Stockrabit · Analysts
Questions across 55 calls

Amit Mahawar

UBS

Thermax Limited

Thermax Limited CC-Dec24.pdf · 2025-02-07
Ashish, great to see Industrial Products doing very, very well on growth and profitability. I just have one simple question, Ashish. If I compare the trajectory of Industrial Product s vis-a-vis Industrial Infra, I just want to understand and ask you maybe when you appraise your sub leaders, it's on orders, margins, cash recovery? Are we more proactive or reactive when we decide the contract like FGD, the nature is very well understood. So how will you -- how will you navigate going ahead to see that lot of good work has not gone wasted with sort of large projects, which are beyond our control because these are outside our factories also, right, when we do vis-a-vis...
Sure. And quick one on strategy, you are trying to improve the visibility...

Triveni Turbine Limited

Triveni Turbine Limited CC-Dec24.pdf · 2025-02-03
Thank you. Hi, Nikhil, congratulations on great results. I have two quick questions and maybe Sachin and Prasad can chip in and help. If I compare your entry and expansion in the SADC region where in less than five years, that became more than 10% of our total business. How is the experience and market dynamics different in the North American market, considering that a much bigger installed base and a huge consolidation -oriented aftersales mar ket? So if somebody can help us compare the two markets for us. That's first question.
Thank you Sachin. And second and last question, Nikhil, if I see the run rate and the state we talk about numbers, the 9M this year run rate product is a sorted thing. We have a large contract we report in Q4, which we already announced of our NTPC. Services seems to be a flat number after a very strong momentum in last 2-3 years as we entered global markets. Our market share might still be less than 6-7% globally on services. And please correct me if I'm wrong. Is FY 26-27 is the year of inflection again for services, particularly on the new market, be it U.S. , North America or SADC? Or d o you think slightly early in my comment, that FY 26-27 might not be an inflection year and, again, Prasad and Sachin can chip in and help. Thanks.

Larsen & Toubro Limited

Larsen & Toubro Limited CC-Dec24.pdf · 2025-01-30
I have 2 quick questions for Mr. Sarma. Sir, on Middle East, particularly, we had a very strong ordering that we saw in the last 2 years. Incrementally, seemingly infra is more a bigger pipeline than Hydrocarbon for us where a lot of Chinese and non -Korean non-European competition comes for us. So, do we think the Returns on Capital Employed in incremental Middle Eastern orders might be -- I'm not saying not great, but relatively inferior to what we saw in the last 2 years? That's my first question, sir. Subramanian Sarma: No, I think we have not seen much change in terms of bidding pipeline or in terms of competition. Yes, of course, sometimes in certain Infrastructure projects, or even Hydrocarbon projects we see Chinese, but we are also quite selective. And those which we are targeting, I think we believe that we have a fair competition and we are able to secure jobs with the levels what we would like to have. I mean, that's how it played out. I mean, the addressable market is quite large for everyone to have their share. So, I don't see that as a big issue.
Sure. Very comforting. And second and last question is you know, when we speak to some of the Korean companies like Hyundai, Samsung and we talked to many people in the market, them taking 20%, 30% more orders in the Middle Eastern region on the current base that they're executing, you need man, money and material and man is the most critical part in that region, right, money material is easy to get. Do you think L&T in '26 can bag 20%, 30% higher orders in the Middle East. Is it possible you have capacity to execute there in terms of the manpower availability because your execution run rate in '25 is very heavy, '26 even will be heavy with the book you have. So can we tak e 25%, 30% more orders in the Middle East in FY '26? Subramanian Sarma: Amit, we will decide that as that will be part of our budget planning exercise now. And when we are completed with this and when we approach the first quarter, then we will share more details. But in principle, I think see, these 2 markets are becoming our important markets. So , we look at each and every opportunity available to us very seriously and critically evaluate our ability to execute. And we have also strategies in place like if t here are constraints, we work continuously in overcoming those constraints, maybe like manpower you spoke about. We also have a great relationship with some of the large sub-contractors in our ultra-mega projects. One of the ultra -mega projects, we have a very good sub-contracting strategy and we are working with one of the largest construction contractors who have access to a large number of pools. So we do a bit of a blend here, we follow a hybrid model. So, we generally see through these issues and work through those issues and prepare ourselves. But at the end of the day, I mean, we'll have to balance it and we'll have to be selective. And at the same time, chase those opportunities, which will provide us the required growth rate.
Larsen & Toubro Limited CC-Jun24.pdf · 2024-07-24
Hi, PR. I have just two quick questions. First, on the Middle Eastern market, can you throw some light on the execution positioning? In last six -eight months have we seen some delays in execution on most of the large Saudi Arabia project. Whether things are on time? And I want to broadly understand your comment on the competition, especially from the Korean, Chinese players, given that European and Japanese are not very active.
Thank you. And the second question is more on the core margins. If I see, we started the year with a good 60, 70 basis point margin expansion in the Infra side and the reason we've given is execution cost savings. Is this execution cost saving maybe one-off quarterly in nature or do you think for the full year, we have a much better margin expectation? Anything on that, PR? Thank you.

Amber Enterprises India Limited

Amber Enterprises India Limited CC-Dec24.pdf · 2025-01-24
Congratulations on great scale up across business. Sir, I just have one question. On a three-to-four- year basis, very clearly the Electronics division will lead the growth even in profitability and Consumer is anyway going to be a steady state. But in the Electronics division, so across the two, three divisions, can you help us understand how will we strategi ze the export opportunity? And once the new facility by Q4 '26 starts and stabilizes in '27, '28, should we expect a significant export scale-up? Or that's going to cater to maybe 80%, 90% India only?
Sure. And a quick one on Capex and the cash flows. How should we think about maybe around next year or what kind of operating cash flow and investment should we understand? That's it, thank you.

Polycab India Limited

Polycab India Limited CC-Dec24.pdf · 2025-01-23
Particularly on exports, maybe our market share in exports is largely around our market share in the domestic market. And please correct me if I'm wrong. As a country, we have less than 2% market share of global exports on cable from India. Do you think in the guidance that we've given of more than 10% contribution from exports, it is more close to 18%, 20% than 10%. Can you clarify? And second question is, can you specify how much will be EHV scale within the guidance of the next 4, 5-year guidance that you've given?
Polycab India Limited CC-Sep24.pdf · 2024-10-18
I have 2 quick questions. I understand the copper and the inventory part, very well understandable. But one of the biggest segment for us is underground cables under RDSS where we are, by far, having a higher market share possibly than the general cable and wire sector. When you export our cables, generally, are these interchangeable? So my point is, supposing temporarily there's a slowdown in underground cables and eventually picks up, can you divert towards higher export, just to understand? I know probably capacities a re fairly fungible, but export market as a qualification in this market. So I just wanted to understand that fine, that's first.
Second question is more about last 3 years, there was a very strong unprecedented demand in both domestic and export market and maybe Polycab was the only player, which could see it come in, right, very clearly. Can we say next 3 years, especially in cables, the competition is far better ready and keen than it was in the last 3 years and it could have some impact on sector profitability in general. Is that statement correct?

Cummins India Limited

Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-11-08
I just have one question, and sorry to harp on the competition and domestic market point. See on post the new nodes, the competition eventually will catch up. But do you think this time on gensets up to 800 kVA, the competitive intensity will make us command the market share similar to what we enjoyed in the older nodes? And more importantly, because this time, seeming the competition is taking more time. So 3, 4 of our key local global competition are yet to see the acceptance of even higher nodes, particularly in data center or advanced nodes. So do you think the market share will stabilize even in the data center piece of ours by next year? Or it will still remain around 70%, 80% plus market share, which earlier in the calls we had shared?
And just a clarification on the last participant's question. Did I hear you correctly, you mentioned the manufacturing of data centers led product and the manufacturers, particularly for India, it is not for the global markets. And I'm also asking this que stion because some regions saw a very strong growth, like China doubled in power gen revenue this quarter. So did we have any export benefit there?
Cummins India Limited CC-Sep24.pdf · 2024-11-08
I just have one question, and sorry to harp on the competition and domestic market point. See on post the new nodes, the competition eventually will catch up. But do you think this time on gensets up to 800 kVA, the competitive intensity will make us command the market share similar to what we enjoyed in the older nodes? And more importantly, because this time, seeming the competition is taking more time. So 3, 4 of our key local global competition are yet to see the acceptance of even higher nodes, particularly in data center or advanced nodes. So do you think the market share will stabilize even in the data center piece of ours by next year? Or it will still remain around 70%, 80% plus market share, which earlier in the calls we had shared?
And just a clarification on the last participant's question. Did I hear you correctly, you mentioned the manufacturing of data centers led product and the manufacturers, particularly for India, it is not for the global markets. And I'm also asking this que stion because some regions saw a very strong growth, like China doubled in power gen revenue this quarter. So did we have any export benefit there?
Analysts/Institutional Investor Meet/Con. Call Updates Cummins India Limited has informed the Exchange about Transcript · 2024-05-30
Congratulations on great show yet again. Sir, I had 2 quick questions. First, you commented on market share, and I respect giving data beyond a point, it is difficult. But assuming a steady-state 100% CPCB -IV Power Gen revenue for the next few years, do you think the stable market positioning for Cummins will be better than it was in last decade of Power Gen market share. And I am talking more about the non-LHP portfolio because LHP is not happening for India.
The question was more because India has been a price sensitive market forever. But in the last 12 months, it has been a sellers’ market. But as your commentary also mentioned, incrementally, it will keep becoming a challenge because you would have at least half a dozen players in India. So, that's why I was asking.
Cummins India Limited CC-Mar24.pdf · 2024-05-30
Congratulations on great show yet again. Sir, I had 2 quick questions. First, you commented on market share, and I respect giving data beyond a point, it is difficult. But assuming a steady-state 100% CPCB -IV Power Gen revenue for the next few years, do you think the stable market positioning for Cummins will be better than it was in last decade of Power Gen market share. And I am talking more about the non-LHP portfolio because LHP is not happening for India.
The question was more because India has been a price sensitive market forever. But in the last 12 months, it has been a sellers’ market. But as your commentary also mentioned, incrementally, it will keep becoming a challenge because you would have at least half a dozen players in India. So, that's why I was asking.

ABB India Limited

ABB India Limited CC-Jun24.pdf · 2024-08-09
Congratulations on great structural journey on margins beyond you can see on the stable cost and benefit, et cetera. First question is on capacity. We have some major segments, right, like power distribution units for data center, propulsion sports, high speed and metro, isolators and circuit breakers for a lot of new applications, including hydrogen that you highlighted. Next 3 to 5 years, when we plan our capacity creation which are the areas where we will see maximum capacity creation, if you can highlight? That's my first question.
Very helpful, Sanjeev and Sridhar. And second question is coming from the group now Bjorn had a very fabulous tenure, which also impacted ABB India materially beyond what the India story management has driven beautifully. New management seemingly is contin uing the strategies of the last CEO. But anything that you want to highlight in terms -- so the way ABB operates is very different from players like Siemens globally when they think of global factories, division-wise versus segment wise ? Anything that, Sanjeev, you want to highlight on the management -- message from the new management, which is worth sharing here?

CG Power and Industrial Solutions Limited

CG Power and Industrial Solutions Limited CC-Sep24.pdf · 2024-10-21
Hi, Amar, congratulations on this new role. So two quick questions. First is on the acquisition of -- on the fund raise of INR35 billion, broadly is it more that we are looking at TAM expansion in the rail portfolio again or is it more industrial? Any color here is helpful. And second question is more about your global acceptance for motors and what Jonas also tried to ask ab out, what will we do in drives because taking MNCs head-on on selling motors with drive is not going to be easy. So these two areas, please.

GE Vernova T&D India Limited

GE Vernova T&D India Limited CC-Jun24.pdf · 2024-07-31
Sandeep, I just want to understand, if you look at last 15-20 years of transmission equipment market, we had a peak of roughly around INR25,000 c rores, INR28,000 crores back like 12 years ago. And GE T&D had a peak margin, which is actually what we reported just now, range. The market has very much changed, right, since then. So do you think take a 3-year, 4-year view, our scale will be very different in 4 years' time? Or you think -- because the market might be INR30,000 crores, INR40,000 crores per annum best case next year. So how do you see next 3 years for GE T&D capacity framework? Because most players are very, very judicious in expanding capacity. And this is considering your own mix is 1/3 skewed towards exports, which is ever growing demand from a parent company. So next 3 years, how should we think about GE in terms of capacity to ma nufacture and scale up and commensurate to that, how is the India opportunity looking like to you?
Fair. And second quick question is for GE even during the old times, the business mix has been skewed towards private, right, always. Even today, you have more than 60% of business or orders are from private sector. How should we look at this, say, 3, 4 years on the line? Because -- do you think this will change? And the reason I' m asking this is also because different businesses have different profitability metrics. An d so you think from a 3-year view, your mix will shift?

KEI Industries Limited

KEI Industries Limited CC-Jun24.pdf · 2024-07-30
Anil ji and Rajeev ji congratulations on a very sta ble growth and profitability. Sir you have multiple expansions. By 2027 most of the capacity t hat you're planning will be normalized and available for full year, right, first full year, so roughly around by that time, if you do INR13,500 crores turnover, your exports should be mostly arou nd INR2,000 crores by then. Is that a right assessment?
Great sir. Thank you so much. One last question, so in the next 2-3 years, the kind of growth we have, your cash flow will still be maybe much better than what you had in the last 3-4 years. So Anil-ji, beyond the current capacity, and I am more talking about the next progression in business beyond just cables, how should we think about the next 4 to 5 years on this company in terms of more B2C businesses if you have in mind around adjacent segments?

Data Patterns (India) Limited

Hitachi Energy India Limited

Hitachi Energy India Limited CC-Jun24.pdf · 2024-07-25
I have two quick questions, sir. First is on the next two large HVDC projects, can you briefly share the status? And what is the competence of Hitachi there?
I'm saying on the next two HVDC large projects that are expected in the next 12 to 18 months. What is the broad status on both, because both are very different projects, very large ones. And broadly, what's our capacity or framework there, in terms of the financial and operating capabilities that we have?

JSW Steel Limited

JSW Steel Limited CC-Jun24.pdf · 2024-07-24
Hi, PR. I have just two quick questions. First, on the Middle Eastern market, can you throw some light on the execution positioning? In last six -eight months have we seen some delays in execution on most of the large Saudi Arabia project. Whether things are on time? And I want to broadly understand your comment on the competition, especially from the Korean, Chinese players, given that European and Japanese are not very active.
Thank you. And the second question is more on the core margins. If I see, we started the year with a good 60, 70 basis point margin expansion in the Infra side and the reason we've given is execution cost savings. Is this execution cost saving maybe one-off quarterly in nature or do you think for the full year, we have a much better margin expectation? Anything on that, PR? Thank you.

Transformers And Rectifiers (India) Limited

Transformers And Rectifiers (India) Limited CC-Jun24.pdf · 2024-07-19
I just want to understand we also deal with glob al peers like GE, Hitachi etc., right, probably we have made supplies to them both in India and maybe globally. In FY24, can you broadly share what percentage of our sales comes from supplies to some of the global peers?
Second question, sir is on the export opportunity, now globally China used to be one of the largest suppliers to the West, almost 5 billion USD at the peak exports of Chinese Transformers globally, which is not the case right now, they don't get proper reception audience on the Western grids because of various issues including security. So, what is the total opportunity for the domestic transmission equipment players, if I right now foresee particularly from maybe developed markets if you have that assessment, sir?