Stockrabit · Analysts
Questions across 80 calls

Abneesh Roy

Nuvama

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Limited CC-May26.pdf · 2026-05-19
I have one strategic question for PG. Given limited time, I'll first start with that. One is ZEE is a content and entertainment company. I wanted to understand why invest in back end in terms of global VFX and Phantom VFX, how does it help? How much investment? What can be the impact on revenue longer term? Second strategic question is, yes, ZEE5, you have delivered on the guidance of EBITDA breakeven. Will FY '27 be a reinvestment year in terms of content given you've achieved that profitability metrics. Now would you need to change the overall strategy in FY '27, given competition is quite fierce, and you have achieved the breakeven. Now would you want to go back to the content in terms of investment?
Sure. My second question is essentially in music business; we have got one unlisted player and then 2 listed players in which one is large. In your music business, would you want to invest more, do some kind of a value unlock because in a TV linear broadcasting and an OTT company, is music getting the desired val ue, of course, you'll have to invest in that. What are your thoughts on this?

Saregama India Limited

Saregama India Limited CC-May26.pdf · 2026-05-14
Congrats on very good numbers. My first question is on the two things which you highlighted. First was weakness in Punjabi. So, I wanted to understand why this segment has been a bit on the lower side. Is it because it's niche market or more competitive or more expensive? And how much allocation you plan over the next two years in this? And second is on AI IP monetization. How big can this be? Any examples from the developed market? And if you can talk more about this? That is my first question.
My second and last question will be you spent INR 235 crores on new content, given some of the movies which you said have been pushed to FY27. What will be the budget for FY27? And in terms of Airtel Wynk that service ending essentially, where would that customer for you would have gone? Any idea on that?

PVR INOX Limited

PVR INOX Limited CC-May26.pdf · 2026-05-11
Congrats on fantastic debt reduction. So that will be my first question. So in terms of debt, obviously, now it is negligible. So what will be your expectation given light-asset strategy going ahead in next year, FY27 also? So what kind of screen addition you expect, what kind of ow n screen versus the low-asset model? And what would be the plan once you have net cash? Would you like to start dividend also?
Sure. My second question is slightly on the macro side. So 2 parts to that. One, of course, Prime Minister has said yesterday not to buy too much gold jewel lery next 1 year and not to travel outside also. Now obviously, diesel and petrol price hike is just an event which will happen very quickly now. So would you expect some kind of a consumption impact on multiplex being also given urban disposable income can get impacted? And slightly related question, one of the key South Indian state now has a Chief Minister, who is obviously one of the biggest CEO. So any possible positive news either in that state or any of the other state, any positive regulatory you expect in the medium, long term? Not asking immediate because these things can't be predicted.

Varun Beverages Limited

Varun Beverages Limited CC-Apr26.pdf · 2026-04-27
Congrats on very good set of numbers. My first question is on aluminium cans. You have tied up your inventory for PET and most of the packaging quite well. And I do understand that your salience to aluminium cans is much lower than the other large national player. If you could tell us is there any shortage which you are facing? And here what will be your salience in terms of percentage, aluminium cans?
And customers must be shifting, right? If there is a cans shortage, there is a section of customers who will not sacrifice their consumption, right? They will switch to PET?
Varun Beverages Limited CC-Nov25.pdf · 2025-10-29
My first question is on the GST transition impact. Number 1 company, HUL, called out impact in Q2 and even in October month. So, if you could clarify in your GST impacted segments, what was the kind of impact you have seen in both Q2, which is, say, September quarter and in October month?
Sure. My second question is on the international volume growth, which is decent at 9%. So, if you could clarify how things are shaping up, which geographies are doing really well there? And second is, on this Carlsberg tie -up, how big is the opportunity? It's looking really interesting. So, what made you go into this kind of tie-up? And how big is the opportunity in Africa, in some other countries also currently, it's a smaller opportunity, but how big is the opportunity for longer term?

Honasa Consumer Limited

Honasa Consumer Limited CC-Feb26.pdf · 2026-02-12
Thanks. My first question is on Sunscreen. We have seen the market leader become a bit more aggressive past few months. How has been the market share? And I am asking about the real market share in your sense, not the official third party market share data, because that may not give the true picture many times. What is the sense on how is the market share shaping up in Sunscreen?
So thanks. My last question is, it was a strong quarter for you. And even your core brand of Mamaearth has seen good growth come back. Your distribution expansion also has been quite decent. So my question is, how do you see coming quarters, this kind of a good uptrend will continue or there was some kind of a one-off, any GST kind of a positive impact you saw overall in the quarter?

United Breweries Limited

United Breweries Limited CC-Dec25.pdf · 2026-02-11
My first question is on the margin surprise, and congrats for that. And you have also done non- core asset monetization of land also. So I wanted to understand what will be the competitive intensity given that a Bira kind of player , clearly, in terms of presence has gone down significantly. Do you see that as a example, cost advantage in terms of advertising spend?
I had a question on the specific states. So , Maharashtra, you have done quite well this quarter. My question is, now that Maharashtra-made liquor is ramping up, and that's more affordable to customers. So do you see that beer growth rate goes down in Maharashtra? And the laggard states like Karnataka and Bengal, soon we will see the favourable base wrapping up. So, do you expect a strong FY'27, assuming season is normal , because no one can predict season. But just because of these 2 states, how do you see?

Pidilite Industries Limited

Pidilite Industries Limited CC-Feb26.pdf · 2026-02-04
Thanks, and congrats on a good set of numbers. My first question is on exports. So, do you see even Q4 and Q1, the decline continuing? And could you elaborate what exactly you mean by the geopolitical challenges? Now given U.S. tariff deal is done and dusted, although details are still awaited, do you think large part of that geopolitical is also behind or there is more to it? That is my first question?
Sudhanshu, two follow-ups. One is to understand correctly, you think in Q4 and Q1, sharp decline in exports as we speak today, that seems unlikely, right? That was my first follow-up?

JSW Dulux Limited

JSW Dulux Limited CC-Feb26.pdf · 2026-02-03
My first question is on the demand side. November, December, I guess was much better than October. October, the rain season was there and early Diwali. So very little days to really paint house to capture the festival related kind of a behaviour. So how do you see Q4? Because the other paint companies are saying that Q4 is likely to be better than Q3 in terms of volume in terms of the decor. Would you also share similar thoughts?
One follow up question on demand side, what is the gap you are seeing between the volume growth and sales growth?

TATA CONSUMER PRODUCTS LIMITED

TATA CONSUMER PRODUCTS LIMITED CC-Jan26.pdf · 2026-01-27
Yes, thanks. Congrats on a strong performance. My first question is on Tata Soulful l and Tata Sampann. So, Tata Soulful, I wanted to understand how is the market share in the past 2 years? And this is a great, exciting market on paper, but reasonably challenging because there is one strong multinational company. And then there is a long tail of a lot of new companies. Some of the existing companies have also entered. So, what is the right to win here? How are you able to differentiate? So, if you could discuss Tata Soulful. On Tata Sampan n, very strong numbers, 45% growth, largely essentia lly volume led. So, if you could tell us here, how has the legacy business done? And how have the new businesses like the Cashew, Nuts, etc., those have done? So, we can get a sense of where is the growth coming from any one of them given 45% growth? Sunil D’Souza: So, Abneesh, let me take your second question first. The Sampan n growth is broad based. So, the base businesses of Poha, Pulses, Mak hana, all of them are firing off on great cylinders , percentage growth wise. So, let me say it has come from the new businesses as well as from the legacy businesses, right. The best part is my dry fruits business is now close to a Rs. 250- 300 crore annual run rate. Cold press oils is again in the similar ballpark. All of these have been launched in the last 18 -24 months, right . So, differentiated product, very specifically entering trust deficit categories. Very clear winners. In fact, the good part is this is just the base foundation, because the ultimate idea in dry fruits is we will play the whole spectrum. Now that we know the sourcing, we know the time of the year, when to source, which channels, what are the packs which work, what are the dry fruits which work. Now, when we entered the flavored, roasted, salted, that is where we will move up the value ladder. So, that is a good part. Similarly, in cold press oils, I think we are off to a great start, because normally we would list on e - commerce, then go to, I would say, SAMTs, then GT, and then modern trade. This time we have had pull from modern trade, pulling us into the outlet even before we went to GT or SAMT. So, that is how powerful the proposition is. So, we remain bullish on Sampann, but again, I will go back to our guidance is for roughly 30% growth, and we will remain guided by that. That is number one. On Soulfull, we are close to a double-digit market share in most categories which we operate. We don't track for all the categories in which we operate, but mostly close to a double-digit number. The big numbers for us are in the Choco-fills as well as the Muesli segment, which is growing very fast. But here is the thing, in Soulful l, it is not one particular category that we are playing at. If you look at it, we have expanded to different categories and therefore expanded TAM and therefore we are not playing in the small pond, given the fact that we are playing in rusks, we are playing in Choco-sticks, we are playing in Muesli, we are playing in Breakfast Cereals as well. So, it is a wide-ranging thing. Broadly, let me say we are decently satisfied, but we do think we can take Soulfull to the next level. And I wouldn't worry about one incumbent versus all startups, etc. Everyone can carve out their own space. I think with the plans that we have, we remain quite confident.
Thanks. Two follow -ups to my first question. So, one is, you said 30% is the more normal number to look at from a growth perspective for Sampann, but growth was 45%. So, there is no one-off, you could clarify on that? Second is on the margins for Dry Fruits and say for Soulfull. Any color you can give from an outlook perspective, when do you see that normalizing versus the overall non-core portfolio, X of the Salt and say your Tea business, when do the margins for these two subsegments normalize versus the non-core? Sunil D’Souza: So, let me put it this way. There is no one-off in Sampann this quarter. I am just trying to temper expectations on the number that we might not always hit a 6. Sometimes it will also be a 4, right. So, from that perspective, I think 30 % is a realistic number for us to keep targeting. While we know we can drive 45 % and we will continue to drive for that. On the margin perspective, I always said in Sampann, we were close to double-digit margins. The good news is we have hit double-digit. We remain confident of edging up the total business to close to a 15 % sort of number in the medium term, near to medium term and that is what. So, while we are growing topline, the good news is we are constantly improving the margin profile as well. Going forward, the margin profile will only get better as like I said in dry fruits, the margins are in the roasted, salted, flavored ones. But for you to get there, you need to know how to play the base game because then you add the value additions on top of that.

Marico Limited

Marico Limited CC-Jan26.pdf · 2026-01-27
My first question is on the new acquisition. So, my questions here are, if you want to take it 3x in three years, if you could talk about what all are needed apart from the brand support. So , in terms of distribution, for example, where is the company now? For example, INR 140 crore ARR, how much is coming from which kind of distribution channel? And where do you see the delta? Second is from a pricing, obviously, this is gourmet, so it is premium. Would you plan to have some kind of a offering, which also appeals to the smaller box GT? I do understand the larger box GT will have an audience, but the small box GT, is there a pricing or positioning which is possible? And if you could also talk about profitability. I do understand initially investment will be needed, and it is unfair to look at first -year profitability for a brand which anyway may not be making profit. But from a three -year perspective, what will be the expectation on the profitability?
One or two follow-ups there. So one is, Saugata, you always mention Marico, and you obviously want to take bigger bets. Now, this is around 1% of your revenue . So, does it fit that? Not everything needs to fit. So , that was one question. Second is, your example of the Lesser Evil brand, for example. Those need a different mindset, and you did say the founders, etc. So , I Email: investor@marico.com Marico Information classification: Official wanted to understand, does this signal that now you want to play in the gourmet, in the impulse category much more over a longer term? Because this is completely new white space you have opened up. Till now, Saffola or the other brands have been mostly in the health space. This opens up the impulse and the gourmet. Obviously, this is too small. So , I wanted to understand, does this open up much bigger opportunity on your own or, say, even M&A-wise, in the longer term?

Radico Khaitan Limited

Radico Khaitan Limited CC-Jan26.pdf · 2026-01-23
Congrats on great performance. My first question is apart from Andhra market, where you highlighted market share gains and very strong absolute performance, which other markets, either you have grown faster than the company average, and you have gained market share, either of these?
On the two specific states which you mentioned, in UP, if you could comment if in the country liquor, is there any increase in competition? And second, in Telangana, some of the other companies have mentioned that in Q3, there was some adverse impact of r oute-to- market change. So, what have you seen in these two markets?
Radico Khaitan Limited CC-Nov25.pdf · 2025-10-30
Congratulations on very good numbers. My first question is on Andhra. So firstly, ex of Andhra, how has been the growth? Second, other players are also talking very positively on the Andhra market and first year has been great. If you could talk about ind ustry growth rate in second year, do you expect again strong growth even in second year, given first year generally, it's opening up. So obviously, you are starting from almost negligible base. And a related question is, you said you have claimed leadership position in Andhra. So specific things, what has helped in that market?
Sure. Second is your growth has been extremely commendable. You have been extremely successful in new launches, new brands. Specific question is in terms of overall market, white spirits seems to be growing faster. So is there any formal study that the yo uth and the women, they are taking more towards the white spirits. And within white spirits, I'm sure you must have gained share given such a strong performance. And in the overall spirits also, if you could discuss white spirits, how much is the gain in market share in the last 2 years?

Godrej Consumer Products Limited

Godrej Consumer Products Limited CC-Jan26.pdf · 2026-01-23
Congrats on recovery in India business. My first question is on your two new businesses. So, first is on pet food, you had entered around 8 months back in Tamil Nadu. If you could tell us how the progress has been? And we are seeing many companies show interest here. Reliance Consumer plans to be aggressive here with 20% - 40% lower pricing. So how do you see the overall pricing behaviour in this industry, medium, long term? And in Tamil Nadu, how has been the progress and any other states you plan to enter? That is the first question.
And Sudhir, when you say mixed results, anything you want to change in terms of the positioning? Generally, we see Godrej Consumer being quite disruptive in a new category in terms of pricing or packaging. So, anything you want to tell us in terms of what is the reason for mixed results.

Asian Paints Limited

Asian Paints Limited CC-Nov25.pdf · 2025-11-12
Yeah, thank you. Thanks for the opportunity. My question is on overall competition. I see that your gross margins are up, both QoQ and YOY. I do understand that the raw material side is favorable and outlook also looks good. My specific question is in terms of the 10% free grammage in the different SKUs by a competitor, what has been your reaction? And the new players, what we are hearing is they are now withdrawing it from many of the SKUs. So, if you could comment on that. Also, I picked up that in terms of the tail of the distribution, there was some loss for you because of the new players coming in. So, if you could comment, how are things there? And from an advertising perspective also I see Asian Paints now being much more aggressive in terms of all the key events of cricket. So, if you could comment, how is your market share in terms of the media presence? I'm not asking about volume market share, I'm asking about the overall media market share.

CCL Products (India) Limited

CCL Products (India) Limited CC-Nov25.pdf · 2025-11-06
Yes. My first question is on the last point which you made in terms of coffee clarity coming in December. So in terms of crop, if you could tell us till now what is the indication? We have seen many agri commodities globally in India also, they have been slightly soft. And we are seeing Robusta and Arabica, the chart is a bit divergent. So if you could comment between the 2, what is the sense you are getting in terms of pricing in the next 3 months?
And last question on the branded coffee in India. If you could tell us in the e-commerce and quick commerce, what kind of share performance you have had, market share performance? And which channels you have a good presence because the #1 player is still seeing a 20%, 25% sales growth. Of course, large part will be the inflation. But how are you doing? Because both the #1, #2 seem to be doing quite well.

Allied Blenders and Distillers Limited

Allied Blenders and Distillers Limited CC-Nov25.pdf · 2025-11-06
Congrats on good numbers. I have three questions. My first question is on the capex, which you have just put up on the PET. The question, sir, what kind of a dvantage or gross margins you will enjoy versus a third-party PET supplier because that PET su pplier can have a lot of economies of scale versus much lower scale for you. So if you could clarify on that way. And is it a common practice for Alcobev players to put this? Related question is in terms of glass bottles, we understand that there is a lot of extra capacity, low utilization for the industry. So in the glass raw materials, how do you see the coming quarters? Is that quite favorable for you and the industry?
Sure. One follow-up here. So you mentioned that in terms of PET, it's more of a smaller radius where the supply makes sense. So will this be more for Telangana and maybe the adjoining states? And in the long-term, would you need to put more such PET factories in any of the other states in the longer term?

United Spirits Limited

United Spirits Limited CC-Nov25.pdf · 2025-10-31
Yeah. Thanks. Congrats on a very strong set of numbers. My first question is on Andhra market. So other industry players expect a strong second year, which is, I think, coming out from your initial statement also. So , I wanted to understand, in second year, what are the growth drivers for you and industry , given first year has been quite strong? But I do agree that generally, any market which opens up generally doesn't come out fully in the first year. And second, if you could comment on market share in Andhra because the other listed player, which had its call yesterday, they claim that they have leadership position in Andhra. So if you could comment on pan-India market share versus Andhra, how does it stand currently?
Sir, my second question is on Maharashtra. So you have done better than the industry, although you have also declined. So if you could talk more about what has worked here in terms of the portfolio play? In terms of gross margin, in specific to Maharashtra, how are things? I do understand overall raw material is benign in terms of glass and ENA. So that could have helped for you and industry in Maharashtra. But definitely, whenever such sharp tax hike happens, large companies like you will always prioritize where to fully pa ss it on, where to absorb some of the tax. So if you could talk about that. And on the Maharashtra liquor, how widespread will be the distribution? How is the quality? Because this is something which is very new. In Rajasthan, this had completely failed. So do you expect any difference in the performance of Maharashtra liquor from a medium- to long- term perspective?