Stockrabit · Analysts
Questions across 24 calls

Amyn Pirani

JPMorgan

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Jun26.pdf · 2026-05-29
A 2 -part question on your CASK ex fuel ex FX. So in 4Q, if I look at the line items, which comprise your ex-fuel costs, given the disruptions, given the currency depreciation, it seems that the cost inflation was quite well managed, if I look at lines like employee airport fees and even the supplementary rentals. So, any mitigating factors that you have already deployed and any color on the cost management? And the second part would be, like you have been giving guidance last year, any guidance for the CASK ex fuel ex FX trends for the quarter or for the year, whatever you're comfortable providing?
And just you had provided a sensitivity of INR900 crores for every USD -INR depreciation. Can you provide the latest sensitivity? Or is this still the same?
InterGlobe Aviation Limited CC-Jan26.pdf · 2026-01-22
My question is actually a continuation on what Binay asked on the CASK ex -fuel. Now Gaurav, your guidance during the year has changed, and I mean we appreciate that it is mostly because of exogenous factors based on FX as well as the FTDL norms as it has evolved. So, can you give us some color as to when you're giving this latest guidance? What is the kind of FX expectations or expectations on costs that you're building in because it has been a moving target? And like I said, it has been driven by exogenous factors. So, it will help us understand as to what you are already building in terms of these things? And how should we think about maybe the next few quarters?
Sure. Appreciate that. And just a related one, you already put in some exceptional items as far as the labor code is concerned. Are there any recurring costs that we should watch out for? Because I think one is, I think, gratuity related or other things fo r existing employees. But I think going forward also, there is some changes in the way you need to make these provisions as a percentage of salary. So, any recurring kind of impact that we should watch out for? Or there is nothing that you foresee as of now?
InterGlobe Aviation Limited CC-Mar25.pdf · 2025-05-21
Hi, thanks for the opportunity. My first question is that if you could help us understand the sensitivity or quantify the impact that the closure of the Pakistan airspace could have on our operations and costs?
Okay. Thanks for that. And my second question was on broadly speaking, codeshare as a whole, how much does it form part of your overall revenue? And if you can help us understand how does the accounting work? Like is codeshare a direct flow through to profits? Or are there costs associated with it? If you can just help us understand that, that will be really helpful.
InterGlobe Aviation Limited CC-Sep24.pdf · 2024-10-25
My first question is actually on demand growth itself. So, like you rightly pointed out, your load factor in 2Q FY’25 is similar to last year of around 83% despite the fact that you had an increase in AOGs, and your ASK growth has also moderated. So, bas ically, it looks like your domestic RPK growth is around 4%. So, is this because of a moderation in growth? Or is it because some of your AOGs are in routes where you could have lost sales, and once these AOGs come back in service, the RPK growth itself could see an acceleration?
Just a follow -up on the costs. Now obviously, AOG mitigating factors will moderate as these planes come back and the damp leases are given back, but the inflation is something which would be impacting you as well as the industry. So, would it be fair to say that if you have to go back to normalized spreads, then the yields in the industry and your yield have to go up materially higher from here? Or do you think that the ASK growth itself can take care of the inflation that we are seeing in the non-AOG path?

Hero MotoCorp Limited

Hero MotoCorp Limited CC-May26.pdf · 2026-05-06
Yes. Hi. Thanks for the opportunity. Actually, my first question is something that, sir, you mentioned towards the end of your comments on the exports. So last 2 years, we've seen a very sharp increase in our exports. So any color or guidance you can provide as to how should we think about maybe the next 12 months or maybe the next 12 to 24 months in terms o f the momentum? And are there any specific markets where we are seeing any improvements? And how should we think about the development in this segment? And also, are there any near-term risks that we should think about given whatever is happening in terms of logistics, global shipping lines, so on and so forth?
Great. My second question is more on the domestic demand and market share. And while it is well appreciated that in every category or most categories, you have managed to gain share last year, because of the differences in your salience in scooters and EVs, your market share -- overall retail market share still has come off a bit, even though that trend was also much better than the last few years. So looking forward in FY '27, I know it might be a difficult question to answer. How should we think about your retail overall market share and the salience? And how s oon do you think that your salience in scooters and EVs can catch up so that your overall market share starts to look stable to improving?
Hero MotoCorp Limited CC-Nov25.pdf · 2025-11-14
Congrats for a great festive season. I had a question, I don't know if you can answer that because something that is on the mind of investors and us is that, obviously, when the GST was announced, there was a period of postponement. And then the festive was strong, but then at the same time, there was some buying which was pending for the month before. At the same time now, post festive, given the strength that we are seeing, it looks like there could be some preponement also because of the whole communication by the government as well as every company around GST cut. So just trying to understand if you can help us, how should we think about the momentum as we go into, say, the next 3 to 4 months because clearly, the post- festive momentum has also surprised us. So how should we think about this as we go into year- end and probably early next year? Whatever sense you're getting from the ground.
Great. That's good to know. And my second que stion was actually on exports. We -- it's still a relatively small part of the overall company. But consistently, we've been seeing very strong double-digit growth here. So any color if you can give? Are there any new geographies that are helping you? Are there existing geographies where you've been gaining some market share? What's the kind of response? And what's the kind of numbers that we should look forward to going forward?
Hero MotoCorp Limited CC-Jun25.pdf · 2025-08-07
Actually, my first question was on the HF Delu xe Pro. So again, our understanding was that there is an affordability challenge in that category for a very, very long time. And the product that you have launched, obviously, it has significantly added features, but it's also priced higher. So just trying to understand what is your thought process, which obviously you're looking at much more data than we can , as to what is the challenge in this category? Is it that people are just waiting for a significantly better product even if it is more expensive? Or are they looking for a better price? So, some color there on what your thought process is, will be very helpful.
Okay. So if I can follow up on that. Is there a risk that it starts moving into the entry -level Splendor price points? Or, do you think that those brands are so distinct that nobody really moves between the two?

Eicher Motors Limited

Eicher Motors Limited CC-Feb26.pdf · 2026-02-10
Hi, Good evening and Thanks for the opportunity. Most of the questions have been answered. So just a few clarifications on the capacity expansion plan. So first of all, the 1.45 million capacity that you have mentioned, which is currently, is it the capacity like which has just been reached right now? Or this is something that we always had because we are going to do some debottlenecking at the existing lines?
Okay. Okay. And basically, the whole 2 million capacity will be available to us in the beginning of fiscal year '29. Is that the correct understanding?
Eicher Motors Limited CC-Jun25.pdf · 2025-07-31
Hi, thanks for the opportunity . First, just a follow-up on the export breakup that you just gave. Currently, ASEAN as a market would be approximately what percentage of your exports? And potentially, how big can that market become? Because you mentioned that Indonesia is doing well. And as a 2-wheeler market, it is one of the largest markets in the world after China and India. So what can be a potential volume, say, two, three years down the line there?
Okay. And just a question on Himalayan and the entire models on that platform. While in the export market, this product has done extremely well. And even in the first quarter, I think it has almost doubled on a Y-o-Y basis. On the domestic side, it seems that the volumes have actually stagnated at that 3,000 per month or kind of a number for the last several quarters. So any color you can give as to what is happening on the domestic differently from exports? And are there any interventions or anything that we can do to increase that in the domestic market as well?
Eicher Motors Limited CC-Dec24.pdf · 2025-02-10
Yes. Thank you for the opportunity. I had a question on exports. Obviously, you have seen a very strong recovery in exports, but partially, the last year's base was also impacted because of a lot of headwinds in the individual markets. Can you give us some context of how the markets are doing? Because we had a phase in which Europe was going through a tough time for the market itself. US was having its own issues. Also, if you have some views on this tariff-related concerns, which are building up. So how are the individual export markets doing, if you can give some context?
That's good to know. Just on the Thailand CKD plant, any broad sense as to what kind of capacity we're looking at? And what is the kind of annual potential for you in that market? And also an update on what's the CKD capacity in Brazil? I think you were going to expand that as well. So some recap there would be helpful.

Bajaj Auto Limited

Bajaj Auto Limited CC-Feb26.pdf · 2026-01-30
Hi, thank you for the opportunity. Just going back on the commodity versus pricing question once again. So, Dinesh you mentioned 50-60 basis points, and you've taken half of that through pricing. But just on a top -down basis, I wanted to understand, given the growth that you are expecting in terms of volumes and the fact that currency is continuing to be a tailwind, would it be fair to say that you have many more levers than just pricing to offset this and you may not necessarily have to take c are of the remaining 50% through pricing to maintain margins? And again, I'm not asking you to define the basis point, but just theoretically, is this line of understanding, correct?
Thanks. That's good to know. Secondly, my question was on BACL. Given that business, this business is still quite new, the fact that you are roping in a quarterly PAT of around INR200 crores given your size of book, I mean, just trying to understand because it seems based on our look of other captive financiers that your ROAs or generally your profitability profile is much better and you're still only 45% penetrated? So, is there something better which is happening in your profitability? And secondly, given the kind of profitability and the kind of capital adequacy that you already have, do you envisage that you will have to continue to invest in this business going forward?
Bajaj Auto Limited CC-Jun25.pdf · 2025-08-06
Hi, thanks for the opportunity. M y first question is actually a continuation on the 3 -wheeler export thing. Now several years ago, we had one large market Egypt, which was, if I remember correctly, one-third of our entire 3-wheeler exports. So Part A would be, is there any update as to what's happening in that market because it used to be a very large contributor for us in 3 - wheeler exports? And secondly, like 2 -wheeler exports, which are recovering well and hopefully, you will see them go back to pre -COVID or rather historical peak soon. How should we think about 3 - wheeler exports? Are there any large pockets or specific markets which could become significantly large over the next, say, 2 to 3 years?
Sure. That perspective is helpful. Second question is actually on 2 -wheelers and agai n, a two part question, if I may. A, you had mentioned last quarter that you are thinking or looking for a lower price or a lower segment 125cc. Is there any update on that? And would that be a Pulsar or a non-Pulsar brand? And again, related question, we see that in the export market, it appears to me that more of your brands has had success, like a Pulsar is doing well, but a Dominar is also doing well. Obviously, KTM is there, but Boxer also does very well. Whereas in India, correct me if I'm wrong, we are becoming more and more Pulsar centric. So some comments there would be helpful?
Bajaj Auto Limited CC-Sep24.pdf · 2024-10-16
Hi. Thanks for the opportunity. I had a question on emissio n regulation first and then maybe some clarifications on the result. In April 2025, we are supposed to have the next phase of OBD norm, if I'm not wrong. So just wanted to get a sense from you, is there any cost call out or any significant inflation that we should be watching out for two wheelers?
I was just asking that, should it be in line with what happened when the OBD-1 came in? Or can it be lower than that as well?

Samvardhana Motherson International Limited

Samvardhana Motherson International Limited CC-Mar24.pdf · 2024-05-29
Two questions from my side. First of all, if I look at the list of your Greenfields , you are doing a few of them in China also. Historically, as well as today also you mentioned that you are not present in a big way with the local OEMs. Given that most of these Greenfields are still happening within the automotive segment, can you give some colour as to are we continuing to be with the global OEMs in China? Or is there some plan to increase engagement with the local OEMs who are gaining share?
Understood. No, that's good to know because they are expanding in Europe where you obviously already have a very strong presence. So that's a very interesting point. Secondly, just a clarification, this INR5,000 crores NCD that you are planning to raise, is it mostly some debt in financing? Or are we looking at keeping some cash for some extra capex going forward or -- for M&A?

Ashok Leyland Limited

Ashok Leyland Limited CC-Sep24.pdf · 2024-11-08
Actually, the first question is on the point that you mentio ned about Hinduja Leyland Finance. You mentioned that you expect it to complete by 1H of FY -- 1Q FY '26. Now I just wanted to understand if this process has been delayed quite a bit. So is there anything which is delaying the process specifically? Also, since you had tried to do an IPO several years back, but then you changed your plan, given the kind of market that we've had in terms of new issues being subscribed, is there a rethink that you can have? Or now you are sticking to that original plan? And if yes, then what is causing these significant delays in the process?
That's good to know. So is there any broad update that we can have on a first half basis with respect to maybe what is the book size? What's the PBT? Is there any asset quality? And you also mentioned that you haven't invested a ny money in the subsidiary in first half, but some investments would be required in the second half. So any broad indication as to what that investment could be for Hinduja Leyland Finance and probably for the other businesses?

TVS Motor Company Limited

TVS Motor Company Limited CC-Sep24.pdf · 2024-10-23
Sir, my first question is on the recent refreshes that you have done on the Jupiter and the Radeon and the Raider. And like you mentioned, you are giving more value to the customer. With extra features, it looks like that in some variants, the prices are similar or maybe even slightly lower. So my question was that are you seeing some restraint from the customer in terms of the price points. And related question is that are you s eeing any price competition in the market from other players in terms of headline discounts during this festive period?
Sir, I'm very happy, but I'm just asking as to whether the...

Container Corporation of India Limited

CEAT Limited

CEAT Limited CC-Mar24.pdf · 2024-05-03
Just going back to the E PR, and thanks for all the explanation till now. Just wanted to clarify. So I think there was a rule that for a year, the provision, which has to be made is for the prior year or 2 years prior production? Or is it like what provision you're making in FY '24, that INR70 crores is for FY '24 production and FY '25 will be FY '25 production?
Okay. So for FY '25, you will be providing 100% of FY '23. Is that the correct way to think about it?