Stockrabit · Analysts
Questions across 37 calls

Aniruddha Joshi

ICICI Securities

JSW Dulux Limited

JSW Dulux Limited CC-May26.pdf · 2026-05-14
Sir, congrats for a great set of numbers as far as volume growth, 23%. So 2, 3 things. One, if you can indicate, is there any channel check filling in that, one at March end? And secondly, there was some issue with the dealers when the merger was announced, and we had seen probably some destocking happening at that end. So I guess those worries are behind us and those dealers have also come back on to upload the inventory. So is that also a reason for such a strong volume growth? Secondly, how should we think about volume growth on a normalized basis over next 1 year, FY '27? Question number one. Question number two, considering the price cuts, price hikes and maybe trade spend restructuring. So how should we think about the effective adjusted price hike? Question number two. And third, is the paint industry also completely out of the woods now? I mean last 3 years have been really tough for the entire industry as far as revenues or margins are concerned. So do you see both the things...
Yes.
JSW Dulux Limited CC-Dec24.pdf · 2025-02-07
Sir, 2, 3 questions. One, we are doing extremely well on B2B side, and we have seen good favorable data in infra, power, mining, marine as well as real estate sector. So what are the key things that we have started doing differently or superior, which is leading to the higher momentum in Paints as well as Coatings? So that is one question. Question number 2 is regarding Dulux Promise Freedom, the new latex paint we have introduced. So indicatively, how big is the market and what is the strategy over here? So whether it is, first of all, a pan-India launch or it's a trial launch at this stage or it is launched in any region specific? So how big is the product, etcetera? That is the second question. And third question, now you have gained market share for 12 straight quarters in a row. So is the distributor model is really working or in a way, what is driving the market shares in the decorative side of the market as well? That's it from my side, three questions.
Just one question. Waterproofing, we have been doing extremely well. And we have seen one more launch even in this quarter also with almost 8-year warranty. Again, it seems to be a pretty differentiated product considering it can be used on vertical as well as horizontal wall surfaces also. So if you can share more details about this brand. And lastly, whether waterproofing will be in high single digit as far as revenue breakup is concerned?

Blue Star Limited

Blue Star Limited CC-May26.pdf · 2026-05-07
Thanks for the opportunity. Sir, if you can share any outlook for the air conditioner industry as well as Blue Star for FY27, considering , there is an extremely favourable base of FY26. Secondly, whether the excess trade schemes like free installation or higher discounts for the trade. So, whether all of them have been discontinued. So, and at the same time, commodity prices have increased. So, considering all these things, what will be the outlook for margins as well? Question number two. And last question. In terms of now Blue Star has solid market share in air conditioners. And in a way, connected with dealer distributor manufacturing capability. So, is there any potential to enter, is there any plan to enter other products in a way either white goods or durables like washing machines, refrigerators or any other matter for that matter? Because if AC penetration reaches a very good level in FY30, so what will be the key driver beyond that. I guess, the feeding will have to be done now for t he growth to be seen maybe after FY29, FY30? Yes, these are the questions.
No sir Air Conditioner industry itself. Overall, RAC industry.
Blue Star Limited CC-Feb26.pdf · 2026-01-01
In the opening comments you indicated about, while nine months were muted for UCP, but there are demand drivers now. So, if you can elaborate a bit more on this, means, like, which regions you are seeing the growth, east, west, north, south, or rural versus urban? Are you seeing growth coming back in metros or in terms of the product profile, whether the growth is more in premium versus the value-for-money air conditioner? So, if you can share more details on these aspects.
Just last question. Mr. Mohit Sud is appointed as the Executive Director of UCP segment for a period of 5 years. So, heartiest congratulations to Mr. Mohit. and what will be the 5-year KRAs in terms of for Mr. Mohit from the board, whether it will be driving market shares, driving profitability or entry in new products, etc. So, if you can elaborate on that?
Blue Star Limited CC-Jun25.pdf · 2025-06-30
Sir, in case of UCP business, if you can indicate the revenue growth rates in RAC, air cooler, and even commercial refrigeration separately, it will be great. Then secondly, what is the inventory as of either 30th June or even 31st July, if you can indicate on that. Thirdly, what are the initiatives that the company has done to clear the excess inventory, means either free installations or additional trade discounts or consumer discounts ? Or what are the additional initiatives the company has done . Lastly, now the new norms will come into picture from 1st of January. So , whether the company will be able to exhaust all the trade inventory by that time ? Or how should we read the situation panning out? That's it for my side.
Just last one question. You had indicated earlier that Blue Star is also looking for a JV partner for compressor manufacturing. While we have got one-year additional window, but any update on this JV?
Blue Star Limited CC-Mar25.pdf · 2025-05-08
Yes, thanks for the opportunity. Sir, one question. Now , in your career you would have seen such weather -related issues, like early monsoon or late summer multiple times. So just wanted to understand from the experience that whether these things really impact in the medium -term or not? Secondly, are these things in a way helpful, because I guess the smaller / unorganized players would be getting relatively more impacted compared to players such as Blue Star. So, do we end up gaining market share in such periods? That is question number one Secondly, in case of Commercial Refrigeration, if you indicate about the market size and the market position of Blue Star, let's say, the market share roughly three years ago what it was, what is currently and the shares of other players also? Yes, that's it from my side. Thank you.
Correct.
Blue Star Limited CC-Dec24.pdf · 2025-01-30
Yes. Thanks for the opportunity. Sir, two questions. One, there was a case with W J Towell, our partner in Oman, and that was around Rs. 462 cr. So, any update on that and any likely impact, considering almost six months are over post that now? The second question is in terms of Professional Electronics. So, we have seen some significant margin deceleration in this business almost for back-to-back 3rd Quarter in a row now. This used to be the highest profit margin segment for us. So, where do we see the margin outlook for this segment and in general, in revenue recovery also in this segment any color that you can share, maybe on FY26 or H2 FY26, any update on that? Yes, that's it from my side. Thanks.
Okay. Sir, in terms of timeline means is there any particular end date there?

LG Electronics India Limited

LG Electronics India Limited CC-Feb26.pdf · 2026-02-12
Yes. Thanks, sir. Just two questions. Memory prices have gone up materially. So especially for the TV business and even the display business, how do you see the inflationary pressures? That is question one. And second question, if you can share more details on LG Essentials, what has been the initial market share gain, if you can call out any, and whether the product distribution has been across India, means, GT, MT, ECOM largely done, or what can be the upside in FY '27 and '28? Yes, thanks.

Polycab India Limited

Polycab India Limited CC-Jan26.pdf · 2026-01-16
So, in terms of FMEG, two questions. Can you articulate more on the business of fans, how it has shaped up again, that business is also facing some of the regulatory headwinds. And again, commodity prices have also gone up. So how is the performance in cas e of fans. Secondly, if you can share more details on the solar business. I guess you initially mentioned that it has grown 100% Y-o-Y. But at least what is the current revenue run rate, EBIT margin in that business, et cetera?
This is very helpful. Just second question. You have mentioned in the PPT that we have grown 59% in domestic C&W, and we would have gained market share. So roughly, what will be the market growth, means upwards of 50%, upwards of 40% where you look at the market growth per se?
Polycab India Limited CC-Jun25.pdf · 2025-07-18
Thanks for the opportunity. So, you spoke about Etira brand. So, what will be the, let's say, revenue share of Etira as a percent of total sales as well as the other premium brand, which we had introduced Hohm. So , if you can indicate both the revenue shares? That is question one. And secondly, as far as solar products is concerned, now that is a business which is going extremely well. So, what are the products that the Company is looking to enter, for example, solar pumps or, let's say, a rooftop solar o r what are the overall aspirations in this solar business? That's it from my side.
Okay. Surely. Thank you.
Polycab India Limited CC-Dec24.pdf · 2025-01-23
Most of the questions are answered. But just 2 things. Can you indicate the likely market share that we are targeting in FMEG segment, considering we are planning to grow at almost double the market rate? And also in terms of the region-wise strategy, East, West, North, South, which are the regions where we are looking at higher growth rates or possibility of more market share gains? And lastly, in terms of quick commerce, we don't see much of presence of Polycab in quick commerce channels. So any outlook that you would like to indicate regarding these channels? Yes, that's it from my side.
Quick commerce...

Aditya Infotech Limited

Aditya Infotech Limited CC-Nov25.pdf · 2025-11-13
Yes. Sir, if you look at the large player from China was extremely active in Southern markets as well as Mumbai city, and now with that player getting out of the market, what are the strategies we are implementing to gain more market share in Southern markets as well as the Mumbai markets? I mean, sir, if you can elaborate in terms of what are the new initiatives we would have implemented to gain market share? That is question number one. Secondly, in terms of we keep hearing that a lot of schools are likely to CBSE and IC SE, both have been made it mandatory. Even Maharashtra also, I guess some of the schools have been asked to implement CCTV cameras and I guess in UP, there are school buses are asked to implement CCTV cameras. So, what are our initiatives on this side and how do you see the market progressing on this front as well? Yes. Two questions.
Okay, sure sir. One more question. What is the strategy of the global players like Bosch or even Honeywell which are non-China based players. So logically they may get, they may be successful eventually in getting the certifications across the product range. So but eventually I guess, they are still not in the channels or the retail markets so it's difficult to understand the strategy from retail perspective. So how do we see these players in a way changing the stance and what is our strategy again to counter these brands also.

Havells India Limited

Havells India Limited CC-Sep25.pdf · 2025-10-17
Sir, the question on, once in January, we moved to new BEE norms for fans and air conditioners. So what will be the price hikes that will be required in both the categories? And already considering the steep competitive intensity plus huge inventory in the market, etcetera, do you see there is any potential to in a way -- I mean whether the price hikes can get easily absorbed without much impact on the volumes? And second and last question is, if you can quantify the current inventory in terms of how much it is more than the normal inventory, means assuming normal inventories around 3 weeks, whether the current inventory is 4 weeks, 5 weeks? If any quantification you do, that will be very helpful. And again, channel -wise, means which are the channels which are having the maximum inventory impact?
Sorry, sir, your voice is breaking.
Havells India Limited CC-Jun25.pdf · 2025-07-21
While the season has been bad, but if you can indicate, is there any market share gain in the three products, RAC, fan and coolers? And secondly, what are the initial additional initiatives done by Havells to clear up the inventory, like additional discoun ts to the trade or like the market leader is giving free installation of air conditioners or something like those kind s of any initiatives which Havells has started?
Okay. Sure, sir. Last question. Rural sales has remained at 5%. I guess this number has remained 5% to 6% over many years now. Now like Havells had done, I guess, some rural stores, I guess, Utsav was the name of the stores. Again, we have pumps business a lso. So, what are the three to four key initiatives that we are working to take this 5% number upwards? And you have any three year or five year target for rural sales to increase, maybe 10% of sales or 15% of sales? Anything like that?
Havells India Limited CC-Mar25.pdf · 2025-04-22
Sir, question on cable and wire. You have seen 2 large groups have announced a plan to enter cable and wire business. So I guess, eventually, the way it is happening in paints, like the brand will eventually prevail and not just the pricing, etcetera. So will we see more investment in branding before the 2 large grou ps enter the cables and wires? Or we will be looking at the situation and then accordingly, we will increase the ad spend or in a way brand-building efforts on cables and wires. So what will be the strategy over here? That is question number 1. Question number 2, we have seen material benefits coming in the budget. So is there any incremental change in the strategy to in a way grab large share of that additional money, which is lying with the consumers now? And last question, was there any price hike during the quarter? That's it from my side.
Next question in terms of the price hike and the additional money with tax incentives that are given in the budget.

Syrma SGS Technology Limited

Syrma SGS Technology Limited CC-Mar25.pdf · 2025-05-14
Can you hear me?
Yes. Sir, 2 questions. Should we consider the change in strategy t owards Consumer business as a perpetual thing means in a way, it will be going forward the same approach we will keep to have a relatively lower focus on Consumer business and the margin focus will remain higher. So is that the strategy? A perpetual change in the strategy, should we assume that? Question number one. And question number two is there is a material increase in the debtor days and largely it is attributable to higher-margin business also. So will that also be a -- in a way permanent change in terms of the working capital numbers as well? That is the second question. Yes. That's it from my side.

Voltas Limited

Voltas Limited CC-Mar25.pdf · 2025-05-08
Yes. Sir, just on the provisioning in the international projects that you alluded earlier. So if you can share more details on that? I mean, if the team is extremely confident of receiving the money, why are we taking the provision at this stage? And in a way, is the entire provision already done or there might be some extra provision in Q1, Q2 also? And which type of project, which country that we are referring to? And what is the total quantum of that project?
And sir, what was the quantum in this quarter?

DOMS Industries Limited

DOMS Industries Limited CC-Dec24.pdf · 2025-02-04
Yes. So Rahul bhai, in terms of the new co-branding products that we have done, with ISRO and also Warner Brothers. So if you can share a bit more on these aspects and what are the terms of these rates, and how is the response to the products, etc . So if you can share a bit more info on that.
Okay. Surely. Understood. That's helpful. Second question, a bit broader on exports. So as far as like there are some restrictions coming on some countries from USA. So do you see that opening up a window of exports for us means do you see any additional inquiries for exporting the product to their countries, etc? Because I guess that's currently a long-term positive growth tailwind for us. So any update on these things?

Amber Enterprises India Limited

Amber Enterprises India Limited CC-Dec24.pdf · 2025-01-24
Sir, congrats for excellent set of numbers. So, currently, the industry capacity, I mean, how do you see the current industry capacity of the brands as well as the EMS players both put together? And how do you see the capacity changing by FY'26 end and by FY'27 end? I guess most of the projects are already in place now, so what should be the capacity change maximum?
Sir, that's helpful. And on the second question, in a way, probably we would have gained the market share. So, is there any loss of market share or is it pure industry growth that we would have grown? Means, in a way, right now the kind of growth that we are building is much higher than what the market growth also seems to be. So, is there a likely market share gain or in a way market would have also grown at similar rate in Q3?