC (National Thermal Power Corporation) aur **Power Grid Corporation** jaise companies ka ROE low hota hai (10-15%). Yeh companies regulated hoti hain aur inka profit margin control hota hai, isliye ROE relatively low hota hai.
2. Telecommunications Companies:
Reason: Telecom companies ko apne network infrastructure ke liye large capital investments ki zaroorat hoti hai, aur market competition ki wajah se inka profit margin squeeze hota hai.
Example: Vodafone Idea ya Bharti Airtel jaise companies ka ROE low hota hai, kyunki inhe apne network expansion aur maintenance ke liye zyada capital lagana padta hai, aur returns utne strong nahi hote.
3. Heavy Manufacturing Companies:
Reason: Heavy manufacturing companies mein fixed assets aur machinery mein large investments ki zaroorat hoti hai, aur inka working capital requirement bhi high hota hai. Is wajah se inka ROE low hota hai.
Example: Tata Steel ya General Motors jaise companies ka ROE low hota hai (5-10%). In industries mein competition tough hota hai aur profit margins lower side par hote hain.
निष्कर्ष:
ROE ko samajhne ke liye yeh zaroori hai ki aap company ke business nature aur industry context ko consider karein.
High ROE wali companies zyada profitable aur efficient hoti hain, lekin low ROE wali companies ko bhi ignore nahi karna chahiye, kyunki kuch industries mein naturally low ROE acceptable hota hai.
Investors ke liye zaroori hai ki ROE ko industry average ke context mein dekhein aur company ke overall financial health ko evaluate karein.
