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Questions across 69 calls

Amit Anwani

PL Capital

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2026-05-29
Hi thanks for the opportunity. Just wanted to ask your thoughts on the BESS. So we talked about it, I think, 1, 1.5 years back. Any thoughts on BESS since there's a lot of planning in India also over the next 5 years in terms of BESS targets. I just wanted your thoughts for the Indian entity on BESS?
Right. And second, I wanted to ask you told me about the Colocation inquiries, especially from October that has picked up. I just wanted to understand in terms of our portfolio currently, So is there any product gap in terms of servicing pro bably the large -scale data cent res if the opportunity comes for next 2, 3 years? And second, in terms of capacity, are we kind of thinking of major expansion? You said 70% utilization. But seeing the kind of demand which we are sensing for the next couple of years, at what point we will be thinking of capacity expansion in a big way? A nd I would probably frontloading, any thoughts on , any major capex you might be thinking? These two questions. Thanks.
Cummins India Limited CC-Jun26.pdf · 2026-05-29
Hi thanks for the opportunity. Just wanted to ask your thoughts on the BESS. So we talked about it, I think, 1, 1.5 years back. Any thoughts on BESS since there's a lot of planning in India also over the next 5 years in terms of BESS targets. I just wanted your thoughts for the Indian entity on BESS?
Right. And second, I wanted to ask you told me about the Colocation inquiries, especially from October that has picked up. I just wanted to understand in terms of our portfolio currently, So is there any product gap in terms of servicing pro bably the large -scale data cent res if the opportunity comes for next 2, 3 years? And second, in terms of capacity, are we kind of thinking of major expansion? You said 70% utilization. But seeing the kind of demand which we are sensing for the next couple of years, at what point we will be thinking of capacity expansion in a big way? A nd I would probably frontloading, any thoughts on , any major capex you might be thinking? These two questions. Thanks.
FY2025 Q3 · 2026-02-05
First question on data center. You did highlight it on an average 25% contribution in domestic Power Gen. That roughly translates to INR1,100 crores, INR1,200 crores. Just wanted to understand what was kind of market share, what was the opportunity? And is it like 50% or higher? And second, the kind of growth we might have done in past 1 year in data centers? And what is the expectation of growth for the next 1 or 2 years?
Yes. And just from the understanding perspective, so typically, let's say, for the hyperscaler or co-location, what's the addressable market in terms of gensets, will it be HHP, heavy-duty, which is growing, and how many numbers or in terms of value per megawatt of load, what is the genset requirement for hyperscaler and co-location?
Cummins India Limited CC-Feb26.pdf · 2026-02-05
First question on data center. You did highlight it on an average 25% contribution in domestic Power Gen. That roughly translates to INR1,100 crores, INR1,200 crores. Just wanted to understand what was kind of market share, what was the opportunity? And is it like 50% or higher? And second, the kind of growth we might have done in past 1 year in data centers? And what is the expectation of growth for the next 1 or 2 years?
Yes. And just from the understanding perspective, so typically, let's say, for the hyperscaler or co-location, what's the addressable market in terms of gensets, will it be HHP, heavy-duty, which is growing, and how many numbers or in terms of value per megawatt of load, what is the genset requirement for hyperscaler and co-location?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-11-07
First question on the exports. You did highlight it that we are expecting softer exports because of the inventory correction. Directionally, just wanted to understand medium to long term in exports as to -- if you see past 7, 8 years of numbers, between INR1,700 crores to, I think, one of year was there with INR2,000 crores exports revenue. So directionally from here on wanted to understand, are we in any time looking at growing exports to double digit? And as you highlighted, data center is a pretty huge opportunity, but being closer to the customer is something which is a constraint. So any other market ex of India where you might be intending for data centers? And if at all, you're looking for double -digit exports growth, will there be any nodes or geographies which you might be -- a bit mid- to long- term outlook would help in exports?
So I was saying you did highlight it that in data centers, we need to be closer to the customer. And obviously, there are opportunities in U.S. and Europe. So I was just thinking, is there any opportunity for Cummins India to supply in data centers, which is constrained, as you highlighted. So I was just thinking, is there any other neighboring markets or any other sense where we can really tap the export or data centers in any way?
Cummins India Limited CC-Nov25.pdf · 2025-11-07
First question on the exports. You did highlight it that we are expecting softer exports because of the inventory correction. Directionally, just wanted to understand medium to long term in exports as to -- if you see past 7, 8 years of numbers, between INR1,700 crores to, I think, one of year was there with INR2,000 crores exports revenue. So directionally from here on wanted to understand, are we in any time looking at growing exports to double digit? And as you highlighted, data center is a pretty huge opportunity, but being closer to the customer is something which is a constraint. So any other market ex of India where you might be intending for data centers? And if at all, you're looking for double -digit exports growth, will there be any nodes or geographies which you might be -- a bit mid- to long- term outlook would help in exports?
So I was saying you did highlight it that in data centers, we need to be closer to the customer. And obviously, there are opportunities in U.S. and Europe. So I was just thinking, is there any opportunity for Cummins India to supply in data centers, which is constrained, as you highlighted. So I was just thinking, is there any other neighboring markets or any other sense where we can really tap the export or data centers in any way?

Apar Industries Limited

Apar Industries Limited CC-Jun26.pdf · 2026-05-28
Hi, sir. Thank you for the opportunity. Sir, first question on the Cables capex, which you said probably about INR850 crores capex, which we have envisaged for this year also. With earlier capexes, we were probably trying for roughly about INR10,000 crores revenue. So any change in terms of the volumes we want to achieve after this round of capex? As you said, you're frontloading the capex for the future years. So what's the kind of long-term outlook?
Right, right. Sir, is the capacity kind of fungible? Since it's a data center, there would be different specs in India and also in exports and your building capabilities there. So is the current capacity fungible there? And second, like what kind of expectations we have in terms of data center kind of contribution going forward since you're building this capacity for that also? And second, on margin, we have about 10.2%. How these margins can move? Because you also talked about some competition in the domestic market and players are actually setting up their own setups for this. So on these two aspects, yes, that's the question.

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Jun26.pdf · 2026-05-26
Thanks for the opportunity. Just a clarification on 30, 40 GVA, you said after adding the capacity, this will become 30, 40 GVA or?
So, sir, a question on the minimum local content. So, the 2 projects which we already have, just wanted to understand, there were recent notifications from the government with respect to minimum local content. So, the status of the 2 projects, how much is the MLC there? And is your capex driven by also the localization drive for the, probably for the upcoming 2 or 3 years, there is a minimum 30% and then this will go up over the next 5 to 7 years in terms of localization requirement for each project? And second, will this also lead to reduction in royalty? Because you'll be localizing more. So, I just wanted to understand these aspects.
Hitachi Energy India Limited CC-Feb26.pdf · 2026-02-05
Hi. So, thank you for the opportunity. Again on data center, you did highlight it about the strong prospects. So, I just wanted to understand in terms of addressable market you have in that space. And since, as you highlighted, North America, is our export having data center orders already? What is the proportion? Has that increased? So, is export also will be driven by data center orders globally? Just a color on that?
So, what is the addressable market there?

Engineers India Limited

Engineers India Limited CC-May26.pdf · 2026-05-22
Hi, sir, thank you for the opportunity. My first question is on the Middle East. As you said, there is some slowdown and the GREENFIELD CAPEX is kind of seeing a challenge. I just wanted to understand what is the Middle East as a percentage of current order book? Is there we wanted to grow a few markets, including probably Saudi, we wanted to get more orders for now, what is the thought process for the next 12-18 months in terms of Middle East as a market and what is the current order book from Middle East?
Right. But, sir, ex of Middle East, let us say, for example, Africa, where we are seeing very strong pipeline, so has anything changed in the past two, three months in terms of finalization? And how is the pipeline in the other overseas markets?

Triveni Turbine Limited

Triveni Turbine Limited CC-May26.pdf · 2026-05-19
Hi, thank you for taking the question, again, on the U.S. business. So, you did allude in terms of very strong enquiry, which has built up. Just wanted to understand what are the expectations in terms of conversions for FY '27? And are we more confident on either the product side or the Aftermarket side? Some colo ur there would help. And amid all the global MNCs probably we are competing with in that market, you can give some colour in terms of the competitiveness of Triveni Turbine vis-à-vis other players and some expectations in FY '27 would help.
Yes. So just a follow -up on this. So, are we expecting data centr e to be a good contributor? And even the current order backlog in U.S., is there any notable conversion on data centre piece even in the enquiry?
Triveni Turbine Limited CC-Feb26.pdf · 2026-02-04
Hi, thank you for the opportunity. First question on the delayed dispatches which started at the beginning of the year, and I assume that, there has been a good recovery this quarter on that. Wanted to understand what portion has already been dispatched and what is the status on delays in dispatches?
Sure. So, second question on this EU FTA, which has been done. So, first, any colour, what was kind of tariff, if at all you were paying for your products? And does it change the scope for you in terms of any new geographies, which are probably because of tariffs, you were not able to go? So just wanted to understand what could be the positive, negative impact of EU tariffs and any scope change with respect to markets or geography there, yeah.
Triveni Turbine Limited CC-Nov25.pdf · 2025-11-12
Thank you so much for the opportunity. First question is on the inspection, which delayed the dispatches. So, as we speak today, what is the situation on that front? And second, we can see eve n in H1, the domestic revenue has declined by almost 20%. So, is there anything on the domestic side, which is kind of constraint? And I think even the run rate per quarter has been around ₹200 crores versus ₹250 crores last of whole year. So, clarity on this. Thanks.
The dispatches?

Hindustan Aeronautics Limited

Kirloskar Oil Engines Limited

Analysts/Institutional Investor Meet/Con. Call Updates Kirloskar Oil Engines Limited has informed the Exchange about Transcript · 2026-05-14
Hi, thanks for taking my question. I just saw th e press release on the Netherlands subsidiary. So, if you could elaborate more, I think you have highlighted about some heat engines and ICE engines as a product plus some energy transition products. Just wanted to understand what we're trying to achieve with this subsidiary in Netherlands?
Right. So, a second question on the data center. Just wanted to understand in terms of capability and $2 billion goal, how much we are factoring in, in terms of the data center growth addressable market in terms of higher nodes in the data ce nter. Some color definitely would help, and how has been at least the growth in the past, the targets for growth from the data center piece, that will help?
Kirloskar Oil Engines Limited CC-May26.pdf · 2026-05-14
Hi, thanks for taking my question. I just saw th e press release on the Netherlands subsidiary. So, if you could elaborate more, I think you have highlighted about some heat engines and ICE engines as a product plus some energy transition products. Just wanted to understand what we're trying to achieve with this subsidiary in Netherlands?
Right. So, a second question on the data center. Just wanted to understand in terms of capability and $2 billion goal, how much we are factoring in, in terms of the data center growth addressable market in terms of higher nodes in the data ce nter. Some color definitely would help, and how has been at least the growth in the past, the targets for growth from the data center piece, that will help?

Thermax Limited

Thermax Limited CC-Feb25.pdf · 2026-02-05
So, first question on -- if you could give us an update on the Green Solutions business this time? And where are we in terms of the megawatt addition and we were facing some delays with, I think, a couple of projects earlier. So target for megawatt addition a nd update on the Green Solutions business?
Sure. Sir, second question on the cooling business, which you highlighted, we got the orders for data centre. Just wanted to understand, I think you have -- I can recollect you also talked about heating as an application for international market, which is where we have the capability. Just wanted to understand ballpark what can be the addressable market for this kind of applications in a typical 1 -megawatt data centre. And for us, can this area really scale up as a part of Industrial Products over the next couple of years? Any understanding on...

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Dec25.pdf · 2026-01-28
Again, harping on the water business. So what was the kind of growth in Infra , as we can understand it was 5% for Q3 , because of the impact of water. If we adjust that, what kind of growth was there in the ex of water business in Infra for 9M to 9M? And I can see there is still Water opportunity you have highlighted in the prospects for Infra, roughly about 18%, which is 65,000 to 70,000 more. So , are we looking for more conversion and all these orders, which we are including in the prospects, how the terms are different than what currently we are executing and calibrating?
Sir, on P&M margin, which you guided for 8.5% and you did highlight it that we have already factored in the cost pressure for a few legacy orders. So is it the correct understanding that we can be eyeing for -- once these orders complete, as you said in next 3, 4 quarters, we'll be eyeing for a meaningful margin improvement since these orders would be out and new orders getting executed. So, some color on medium-term margin since we saw some improvement this quarter. But since legacy orders will be out, what is the things lying ahead in terms of margin?

GE Vernova T&D India Limited

GE Vernova T&D India Limited CC-Nov25.pdf · 2025-11-03
First question is on the capex. So, I just wanted to understand 2 things. One is your current capacity utilization. And second, with this capex, including 150 plus 800 , what could be the possible peak revenue target you would like to achieve in upcoming years? And third, in the event of HVDC win, will you be requiring further capex or the current expansions would be covering any HVDC wins also?
Sure. So, second question on the margin. So very strong margins in Q1, Q2. And I can see a lot is happening on the cost optimization as you have been highlighting the operational efficiency. The other expense was only 10%. Just wanted to understand, and you have guided for some 25 kind of mid-20 EBITDA margin. So, is there any scope with respect to current factories and more cost optimization ? And the newer capex, which is coming, would we have a similar kind of advanced facilities that the expenses would be controlled, some understanding on how we are able to achieve this so far. And is there more headroom with respect to the fixed cost optimization?

Kalpataru Projects International Limited

Kalpataru Projects International Limited CC-Sep25.pdf · 2025-10-31
My question pertains to, as you highlighted that the margins will go up from here and this year also, you're expecting 50%. So wanted to understand considering the current order book and the pipeline of ₹ 150,000 crores in T&D, what sense you're getting in terms of the favorable mix change and over the next 2 years, will we be towards double-digit margins in especially T&D? And in the overall improvement, is it only T&D where we are seeing improvement since we are -- or the other segments also since we are facing headwinds in water, railways. So just a sense what will be driving this, basis your understanding on the current pipeline also?
Understood, sir. Sir, with respect to the international pipeline, which you talked about almost ₹ 1,00,000 crores, how much should be Middle East? And like we already won one large order, I think, some time back. Are these lumpier orders in Middle East? And will this be the high - margin orders? And some more color on the Middle East pipeline, if you could provide?