Stockrabit · Analysts
Questions across 69 calls

Amit Anwani

PL Capital

Carborundum Universal Limited

Carborundum Universal Limited CC-Nov25.pdf · 2025-10-31
First question on VAW again. So obviously, you have highlighted that there would be 25% reduction in volumes. I wanted to understand any development which has happened on sanctions. And in case of sanction continuing, what kind of volumes are we expecting any strategy or any hope of s anction getting lifted? How should one think of this business slightly medium term?
Sir, on the 2 subsidiaries, AWUKO and RHODIUS, I would love to understand are we on track for breakeven and when are they happening? And second, with respect to what is driving the demand? I understand there's a lot of sales there is global in nature. So just wanted to understand what is the situation on demand side for these subsidiaries? There's some improvement which has happened and we are expecting H2 to be slightly better. So updates on that?
Carborundum Universal Limited CC-Mar25.pdf · 2025-05-13
My question pertains to your remark about the strategic plan and you highlighted that we'll be focusing on aerospace, defence vehicles and I think defence electronics also investing in manufacturing facilities and collaborating there. So if possible for yo u to share more details, what kind of product, any target we have in this space and will it be high -value product, export or domestic market? Any more colour on this, please?
Sure, sir. Sir, second question, again on VAW. So you said FY '26 also will be hit by a decline of 30%-33% on VAW and impacting the PAT by almost INR100 crores for FY '26 as well. Wanted to understand how one should look for VAW? Are we in a wait -and-watch that these things, which are dependent on external controls, will be better off? Or is there any strategic thinking, which has gone into VAW while devising the 3- to 5-year plan for us?

Engineers India Limited

Engineers India Limited CC-Jun25.pdf · 2025-08-18
Sir, first question again to the previous answer. You are saying 20% top -line growth, out of which 12% to 15% consultancy. Does it mean that we are expecting more than 50% contribution from turnkey for FY ’26?
And second question again on consultancy. We have been doing very good from past two quarters and even the overseas consultancy is seeing good conversions. So, wanted to understand are we expecting same run rate ? And we were talking about some setups in Middle East. So , what is the guidance? Will be continuing this run rate of order inflow from consultancy, which we have done in the past two quarters for the remaining quarters?
Engineers India Limited CC-Mar25.pdf · 2025-06-03
First of all, congratulations to the whole team for a very good set of numbers. And my first question is, sir, on the overseas consultancy, we have done a phenomenal job this year, roughly about INR1,000-plus crores order intake, order book is sitting at about INR2,800 crores. I think all-time high if I see past 8, 9, 10 years. And you have been talking about setting up office in Kingdom of Saudi Arabia. I wanted to understand, are we looking higher inflow numbers from overseas market in FY '26, '27, and by setting up office there, are we going to deal further, what is the addressable market, let's say, in Kingdom of Saudi Arabia and since a lot of enginee ring companies are talking big about capex happening in Kingdom. So I wanted to understand our outlook in overseas where we have been positive for FY '25? And are we targeting better number for FY '26? And what is the addressable market competition, win rate? Any idea if you would like to give? EIL With respect to the international market targeting that our focus to international market has been increasing, this year it is around 13%. We are targeting towards it. We are trying to increase it to more on this segment, like the 13% we will try to cross that 13% segment, 13% of the total order inflow like to increase that. And accordingly, we are focusing on the -- specifically, on the Middle East. Middle East, we are strengthening our Middle East office in Abu Dhabi, which is catering to the other terrains like Kuwait, Bahrain, Oman, and other nearby countries. At the same time, we are setting up the Saudi office. The current major contribution has been from the Abu Dhabi office, which has done a wonderful job and increase their business from there. So we are -- we have improved our categorization in those countries because these countries are very systematic in nature. You have to improve, you have to stay there for a long time, you have to perform. That's how you are upgraded in the categories and t hen you allowed to bi d for the large value projects. So as of now, with the consistent focus on this, we have been able to go to the larger category project and we are continuously bidding for this. So we are hopeful that in -- when we are bidding for the larger category projects, we are successful, then this order value will further grow. With respect to the Saudi, Saudi is one of the biggest market in the Middle East. The maximum capex investment comes in Saudi. So there's huge potential for them. And there's a lot of demand for the good engineering company. However, this will take -- this is still in the nascent stage. We are setting up the office. It takes some time to settle down, register yourselves, establish head office and panel with yourselves with all the companies and manage all the resources, then you will start getting the business. So there is a lead time in getting the business, but it will be a very good -- when it is established, we are start running, we will be targeting very good business from them. So that is our anticipation. So that's the answer from my side.
Sir, what is the win rate? And typically, if you're bidding the project in Saudi? EIL We can't -- Saudi, we are not working as of now. We are just entering...

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-08-08
My question is on exports. You did highlight it that Lat Am and Europe, the demand was good and the demand is very broad-based. So I think in past 4 to 5 years, I think only FY '23, we did about INR2,000-plus crores export. Can we expect sustainable export numbers from here on despite there are challenges, and we understand that you're still evaluating the tariff impact maybe for certain sales from U.S. But given Europe and Lat Am doing good, is it sustainable? And can we see INR2,000 crores plus numbers in any annual sales maybe this year? And second, which user industries or segments, which are contributing to broad-based numbers in the export market?
Right. Second question on your guidance of double digits. Since we have done extremely well with respect to numbers in Q1, and we did about 25% number. So just for understanding perspective, are we seeing kind of high teens or maybe 15% to 20% growth since Q1 is already very strong. If you can give some color with respect to the growth.
Cummins India Limited CC-Aug25.pdf · 2025-08-08
My question is on exports. You did highlight it that Lat Am and Europe, the demand was good and the demand is very broad-based. So I think in past 4 to 5 years, I think only FY '23, we did about INR2,000-plus crores export. Can we expect sustainable export numbers from here on despite there are challenges, and we understand that you're still evaluating the tariff impact maybe for certain sales from U.S. But given Europe and Lat Am doing good, is it sustainable? And can we see INR2,000 crores plus numbers in any annual sales maybe this year? And second, which user industries or segments, which are contributing to broad-based numbers in the export market?
Right. Second question on your guidance of double digits. Since we have done extremely well with respect to numbers in Q1, and we did about 25% number. So just for understanding perspective, are we seeing kind of high teens or maybe 15% to 20% growth since Q1 is already very strong. If you can give some color with respect to the growth.
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2025-05-29
My first question is on export. Despite this quarter was quite strong relatively. And you have been talking about the cautious stance on export. So wanted to have more color, which geographies -- geography-wise, if you could highlight which geographies, we are expecting decline or improve over the next 12 to 15 months? And any color on contribution of geographies in export this year?
Right. Second question, again on the margins. So we did a great job with respect to the -- as I said, a lot of efforts went into -- with respect to value-add products and the contributions and the gross margin has been improving from past 2, 3 years. I wanted to understand, is there a further scope of improvement and can these margins sustain at current level since you are focusing on more value-added products? Some color on directionally what we are looking for next 2 years?
Cummins India Limited CC-Mar25.pdf · 2025-05-29
My first question is on export. Despite this quarter was quite strong relatively. And you have been talking about the cautious stance on export. So wanted to have more color, which geographies -- geography-wise, if you could highlight which geographies, we are expecting decline or improve over the next 12 to 15 months? And any color on contribution of geographies in export this year?
Right. Second question, again on the margins. So we did a great job with respect to the -- as I said, a lot of efforts went into -- with respect to value-add products and the contributions and the gross margin has been improving from past 2, 3 years. I wanted to understand, is there a further scope of improvement and can these margins sustain at current level since you are focusing on more value-added products? Some color on directionally what we are looking for next 2 years?

Triveni Turbine Limited

Triveni Turbine Limited CC-Jun25.pdf · 2025-08-05
Thank you for the opportunity. My first question is on the international pipeline. You di d highlight that the enquiry book has declined by 5% and including SAARC and Southeast Asia, plus a few other geographies. Just wanted to understand, we have been growing international business from the past two years getting into newer markets. With this slowdown in current situation, has that changed for us, still we are looking for a new er market? What is the response in the incremental market, which we have been getting into the past.
Right. Sir, my second question is on the deferment and dispatches which you already alluded to. Considering that this year would be back -ended and lumpy with respect to dispatches. I wanted to understand 2 things. Has there been any change in the growth outlook, which you were looking 3 months back and now since the dispa tches are deferred for this year? And will there be any permanent slippage of permanent loss because of these issues which you're looking for? And what was the deferment in revenue for Q1, which got deferred because of the delays in dispatches?
Triveni Turbine Limited CC-Dec24.pdf · 2025-02-03
Hi, thank you for taking my questions. And congratulations for the good numbers. My first question is on exports. You highlighted that there were a few geographies where you got incremental or the new revenu e this quarter. That we would like to understand what categories of product and which markets? And second, what is the impact of current geopolitical situations, which are changing the tariff wars on each of your markets, if possible, for you to highlight, is it a negative/positive impact anywhere of this?
Sure. So which with the new markets, export markets this quarter, you highlighted in your opening remarks?

Thermax Limited

Thermax Limited CC-Mar25.pdf · 2025-05-12
My question is on the margin. So if you see Chemicals, we did a pretty strong revenue. And I can see the full year EBIT margin is about 1 2% versus in the past, we have done 18%, 19% as well. And same for Industrial Products, the margin this quarter was very strong at 14.4% EBIT margin. Any colour, what product mix played here? And what would be the sustainable margins for these segments? And any target margin improvement we are thinking for Thermax stand - alone and consol, if you could give some colour on margins?
Thermax Limited CC-Sep24.pdf · 2024-11-14
My first question pertains to the couple of large orders, which we have won in Botswana. What is the nature of these orders? And what kind of orders are these? And how is the margin profile for this order duration of execution? And is there any further pipeline and exports for large orders, if you could highlight on that?
Secondly, on the base orders, which are keeping about INR 2,300 crores – INR 2,400 crores, and wanted some colour on ordering pipeline there. You highlighted last quarter about we are exploring for power orders, and we have been seeing this lot of tendering happening across power sector, and you highlighted about package orders in power. So we wanted to understand that. In refinery orders, obviously, this one, you've got in Botswana. How is the refinery order trend in India? We are seeing a few of oil and gas engineering company getting orders this year, just wanted to understand.

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Jun25.pdf · 2025-07-29
Thanks for the opportunity. First question on the Hyderabad metro . You did talk about 30% fare increase and the average fare has gone up from Rs.38 to Rs.43 almost by 12%-13%. But on the other side, I think if I am right, I think the ridership has gone down to 4,17,000 YoY, and this number has been kind of consistently been there for past seven, eight quarters, barring one or two quarters when we did a higher number. Just wanted to understand how one should think of with respect to breakeven in Hyderabad metro, about ridership as well, and earlier we did talk about the refinancing 2-3 years back. Considering that Rs.1,400 crores of interest cost and Rs.300-400 crores of depreciation, how one should think of the breakeven for Hyderabad Metro?
Understood, sir. Second question is on the Middle East prospect. For the remaining nine months, if you can highlight now what kind of projects which are there in the pipeline, whether it is more of Hydrocarbon, Renewable or LNG terminal or there is some color with respect to the proportion of orders in the Middle East market ? And second is that over the past two years, the international dominance with respect to order inflow and domestic has been relatively kind of not growing with respect to prospect. Some color, are we seeing any large scale buildup of domestic order prospect , not this year, maybe with medium-to-longer term perspective, since election and all the major events are over. So some color on when are we expecting that the domestic pipeline will also show strong strength?
Larsen & Toubro Limited CC-Dec24.pdf · 2025-01-30
My first question is on the execution which wa s s tellar this time. We can see the domestic Infrastructure business revenue was kind of moderate -- seen a moderate growth. So any challenges you faced this quarter with respect to project execution in domestic market in any of the projects which are there?
Yes. Second question on the prospects in the Energy business. You said the Rs 1.44 trillion pertains to only Hydrocarbon and there is I think, I guess, no thermal order prospects which we are accounting now. Is it that the prospects have kind of deteriorated in the market or we have been selective and now not taking orders in thermal in upcoming quarters? Subramanian Sarma: No, I think the Rs 1.44 trillion has got several components. One is thermal power plant in India. Then we have hydrocarbon projects both in India as well as in West Asia. And then we also have some gas to power opportunities. I think between the 3, we believe that we have a very good bid slate and we should be able to secure a reasonable size of that prospect. Now thermal power plant in India, we have made a strategy to bid for BTG that is Boiler Turbine Group and we'll continue to pursu e those. And yes, to some extent, we'll be selective from a point of view of our manufacturing capacity and our ability to execute those jobs and provided, of course, the location and the situation conditions are favourable for us to execute in an efficient manner.

KEC International Limited

KEC International Limited CC-Jun25.pdf · 2025-07-29
My first question is on the pipeline, which you highlighted, INR1,80,000 crores. If you could give us some sense how much is from T&D and civil segment -wise and between international and domestic also? And second thing, I would like to understand how much we are building for -- you have said STATCOM has been -- we got first order and pipeline is robust. Any color on STATCOM, HVDC, non-HVDC, if possible for you?
HVDC, non-HVDC, STATCOM, any color on what we are building in?

GE Vernova T&D India Limited

GE Vernova T&D India Limited CC-Jun25.pdf · 2025-07-29
Congrats for a strong set of numbers. First question, again, on the HVDC orders which you highlighted. The South Olpad order, I think assuming that this would be about INR12,000 -odd crores and South Kalamb should be about INR25,000 plus crores? Just wanted to understand if at all we are bidding for this project, will this be in partnership? What could be our scope or addressable market possibly if the orders come to us? So just wanted to understand the quantum since these orders will be getting tendered out in the next 12 to 15 months?
So, it will not be sort of like in jointly bidding. You'll be bidding individually for these projects?
GE Vernova T&D India Limited CC-Mar25.pdf · 2025-05-23
My first question is on the capex of INR140 crores on STATCOM and HVDC products, capex and all. I wanted to understand what is the current capacity utilization and with this capex, how much the capacity will expand? And I understand that the capacity expansion will come on stream, we have written for Chennai by 2027. Just wanted to understand, is it fair to assume that the prospects have increased because past 2, 3 quarters, you have been highlighting that we have suf ficient capacity to meet growth for 1.5 year, and there might not be major capex requirement. Yes, that is my first question.
Yes. Second question on the product versus projects. You highlighted that there will be more focus deliberately towards products by you guys? Wanted to understand, if possible, to share the product versus project for revenue. And considering the current order book you have, can we expect for the next 1, 2 years there should be more product inclination in the revenue and order book. Any sense on that would help?

Hindustan Aeronautics Limited

Hindustan Aeronautics Limited CC-Mar25.pdf · 2025-05-16
So, thanks for taking my question. My question again is for LC A. You said there will be 11 more engines coming in and then we will be doing 12 deliveries in I think CY '25. I wanted to understand has the timeline changed for the overall 83 deliveries? What is the assessment on the number of engines coming in in the subsequent years from GE?
Sir, additionally for the helicopter since we got the order, w hat is the capacity and with the CAPEX which you announced, to what capacity will the helicopter capacity will go in the next one or two years?