Stockrabit · Analysts
Questions across 25 calls

Amit Dixit

Goldman Sachs

NMDC Limited

NMDC Limited CC-Jun26.pdf · 2026-06-01
Thank you for the opportunity. First of all, congratulations for a great performance, sir, particularly on operational front, achieving above 50 million tons of production and sales. Couple of questions. The first one is NMDC Steel, you know, if it is possible to mention the volumes and since now, you know, it's going to be a substantial portion of our revenue, so would appreciate if we can give the quantity sold by us in the presentation. But for this quarter, if you can, if you can let us know the quantity that we sold and also what are the basic terms for this because this number appears in cost as well as revenue. So just wanted to get a little bit of more clarity on this for projection purpose?
Got it, sir. The second question is essentially on, and congratulations for opening Deposit 4, I think after a long time finally we see it getting under way. So just wanted to understand the Deposit 4 capacity, when we will hit the rated mining capacity and also Deposit 13, that's also a very welcome thing. And on coal mines, you know, Rohne and the Tokisud, how do we see the production ramping up if you can detail it out, sir? That would be great.

Azad Engineering Limited

Azad Engineering Limited CC-May26.pdf · 2026-05-16
Congratulations for a good set of numbers again. A few questions, if I may. The first one is essentially, if I look at the projections or the commentary of global OEMs, including GE, Mitsubishi, Siemens, I mean, that seems to be very, very bombastic. I me an there is -- they are fully booked for next 10 years. So in this scenario, how do you see the landscape changing for Azad? I mean the growth that we have projected 25% in revenue appears to be actually a little bit on conservative side, given the overall macro tailwinds that we are seeing. So -- and we have got, of course, relationship with all the global OEMs. So just wanted your thoughts on that?
No, great. I mean, got it. The second one is essentially on ATGG engine. So I just wanted to understand the road map of delivery. And if I'm not mistaken, there are 18 to 20 engines that you have to deliver in maybe 1.5 years. So just wanted to understand where we are on that development process?
Azad Engineering Limited CC-Feb26.pdf · 2026-02-14
Good morning, everyone Congratulations for a very good set of numbers on all the fronts. A couple of questions from my side. Now if we see the overall ecosystem, I mean, Mitsubishi, GE, all are raising their guidance on energy front. Safran reported a couple of days back, again, a very good set of numbers and increase in guidance. Even some of your peers like Arrow Edge, for example, has given -- has increased its guidance on the L EAP engine -- LEAP components delivery? So in this context, I mean, how do you see the traction in your line of business since we are -- also now we have a foothold in most of these key accounts. So how do you see actually these foreign OEMs kind of coming to you, the engagement with them, has it increased? And in that sense, I just wanted to ask that this order book that we are having INR6,500 crores, how do we see the trajectory of this, let us say, in the next couple of years? I'm not expecting a quarter or a 6-month view. It's like over a couple of years kind of view?
Great. The second one is essentially, there were a lot of, I think, concerns on the investor side on the possible tariffs by the U.S. But with now U.S. -India deal mostly done, I believe those concerns would be over. Now in that context, how do you see the opportunity for us shaping up, both in terms of U.S. and in terms of Europe, of course, with EU -India FTA also in place. I'll give you context. I was speaking to the India Head of Pratt & Whitney the other day. And he made a remark, which was very interesting that they are looking to increase their delivery from India by 10x. Earlier, it was 6x, by the way. But after U.S.-India trade deal, they are looking to increase it multi -fold. So how do you see the U.S. -India trade deal as an enabler for your business? Of course, in all the con-calls, you have maintained that this doesn't really matter for your kind of product. But just wanted to get your thoughts on this?

Solar Industries India Limited

Solar Industries India Limited CC-May26.pdf · 2026-05-15
Congratulations for a very robust set of numbers and indeed a very strong guidance. I have a couple of questions. The first one is on internatio nal business. Now if you look at international business, the growth has been very good this year. Just wanted to get a sense on the new geographies like Zimbabwe that we entered this year and some of -- and what are the other key geographies we might be thinking? Also, what -- I mean what all geographies are we expecting more traction in this year, FY '27? That is my first question, sir?
Great, sir. Very clear. The second question is essentially on defense. Now defense guidance has been -- I mean it is very, very robust after a very good quarter. Now a couple of clarifications or a little bit more color that I would request from you in this regard. Sir, one is about Bhargavastra. I mean the counter-drone systems have been in favor, I mean, for some time now. So just wanted to get an understanding where we are on that front, if any tests are pending and when can we expect the order? Similarly, the progress on 155 mm shells, where we are with respect to tests and other necessary certifications?
Solar Industries India Limited CC-Nov25.pdf · 2025-11-11
Congratulations for a good set of numbers. A couple of questions from my side. The first one is essentially on defense, where you have mentio ned in the prepared remarks that Q3 would actually herald the new growth phase. So just wanted to understand a bit more on this, what new developments can we expect going ahead? And of course, the state of ammunition, global ammunition industry as you see it. So that is my first question?
Okay, sir. The second question is on the international business. Again, congratulations for a very strong set of numbers from this pa rticular segment. Just wanted to understand again that what the new geographies that we think might be thinking of penetrating in next 6 to 9 months? And also whether there were some specific geographies where we saw improvement in performance that drove the stellar performance in this quarter? These are my two questions, sir?
Solar Industries India Limited CC-Jun25.pdf · 2025-08-08
Yes. At the outset, congratulations for a good set of numbers, sir. A pretty good and solid start to the year. A couple of questions from my side. The first one is regarding Bhargavastra and Rudrastra, while you had mentioned in the prepared SLE that there have been tested over there. So just wanted to understand the commerciality part of it, when can we expect orders from these 2 platforms. And the big part of the question is officially on the ammunition side that the export orders, we received quite a bit of export orders last year. So what kind of traction we are seeing in this market because this market is quite red hot at the moment?
Nice to know that. The second one is on the international business performance, which has been, by far, the best, if I look at past history. Is it possible for you to mention just qualitative details will do what -- which markets are doing well for you at the moment? How is Australia, Indonesia faring? And also, we had our plans to go in Saudi and Kazakhstan. So where we are on that because this segment appears to be very, very promising on non-defense side at least.

Shyam Metalics and Energy Limited

Shyam Metalics and Energy Limited CC-May26.pdf · 2026-05-12
Congratulations for a great set of numbers. A couple of questions from my side. The first one is on the volume growth. So last year, volume growth was quite splendid, particularly of value- added products driven by CR coil. Now this year, what are the key elements of volume growth? Also, if you could highlight the major capacities that would get commissioned in the course of the year, that would be great? That is my first question.
Great, sir. Wonderful. That's very well explained. The second question I had was on actually aluminum. Now we have seen aluminum prices remaining very robust worldwide. For us, since we are actually converters, so how do you see margins? Is it like a pass-through for us or we get some incrementally higher margins on the elevated aluminum price?
Shyam Metalics and Energy Limited CC-Nov25.pdf · 2025-11-10
I have a couple of them. The first one is on a recently introduced PLI scheme for stainless steel and for the specialty steel. So just wanted to understand that how we are going to benefit from that? And how much benefit can we quantify over the next 5 years, at least, I mean, that's what document speaks of?
Okay. Got it. The second question is essentially on stainless. Now as I understand that some of the capex that we would be spending would also be towards stainless. And now we are basically entering in -- I would say, we would be one of the largest players in India apart from Jindal Stainless, and we would be entering directly into competition with them. And our EBITDA per tonne at least as of now is lower than Jindal Stainless. So just wanted to understand our thoughts around that, how we are going to increase the EBITDA per tonne? And what are the thoughts on Jindal Stainless as a competitor?

Gravita India Limited

Gravita India Limited CC-May26.pdf · 2026-05-08
Hi. Good afternoon, everyone. Couple of questions from my side. The first one is essentially again on RMIL Just wanted to understand if there is surplus land for you to expand over there. And looking at the margins of RML EBITDA margin that you have disclosed for FY ‘26, that is close to around 8%. Now, Gravita’s overall margins are like in the range of 10% or so. So, is there any possibility of increasing the margins over there? Or is the business like that that, you know, a copper business would remain at 8% kind of thing? And if you could also highlight the sourcing of copper of currently, will you be tapping into your regular African markets? Or, you know, you will be exploring, let us say, Latin America also for that. So, this is the first question.
Sir, just a broad commentary would help actually on the shift from informal to formal sector. Last year or year before last, there were a couple of endeavors from the government, particularly with respect to correcting the inverted tax structure and making sure that the BWR mechanism is implemented. So, what are the changes that you are seeing and what would be the approximate shift that you would expect over the next 3 years to formal sector from informal?
Gravita India Limited CC-Nov25.pdf · 2025-10-31
Congratulations for a good performance. A couple of questions from my side. The first one is essentially the 700,000 capacity, what would be the breakup of this capacity between lead, aluminium, rubber and plastics? If you will have lithium ion also at that point in time. Just wanted to get an idea on the breakup?
The second one is a bookkeeping question essentially. If you could highlight the revenue and PAT contribution of overseas operations in this quarter?
Gravita India Limited CC-Jun25.pdf · 2025-07-29
Congratulations for a good set of numbers. A couple of questions from my side. So if I look at the overall results, while revenue and volume growth has remained a little bit lower than the expectations, EBITDA growth has been quite good. So is it due to the -- our sourcing efficiencies continuing or we have got the semis from Africa and refine them and sold them in India to take advantage of the difference in the LME and MCX price? So just wanted to get a little bit more color on that.
So given the current EBITDA per ton that we have and it has increased quarter after quarter. So the current EBITDA that we see around INR21,000-odd for lead, is it the sustainable margin that we can expect going ahead as well?

Jindal Stainless Limited

Jindal Stainless Limited CC-May26.pdf · 2026-05-05
Congratulations on a good set of numbers this quarter. A couple of questions from my side. The first one is essentially the standard one on regulatory environment. While the stainless steel demand outlook looks good, there has been absolutely no, I would say, measure from the government for controlling imports. In fact QCO suspension, all these are quite detrimental for us and we are looking to expand further in Maharashtra. And also, I just wanted to understand the thought process, your thought process in particular, given that we are in a dichotomous situation where we are expanding, but the government is not coming with any support. So what gives us so much confidence to expand? That is my first question essentially.
Okay. That's great to know. The second one is essentially on defense. Now you have highlighted in the press release that there have been a couple of -- we have been supplying to the defense sector. Now, typically, the defense sector involves a long approval process, and it's very heartening to know that you have crossed the bridge. Just wanted to ask because the defense prospects are quite bright in the country, with a lot of domestic platforms being built. So, I just wanted to understand which new products or grades of steel we are developing and, if possible, which platforms we would be engaging in? And also if you have in mind something of like -- I know it's currently very small, but let us say 5 years hence, what could be the portion of revenue from defense segment?
Jindal Stainless Limited CC-Nov25.pdf · 2025-11-11
The first one is essentially on a recently announced PLI scheme by Delhi Government in which the stainless steel both flats and longs have been brough in the ambit. Wanted to understand what kind of benefit will it have for us and whether we have done som e kind of analysis on this that on what products it would be applicable and how much we can quantify?
The second question I have is again on exports. While I understand that due to the very subdued external operating environment, exports have not picked up. But given the fact that in Europe, in particular, they are talking about a lot of infrastructure development pursuant to the Re arm Europe plan and all. Do you see some feelers from there that the exports can pick up to Europe, our quality of product can be absorbed over there. Is there something that you are seeing happening which will push e xports or do you expect that export would remain in the same trajectory?
Jindal Stainless Limited CC-Jun25.pdf · 2025-08-07
Yes, hi. Good evening, everyone, and thanks for the opportunity. Congratulations for a good performance in very interesting quarter. A couple of questions from my side, sir. The first one is essentially on if you could highlight the performance, particularly of Rathi and on the progress of ongoing CAPEX at Jajpur plant with respect to downstream capacities and the logistics infrastructure that we mentioned earlier. That would be very helpful.
Wonderful. I would like to know that. The second one is on a very interesting point you have made in press release that we are supplying to defense particularly the stainless steel required for ATGMs. Now considering that in India defense is catching a lot more traction, particularly I mean with respect to marine platforms or even aerospace or missiles, so do you see this particular segment as something very promising for us?

Zen Technologies Limited

Zen Technologies Limited CC-May26.pdf · 2026-05-04
Good morning everyone and thanks for the opportunity Sir. Congratulations for a good order inflow and pipeline that we have. A couple of questions and one from a more conceptual perspective. Now, while we all talk about IDDM, and the focus of government on indigenization, but if you look at the current day, when they have been at a record level this year, but foreign procurement component, and I am not counting Rafale here, Rafale is a different thing altogether, has gone up quite high and it seems the view among armed forces at least as per our channel checks is that they would like to go for instant patch up rather than waiting for indigenized kind of systems that might take their time, so in that context, order inflow or orders in the near term there is just a risk that they might be more towards for the foreign guys so what is your thought on that?
No Sir, absolutely and thanks for invoking Godfather. I remember took quite some time. The second question is essentially on the product that you showed in the beginning of the presentation drone quite I would say impressive and given the use case is very, very huge in the Indian market and the specifications that you highlighted, I think they are ahead of your peers, at least what I have studied. So what kind of, I am not talking about one year, two years, I am talking about the use case in particular, that let us say five years, what kind of opportunity do we see in India? Part B of the question is on Naval simulation that you highlighted in the presentation, so what kind of solutions we are developing over there? These are, this is A and B, you can handle these.

Data Patterns (India) Limited

Data Patterns (India) Limited CC-Feb26.pdf · 2026-02-06
Congratulations for a good set of numbers. A couple of questions from my side. The first one is going back to the EBITDA margin. I mean, 46.5% is a number that no other radar electronics company has achieved in the world possibly at this point in time. Whi le you highlighted in the prepared remarks that it is on the account of favourable execution mix? But what we see in the execution mix that there are -- avionics is coming, there is EW system. So, I mean, it's all about the -- our core platforms that are c oming to fore that seems to be sustainable. So just wanted to understand that what kind of EBITDA margins do we expect given that these are your focus areas in the future as well?
Quite clear, sir. The second question is essentially on exports. Now looking at the current EU India FTA and the possibility of some of the big bang deal happening, particularly on Rafale. I mean -- and there could be some reciprocal element to it. While I don't want to go into that, the point is that we have made a good foothold in export market now with PAR and all and export revenue is 9.6% in this quarter? So just wanted to get a sense on what all products we are kind of see ing a good traction in the export market and how this EU India FTA is going to help us. So, from an overall perspective, from a macro sense, if you can give us some picture on that, sir?
Data Patterns (India) Limited CC-Jun25.pdf · 2025-08-08
A couple of questions, sir. The first one is on the -- if I look at the order inflow texture, so FY '24, '25 orders have largely been -order inflow had largely been on production side. But Q1 FY '26 has been skewed on services side. So just wanted to understand that whether this is the kind of pattern that we will see going ahead, also that services would be a major portion or it is just that certain orders have been delayed , and we expect the normal order profile to be back to 70%, 75% of production? And whatever services we get, it will be, of course, plus, over and above that?
Got it. The second one is on the recent AON that was recorded for INR67,000 crores. Now if we look at it, there are several items that actually fall within your purview. So any broad idea of TAM you would like to provide from that INR67,000 crores? And also on the execution side, we saw that Q1 F Y '26 was skewed towards BEL. So is it the kind of revenue profile that we will see during the year or to just in this particular quarter?

Bharat Electronics Limited

Bharat Electronics Limited CC-Jan26.pdf · 2026-01-28
Good evening , sir , and congratulations for a good set of numbers. A couple of questions from my side. The first one is essentially , recently we have been hearing a lot of shortage with respect to semiconductor chips as a result of which the prices have gone up significantly in the market. So, are you also seeing any impact of that in your bill of materials? An d can you quantify for us what percentage of this semiconductor chips comprise?
Sir, as a percentage of COGS how much would this chip cost be? Just a broad estimate.

Mazagon Dock Shipbuilders Limited

JINDAL STEEL LIMITED

JINDAL STEEL LIMITED CC-Jun25.pdf · 2025-08-13
Hi. Good afternoon, everyone. And thanks for the opportunity. Congratulations on the good set of numbers. A couple of questions from my side. In the presentation deck, you have mentioned on Slide 32 about the timeline of Blast Furnace -2 Commissioning, which is Q2 FY ’26. Is it possible to mention the timeline of BOF-2 as well? When it is expected to be commissioned? It is undergoing pre-commissioning test but a commissioning timeline would be great.
Yes. So, is it possible to expect that it could also be commissioned by Q2 or max by Q3?