Debt to equity, interest coverage, aur wo cheez jo balance sheet se zyada bolti hai
Published by The Retail Trader · AUG 09, 2026 · Features
Udhaar apne aap mein buri cheez nahi hai. Bahut acche business udhaar par khade hain. Khatra tab hai jab udhaar ki repayment business ki kamai se badi ho jaaye — aur ye baat balance sheet mein hamesha turant nahi dikhti.
Ye batata hai ki shareholders ke har rupaye ke saamne kitna udhaar khada hai. Kam matlab safe, zyada matlab risk — mota taur par.
Par ye sector-dependent hai. Banks aur NBFCs to udhaar ke business mein hi hain, wahan ye ratio alag hi tarah padha jaata hai. Infrastructure aur real estate mein bhi zyada debt normal hai. Ek IT company mein wahi number darawana hoga.
Interest coverage batata hai ki operating profit se company apna interest kitni baar bhar sakti hai. Ye seedha ye poochta hai: kamai se byaaj nikal raha hai ya nahi.
Ye ratio 1 ke paas aana sabse bada red flag hai — matlab poori kamai sirf byaaj mein ja rahi hai. Aise mein ek kharab quarter poori company ko dabav mein daal deta hai.
Profit kaagaz par banta hai, byaaj cash se bharta hai. Isliye operating cash flow dekhna zaroori hai: kamai asli cash mein aa rahi hai ya sirf ledger mein.
Ek company jo saalon se profit dikha rahi ho par jiska operating cash flow lagataar kamzor ho — wahan udhaar ka bojh kaagaz se kahin bhaari hota hai.
Annual report mein ye cheezein khud dekh lo:
• Short term aur long term debt ka mix — bahut saara short term udhaar matlab har saal refinance ka risk.
• Promoter ke share gaye hue hain kya — pledged shares udhaar ka ek chhupa hua nishan hote hain.
• Contingent liabilities — jo abhi udhaar nahi hai par ho sakta hai. Ye notes mein hota hai, main sheet mein nahi.
• Interest cost ka trend — kamai flat aur interest cost badh rahi ho to kahani apne aap saaf ho jaati hai.
Sawaal ye nahi hai ki company par kitna udhaar hai. Sawaal ye hai ki us udhaar se company ne kya banaya, aur uski kamai us udhaar ko bina takleef ke jhel sakti hai ya nahi. Pehla number hai, doosra samajh — aur nuksaan hamesha doosri jagah se aata hai.
Ye article sirf educational hai — koi buy ya sell recommendation nahi, koi guaranteed return ka daawa nahi, aur koi advisory nahi. Rules, rates aur mechanics exchange, SEBI aur RBI time-time par badalte hain, isliye har number apne broker ya official source par khud verify karo.