Stockrabit · Analysts
Questions across 55 calls

Amit Mahawar

UBS

ABB India Limited

ABB India Limited CC-May26.pdf · 2026-05-08
Yes. Hi, Sridhar. I just have two questions. First is, do you think this is going to be a year where we will have a lot of lumpy orders, which is basically going to be part of the intake ? And more importantly, and you can specify if this is going to be a strong high -double-digit growth year for orders? And second is on profitability. If I look at the parent commentary, obviously, EL was a very, very strong ind icator. And we also saw that in some bit in our results in terms of top line growth. Do you think the profitability this year can be significantly better than last year? And I understand the short cycle weakness is still holding up. So any color on the profitability? I know we don't give guidance, and we have variations in this quarter. But the balance of the year, any color on profitability because I can see a lot of initiatives by the parent. So I just want to understand how is India positioned?
So when we talk to channel partners across you and your peers, there's a very clear short cycle weakness as we speak for different reasons. It's been there for 2 years. Do you think this is a year where your base business can grow top line by 15% and large order, I can already see last 2 quarters are very, very strong, and we have a good pipeline. So collectively, the intake for it to move towards a different run rate , do you think this is too early for us to comment or in next 2, 3 quarters, we can see base orders shifting because there is a restocking cycle for last 2 years. So when you comment on base business, Sridhar, that will be helpful?
ABB India Limited CC-Nov25.pdf · 2025-11-07
Good morning, Sanjeev, and Sridhar. Congratulations on maintaining a very good order momentum in base orders, better than industry maybe. Sir, I just have one question. You have the book in process automation, which is maybe around 30%, 40% down. EP is the only segment where we have grown very well, 15% top line. And I don't worry about margins , etc., on this issue. But do you think in CY '26, we can touch a 10%, 12% revenue growth given that mobility orders will take some time, given that energy is not a large basket for us and the discrete portfolio for us is growing more in just short of teens or less than that. So, a quality of assessment, Sanjeev, which will help us.
ABB India Limited CC-Jun25.pdf · 2025-08-04
Yes. Hi. Sanjeev, I have two questions. First is, so last year you had a very strong base of large orders also. In second-half, can you recoup? I do not see too many large proportion orders for you. I do not see a lot of segments which otherwise would have been large orders in second-half. So, is it safe to say this is going to be a 5% or maybe 5%, 7% growth year for orders? I know we do not give guidance, but some color here. That is question number one.

Waaree Energies Limited

Waaree Energies Limited CC-Mar26.pdf · 2026-02-25
Hi sir. I just need one data point if you can share and help. In the current order book and in the deliveries in the next two years, '26, '27, what is the broad breakup of order book from India for India or order book and shipments from India to US and local US to US? Broadly if you can help us understand this in the next one to two year?
And okay. Just clarification. I can assume in FY27 also in this one-third overseas revenue, almost all of it is you know from India to US or any percentage you want to give from US to US?
Waaree Energies Limited CC-Oct25.pdf · 2025-10-17
Yes. Hi. I just have two questions. First is, can you just help us understand the order book breakup between firm and frame? I just want to understand how much of the order book in export and domestic market is deliverable in 2026 particularly. And second question is more on the cash translations. I think H1 has seen a significant iteration. Is this because of shipments postponed to October or any clarification on the cash flows?
Yes. Cash flow, I understand. I can see the inventory. But coming to my first question, let me maybe ask it differently. In INR 248 billion domestic order book and INR 222 billion export order book, if you can mention the advance that is sitting in the balance sheet, that will be helpful.

Thermax Limited

Thermax Limited CC-Feb25.pdf · 2026-02-05
Ashish, my question is more for second segment. Segment 1 is very well taken care, and I'm not worried about the margins that should eventually come with the mix. But in second segment, are you happy with the conversion rate of pipeline? Second segment hou ses TBW also, which is having a cyclically favourable time on the industry, but somehow we are yet to see more orders. So any colour on how should we think about this year, maybe we've done next year orders for Industrial? And a quick question on, should we now assume -- I was reading the PBT which says that last year was the provision, but this quarter it doesn't. So can I see that as a recurring margin indicator for Thermax?
That's good to hear. Quick one, last one for me. You mentioned about the quality of book changing, and we can see the orders -- the type of orders are very, very clearly different than the ones taken in the last couple of years. Maybe '27-'28, do you want to say that in Industrial Infra, we can comfortably maintain a 10% margin band? And you can give us some colour on the type of orders, the closure speed and the capacity you have on the second segment. That's it.
Thermax Limited CC-Jun25.pdf · 2025-08-01
My question is more on segment 2. I'm more sorted on segment 1. Segment 1, I think if you see last three years, commendable performance, growth, profitability and more to come. In segment 2, and I consider Babcock as a very -- the best part of that, which can easily be 2x business easily. And please correct me if I'm wrong, with a very significant margin delta from 8% level. So in segment 2, some of the questions were around that, particularly on the power cycle in India and globally. What are the bottlene cks that you're facing right now? And maybe some portion you can cover on segment 2.
Answered, Ashish. Can I ask one small or…
Thermax Limited CC-Mar25.pdf · 2025-05-12
Sir, I just have a high -level structural question. Thermax has a very well -empowered middle management, which across the last two decades has helped it manage risk very well. You've done very good on Danstoker. TBW ES is a great example. Industrial Product s is very, very heartening to see. But at the same time, whatever we wind the history of large orders, even private has been very, very difficult. Do you think this discussion -- are you confident about this discussion in the future, maybe by next year or two, that whatever new orders we take, and I'm very comfortable about your pipeline. That's not a problem. But the discussion of translation of returns and profitability being disappointing in 2 - 3 areas. How do you fix this? And do you think now, as we speak, the Board, the management, the ownership has taken care of these issues ? Some of these have been repeating. That's my question, Ashish.
Very helpful, Ashish. One 10-second bookkeeping question. Your investments and capex in FY '26 on Industrial Products vis-a-vis bio-CNG and FEPL, etcetera? Thank you.

Triveni Turbine Limited

Triveni Turbine Limited CC-Jun25.pdf · 2025-08-05
Hi, Nikhil. I just have two questions. First is in Q1, if I adjust for disruptions, a lot of companies in the last two quarters have seen disruptions on physical exports, et c. What would have been the order and revenue broadly? And broadly, I want to und erstand i f FY 26 as a company can we grow orders, maybe flat or in double-digits and colour there?
Nikhil, if you can help us understand we've been bidding for orders in North America. We have SADC where you've covered. I just want to get this right that in FY 26 and FY 27 and maybe Prasad ca n chip in here. Do you think we will take a longer time and the kind of contracts we have, these are contracts which are large value, maybe 2-3 domestic contracts equate to the one large Northern order, the kind of o rders we are targeting? Any colour on how FY 26 and FY 27, we should see or you thin k this market will take much more time. And you can compare with the SADC, again, where we had a very strong aftersales trajectory?
Triveni Turbine Limited CC-Mar25.pdf · 2025-05-12
Nikhil, hi, congratulations on good results. Nikhil, my first question is, so you see FY 25 was a year of great performance on product exports, whether it's orders or P&L, but services, I'm not judging services, which is flat in orders this year. But do you want to throw some light here on how will this grow in FY 26 and 27 because you are building a team even for the North American market. And that's my first question. Some colour on Aftersales.
Sure. So, you've been very measured on your investments in very select markets. For example, SADC is where you had less than four years payback that gave you confidence to enter one of the world's largest market, North America. Again, and maybe Prasad and team can chip in here , what is the size of API services and large machines that we are targeting in 26-27? What I mean is, in your addressable market with changes now, and I'm talking about particu larly 1-2 years. In long-term, I understand it's a very, very compelling market and there is a scope for consolidation, especially in services in North America, as you mentioned in the last calls. Particularly next 1-2years, what kind of la rge machine orders, can we expect in this new market? And some colour here on the services. And I was asking more also about the number of the team size you've build in North America? Thank you.

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Dec25.pdf · 2026-01-28
Sarma sir, I just have two quick questions. First is on the Middle East. We now basically have the best competitive position that we had in the more than 15 -20 years in the Middle East. Do you think next 2 years, cyclically, the competition from Korea and particularly Europe / U.S. can come back? Any color there? And if you can help us understand if in the next 2 years on the P&M, if the share of Middle East is going to be more than 50% over the next 2 years? That's first, sir. Subramanian Sarma: In terms of competition, we have been operating in the same environment for the last few years, with Chinese, Korean and European players present. Sometimes for smaller contracts, we even have the local firms. I think the landscape in terms of competitiveness is not changing much. On the contrary, I would say that we have established ourselves quite well. The customers prefer us to win the jobs and sometimes even the competitors are coming and seeking partnership with us. I don't think anything has changed much. It will remain pretty much the same. If at all, it will be a little bit positive for us in the next 2 years. What was the second question you said?
The share of core top line P&M... Subramanian Sarma: I mean it's very difficult to put a number because it depends on what happens in the Middle East in relation to what happens in the domestic. I mean I think the good news is that I think we are growing well, and we'll continue to grow. I think we are very confident about it.
Larsen & Toubro Limited CC-Mar25.pdf · 2025-05-08
Yes, hi, sir. I just have one small question. When we target our Middle East pipeline, it's very heartening to see we are more leaning towards Energy and not towards Infra where you have Chinese competition also. But Mr. Sarma, maybe if you can help us, our Korean competitions are more going towards tie up based, on blue ammonia they are the more capable. How is L&T thinking of Energy projects, particularly on these new energy and new segments? And are we looking at significant investments and tie ups as we take contracts in Middle East? That's my question, sir. Subramanian Sarma: Okay. So, I think as I said before, over the last several years through our performance we have change d the perception of the customers and today we have been able to secure a larger contracts, ultra mega projects contracts also on our own merit. But you know the size and complexity of the project is increasing. The customers are up in the game in terms of the size of the contract. I mean there have been some USD 8 billion contracts also awarded. So what we are looking at is also that having established ourselves, most of the Europeans as well as Koreans are willing to engage with us on large contracts and anything exceeding $5 billion . And, we are having a dialogue with them. So, if the size of the project increases beyond a particular limit then we'll definitely explore opportunities for collaboration in consortium or joint venture with either Koreans or Europeans and that is something which is very possible now because there is a good dialogue g oing on . And that will sort of eliminate competition and perhaps we'll also have maybe more competitive solution. So that's how we see the things unfolding.
Sure, sir, thank you. And small one for RSR maybe if you can help us, sir. FY '26, '27 when we take larger orders, and as we execute more than 15%, 18% growth in Middle East, will be it entail a higher manpower deployment, sir, in high double digits for us . That's my last question, sir. Thank you.

Premier Energies Limited

Premier Energies Limited CC-Nov25.pdf · 2025-10-29
Yes, sir. Hi. Congratulations on a great operational set of results.
I just have two quick -- yes, two quick questions. First is, seemingly the domestic demand can be very, very strong if we go by the policy framework, the off-take, you know, YTD on solar. And your capacity expansion plans are also going on the same, the way we are preponing to capture maximum value. Sir, how do you think the dynamics playing out in China on anti-involution, the local government, you know, central government there in China stand impacting the profitability for us? Because there is a point till which we can localize and integrate. So, any color on that first? That's the first question.

Suzlon Energy Limited

Suzlon Energy Limited CC-Nov25.pdf · 2025-11-04
Congrats on great operational pe rformance. Sir, you explained o n the EPC rationale in detail about those 2, 3 points, why Suz lon is looking at. Now we're al so expanding capacity. Eventually, we will target export market. Do you think on the risk profile side, the risk will need to be significantly looked at because I agree industry is growing very well. This year is going to be good and our share is ramping up. All the policies are very, very f avorable. But as we move the EPC route, and I understand integrated renewable power is in your mind when you think about EPC. If you can throw some light on potential risk that we'll have to keep in mind because -- or rather, why not think about only the WTG model where we anyways have forgings, O&M, a very diversified business model, why go that EPC route considering the potential risks? I just wanted to get some handle on potentially what can go wrong if we go to EPC routes.
Suzlon Energy Limited CC-Jun25.pdf · 2025-08-12
Congratulations on continuous growth journey. I just have one question on the orders that we've won in the last 2, 3 quarters. Are these different on the terms -- in terms of advances that we have, the execution time line and particularly, if you want to comment and connect this with the improving competitive edge Suzlon has, whether you call it ALMM, right, which will plug a lot of gaps or some consolidation in the sector. So -- just wanted to connect these 2 and wanted to know your thoughts, particularly on the quality of orders and the terms also, the time lines of the execution.
Okay. Fair. So sir, the same question. So broadly, you're confi dent that in case there is any possible minor inflation cost, it is within the mechanics to see and manage that so that the LCOE is optimized for the client?

GE Vernova T&D India Limited

GE Vernova T&D India Limited CC-Mar25.pdf · 2025-05-23
Sandeep, I have 2 quick questions. First is on the export mandate. If I understand the exports, right, in the order book and in the turnover and considering the opportunity we have, which are the end markets primarily for parent maybe top 3 or top 4 which you are catering to? And do you think there is a very, very long-term demand pipeline here? That's my first question. Maybe whatever qualitative color on exports considering all the global locations of GE Vernova?
Maybe in the intake of INR32.6 billion this year, in export, if there is a number for U.S. you want to give us?

CG Power and Industrial Solutions Limited

Havells India Limited

Havells India Limited CC-Mar25.pdf · 2025-04-22
So, congratulations on impressive growth in Cable and Wire and Lloyd, profitable also. Sir, my question is on switchgears. I'm sorry to harp on this segment. We have an INR1,800 crore s residential switchgear business and roughly INR600 crores, INR700 crores industrial switchgear business. The entire segment is fairly dominated by MNCs. We've seen Havells improving hiring from MNCs and also launching a lot of industrial switchgear range in recent p eriod. So what is the strategy Anil ji on switchgear? This business is not growing the way industry has been growing, because of the presence that we have, which is fairly limited. So anything on that part you would want to elaborate on switchgears? That's my first question, sir.
Yes, sir.