Stockrabit · Analysts
Questions across 19 calls

Aditya Khetan

SMIFS Institutional Equities

Aarti Industries Limited

Aarti Industries Limited CC-May26.pdf · 2026-05-05
Yes, thank you, sir, for the opportunity. My question is on the dye segment. Sir, as you mentioned in your opening comments for dye segment is recovering and we are expecting a steady state going ahead. But sir, when we look at the numbers, so on Y -o-Y basis and on a quarter -on-quarter basis, there is a dip. And it seems like the dye segment is now slowing down after peaking out the last 2 quarters. Is there any change sir, into the structure of the business or volumes in the global markets or Indian markets are slowing down? Any thoughts on that?
Got it. On Agrochem, sir, it has been 2 years and persistent ly, we are mentioning on the margin pressure. It seems like there is no answer. Any sort of a positive thing which you see going ahead for FY27, '28; like higher uptick in the domestic could partially mitigate the RM price hike Any sort of thing that can change structurally in the business?
Aarti Industries Limited CC-Feb26.pdf · 2026-02-03
Thank you, sir for the opportunity. Sir, I joined the call a bit late, so pardon if I am asking the same question. Sir, on the agrochemical side, we have witnessed that on quarter-on-quarter basis and Y-o-Y basis, there is a dip in our top line. As you had already mentioned, the pricing pressure still persist and it has been there for quite a while now. So, when do you expect this uptick to take place? And as an overall mix, currently, we are standing at 12% of overall top line in agro on a quarterly basis. So where do we see like if this pricing pressure moves away, can we still go back to that original rate of 20% of overall top line or like MMA only would contribute a larger chunk?
Got it. Sir, on the dichlorobenzene, like we are witnessing since last few quarters that volumes are going up compared to NCB, wherein volumes looks flattish only. So, in DCB, is there any new customer addition or any new product which we have started, which is like supporting the volume momentum? What is that which is supporting it?
Aarti Industries Limited CC-Nov25.pdf · 2025-11-07
Thank you, sir, for the opportunity. Sir, first question on the DCB, we are witnessing a quarterly jump despite muted uptick in dyes and polymers. Any specific reason like other segments where we look NT, NCB all have been muted, that is understandable. But on DCB, we have seen an uptick. Any specific reason, sir, despite end user remaining muted?
Okay. Sir, on the MMA, when we look in this quarter, like the contribution from the energy segment is around 43%, considering we are doing some debottlenecking and t aking it to around 3 lakh tons , do you see the contribution to be around 50% from energy segment? And does this pose any risk to our long-term spreads per kg or spreads per tonne like what Aarti used to enjoy earlier spreads per tonne that will be materially lower if energy segment picks up more from the current levels. Any thoughts on this, sir?
Aarti Industries Limited CC-Jun25.pdf · 2025-08-01
Yes, thank you, sir, for the opportunity. My first question is, when we add back the one-off items like the inventory loss of Rs.30 crore and Rs. 20 crore of the deferment volume, still sir, the number looks muted, when compared on a quarter- on-quarter basis; it has been relatively flat. So, it looks like, there is good pressure on the demand side. And also you alluded to the fact that the volumes have been lower in DCB and in NCB. How do you see the coming quarters, will they optically look higher compared to this , and are we on track to achieve a 20 %-25% EBITDA growth, to achieve that guidance of Rs. 1,800 crore, 20- 25%, s o CAGR growth should be insight, how does that look, sir?
Got it. Sir, on the lower volumes in DCB and NCB, you mentioned that it is because of the lower export into the US market , and also with the tariff uncertainty ahead . Do you expect that these numbers will materially not improve from the current levels?
Aarti Industries Limited CC-Mar25.pdf · 2025-05-08
Thank you, sir, for the opportunity. I have a couple of questions. Sir, on the agrochemical business, we had witnessed that volumes had reported an uptick, but pricing still remains under pressure. Any specific reasons sir for this, because the destocking cycle has ended roughly around 9 to 10 months back, so why are the prices still weak?
Sir, this should benefit after the tariff imposition, or do you think the demand supply dynamics will automatically adjust and we can see improvement from the very first day?
Aarti Industries Limited CC-Jun24.pdf · 2024-08-12
My first question is in this quarter, we had witnessed good volume growth in NCB and into the Nitrotoluene business. So, this improvement in volume is largely because of the better availability of nitric ac id or there is a structural improvement in demand?
Sir, the non-discretionary segment, so which was not performing like agrochemicals and pharma, as you mentioned that you are starting to witness an uptick. Into the recovery cycle, so we are at the bottom and how much improvement can we expect from here on? In terms of margins also, can you highlight how much improvement would be the best?
Aarti Industries Limited CC-Mar24.pdf · 2024-05-13
Sir, first question is on to the agrochemical dema nd outlook. As you have mentioned that for this quarter also, the demand has been lower only and we are standing into like May and June of this calendar year, so you are expecting like demand will remain muted for this calendar year complete or like improvement is expected from next quarter?
Okay. Sir, on to the nitric acid supply disruption issue, sir, is it possible to quantify how much volumes have been impacted because of this nitric acid issue?
Aarti Industries Limited CC-Dec23.pdf · 2024-02-09
Sir, just a couple of questions. The first question is on the gross margins. This quarter we had witnessed that on a sequential basis, our top line has been robust. But despite this jump in revenue, the cost of raw materials has also gone up very high. This has led to compression in our gross margins. I believe it is the lowest of the last 8 quarters. When we look at the prices of benzene, toluene, phthalic anhydride, and aniline, on a sequential basis, there hasn’t been any jump. So, what is the reason for this huge dip in margins?
Sir, if the gross profit is increasing, that means the product mix is changing toward the lower side or toward the lower value chain?
Aarti Industries Limited CC-Sep23.pdf · 2023-11-06
My first question is, sir, when we were listening to all the global and domestic agrochemicals and the pigment companies, most of the companies have given out a very weak guidance on to the demand side and most of them have also shifted the improvement in demand outlook towards the first half of the next calendar year. So still sir, we have witnessed an improvement in volumes and margins. So just want to know the disconnect between the global commentaries and our improvement in volumes.
And then on the volume improvement on quarter-on-quarter basis into the NCB and into the hydrogenation business, which are the major geographies wherein we have increased our exports? Because what we believe is that US and Europe for these markets, continue to remain weak. So which are the markets that have shown an uptick in terms of your volume growth?

PCBL Chemical Limited

PCBL Chemical Limited CC-Feb26.pdf · 2026-02-03
Thank you, sir, for the opportunity. Just a couple of questions. Sir, when we look in this quarter holistically, overall volumes have seen 23,000 tons decline quarter-on quarter-on-quarter basis. But the realization and gross profit still look okay despite all the tariff related uncertainty. But again, on hindsight, our fixed cost has gone up. So, what has led to this steep dip in volumes and higher fixed costs during the quarter?
Got it, sir. Sir, my second question is, when we look at the current business structure, we have not been able to ramp up Aquapharm, like it has been a very long period of time now. So, what gives us the confidence that in our future businesses, like your Nanovace and your Super- conductive grades, wherein I believe a bigger share of EBITDA going ahead would be coming from the Nanovace. So, what gives us the confidence that, that also would be a linear ramp up or the Company can start the plant, what they have said, considering what has happened in the hindsight in Aquapharm, we have not been able to get that number. Can you let us know how things will move ahead and whatever we have said, can we deliver on that?
PCBL Chemical Limited CC-Jun25.pdf · 2025-07-23
Yes. Thank you for the opportunities. Si r, my first question is on to the power business. Sir, since last quarter, so sequentially we have seen power business EBIT contribution has gone up. So, some INR25 crores incremental EBIT has been added in power business alone, whereas Aquapharm and Carbon Black seems to be flattish only. Sir, what has changed since last quarter? Because I was checking the volumes, they have not gone up much like on QoQ basis. So, what explains this INR25 crores jump?
Okay. And sir, so this power business contribution has gone up, but other businesses seem to remain muted only, sir. For the last few quarters, we have seen like a muted.
PCBL Chemical Limited CC-Mar25.pdf · 2025-04-29
Thank you sir, for the opportunity and for the detailed understanding on the business. Sir, my first question is on to the outlook for the Carbon Black. I believe, sir, in the domestic market in FY '26 like most of the auto OEMs have guided for a muted set of growth. Even in the T yre segment also, the growth would be largely in the lower single digit. So, demand seems to be muted for carbon black in domestic. In times of this muted demand, are we able to compensate for the loss in volumes in domestic in the export market and how the trend in spreads generally takes up like when the demand is muted? Any thoughts on this, sir?
Got it. Sir, on to the international markets, it is rightly understandable that EU and USA, these are the two markets where we would be witnessing volume growth . Sir, in terms of number, if you can put , although we know that the ban by Europe on Russia has led to a supply g ap of almost around 6,00,000- 7,00,000 MT of Carbon Black volume. How much of that is compensated by China and India and what is the wallet share like if you can highlight by Indian players like especially for PC BL, how much we have reached the penetration and how much more room is there, sir?
PCBL Chemical Limited CC-Dec24.pdf · 2025-01-10
Thank you, sir, for the opportunity. I have a couple of questions. First question, is there any particular reason for drop in the Carbon Black spreads on quarter-on-quarter basis? Is it related to general market weakness or the product mix of the company has deteriorated? And second question on to this, any further plans on the speciality Carbon Black ? Like we have completed Phase 2. So, are we planning to further expand, any plans on that?
Any numbers we can put, how much tons and what is the capex?
PCBL Chemical Limited CC-Jun24.pdf · 2024-08-12
Just a couple of questions. Sir, first question is on to the Carbon Black. Sir, I think the last two quarters, we have stated that since this sort of spreads in Carbon Black around INR20, INR20.5 per kilo in some sort that would be higher end only. So sir, like are we continue building in such higher spreads or we see in the near term that this could als o come under pressure? And continuing on this part on to the Aquapharm, this quarter, we had reported around 22,000 tons at the EBITDA spread for Aquapharm. So sir, you can say it is a mid-cycle or at the top end of the -- into the cycle part?
Got it. Sir, coming on to the Aquapharm, what sort of volumes we can expect for FY '25? And what growth percent can we be building for the next two years in FY '26 and '27?

Gabriel India Limited

Gabriel India Limited CC-Feb26.pdf · 2026-02-03
Sir, just a couple of questions. Sir, on to the sunroof, as you had mentioned earlier, so last quarter, we had mentioned that -- so Syros is not picking up, which is why we were facing some volume losses. Now you're saying like with these new order wins, it would la rgely offset and you are using that line as a hybrid. So any guidance you can give like how much we could recoup the volumes which were earlier lost because of Syros? And what sort of numbers should we be building for FY '27 and FY '28?
Got it. Sir, the new order wins into the sunroof, is it superior in terms of margins, in terms of pricing or EBITDA per sunroof compared to the base business, what we have in Phase 1?
Gabriel India Limited CC-Jun25.pdf · 2025-07-30
Sir, first question is on to the front fork production. Sir, you had mentioned like this has ramped up to around 15,000 a month from earlier 3,000 a month. Sir, this has been particularly from which quarter, if you can highlight because w e look at the margin trajectory compared to last quarter has been on the lower side only. So just wanted to know this change has been from which quarter? And has that flown to the bottom line?
Got it, sir. Sir, on to the Chakan 2 plant, which we have stated that, that plant has been completed. Just want to know, sir, what was the capex figure? And what is the incremental revenues we are expecting from this plant?
Gabriel India Limited CC-Dec24.pdf · 2025-01-30
Yes, thank you, sir, for the opportunity. Sir, my first question was on to the sunroof business. I believe, sir, there is a drop in margins and even the top line has reduced on a quarter-on-quarter basis. I believe, sir, the volume, sir, so we were looking to ramp up the volume. So, any particular reason, like, so why the top-line has dipped?
Okay. And in terms of competition, so do you see in the longer run, so many players have now started to like expand into the sunroof business. Is there any number which you can put, so whether the growth could be slower or the ROC Es could come down in the longer run into the sunroof business?

Supreme Petrochem Limited

Supreme Petrochem Limited CC-Jan26.pdf · 2026-01-23
Yes. Thank you, sir, for the opportunity. Just a couple of questions. Sir, first on polystyrene, when we said earlier like we used to mention like the average gross spread should be around $150, $200 per tonne. So, today, sir, where are they standing and what are the reasons like for the compression if we are witnessing? Sir, second question is on to the mass ABS. So, we know like the technology is quite new in India and there are no players who have adopted this technology. Although, sir, not asking for timeline, but in the near term, how quickly can you start the plant considering all the issues can be resolved? And similarly, sir, I think, sir, so with this kind of a product ABS, the order book already would have been full like so before commissioning the plant only. So, what are we saying to the customers now? Like, are we delaying the, you can say the sampling of, are we delaying the products sending to them?
Okay. Thank you, sir, for that explanation. Sir, with the uncertainty around ABS, what sort of volume growth are we targeting for FY’27 and FY’28?