Stockrabit · Analysts
Questions across 80 calls

Abneesh Roy

Nuvama

United Spirits Limited

United Spirits Limited CC-Jun25.pdf · 2025-08-14
Yes, thanks. I have 3 quick questions. First is on your comments on Maharashtra. So, you did mention that the MML kind of strategy, Maharashtra Made Liquor, those equivalents have been tried earlier in other states. So, if you could clarify a bit more on generally near term and long term, how does it pan out? Because we don't see that as a concern in most states. So, it does mean that initially maybe it's introduced and then does get sidelined. So, if you could clarify on that. Second related question is, you did mention that you are absorbing substantially in some cases. So, I wanted to understand the 30% to 40% tax hike. The absorption is sporadic, or it is a bit more substantial? So that is my first question.
Understood. One quick follow-up on this first question. So, given your focus on premiumization, would you look to play the MML once full policy clarity comes? And second, a small bit on the pass on to customer. Is the -- are the other large players also behaving fairly similar because it's an industry-wide issue. So is there some irrational competition here that some small player or big player is trying to become extra aggressive, or you are trying to become extra aggressive. I wanted to understand, is there some level of discipline here on the thought process?
United Spirits Limited CC-Mar25.pdf · 2025-05-23
Yes, thanks and congrats on good performance. I have three quick questions. My first question is to Praveen. Praveen, you've spent around three months in this new company as the MD and CEO. Your prior experience is in very different industry. So, HT Media, 6.5 years' experience and Pepsi around 20-25 years' experience. How are you finding this industry versus your earlier background, given it's a very, very highly regulated industry? And in FY '26, what are the key improvement areas you have noticed in the first three months? And you mentioned innovations multiple times. So -- and you did say that you want to double that over the longer term. So, in FY '26, will it be more of engagement with regulators or, say, improving some of the improvement areas you have seen, if you could discuss some of that? That will be the first question.
Thanks for thought. My second question is on the U.K. FDA. Finally, after many years, it has been announced, and I do understand FY '27 is the year where it will actually get executed. My specific question is your parent company has already said that fully the prices will be passed to end customer, which I think is the right strategy. So here, it will be just the volume uptick, which will happen? How does the consumption change? So does the duty -free sales shift here or the mid-end shifts towards the top end because of the affordability? And in terms of raw material, there will be some benefit again. When the parent company is saying it will be passed to end customer, are you also saying that even at the raw material side, any benefit happens, that will also be passed on? So, no gross margin expansion at all, EBITDA margin expansion can happen because of the operating leverage? And what portion of the volume gets benefited because of this based on whatever you have understood currently? I'm sure you would have known the numbers because that anyway is not linked to the nitty-gritty. So, what are your thoughts on these questions?

Pidilite Industries Limited

Pidilite Industries Limited CC-Jun25.pdf · 2025-08-07
Congrats on very strong set of numbers. My first question is, two quarters back, you had highlighted two states where there was some level of slowdown, I think Gujarat and Andhra Pradesh (AP), and then in Q4, you said it is easing out. If you could update us now, are these two states now almost normal versus the pan-India growth? And any other states where you would want to highlight, which are the outperformers, and which are the laggards?
Understood. One follow-up here. So tile adhesive cost is around 2x of cement. And almost many of the paint legacy players have now entered tile adhesive. So, if you could tell us in terms of pricing of the paint players versus your extremely strong brand, Roff, are you able to charge a premium still? And on the Hyderabad-specific example which you gave in terms of more competition, why cannot that competition go to more markets? Because in India, we see that these types of issues are generally not specific to one city, right, in terms of competition. If you could elaborate on that, sir.

PVR INOX Limited

PVR INOX Limited CC-Jun25.pdf · 2025-08-06
My first question is on the FOCO and asset -light models. So you've opened around 14 screens in these 2 models this quarter. So if you could comment what was the response. And if you could also comment on the FY'25 screen openings, if any, in this model. Any tweaks that are needed in terms of expansion? And are you happy with the initial response in these 2 asset -light and FOCO models?
Sure. My second question is on your manufacturing footfall initiative. Tuesday INR99 pricing seems to have done well. N ow weekend customer and weekday customer generally is a bit different because of the nature of the job profiles, et cetera. So does it make sense to extend Tuesday to bit more weekdays? And second question is on the F&B side also you have done affordable p ricing. Any numbers you can share that on a percentage basis conversion of the occupancy? How can we judge that this is also working? Because in India, anything affordable always works. Just wanted to understand if any data points you can share how it's working?

CCL Products (India) Limited

CCL Products (India) Limited CC-Jun25.pdf · 2025-08-06
My first question is on the India coffee costing. Based on the current tariff structure, and these can change, we all know that? But if we assume that this is the current India tariff structure and this is the current Brazil tariff structure and then taking the international price of coffee, my sense is international coffee has corrected 30% from the peak, if you could confirm that. And based on the 2 crops which we have, Robusta and Arabica, what will be your sense if we ignore the tariff-related noise and based on the supply/demand, what will be your expectation? You expect more coffee correction in India on the - in terms of the India prices?
I understood the cost-plus model. Wanted one follow-up here. In terms of the supply side, say, the crop quantity, et cetera, in Brazil, is it a good increase versus last year and versus the demand side, is it good? Vietnam crop, you said 3, 4 months. So I think it will be a bit early to really guess there how the supply side is. If you could comment on this.
CCL Products (India) Limited CC-Mar25.pdf · 2025-05-06
Two quick questions. One is in terms of price hike in the B2C Coffee India, how much has the industry taken and how much you would have taken last 1 year?
Sure. Second and follow-up question essentially. In tea, we have seen down-trading and downgrading. So from larger packs, smaller packs are being bought in the B2C and customers are also shifting to newer brands, weaker, cheaper brands. In coffee, would you have seen similar phenomenon in India recently.
CCL Products (India) Limited CC-Dec24.pdf · 2025-02-06
Yes, thanks for the opportunity. My first question is on the B2C comment which you made. So, wanted to understand how much price hike has happened and how much more is needed? We do understand you are a marginal player there. So, ultimately, the top two national players have to take hike, but if you could comment on how much inflation is still left yet to be covered? Praveen Jaipuriar: So, yes, Abneesh, you are right, we probably are not the leaders. And therefore, you know, as a pricing policy, we tend to follow the increases that the leaders are taking. And that too, you know, you know the category because the large part of the category also comes from LUPs, which means that, you know, the price increase is a little difficult there, especially in the sachet segment and all. Having said so, in the larger packs, we already have taken almost 30 to 40% price increases in the last 1, 1.5 years, and I think another 10 to 15% lag is still left, but we will wait and watch for the leaders that how do they take this forward and accordingly we will formulate our price increases as strategy. Abneesh Roy: Thanks. two follow-ups there. One is, till when the new crop we will have to wait and so then we can expect deflation? Second is, for you, how much is sachet? And have you taken any grammage cut there? I do understand grammage cut is very difficult because overall experience for the customer gets impacted, but if you could tell us any grammage cut you have taken and how much is the percentage of the total mix in the LUPs? Praveen Jaipuriar: Okay. So, let me take the first question first which is like when is the crop expected? So, at least in India, the crop is started pouring in, but this year we don't see that the prices will drop because Indian coffee prices will also follow global trends. Globally, even after Vietnam crop has started to pour in and has started to come, we haven't seen any price reduction this time. So, probably we will have to wait for, you know, other crops to come in, which is Brazilian crop in May-June. That's the time we will see how the trend goes, but as of now the prices are not, you know, softening. Now that's the answer to the first question. The second question is as far as LUPs are concerned, almost today our 30 to 35% of our sales come from LUPs which is still reasonable considering that, you know, some of the leaders, their sales are almost 50 to 60% of their sales are LUPs. There have been grammages cut over a period of time, not very much because, you know, there is a certain cup of coffee that you have to deliver with one LUP. So, we don't have a lot of leeway to cut grammages, but yes, there has been 10 to 15% grammage cut that has happened in LUPs in the last 1, 1.5 years. Abneesh Roy: Understood. That's all from my side. Thank you. Praveen Jaipuriar: Thank you.

Marico Limited

Marico Limited CC-Jun25.pdf · 2025-08-04
Yes, congrats on a very good volume and revenue growth. My first question is on the India Hair Oil business, so three subparts to that. First is, copra, how is the supply side now looking? And what kind of correction do you see in the next two, three quarters? That is my first sub-question. Second is, VAHO has seen a smart recovery after a few years of challenging times, the entire category saw challenging times . Now with urban recovery being talked about by most FMCG companies and rural continuing to remain reasonably robust, would you expect VAHO volume growth to accelerate from here? That is the first question.
Thanks. One quick follow-up question here on the coconut oil business. Whenever we see such sharp inflation in FMCG and specifically in coconut oil, we see local players lower their intensity and presence in market , and obviously copra has seen absolutely insane inflation. So, if you could talk about some of the local players in the core market. And similarly on the consumption side, because customer in India is extremely value focused, have you seen any kind of a consumer change that some part is going to other oils? I do notice your very resilient volumes, but that could be a function of market share again, because the very big retailer which had a concall recently, said that in coconut oil they saw very sharp decline versus your almost flattish volume. So, you have done quite well. B ut have you seen some section of customers shift to other oils? And since you have gained market share so it's kind of getting hidden?

Hindustan Unilever Limited

Hindustan Unilever Limited CC-Jun25.pdf · 2025-07-31
Yeah, thanks for the opportunity and congrats on good recovery in many of your categories. My first question is on the beverage portfolio. You have made a very interesting comment which we have not heard earlier very regularly - Pricing in Tea based on replacement cost. Now, tea buying is a multi-month phenomenon. So, deciding in Q1 on a multi- month buying which will say happen one month down the line, what are the risks involved there? And do you use this kind of a strategy buying on replacement cost in many of your other categories or this was a one-time usage in tea? Similarly, if you see coffee cost has also crashed 30%. Is there a similar strategy there also? And coming back to tea, is next one year taken care of in terms of raw material? Because in Q1, if you are not taking the desired price hike, is that a measure, is that proof of your higher aggression or next one year is taken care of in terms of the tea RM? That is first question.
Understood. Very helpful. Thanks. My second question is on the two acquisitions, recent acquisitions. So generally, we see first year post the acquisition is generally tough. We have seen many cases where in fact the revenue goes down. In your case, Minimalist has done a good start with double- digit sales growth. So, what is the confidence level on the balance three quarters? Second on OZiva tripling in one year, very, very good numbers. Marico is also seeing very good growth in almost similar category. So, if you could talk about OZiva now in terms of distribution scale up, how much has been done in terms of Kirana, what kind of number is now coming from there? That will be my second question.

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Mar25.pdf · 2025-07-30
Yea, thanks. My first question is to CEO-designate Anshul. So, you spent 30 years in Unilever, an FMCG company. Now, FMCG company versus retail, overall landscape is very different. I wanted to understand how do you see these four to five months which you have already spent in DMart and now you will be taking over as the CEO in some months. So, I wanted to understand from an experience perspective and overall landscape, what will be your thoughts? What made you join a retail sector? Last 10 years in Unilever, you spent in Europe and 10 months in Thailand. In last 10 years, India has changed dramatically and we did see another FMCG company CEO change happen. So, I wanted to understand given India has changed dramatically, how would you see, what will be your initial thoughts on the massive consumption change which has happened and what will be your key thoughts from that? Will the priority be more on doing the same, but increase the speed given now you have entered the UP market? That is the first question.
So, thanks for the detailed answer. My last question will be to Neville. Neville, if I see sl ide number 5, two of your categories have declined as a percentage of sales. So, Foods has gained. So, if you could elaborate the dip in the margins which you have seen in the last one year, how much of that is because of the mix gain? So, Foods is, say, higher by 78 bps as a mix and we are seeing, say, 40 bps drop in terms of the EBITDA margin. If you could explain that bit. Second related question is from FMCG yardstick. I do see most FMCG companies now seeking more on a profitable growth rather than jus t promotion. Of course, toothpaste is one clear aberration. So, in your stores, are you also seeing now that it's more of an innovation -led drive and less competition, say, from the local players, from FMCG perspective, if you could highlight, that is ther e more rational competition and are national players coming back in the core non-foods and core foods category, in both the categories?

Allied Blenders and Distillers Limited

Allied Blenders and Distillers Limited CC-Jun25.pdf · 2025-07-30
Thanks and congrats on very good numbers. My first question is on Golden Mist. You have entered the prestige category. So , wanted to understand which markets you will be focusing, which are the key competitors here. And if you could also comment on Maharashtra, I did hear your media interview. But in Maharashtra, post tax hike, have most of the players passed it to the end customer ? or in many cases, the companies are absorbing the tax hike, which could impact the margins? That is first question.
Second question is post-IPO last few quarters; we have seen very good recovery in your margin profile in the P&A salience. So, if you could talk about feet on street, what is the change in the last one year? And similarly, in terms of point of sale and on trade premises, your visibility, what has gone in terms of effort, what has gone in terms of the investment? And next two years, as you further scale up in terms of all these niche investments in terms of the brands and more launches, where do you see the brand spend point of sale and feet on street also?

Varun Beverages Limited

Varun Beverages Limited CC-Jun25.pdf · 2025-07-29
I have two questions. My first question is on the other cost and general comment on the cost. The cost controls this quarter has been very good. The specific question is other cost is down around 11% YoY. I think one-third of this component is basically the freight cost, etc. If you could explain how you have controlled this cost and is this sustainable going forward?
Understood. Second question is on the demand side. Yes, this quarter, April -May- June, all summer categories have suffered. We have seen AC companies report 20%-25% decline. Even in FMCG, cooling summer categories have suffered. My question is now on the outlook front. You have mentioned one interesting comment that because of these challenging scenarios, you always come out stronger. I wanted to understand now, September quarter, again, the base is favorable at around 5% to 6%, i n fact, next two quarters. But September quarter in the scenario of high rain, which currently I think every forecaster is expecting that and till now we have seen high rain. How have you seen the demand till now for the start of the quarter and how do yo u see in this quarter can you benefit because of the soft base also?

United Breweries Limited

United Breweries Limited CC-Jun25.pdf · 2025-07-23
Congrats on excellent volume growth. My first question is on Maharashtra. How big an opportunity do you see this tax hike , which has happened in spirits and has not happened in beer? Taking examples from Bengal and Karnataka, so in Bengal and Karnataka, beer industry has seen close to double-digit decline. So where is the consumption shifting? Is it beer being cut or customer is moving towards other forms of alcohol consumption? And do you see in Maharashtra also similar development? Or Maharashtra will take its own course, of where exactly consumer behaviour will sit?
My second question is on the premium segment. So , 2 years CAGR is around 46%, extremely explosive numbers. So how is the competition reacting? Because I think you are the number 3 player, or maybe now close to the number 2. Now, 400 bps gain in market share in the premium. How is the competition reacting? Because obviously, beer, there are also good large multinational companies. So, if you could say, is the cost of business in the premium going up? I understand vehicular services, even the mass end, you have also invested in the IPL. So if you could tell us how the competition is reacting, given such explosive growth , you are seeing 46% in terms of the premium portfolio?

Zee Entertainment Enterprises Limited

Zee Entertainment Enterprises Limited CC-Jun25.pdf · 2025-07-22
My first question is on the advertising scenario in the balance 3 quarters of the year. So, if I see the macro, there's a clear improvement: food inflation, general inflation, good recovery there, soft numbers there. Interest rate cuts also we have seen decent bit. And we have also seen good monsoon forecast and good monsoon till now. So how do you see FMCG companies spending because the updates which have, business updates generally, outlook -wise, everyone is saying there is an improvement. But when I see your Q1 numbers, it's a sharp decline, and you did mention on some of the one -offs which are there. And you also have been mentioning your market share improvement, but broadly last few years it is there in that ballpark 16% to 18% range. So, I think from a market share perspective, you may be doing good but ultimately to come back to growth that overall issue of the OTT digital taking away share, I think that remains. So how do you see the balance 3 quarters? Any clarity you're getting on your advertising growth in the balance 3 quarters for the year?
Two quick follow ups to what you said. One is I completely understand the market share improvement which is happening. Now given the consolidation which has happened in the sector. So, we have seen Jio-Hotstar come together. So extremely high dominance on the OTT part, because of the cricket, all that, when I put everything together on the OTT part clear, high dominance. And even on the linear TV, there is a high market share. So, when I put both things together that now there is one large dominant player. And then, yes, your market share does improve from say 17% to say 18% does it lead to the benefit which would have come if say the consolidation would not happen. Is consolidation negating the market share improvement? So that is my first question. Second is not changing the guidance. That means in the balance 3 quarters, your advertising growth will be in double digits. So, what gives you the confidence? Is it the base effect because nothing changes in advertising so quickly also. So, is it the base effect where you are getting that comfort?

AWL Agri Business Limited

AWL Agri Business Limited CC-Jun25.pdf · 2025-07-15
I have two questions. My first question is on Rice business. Since the time you acquired Kohinoor, what were the initial expectation and what will be the expectation in the next 1 to 2 years? And what could have been done differently? If I see performance of LT Foods and other listed players, we see their stock and their business doing far better. I do understand they have a big export business, which makes their business model very different. But given that constraint and given the kind of performance we have seen last 2 years, what is the way forward in this business? I know it's a challenging business, but what will be the way forward. Next 1 to 2 years, where do you see the Rice business?
Right. And what will be your current market share in rice in India?
AWL Agri Business Limited CC-Mar25.pdf · 2025-04-29
I have two questions. My first question is on the recent e dible oil industry demand that import duty on the refined palm oil has to be increased. What is your view on likelihood of this? And how does this impact your overall margins because margins this quarter was disappointing. Do you see that this could impact margins if this happens?
Sir, one follow-up on the margin. So it was a good year -- but it was a good year. First 9 months was good with almost 4%, 4% plus margins in most of the quarters. But this quarter, was there any inventory loss because quarter-on-quarter margin has become almost half EBITDA margin. And how do you see Q1 and Q2? Any sense you have on coming back to a decent margin of 4%?

Saregama India Limited

Bikaji Foods International Limited

Bikaji Foods International Limited CC-Mar25.pdf · 2025-05-16
So, you have a plan for house-of-brands strategy over a longer time frame. Could you update us on what the thought process is there? Are you going a bit slow on that so that you can first understand these acquisitions? what is the way forward? And on your own restaurant foray, if you could update FY'26, what is the expansion plan there? Are you happy with the FY'25 performance of the restaurant business?
Sure. My second question is on the demand side. Most FMCG companies in Q4 call have said a strong outlook, a better outlook in FY'26 versus FY'25. You have delivered around 10% kind of volume growth in FY'25. Of course, there is an aid of the 10% extra grammage which you are giving, especially in the first half. So, if you marry the extra grammage which you are giving, which is there in the base and softer food inflation and some of the other macro good monsoon, lower interest rates, then how do you see your volume growth? Would you target a high single-digit kind of volume growth in FY'26?

Vishal Mega Mart Limited

Britannia Industries Limited

Britannia Industries Limited CC-Dec24.pdf · 2025-02-07
My first question is on the current very high inflation. So my specific question is in the popular price point of, say, INR5 and INR10, till now how much grammage cut you would have taken because there you can't increase prices; and on the larger packs, how much pricing you've already taken? And given you have forward covers, you did say that almost 200 bps kind of saving comes from there. And you have seen a 600 bps gross margin erosion. The local players would have seen obviously higher erosion. So what's the pricing happening at the local players level, if you could clarify on that? That's the first question.
And on the competition, Varun, could you talk about some of the new players, Amul, there is some presence. I'm sure distribution is very weak. If you could talk about Reliance also, they have tied up with a Sri Lankan player. So any worry you will have fro m a medium-, long-term perspective, not current, but would you be worried because these are large players?