Questions across 4 calls

Abneesh Roy

Nuvama Wealth Management

Britannia Industries Limited

Britannia Industries Limited CC-Feb26.pdf · 2026-02-11

Congrats on a very good set of numbers. My first question is on the 3x data, which you've given that e-commerce, quick commerce for cake, rusk, croissant and wafer, this 3x of biscuits. I wanted to understand reason and whether there is an opportunity to close this gap of 3x. Is the reason that the national players are much lesser in croissant and wafers, because cake, rusk in my sense is fairly legacy business like biscuits, plus we have seen another food company like Nestle, last 2 quarters, they really ramped up on e-commerce and quick commerce. So is that an opportunity in biscuit side of the business? That is first thing.

Okay. One follow-up there, most of the legacy company that is the category leaders tell us that e-commerce, quick commerce at least on the profitability side is generally is higher than the general trade, for you at least for biscuit, rusk and cake, is that true that e-commerce, quick commerce is more profitable than general trade? That is my first question only, it's not the second question.

Varun Beverages Limited

Varun Beverages Limited CC-Feb26.pdf · 2026-02-03

My first question is on the India business. If I see India volumes has grown double digit, 10.5%, but India sales has grown around 6% so there is a gap of 4.5%. If you could explain how is the mix? I do understand the CSD, water and all that. But within those segments, how was the mix? And second, what will be the outlook, say, in March quarter on this? Do you still expect the pricing mix to be slightly negative? Because I do see gross margin also being slightly down by around 30-40 bps. So that is my first question.

Understood. So that was my next question. You said the season seems to be opening up. And last calendar year, we did see most of the summer categories see very unfavourable climate, which could of course correct this year. Any initial expectation, how do you see this quarter and next quarter given base is a bit favourable ? I do understand the second quarter of the calendar year, the 15% growth is there, but that was on a very soft base. So next 2 quarters, you have a very soft base. Any comments on how you see demand?

Pidilite Industries Limited

Pidilite Industries Limited CC-Dec24.pdf · 2025-01-23

Thanks, and congrats. My first question is on the B2B. You have done quite well. My specific question here is, in terms of market share, if you could give us some sense, how is the market share there? Your market share in B2C is very strong and dominant market share. In B2B, any sense on how market share trend is and what would be the market share there?

Sure. My second question is, currently India is seeing a boom in terms of the phone manufacturing; global players are setting up, and second is EV. Clearly, we are seeing the new players enter that and clearly consumer shift is happening and I am sure adhesive usage in both these two segments in the medium long term are extremely large opportunity. So, could you give us some sense where we are currently as a company and Sudhanshu did refer that in B2B more pioneer products are being planned. Wa s he referring to these two verticals, EV and phone manufacturing adhesives?

Hindustan Unilever Limited

Hindustan Unilever Limited CC-May26.pdf ·

Yeah, thanks and congrats on recovery. My first question is again on Lifestyle Nutrition. In the past, we have seen that whenever milk is inflationary, Horlicks and Boost also suffer in demand because obviously a large part of the consumption is linked. N ow in an El Nino year, generally we see fodder availability being impacted and that does drive up the milk prices. Would you see that as a big challenge in terms of this growth recovery? Because you have seen good recovery, but can this derail, say in H2 or that kind of a timeframe when milk becomes inflationary? That is my first question.

Sure. My last question is overall macro. If we see HUL as a company, in Q3, Q4 has seen a good recovery and the recovery has accelerated. In Q4, if I see almost every staples company has done well and better than expectation. Now if I see outlook, clearly one or two challenges are there. El Nino challenge mostly I think H2 rural demand will get tested. And H1 obviously inflation is there. I think post May 4th, the petrol-diesel price hike extremely likely and FMCG price hikes are happening. So, if you combine all this, how confident are you that FY’27 can still be better than FY’26 for you and maybe for the sector also?