Stockrabit · Analysts
Questions across 10 calls

Amit Sachdeva

UBS

Asian Paints Limited

Asian Paints Limited CC-Jun26.pdf · 2026-05-29
Good evening, sir. Congratulations on a great set of numbers, sir. My question is to your comment when you say competitive intensity will remain high, or at least that's what I could hear. But last year we saw competitive intensity show up in a manner that there was a free volume to consumers and there were higher discounting and even higher margins for dealers as well by new entrants. And that persisted for a while. Now we are in a very volatile environment of commodities, input prices. Things look uncertain on many fronts. When you say competitive intensity remains high, do you still allude to that discounting will remain high or do you think that it will show up in more product innovation or A&P spends and so on and so forth? I would assume that in such an environment, perhaps discounting-led competitive intensity would have reduced. How should we interpret your comment on this front?
Got it. Very well understood, Amit. Thank you so much. My very quick second one would be where the 10% price hike that you mentioned that you have taken on a cumulative basis. Has some part of it reflected in Q4 as well, or is it largely for Q1? I would assume that some inventory buildup was already there. How should we think about the pricing playing out in the revenue line in this quarter or the next and if you take incremental price increases? Just to help understand a little bit on the pricing side.
Asian Paints Limited CC-Feb26.pdf · 2026-01-27
Hi, good evening and thank you for taking my question. Sir, if I recall, you had given some sort of ambition, if not guidance, for second half, kind of 5% or mid -single-digit revenue growth and value volume gap of some 5% as well. Now, given the Q3 performance and if I were to reflect back, that Q4 tend to have some sort of channel filling or at least quest for channel filling, a lot of competitive activity because everybody wants to finish the year with good 35 | numbers. Is it a remote possibility that your guidance is intact and in fact, we could see a bit of very strong volume growth in Q4? Is that a possibility or are you sticking to that guidance what you said in the past?
Got it. Amit thank you so much for this. And if I may just stretch a little bit of the comment you made about the value volume gap of 5%, sustaining for few more quarters. Now in your thinking, you have probably reflected largely mix led activity which is causing this to persist. Now is it also your competitive signalling, inbuilt into it, that you expect competition to behave in a certain manner, and you have inbuilt your thinking, that pricing would remain in this band or at least the value or volume gap will persist for some time. Is it a two -year phenomenon for you? When would you see the base catching up, is there a sort of framework we should think about , because right now we are always second guessing, how this gap would bridge?

Lenskart Solutions Limited

Lenskart Solutions Limited CC-Feb26.pdf · 2026-02-11
Hi, good evening, everyone. Thank you for taking my question. P eyush, I just have a small question. First of all, congratulations on adding an accelerated volume in India and unlocking exponential growth. My question is that, is there a way that you are tracking also while there is exponential deluge of customers by way of eye testing are getting added, are you also at the same time tracking the consumers who are leaving the ecosystem? Or how do you track or define a customer who's a leaver? And why I am asking this is, is there a journey of consumer with you? And if there is a leaver, how do you define it? And what sort of trends are you observing from it and what sort of learning so far and how you have tweaked your model from those learnings? I am just thinking aloud that in an exponential growth, is there also an opportunity where lifetime journey of consumer is being also analysed and if they are leavers and why they leave?
Got it. That's very, very helpful. The reason I was also asking is that, is there a way to observe any opportunities for premiumization or scaling consumers up or down? That's where I was also coming from. Is there an opportunity to see where consumer cohort is changing or migrating or something like that as well? These are t oo detailed and I can obviously take it offline as well.

Jubilant Foodworks Limited

Jubilant Foodworks Limited CC-Feb26.pdf · 2026-02-10
Sir, my question is on the margins bit. See my sense is that if I look at the margin expansion in pre-Ind AS, which seems very impressive and so it's a great job done. But can I sort of double click on a bit and ask whether rental saving is now part of the equation, which seems structural because now, I think delivery is largely part of the pie. So is there some ongoing rethinking of the store happening and rental as a percentage is declining? Because I know that in the first half of this year, lease expenses from the cash flow, which I would say would be rental is 7%. Last year, that number was 7.4 %. Is there a consistent saving now as part of the equation? And how sustainable that is and what the number could be? So that is point number one. And on related points, my second question would be on Popeyes, whether in 15% growth ambition at stand-alone level, how much this will be contributed to Popeyes over the next 3, 4 years? And how much margin at EBITDA level would be contributed by Popeyes as well? Because I think if the journey of that is also increasing, how one should think about that, these two pieces together?
If you don't mind, is there a rough ADS that you can share, if possible, in say Bangalore, if not in all, but in typical ADS that store is getting, which you are satisfied with? And obviously, there will be a range, I don't want to ask too much of details that you don’t share. But how do we make sense of it that how ADS is evolving for this, although the ADS, SSG looks very strong. But in terms of ADS, how it is kind of range could be?

Devyani International Limited

Devyani International Limited CC-Feb26.pdf · 2026-02-04
Congratulations Manish on your new role. My just one question on the January 2026 improvement that we have seen and obviously you alluded to the several initiatives, or at lea st the experiments you have done, maybe I assume that pricing and how you kind of create the marketing mix for that. Could you give us a little bit of detail that what three, four things are you really excited about that are working very well? Is it a pivot to value or the larger pack or what sort of online and offline strategies are actually working which you have to repeat, if you could give us some more detail about that, I will really appreciate? And what you think that are going to sustain and help you in the rest of the quarter as well?
Sure. But I just wanted to understand that it is largely driven by how you promote or is it like some SKUs are working better, which I am not really asking for any comparative sensitivity, just as a structural theme that which is working very well and which you feel is, you know?

Marico Limited

Marico Limited CC-Nov25.pdf · 2025-11-14
Hi, good evening. And thank you for taking my question. Thank you. So, my question is on VAHO and VAHO clearly, the trajectory has changed. And it is sustaining and I think good to note that the higher margin part of VAHO is growing. So, Saugata, what I would like to understand is that can you give us a bit of a deep dive into how this change is happening? And is there a channel cut to it? And is there a brand cut to it? Clearly, if you could give us some sort of salience that is an MT GT or e-com, what sort of major transition has come and is sustaining? And then how to, is this now margin enhancing and is the margin at VAHO level are better than company level margins or at least reaching there? How do we think about this portfolio growing at this rate? And what is the impact on margin for overall company?
Got it. That is very helpful, Saugata. Can you give us a little bit of channel touch to it? What is GT, MT and E-com for this VAHO portfolio?

Titan Company Limited

Titan Company Limited CC-Nov25.pdf · 2025-11-04
One small question. Ajoy, you mentioned that buyer growth has been weak and buyer growth has been weak for a while because gold price has been rallying really hard. I'm just linking it to think from a studded angle as well because studded maybe a considere d purchase but it's many times a converted purchase. So is it that as the buyer growth builds up, you would see much more tailwind for studded growth, which has been also lackluster for a while, although it has gone up this quarter a bit from the last one? So is there a buyer growth deterrent for that growth, number one? And given your INR 1 lakh and below lot of product introductions, do you expect studded growth to increase in the coming quarters from what we have seen in the last, if assuming gold price stabilizes and what you're seeing on the ground? That's question number one. And because margin is an issue that I think you'll be grappling with as coin sales increase, et cetera. So it is -- question is linked to that.
Titan Company Limited CC-Jun25.pdf · 2025-08-07
Hi. Good evening and thank you so much for taking my question. Sir, my question is on the studded growth, which is 11%, and I think, it's been going on in the same range for the last two quarters, three quarters. But surprisingly, CaratLane continues to grow strongly in 30s, and you also make a point that premium solitaires, they are up 60%. And you also sort of given a mix of revenue in the slide, which is studded versus gold, and that includes CaratLane and the numbers seems to be unchanged. But then does it signal that in the studded segment, the ticket sizes now are coming down? And is there something consumer trends are telling us at Tanishq or Zoya level or at least the premium formats level, while t he market is going towards more affordable diamond jewellery? How should we see the trend? And could you also update what is the diamond overall market would be in India level studded market and how the market growth is happening?
Okay.

Avenue Supermarts Limited

Avenue Supermarts Limited CC-Mar25.pdf · 2025-07-30
Anshul and Neville, thank you so much.
Okay. I'll speak louder. I would say thank you so much, Neville, for the opportunity and thank you for your leadership. I find it very encouraging to hear that there's a greater focus on the network rollout. So, my first question is that, given this impetus, given the whole ecosystem around retail is changing, does that change the ambition on structural growth that you're targeting for, say, next 5 years? [inaudible audio]. That's the kind of every year you want to target. That's been in the past as well. Does that change?

Britannia Industries Limited