Stockrabit · Analysts
Questions across 25 calls

Amyn Pirani

JP Morgan

Ashok Leyland Limited

Ashok Leyland Limited CC-Jun26.pdf · 2026-05-28
My first question is actually regarding the quarter. In 4Q this time, we did not see the sign of operating leverage on the staff and other costs that we normally see in every fourth quarter as volume goes up. So is there anything that is a one-off or anything that we should keep in mind when you are looking at the financials for this quarter?
Sure. And just as a follow-up, I mean, obviously, we've talked at length about the commodity pressures and what the company can do. But given that there is a general inflation and there are challenges on employee costs wages, diesel availability, gas availability. Is there something that we need to keep in mind in your other expenses for next year? Do we need to keep something in mind whether this could be a year of extraordinary inflation or it will be a normal year and the only challenge is the raw material line, which we need to monitor?

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-May26.pdf · 2026-05-20
Yes. Hi, good evening and thanks for the opportunity. J ust a few clarifications. In your breakup of emerging businesses, if I look at lighting and electronics and I'm assuming that consumer electronics is part of that. Despite the very sharp uptick in consumer electronics, the revenue growth in lighting and electronics is just about, say, 30%. So, is it fair to say that the lighting business has had a fairly tepid year or am I over estimating the impact of consumer electronics here?
Sure. We look forward to that. And just for context, GF1 and GF2, you mentioned that in Q4, you're hitting the annualized run rate of 14 million to 16 million units. So GF3 will be a multiple of this o r like any broad indication are you giving right now that GF1 and GF2 is 14% to 16%. So GF3 will be like of 2 to 3x or 5x of this, something like that?
Samvardhana Motherson International Limited CC-Sep24.pdf · 2024-11-12
Yes, hi. Thanks for the opportunity and congratulations on a good result in a tough global environment. My first question is on Europe. You had done a significant restructuring last year. And this year, we've seen some of your large customers in Europe actually shutting down plants. So my question was that was your restructuring in anticipation of what is happening at your customer end this year in Germany and Europe or does this mean that there is more restructuring to come based on the actions of your OEM customers?
Okay. That's good to know. Secondly, you know, since you've decided to utili se the QIP proceeds for reducing debt and then whenever the organic opportunities come up, I'm guessing you'll have to lever up again. So is it because you believe that the debt you may have to take for the inorganic opportunities will come at a lower -cost because you could have kept the cash balance also. I'm just trying to understand from a allocation point -of-view, like how you're thinking about when you need to lever up and what are the interest rates going to be?

TVS Motor Company Limited

TVS Motor Company Limited CC-May26.pdf · 2026-05-13
Hi Sir thanks for your opportunity, my first question was on exports. You mentioned you know that we are seeing a lot of strength, but in the near term, there can be some challenges. As of now, if you look at Africa, LatAm and South Asia, are we seeing any signs of any challenges regarding inflation or the same issues that we're seeing in India in ter ms of gas availability and fuel prices emerging in any of these geographies because some of these geographies have announced work from home, rationing of fuel. So any worries or any concerns you are hearing from the ground here?
Great. That's good to know. And we can see that in your monthly run rate improvement as well. Sir, my second question is on the domestic market. We've seen in the last 12 months, EV 3- wheeler and even CNG 3-wheeler launch as well as 2-wheeler EV scooter launches. In the motorcycle category, is there anything that -- any category launches that we can look forward to in the next 12 months? Any specific category motorcycles that you are targeting for launches?
TVS Motor Company Limited CC-Dec24.pdf · 2025-01-28
Sir, two questions from my side. First question is, you have recently launched the electric three-wheeler, and the features and the pricing seems quite attractive. I don't know if you mentioned about this in the past, but how do you see the e -rickshaw as a category? And is that something also which can be a business opportunity for you in the future?
Okay. Sir, secondly, again, apologies if this has been addressed earlier. I joined a bit late. What is like the rationale of merging Sundaram Auto Components? And is there a plan to grow that business? And correct me if I'm wrong, currently, this is 100% supplying to you? Or is there any external revenues that this entity generates?

Bajaj Auto Limited

Bajaj Auto Limited CC-May26.pdf · 2026-05-06
Thanks for the opportunity and yet another congratulations going your way, Rakesh. I have two questions. The first one is on your comment on the moderation in the motorcycle growth. So just to clarify, when you say 7% to 9%, are you talking about, say, what you're seeing for the next few months, or is it for the full year? Because this year, we also have the problem of first half and second half looking very different in terms of growth. So just wanted to c larify on this comment of yours?
Sure. And my second question was on 3 -wheelers. So, if we just take a step back, obviously, we've talked about how ICE growth has been stable to slowing, but EVs has driven the growth. But if you look at the aggregate, I mean, 3-wheeler growth has actually surprised most of us. In fact, I think post -COVID, it has been the best -performing category within autos as a whole. And this is not something that we would have thought pre -COVID. So , is there anyth ing structural happening there? How should we think about the size of the category over the next few years? Because the growth overall, we may say EV, non -EV, but overall g rowth has been quite surprising?
Bajaj Auto Limited CC-Nov25.pdf · 2025-11-07
Yes, hi. Thanks for the opportunity. My question is actually on the domestic three-wheeler business. Now, obviously last year, we were actually on a very sharp market share gaining journey, and electrification was also growing. Now, I think you addressed it partly in the opening remarks that the market share seems to be consolidating maybe because of some supply chain challenges, but electrification continues to grow at a very sharp pace. So how should we think about the growth for the industry as a whole, ICE plus EV, and your eventual market share aspirations in the overall market? And the related question is that, till when do you think the PLI benefits could continue? Because that would be a significant or a material part of the fact that you are generating these high margins in the EV three wheelers. So how should we think about EV three wheelers’ profitability over a slightly medium term?
Thanks a lot. That is good to know. And look forward to the new solutions that you were also referring to. Thank you.

Bharat Forge Limited

Bharat Forge Limited CC-Feb26.pdf · 2026-02-12
Yes, hi. Thanks for the opportunity. Actually, my first question was on the announcement of the Premji investment in JS Auto. So my question was that, given that you are, probably the experts on the manufacturing business that it is, and given that , balance sheet is not really a constraint for you, what is the value that this investor is bringing in and how does this change the scale of operations which maybe you couldn't have done on your own?
Okay. Understood. Fair enough. Secondly , just following up on the Europe question. So interestingly in the last two, three quarters it looks like the numbers have already started to move up. So just trying to understand if are there already some things that you are doing in the business or we still have to think about , a kind of big restructuring w hich you had indicated like , few quarters back.
Bharat Forge Limited CC-Aug25.pdf · 2025-08-06
Yes, hi. Thanks for the opportunity. Two questions. First of all, on the U.S. aluminum profitability, does this business get any benefit because the U.S. has imposed tariffs on a lot of things? So that if you can give some bit o n the profitability side, or if you can highlight what is causing the staff improvement and profitability here?
Understood. I think till last quarter, you were also mentioning that there was some delay in getting the price increases from the customer on the aluminum business. Is now that behind us now? Subodh Tandale: No, it's not yet done.

Hero MotoCorp Limited

Hero MotoCorp Limited CC-Feb26.pdf · 2026-02-06
Welcome to Mr. Chitale. Hope to hear more from you in the coming weeks and months. My first question is actually on a topic, it doesn't get discussed very often, is your exports. Now obviously, from a very low base, this number has been growing at a very sharp clip over the past several quarters and it is starting to become quite significant? So any color you can give as to what geographies are emerging as important for you? Any broad mix? Any specific regions or countries that are doing well for you? And how should we think about this over the next, say, 1 to 2 years?
This is very helpful. And Vivek, since I have you right now, I just want to understand this interplay of commodity and pricing because there is a worry within the investor group for autos in general, that since GST has been a key driver of growth, if companies have to increase prices to now offset commodity, would that be a dampener? So my question here really is, a, do you agree with that worry? And b, given that growth is strong, would it be fair to say that operating leverage itself can take care of a lot of these commodity challenges and the price hikes required may not be substantial? Just wanted to help -- get your help on understanding that.
Hero MotoCorp Limited CC-Dec24.pdf · 2025-02-07
Hi, thanks for the opportunity and also want to take the opportunity t o wish Niranjan and the other senior management who are moving on to the different roles, all the best , and also to Mr. Ka sbekar and the team who are taking on new role, all the best as well. Just on the quarter, two questions from my side. This quarter we have seen the parts revenues have a very strong growth and I think from a trend basis also it seems that the growth has been much stronger. So , is there a seasonality here because I think first half the growth was much weaker, 3rd Quarter we have seen an acceleration and that has also helped the margins, I am assuming. So, how should we think about this going forward?
Thanks for that. And just on one of the launches, I think the Xoom 160, I think obviously it's an interesting launch, I think it can expand, or create a category because there's nobody there, but there could be a demand given how we have seen 110 to 125 transition over the last four to five years and the next step could be 160 cc scooters. But it appear to me and I could be wrong that the pricing , it seems to be priced for profitability than category creation and market share gains. So , if you could just help us understand the pricing strategy for the Xoom 160 because, it's a new category and you are I guess the first big player who is getting into it?

Ather Energy Limited

Ather Energy Limited CC-Feb26.pdf · 2026-02-02
Yes. Hi. Thanks for the opportunity. Just a follow -up on the ProPack discussion that you just had. So a clarification, can people who buy just the vehicle come back at a later date and still buy the ProPack? And does the pricing change? Like how does it work?
Okay. And just wanted to also talk about something that you discussed last time also. Is there any update from the government on the rollout of ABS? And what is the kind of discussions you're having on your own version of the EBS, which obviously, as we talked about last time was potentially even more effective and less costly than the ABS?
Ather Energy Limited CC-Nov25.pdf · 2025-11-11
Yes. Hi, Tarun. Thanks for the opportunity.
Hi. So most of the questions have been answered. But my question was on the growth that you're showing, obviously, there has been a very significant expansion of market share. Even though the EV market growth is still there, but hasn't been like great in terms of penetration growth in the last, say, I would say 8 to 10 months. So do you think that this is just a temporary phenomenon because of rare earth and maybe other issues? Or like how should we think about the overall industry growth, because at some point of time, since you're already number one in south, you're gaining ma rket share, your growth will also be a function of the figure. So any thoughts there?

Maruti Suzuki India Limited

Maruti Suzuki India Limited CC-Oct25.pdf · 2025-10-31
Thanks for the opportunity. Most of my results related questions have already been asked. So, I just had a medium -term question. This 50% market share , which keeps coming back in commentary, I wanted to understand as to how important is it to get to 50% market share because while it has come down to 40-41%, it is on a much larger industry base. Even if you can maintain 40% in an industry which will become 6 -6.5 million units, it's still a very commendable achievement. So, how important is getting the 50% market share and is there a trade-off that you are willing to take while capturing that 50% market share in terms of either profitability or segmental share if you can shed some light?
Great. Thanks for the elaborate answer. As a follow-up, last year you talked about two new SUV launches and the VICTORIS got launched and the e VITARA has already been launched. Can we get some early guidance into next year like will we have two new SUVs? And what are the Page | 10 white spaces because with your large market share you are already present in so many sub - segments so what are the white spaces for these eight SUVs to come in if you can help us?
Maruti Suzuki India Limited CC-Jul25.pdf · 2025-07-31
Hi, thanks for the opportunity and congratulations on the strong performance despite weak volumes in this quarter. My first question is on this whole commentary around the rare earth. I just want to get your sense as to how big a problem is it for you as of now? Just your perspective on whether is it only a challenge for EVs, or can it become a challenge for the entire ICE portfolio as well and where are we in terms of managing this risk?
Okay, fair enough. Secondly, just on the mix obviously this quarter your exports have been doing well for a while now but this quarter the gap between exports and domestics was even higher. So, can you help us understand any specific color on the ASP. Is it just a basic mix, or is there some country mix or some FOREX benefit also which we are getting due to which this ASP has gone up?

Hyundai Motor India Limited

Hyundai Motor India Limited CC-Mar25.pdf · 2025-05-16
So, my first question is on your comment, that you expect to grow broadly in line with domestic industry in this year. Given that the new plant is coming up in the second half and, we probably will have some refresh or product launch, is it a bit of conservative guidance or are you expecting some headwinds? Because ideally, we would have expected that you could actually outperform the market this year, after a bit of underperformance last year.
Okay. Understood. And secondly, just this clarific ation on the previous point, did I hear correctly that, by the time the full ramp up happens to 1.1 m illion, you are expecting exports to become close to 30% of volumes?
Hyundai Motor India Limited CC-Dec24.pdf · 2025-01-28
Yes, hi and thanks for the opportunity. Just continuing on the export aspect. I think in the initial remarks there was one comment that to offset the Middle East and Latin America weakness, we have increased exports into Africa and maybe that has led to some increased discounts and ASP issues. So, broadly can you just help clarify whether Africa is generally a lower ASP and lower margin geography and that has, maybe, impacted our overall profitability?
And just on the Creta Electric as an export opportu nity. Again, just want to understand, is the Creta Electric exclusively made in India or is it made in other geographies also?

Eicher Motors Limited

Eicher Motors Limited CC-Mar25.pdf · 2025-05-14
Hi, sir. Thanks for the opportunity. Sir, on VECV, a request as well as a question, given the increasing importance of this business and the way it has been improving its financials, it would help if we can, also get some broad cost heads like raw material, employee and other expenses instead of just revenue and EBITDA and PAT because the kind of improvement that it is showing, it will help us to get a better sense as to how things are going there. And hence the question is that after having flattish margins for a while, in the last 2 quarters, we have actually seen significant improvement in margins. So any broad sense as to whether it is driven by gross margins, whether there is some operating leverage playing out in other expenses? Is your pricing momentum vis-a-vis competition improving, some color there will be very helpful?
Annually, yes, sir. Quarterly, we don't get. Annually, we definitely get that. You are right.

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Dec24.pdf · 2025-01-24
Yes, Hi and thanks for the opportunity. I just had some clarifications on the forex loss. So, A, can you quantify how much of the forex loss amount in the P &L is due to unrealized mark-to- market? And related question is that the realized forex hit that you would have taken for expenses incurred in the quarter , are they also in this line item or are they distributed on the various revenue and cost line items?
Ok, that is helpful. And secondly, you know, if I remember in the Fiscal ‘24 Annual Report, the 1% movement and USD INR was something like Rs. 500 crores, that number has increased to something like Rs. 700 crores if I got it right in the initial remark?